HomeMy WebLinkAboutProperty - Deeds/Titles - LOT 429 of Stone Canyon VII F. ANN RODRIGUEZ, RECORDER •
DOCK T. 13180
• RECORDED BY: CML PAGE: 3007
of PI
DEPUTY RECORDERv NO. OF PAGES: 8
1951 AS1 44/1"FO
TFATI 414 SEQUENCE. 20072190664
, y 11/13/2007
TOWN OF ORO VALLEY �' '`1 DOTASR 18:00
11000 N LA CANADA DR 1.R1Z0l'It'
ORO VALLEY AZ 85737 MAIL
AMOUNT PAID $ 13.00
11000 N.LA CANADA DR
ORO VALLEY AZ 85737
Attn: Legal Department c/o Joseph Andrews
(Exempt B-2)
CAPTION HEADING: DEED OF TRUST
THIS INSTRUMENT IS BEING RE-RECORDED TO CORRECT AN ERROR IN THE LEGAL
DESCRIPTION WHEREIN IT MADE REFERENCE TO "LOT 26" WHICH SHOULD HAVE
BEEN "LOT 429.THE LEGAL DESCRIPTION FOR THIS INSTRUMENT IS CORRECTED TO
READ AS FOLLOW:
"Lot 429,of Stone Canyon VII,Rancho Vistoso Neighborhood 11, according to the plat of record
in the office of the County Recorder of Pima County,Arizona, recorded in Book 61 of Maps, Page
15."
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F. ANN RODRIGUEZ, RECORDER DOCKET: 12958
RECORDED BY: BMV PAGE: 1115
of PI 7
DEPUTY RECORDER NO. OF PAGES:
1985 PE5 t f• ,F� , �R O� SEQUENCE:,_ 20062470190
��'� � ��*x 12/26/2006
TFATI � y
TOWN OF ORO VALLE D SR 15:27
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11000 N LA CANA DR lRIZOloP
ORO VALLEY AZ 85737 MAIL
AMOUNT PAID $ 12.00
11 U U U Aorcn La Lanacia Drive,
Oro Valley, Arizona 85737
Attn: Legal Department c/o Joseph Andrews
DEED OF TRUST AND ASSIGNMENT OF RENTS
Dated: December 12 , 2006
Trustor: STONE CANYON, L.L.C. , an Arizona limited
liability company
Mailing Address : 1121 West Warner Road, Suite 109
Tempe, Arizona 85284
Beneficiary: The Town of Oro Valley
Mailing Address : 11000 North La Canada Drive,
Oro Valley, Arizona 85737
Trustee: First American Title Insurance Company
Mailing Address : 1880 East River Road, Suite 120
Tucson, Arizona 85718
Property in Pima County, State of Arizona, described as follows
(hereinafter referred to as the "property" or "said property") :
Lot 26, of Stone Canyon VII, Rancho Vistoso Neighborhood 11, 111
'
according to the plat of record in the office of the County f
Recorder of Pima County, Arizona, recorded in Book 61 of
Maps, Page 15.
This Deed of Trust, made on the above date between the Trustor,
Trustee and Beneficiary above named. a
WITNESSETH: That Trustor irrevocably grants and conveys to
Trustee in Trust, with Power of Sale, the above described real
property and all buildings, improvements and fixtures located
thereon or hereafter erected thereon, together with leases,
rents, issues, profits, or income thereof (all of which are
hereinafter called "property income" ) ; SUBJECT HOWEVER, to the
right, power, and authority hereinafter given to and conferred
upon Beneficiary to collect and apply such property income; AND
SUBJECT TO existing taxes, assessments, liens, encumbrances,
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4 . To pay before delinquent, all taxes and assessments
affecting said property; when due, all encumbrances,
charges, and liens, with interest, on said property or any
part thereof, which appear to be prior or superior hereto;
all costs, fees, and expenses of the Trust, including,
without limiting the generality of the foregoing, the fees
of Trustee for issuance of any deed of partial release and
partial reconveyance, or deed of release and full
reconveyance, and all lawful charges, costs, and expenses in
the event of reinstatement of, following default in, this
Deed of Trust or the obligations secured hereby.
Should Trustor fail to make any payment or to 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
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
upon said 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 which in the judgment of either appears to
be prior or superior hereto; and, in exercising any such
power, pay necessary expenses, employ counsel, and pay his
reasonable fees .
5 . To pay immediately and without demand all sums expended by
Beneficiary or Trustee pursuant to the provisions hereof,
together with interest from date of expenditure at the
default rate of interest under the Note. Any amounts so paid
by Beneficiary or Trustee shall become a part of the
obligations secured by this Deed of Trust and a lien on said ar
premises .
IT IS MUTUALLY AGREED: P
6 . That any award of damages in connection with any
y 1�
condemnation or any such taking, or for injury to said
property by reason of public use, or for damages for private
trespass or injury thereto, is assigned and shall be paid to
Beneficiary as further security for all obligations secured
hereby (reserving unto the Trustor, however, the right to a�
sue therefor and the ownership thereof subject to this Deed
of Trust) , and upon receipt of such moneys Beneficiary may „
hold the same as such further security, or apply or release ;";
the same in the same manner and with the same effect as the ,N
above provided or disposition of proceeds of fire or other
insurance.
