HomeMy WebLinkAboutHoward, Eileen; 1984-05-31;4
Beneficiary, and extensions or renewals thereof; (2) payment of any and all obligations and liabilities, whatsoever, whether primary, sec-
ondary, direct, indirect, fixed or contingent, which are now due or may hereafter become due from Trustor (or any of them or any successor
in interest to Trustor or any of them) whether created directly or acquired by assignment if the document evidencing any such other obligation
or liability or any other writing signed by Trustor (or any of them or any successor in interest to Trustor or any of them) specifically provides
that said obligation is secured by this deed of trust; (3) performance of each agreement of Trustor herein contained; and (4) payment of
all sums to be made by Trustor pursuant to the terms hereof.
TO PROfECT THE PROPERTY AND SECURITY GRANTED BY THIS DEED OF TRUST, TRUSTOR AGREES:
(a) Properly to care for and keep said property and buildings and improvements situate thereon in good condition and repair; to under-
pin and support, when necessary, any building or other improvement situate thereon, and otherwise to protect and preserve same; not to
remove or demolish any building or improvement which may be constructed, damaged or destroyed thereon, and pay in full all costs incurred
therefor; not to commit or petmit waste of the property; to comply with all laws, covenants, conditions or restrictions affecting the property;
in the case of a leasehold estate, to observe and perform all obligations of Trustor under any lease or leases and to take any action required
and to refrain from taking any action prohibited, as necessary, to preserve and protect the leasehold estate and the value thereof; to provide
and maintain fire (and if required by Beneficiary, earthquake, mortgage guaranty and other) insurance satisfactory to and with loss payable
solely to Beneficiary, and to deliver all policies to Beneficiary, which delivery shall constitute assignment to Beneficiary of all return premiums;
to appear in and defend, without cost to Beneficiary or Trustee, any action or proceeding purporting to affect the security hereunder, or
the rights or powers of Beneficiary or Trustee, and, when required by Trustee or Beneficiary, to commence and maintain any action or pro-
ceeding necessary to protect such security and such rights or powers; and should Trustee or Beneficiary elect to appear in, defend, or com-
mence and maintain any such action or proceeding, (including any proceedings under law relating to insolvency or bankruptcy) to pay all
their costs and expenses, including attorney fees; to pay before delinquency, all taxes, assessments and charges affecting the property, in-
cluding assessments on appurtenant water stock; to pay when due all encumbrances, charges and liens affecting or purporting to affect title
to said property; to pay all costs, fees and expenses of this trust; if said property be agricultural, to farm said land in an approved and
husbandlike manner, and to keep all trees, vines and crops on said land properly cultivated, irrigated, fertilized, sprayed and fumigated;
to replace all dead or unproductive vines or trees with new ones: and to keep all buildings, fenc~. ditches, canals, wells and other farming
improvements on said premises in first class condition, order and repair. At the request of Beneficiary, Trustor will monthly pay to Beneficiary
an amount equal to one-twelfth (I/12th) of the annual cost of taxes and assessments on the property together with an amount equal to
the estimated next fire or fire and earthquake and other required insurance premiums divided by the number of months between the date
of computation and the date of payment of the said insurance premium; said accumulated funds will be released to Trustor for payment
of taxes, assessments and insurance premiums, or may be so directly applied by Beneficiary, if Beneficiary so elects.
(b) Should Trustor fail to make any payment or do any act as herein provided, then Beneficiary or Trustee (but without obligation
so to do, and without notice to or demand upon Trustor, and without releasing Trustor from any obligation hereunder) may make or do
the same, and may pay, purchase, contest or compromise any encumbrance, charge or lien, which in the judgment of either appears to affect
said property; and in exercising any such powers, incur any liability and expend whatever amounts in its absolute discretion it may deem
necessary therefor. All sums so incurred or expended by Beneficiary or Trustee shall be secured hereby and, without demand, shall be im-
mediately due and payable by Trustor and shall bear interest at the rate of ten percent per annum; provided, however, that at the option
of Beneficiary or 'Trustee such sums may be added to the principal balance of any indebtedness secured hereby and shall bear the same
interest as such indebtedness and be payable ratably over the remaining term thereof.
IT IS MUTUALLY AGREED THAT:
1. Should the property or any part thereof be taken or damaged
by reason of any public improvement or condemnation proceeding,
or damaged by fire or earthquake, or in any other manner, Beneficiary
shall be entitled, at its option, to commence, appear in and prosecute
in its own name, any action or proceeding, or to make any com-
promise or settlement, in connection with such taking or damage,
and to obtain all compensation, awards or other relief therefor. All
such compensations, awards, damages, rights of action and proceeds,
including the proceeds of any policies of insurance affecting said
property, are hereby assigned to Beneficiary, who may release any
money so received by it, or apply the same on any indebtedness
secured hereby. In the event that anyone shall establish and exercise
any right to develop, bore for or mine for any water, gas, oil, or
mineral on or under the surface of the property, any sums that may
thereafter become due and payable to the nus tor as bonus or royalty
shall be considered rent hereunder, and such sums, together with
damages and other compensation payable to the Trustor by reason
of the exercise of such rights are hereby made subject to this deed
of trust and shall be applied in accordance with the provisions hereof.
Trustor agrees to execute such further assignments of any compen-
sation, award, damages and rights of action and proceeds, as
Beneficiary or Trustee may require. The Trustee or, Beneficiary may
enter upon the property at any time during the existence of this trust
for the purpose of inspection, or for the accomplishment of any
of the purposes hereof.
