Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810110.sam

Text File | 1993-08-01 | 15KB | 322 lines

DEED OF TRUST

This deed of trust, made on ___________, between GARY GRANTOR
whose address is 123 4TH STREET, City of GALVESTON, County of
HOOPLE, State of TEXAS, herein called grantor, and TERRENCE
TRUSTEE, whose address is 2345 67TH AVENUE, City of DALLAS, County
of RICHARDSON, State of TEXAS, herein called trustee, and BENNIE
FICIARY, with its principal place of business at BENNIE'S
FISHERIES, 345 67TH ALLEY, City of GALVESTON, County of HOOPLE,
State of TEXAS, herein called beneficiary.

Witnesseth: that grantor does hereby irrevocably grant, bargain,
sell, and convey to trustee in trust, with power over sale, that
property in the County of GRENADIER, State of Idaho, described as
follows and containing not more than 5,000 acres:
SEE EXHIBIT 1

together with all and singular the tenements, hereditaments, and
appurtenances thereunto belonging or in any manner appertaining
that shall be deemed to include but not be limited to (1) all
rents, issues, profits, damages, royalties, revenues, and benefits
therefrom, subject, however, to any right, power, and authority
hereinafter given to and conferred on beneficiary to collect the
same: (2) all water and ditch rights, however evidenced, used in
and on or appurtenant thereto: and (3) all fixtures now or
hereafter attached to or used in connection with the premises
herein described and in addition thereto the following-described
household appliances, that are, and shall be deemed to be,
fixtures and a part of the realty, and are a portion of the
security for the indebtedness herein mentioned:

NONE


This deed of trust is executed for the purpose of securing payment
of a certain promissory note dated JUNE 1, 1994, executed and
delivered by grantor to beneficiary as payee, in the principal sum
of $123,456.78 ( one hundred twenty three thousand four hundred
fifty six & 78/100 dollars) and to secure payment of such other
principal sums as prior to the maturity date of the note and this
deed of trust, beneficiary may additionally loan to and for the
account of grantor, together with interest, and the costs and
charges in case of default and to secure the performance of
grantors covenants herein this deed of trust shall not at anytime
secure more than the principal sum of $5000,000.00 ( five million
& no/100 dollars) together with interest, and the costs and
charges in case of default. The making of any further loans,
advances, or expenditures shall be optional with beneficiary. It
is the express intention of the parties that this deed of trust
shall stand as continuing security until all such advances
together with interest thereon have been paid.

A. To protect the security of this deed of trust, grantor agrees:

SECTION ONE

MAINTENANCE OF PROPERTY

To keep the property in good condition and repair not to remove or
demolish any building thereon to complete or restore promptly and
in good and workmanlike manner any building that may be
constructed, damaged, or destroyed thereon and to pay when due all
claims for labor performed and materials furnished therefor: to
comply with all laws affecting the property or requiring any
alteration or improvements to be made thereon not to commit or
permit waste thereof, not to commit, suffer, or permit any act on
the property in violation of law: to cultivate, irrigate,
fertilize, fumigate, prune, and do all other acts from which the
character or use of the property may be reasonably necessary, the
specific enumerations herein not excluding the general.


SECTION TWO
INSURANCE

To provide, maintain, and deliver to beneficiary fire insurance
satisfactory to and with loss payable to beneficiary. The amount
collected under any fire or other insurance policy may be applied
by beneficiary against any indebtedness secured hereby and in such
order as beneficiary may determine, or adoption of beneficiary the
entire amount so collected or any part thereof maybe released to
grantor. Such application or release shall not cure or waive any
default or notice of default hereunder or invalidate any act done
pursuant to such notice.


SECTION THREE
PROCEEDINGS AFFECTING SECURITY OF DEED OF TRUST
To appear in and defend any action or proceeding purporting to
affect the security hereof or the rights or powers of beneficiary
or trustee and to pay all expenses, including cost of evidence of
title and attorneys' fees in a reasonable sum, in any such action
or proceeding in which beneficiary or trustee may appear.

SECTION FOUR

TAXES AND ASSESSMENTS
To pay, at least 10 days before delinquency, all taxes and
assessments affecting the property when due, all encumbrances,
charges, and liens, with interest, on the property or any part
thereof, that appear to be prior or superior hereto: all costs,
fees, and expenses of this trust. In addition to the payments due
in accordance with the terms of the note hereby secured, grantor
shall at the option and on demand of beneficiary, pay each month
one-twelfth of the estimated annual taxes, assessments, insurance
premiums, maintenance, and other charges upon the property, in
trust for grantor's use and benefit and for the payment by
beneficiary or any such item when due. Grantor's failure so to pay
shall constitute a default hereunder.

SECTION FIVE
REIMBURSEMENT OF BENEFICIARY OR TRUSTEE

To pay immediately and without demand all sums expended by
beneficiary or trustee pursuant to the provisions hereof, with
interest from date of expenditure at the highest legal rate.

SECTION Six
LATE CHARGE

Grantor will pay a "late charge" not to exceed the maximum legal
rate for each dollar of each payment more than 10 days in arrears
to cover extra expense involved in handling delinquent payments.

SECTION SEVEN
POWER OF BENEFICIARY OR TRUSTEE TO ACT

Should grantor fail to make any payment or to do any act as herein
provided, then beneficiary or trustee, without obligation to do so
and without notice to or demand on grantor and without releasing
grantor from any obligation hereof, may make or do the same in
such manner and to such extent as either may deem necessary to
protect the security hereof, beneficiary or trustee being
authorized to enter on the property for such purposes appear in
and defend any action or proceeding purporting to affect the
security hereof or the rights or powers of beneficiary or trustee
pay, purchase, contest, or compromise any encumbrance, charge, or
lien that in the judgment of either appears to be prior or
superior hereto and, in exercising any such powers, or enforcing
this deed of trust by judicial foreclosure, pay necessary
expenses, employ counsel and pay reasonable counsel fees.


SECTION EIGHT
CONDEMNATION

Any award of damages in connection with any condemnation for
public use of or injury to the property or any part thereof is
hereby assigned and shall be paid to beneficiary, who may apply or
release such moneys received by beneficiary in the same manner and
with the same effect as provided above for this position of
proceeds of fire or other insurance.

Section NINE
FORBEARANCE NOT A WAIVER

By accepting payment of any sum secured hereby after its due date,
beneficiary does not waive the right either to require prompt
payment when due of all other sums so secured or declare default
for failure to so pay.

SECTION TEN
RIGHTS OF TRUSTEE

At any time or from time to time, without liability therefor, and
without notice, on written request of beneficiary in presentation
of this deed of trust and note for indorsement, and without
affecting the personal liability of any person for payment of the
indebtedness secured hereby, trustee may reconvey all or any part
of the property consent to the making of any map or plat thereof
join in granting any easement thereon: or join in any extension
agreement or any agreement subordinating the lien or charge
hereof.

SECTION ELEVEN
RECONVEYANCE

On written request of beneficiary stating that all sums secured
hereby have been paid, and on surrender of this deed of tru