7 . That time is of the essence of this Deed of Trust, and that
by accepting payment of any sum or performance secured
hereby after its due date, Beneficiary does not waive his
right either to require prompt payment when due of all other
Deed of Trust and Assignment of Rents Page 3
a •
sums so secured or to declare default for failure so to pay
or perform.
8 . That at any time or from time to time, and without notice,
upon written request of Beneficiary, and without liability
therefor, and without affecting the personal liability of
any person for payment or performance of the indebtedness or
obligations secured hereby, and without affecting the
security hereof for the full amount secured hereby on all
said property remaining subject hereto, and without the
necessity that any sum representing the value or any portion
thereof of said property affected by the Trustee' s action be
credited on the indebtedness or other obligations secured
hereby, the Trustee may: (a) release and reconvey all or any
part of said property; (b) consent to the making and
recording, or either, of any map or plat of said property or
any part thereof, (c) join in granting any easement thereon;
(d) join in or consent to any extension agreement or any
agreement subordinating the lien, encumbrance, or charge
hereof .
9 . That upon written request of Beneficiary stating that all
sums and obligations secured hereby have been paid, observed
and performed, and upon surrender of this Deed of Trust to
Trustee for cancellation and retention, and upon payment of
its fees, Trustee shall release and reconvey, without
covenant or warranty, express or implied, said property then
held hereunder. The recitals in such reconveyance of any
matters or facts shall be conclusive proof of the
truthfulness thereof. The Grantee in such reconveyance may
be described as "the person or persons legally entitled
thereto. " d�
q 4
10 . That as additional security, Trustor hereby gives to and
confers upon Beneficiary the right, power, and authority,
during the continuance of this Trust, to collect the
property income, reserving to Trustor the right, prior to Vit,
any default by Trustor in payment of any indebtedness or 6
performance of any obligation secured hereby or in
performance of any agreement hereunder, to collect andP
retain such property income as it becomes due and payable.
Upon any such default, Beneficiary may at any time, without
notice, either in person, by agent, or by a receiver to be
appointed by a court, and without regard to the adequacy of
any security for the indebtedness or other obligations
hereby secured, enter upon and take possession of said
property or any part thereof, in his own name sue for or
otherwise collect such property income, including that past
due and unpaid, and apply the same, less costs and expenses
of operation and collection, including reasonable attorneys'
fees, upon any indebtedness or other obligations secured
hereby, and in such order as Beneficiary may determine. The '10
entering upon and taking possession of said property, the
collection of such property income, and the application
thereof as aforesaid, shall not cure or waive any default or
Deed of Trust and Assignment of Rents Page 4
}
notice of Trustee' s sale hereunder or invalidate any act
done pursuant to said notice.
11 . That upon default by Trustor in the payment of any
indebtedness secured hereby or in performance of any
agreement hereunder or secured hereby, Beneficiary may
declare all sums and obligations secured hereby immediately
due and payable by delivery to Trustee of written notice
thereof, setting forth the nature thereof, and of election
to cause to be sold said property under this Deed of Trust .
Beneficiary also shall deposit with Trustee this Deed of
Trust and all documents evidencing expenditures secured
hereby to hold the same in trust for Beneficiary.
Trustee shall record and give notice of Trustee' s sale in
the manner required by law, and after the lapse of such time
as may then be required by law, Trustee shall sell, in the
manner required by law, said property at public auction at
the time and place fixed by it in said notice of Trustee' s
sale to the highest bidder for cash in lawful money of the
United States, payable at time of sale. Trustee may postpone
or continue the sale by giving notice of postponement or
continuance by public declaration at the time and place last
appointed for the sale. Trustee shall deliver to such
purchaser its Deed conveying the property so sold, but
without any covenant or warranty, expressed or implied. Any
persons, including Trustor, Trustee, or Beneficiary, may
purchase at such sale.
After deducting all costs, fees, and expenses of Trustee and
of this Trust, including cost of evidence of title in
connection with sale and reasonable attorneys' fees, Trustee
shall apply the proceeds of sale to payment of : All sums and Ri
obligations then secured hereby and all other sums due under
the terms hereof, with accrued interest; and the remainder,
if any, to the person or persons legally entitled thereto,
or as provided in A.R. S. Section 33-812 . To the extent ',
permitted by law, an action may be maintained by Beneficiary
to recover a deficiency 'ud ent for any balance due
hereunder. In lieu of sale pursuant to the power of sale
conferred hereby, this Deed of Trust may be foreclosed in
the same manner provided by law for the foreclosure of
mortgages on real property. Beneficiary shall also have all
other rights and remedies available to it hereunder and at
law or in equity. All rights and remedies shall be
cumulative. '1
t7'
If the property under this Deed of Trust is located in more 'MMM
than one county, regardless of whether the property is
contiguous or not, the Trustee may sell all of said property
in any one of the counties in which part of said property is
located; and, unless Trustee receives contrary written
instructions from the Beneficiary or Trustor, Trustee may
sell all of said property either in parcels or in whole.