2. By accepting payment of any sum hereby secured after its due
date, or after the filing of notice of default and of election to sell,
Beneficiary shall not waive its right to require prompt payment when
due of all other sums so secured, or to declare default for failure
so to pay, or to proceed with the sale under any such notice of default
and of election to sell, for any unpaid balance of said indebtedness.
If Beneficiary holds any additional security for any obligation secured
hereby, it may enforce the sale thereof at its option, either before,
contemporaneously with, or after the sale is made hereunder, and
on any default ofTrustor, Beneficiary may, at its option, offset against
any indebtedness owing by it to Trustor, the whole or any part of
the indebtedness secured hereby.
3. Without affecting the liability of any person, including Truster,
for the payment of any indebtedness secured hereby; or the lien of
this deed of trust on the remainder of the property for the full amount
of any indebtedness unpaid, Beneficiary may from time to time and
without notice (a) release any person liable for the payment of any
of the indebtedness, (b) extend the time or otherwise alter the terms
of payment of any of the indebtedness, (c) accept additional securi-
ty therefor of any kind, including deeds of trust or mortgages, (d)
alter, substitute or release any property securing the indebtedness;
Trustee may, at any time and from time to time, upon the written
request of Beneficiary (a) consent to the making of any map or plat
· of the property, (b) join in granting any easement or creating any
restriction thereon, (c) join in any subordination or other agreement
affecting this deed of trust or the line or charge thereof, (d) reconvey,
without any warranty, all or any part of the property.
4. Upon payment in full of all sums secured hereby, and perfor-
mance of all obligations of the Trustor hereunder, the Trustee shall
reconvey, without warranty, the estate vested in it hereby. The grantee
in any reconveyance made pursuant to this deed of trust may be
described as "the person or persons legally entitled thereto," and
the recitals therein of any matters or facts shall be conclusive proof
of the truthfulness thereof. -
5. If default be made in the payment when due of any part or
instalment of principal or interest of the note or notes specifically
referred to above or in the payment of any other indebtedness se-
cured hereby or in the event Trustor or any successor in interest to
Trustor in the property sells, conveys, alienates, assigns or transfers
said property, or any part thereof, or any interest therein, or drills
or extracts or enters into any lease for the drilling or extraction of
oil, gas, or other hydrocarbon substances or any mineral of any kind
or character therefrom or from any part thereof, or becomes divested
of bis title or any interest therein in any manner or way, whether
voluntary or involuntary, or upon default by Trustor in the perfor-
mance of any agreement hereunder, or in the event and at any time
after anyone establishes and exercises any right to develop, bore for
or mine for any water, gas, oil or mineral on or under the surface
of the property, Beneficiary shall have the right, at its option to declare
said note or notes and any other indebtedness or obligation secured
hereby, irrespective of the maturity date specified in any note or writ-
ten agreement evidencing the same, immediately due and payable
without notice or demand, and no waiver, of thisright shall be effec-
tive unless in writing_ a~d signed by Beneficiary.
6. Waiver or a right granted to Beneficiary hereunder as to one
transaction or occurrence shall not be deemed to be a waiver of the
right as to any subsequent transaction or occurrence. Beneficiary
may rescind any notice before Trustee's sale by executing a notice
of recission and recording the same. The recordation of such notice
shall constitute also a cancellation of any prior declaration of default
and demand for sale, and of any acceleration of maturity of in-
debtedness affected by any prior declaration or notice of default.
The exercise by Beneficiary of the right of recission shall not con-
stitute a waiver of any default then existing or subsequently occur-
ing, nor impair the right of the Beneficiary to execute other declara-
tions of default and demand for sale, or notices of default and of
election to cause the property to be sold, nor otherwise affect the
note or deed of trust, or any of the rights, obligations or remedies
of the Beneficiary or Trustee hereunder.
7. At least three months having elapsed between the recordation
of the notice of default and the date of sale, Trustee, having first
given notice of sale as then required by law, and without demand
on trustor, shall sell the property at the time and place of sale fixed
by it in the notice of sale, either as a whole or in separate parcels
and in such orders as the Trustee may determine. at public auction
to the highest bidder for cash, in lawful money of the United States
of America, payable at the time of sale. nustee may postpone sale
of all or any portion of the property by public announcement at
the time of sale, and from time to time thereafter may postpone the
sale by public announcement at the time fixed by the previous post-
ponement, and without further notice it may make such sale at the
time to which the same shall be so postponed. Trustee shall deliver
to the purchaser its deed conveying the property so sold, but without
any covenant or warranty, expressed or implied. The recital in any
such deed of any matters or facts, stated either specifically or in
general terms, or as conclusions of law or fact, shall be conclusive
proof of the truthfulness thereof. Any person, including Trustor,
Trustee or Beneficiary, may purchase at the sale. After deducting
all costs, fees and expenses of 'Trustee and of his trust, including
costs of evidence of title in connection with the sale, the Trustee
shall apply the proceeds of the sale to the payment of all sums then
secured hereby, in such order and manner as may be required by
· the Beneficiary; the remainder, if any, to be paid to the person or ..._
Deed of Trust
and Assignment of Rent
Trustor
-TO-
Continental Auxiliary Company
Trustee
-FOR-
NATIONAL TRUST AND SAVINGS ASSCCIA110N
Beneficiary
_________ A.O., 19 __
N-131 9-83