Deed of Trust and Assignment of Rents Page 5
44
I
If the indebtedness or other obligations secured hereby is
secured by one or more other Deeds of Trust, then upon
default of Trustor in the payment of said indebtedness or
performance of or under any other agreement secured hereby,
the Trustee may sell the property subject to the Deed of
Trust and to any other Deeds of Trust securing said
indebtedness and obligations as Trustee' s sale conducted
serially. In the absence of written instructions from the
Beneficiary to the contrary, the Trustee may, in its sole
discretion, designate the order in which property subject to
the various Deeds of Trust is to be sold.
12 . That Beneficiary may appoint a successor Trustee in the
manner prescribed by law. A successor Trustee herein shall,
without conveyance from the predecessor Trustee, succeed to
all the predecessor' s title, estate rights, powers, and
duties . Trustee may resign by mailing or delivering notice
thereof to Beneficiary and Trustor.
13 . That this Deed of Trust applies to, inures to the benefit
of, and binds all parties hereto, their heirs, legatees,
devisees, administrators, executors, successors, and
assigns . The term Beneficiary shall include the owner and
holder of the rights of "Payee" under the Note secured
hereby, whether or not named as Beneficiary herein. In this
Deed of Trust, whenever the context so requires, the
masculine gender includes the feminine and neuter, and the
singular number includes the plural .
14 . The Trustor/Mortgagor hereby waives, releases and discharges
any homestead exemption claimed or declared against the
property under this Deed of Trust .
15 . That Trustee accepts this Trust when this Deed of Trust, 1
duly executed and acknowledged, is made a public record as
provided by law. Trustee is not obligated to notify any
party hereto of pending sale under any other Deed of Trust
or of any action or proceeding in which Trustor, Beneficiary
or Trusteeshall s a 1 be a party unless brought by Trustee. 1
16 . The undersigned Trustor requests that a copy of any notice
of Trustee' s sale hereunder by mailed to him at his address
set forth herein. 111
17 . Trustor shall send to Beneficiary upon receipt a copy of all
tax, assessment and other notices, bills, statements and
communications from Pima County, Arizona; in addition to
proof of the timely payment of all taxes, assessments, liens
and other amounts affecting or secured by the property under
this Deed of Trust. Trustor shall also send to Beneficiary
proof of compliance with all insurance obligations under
this Deed of Trust and proof of payment for the same.
18 . In the event this Deed of Trust or any one or more
provisions hereof shall for any reason be held to be
Deed of Trust and Assignment of Rents Page 6
r
invalid, illegal or unenforceable in any respect, or as to
any party hereto or referred to or described herein, such
invalidity, illegality or unenforceability shall not affect
any other provisions of this Deed of Trust or their
application to any other party, but this Deed of Trust shall
be construed as if such invalid or illegal or unenforceable
provision had never been contained herein, or such party had
never been a party hereto or referred to or described
herein, and this Deed of Trust shall remain binding upon and
enforceable against all other parties hereto.
19 . Notwithstanding the foregoing provisions of this Deed of
Trust, upon the close of sale for the property encumbered
hereby, the sum of Ten Thousand and no/100 Dollars
($10, 000. 00) shall be paid to the Beneficiary ("Release
Price" ) . Said amount shall be made payable to the Oro
Valley Water Utility. Upon verified receipt of the Release
Price by the Beneficiary, Trustee is hereby empowered to
release and reconvey ( "Release" ) the property encumbered by
this Deed of Trust from the lien hereof.
20 . Beneficiary shall cause the lien hereof to be subordinated
to security documentation for acquisition, refinancing,
development and construction loans relating to or benefiting
the property encumbered hereby. Beneficiary shall
subordinate the lien hereof to all plats and development
agreements proposed by Trustor from time to time for the
property encumbered hereby; and permit the property
encumbered hereby to be transferred to a substitute
subdivision assurance trust.
IN WITNESS WHEREOF, the undersigned Trustor executes this
Deed of Trust as of the date first above written.
9.p
STONE CANYON, LL.C an
Arizona limited liability
company
By:
Title: Manager of Vanderbilt Farms, ` LL(
Member of Stone Canyon, LLC
State of Arizona
: ss.
County of Maricopa ) 1
Subscribed, sworn to and acknowledged before me this
12th
day of December, 2006 by Brandon D. Wolfswinkel, Manager of
Vanderbilt Farms, LLC, Member of Stone Canyon, LLC, an Arizona
limited liability company.
k ir•°
IP .rf, AUTUMN AHLAND ��J. %O 'p
,� ., Notary Public-Arizona
Maricopa County Notary Pub l i c
My Commission Expires
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October 28,2008
Notary S
Deed of Trust and Assignment of Rents Page 7