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HomeMy WebLinkAboutProperty - Deeds/Titles - 11/13/2007, Deed of Trust Correction of Legal description wherein it made reference to "Lot 67" whic 1 G F. ANN RODRIGUE Z, RECORDER DOCKET: 13180 RECORDED BY: M S PAGE: 3379 DEPUTY RECORDER °F ��l NO. OF PAGES: 8 1966 PE1 w r �O SEQUENCE: 20072190710 TFATIw� ' 9 ` 11/13/2007 TOWN OF ORO VALLEY V-(: )!A7 DOTASR 1 8:00 11000 N LA CANADA DR 41I2O14p'* 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 67" WHICH SHOULD HAVE BEEN "LOT 470.THE LEGAL DESCRIPTION FOR THIS INSTRUMENT IS CORRECTED TO READ AS FOLLOW: "Lot 470,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." rgxFl mit a6J �Nd ryµi tY"j 9i7e 'gar/ AUG L 9 PAID 2007 .i - . (A)S3O4le3 5 . •` 1 F. ANN RODRIGUEZ, RECORDER DOCKET: 12958 RECORDED BY: BMV PAGE: 1415 RECORDER voFI NO. OF PAGES: 7 DEPUTY �,, 1985 PE5 w ,., Vila G SEQUENCE:_: 20062470234 ,�' W 4 r- 12/26/2006 TFATI .,,..- �, d � •r" TOWN OF RO VALLEY t' �`'� DOT SR 15:30 11000 LA CANADA DR 44IZO�* ORO ALLEY AZ 85737 MAIL AMOUNT PAID $ 12.00 __J 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 3 Property in Pima County, State of Arizona, described as follows I. (hereinafter referred to as the "property" or "said property") : ° 4 Lot 67, of Stone Canyon VII, Rancho Vistoso Neighborhood 11, Ei according to the plat of record in the office of the County Recorder of Pima County, Arizona, recorded in Book 61 of u Maps, Page 15. This Deed of Trust, made on the above date between the Trustor, Trustee and Beneficiary above named. WITNESSETH: That Trustor ti o irrevocably grants and conveys to �}� Trustee in Trust, with Power of Sale, the above described real ' �s property and all buildings, improvements and fixtures located 4' I,� thereon or hereafter erected thereon, together with leases, rents, issues, profits, or income thereof (all of which are 1.`; z hereinafter called "property income" ) ; SUBJECT HOWEVER, to the r 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, covenants, conditions, restrictions, rights of way, and easements of record. FOR THE PURPOSE OF SECURING: A. Performance of each agreement covenant and of Trustor herein contained. B. Payment of the indebtedness evidenced by promissory note or notes of even date herewith, and any extension or renewal thereof, in the principal sum of $880, 000 . 00 executed by Trustor in favor of Beneficiary or order, and interest as specified therein ( "Note" ) . C. This deed of trust is 1 of 88 deeds of trust to be executed by Trustor in favor of Beneficiary or order, and interest as specified therein Note. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: 1 . To keep said 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 which 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 said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer, or permit any act upon said property in violation of law; and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not r� excluding the general . d 2 . To provide, maintain, and deliver to Beneficiary fire insurance and other casualty policies satisfactory to and with loss payable to Beneficiary, if required by Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness and other obligations secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of Trustee' s sale hereunder or invalidate any act done pursuant to such notice. 3 . To appear in and defend any action or proceeding purporting 3 to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses of Beneficiary and Trustee, 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 or be named, and in any suit brought by Beneficiary or Trustee to foreclose this Deed of Trust. 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'uT ginP3ap buTMOTTo; 'Jo quauraTegsuTea go quana atm uT sasuadxa pup 'sgsoo 'sab1Pto TnPAPT TTP PUP 'aouPAeAUooaI Tin; pup aspeTa.z ;o peep 10 'eDUPAeAUODel TPTp1Pd puP asPaTa.z TPTg1Pd ;o peep AUP 30 a0uPnssT 1O3 aagsn1s, 3o sea; atq. 'buToBeao; ate Jo A T TPaauab atm buT q TwT T gnotp TM 'buTpnTOuT 'gsnis, etq Jo sasuadxa pup 'sae; 'sgsoa TTP oq aaat to Tladns 10 to TId as oq lPaddP to TL M ';oaaatq g1Pd UP 10 A 1adoad PT2s uo 'q sa.zaquT Lt TM 'sue T T pup 'sablpto 'saouPIgurnoue TTP 'anp uagM :A 1adoad 1D-Fes buTgoa;;P squaurssassp pup sexpq TTP 'quanbuTTap aao;aa A d os, • 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. " 1 � i iN•1 10 . That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power, and authority, 6 duringthe continuance of this Trust, to collect lect the property income, reserving to Trustor the right, prior to any default by Trustor in payment of any indebtedness or performance of any obligation secured hereby or in performance of any agreement hereunder, to collect and n 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 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 N 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 paymentj of : All sums and obligations then secured hereby and all other sums due under the terms hereof, with accrued interest; and the remainder, cifif 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 judgment for any balance due hereunder. In lieu of sale pursuant to the power of sale 4 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. If the property under this Deed of Trust is located in more 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 Y ro ert is f located; and, unless Trustee receives contrary written .r 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 s 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. 1 15 . That Trustee accepts this Trust when this Deed of Trust, 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 !q i or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee. pal 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. 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 • 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 ($10, 000 . 00) shall be paid to the Beneficiary ("Release Price") . Said amount shall be made payable to the Oro Valley Water Utility. Upon verified receipt of the Release Price by the Beneficiary, Trustee is hereby empowered to release and reconvey ( "Release" ) the property encumbered by this Deed of Trust from the lien hereof. 20 . Beneficiary shall cause the lien hereof to be subordinated . to security documentation for acquisition, refinancing, development and construction loans relating to or benefiting the property encumbered hereby. Beneficiary shall subordinate the lien hereof to all plats and development agreements proposed by Trustor from time to time for the property encumbered hereby; and permit the property encumbered hereby to be transferred to a substitute subdivision assurance trust. IN WITNESS WHEREOF, the undersigned Trustor executes this Deed of Trust as of the date first above written. 1 STONE CANYON, L.L.C. , an Arizona limited liability� company B : Title: Manager of Vanderbilt Farms, LL1 Member of Stone Canyon, LLC State of Arizona ) : ss. County of Maricopa ) • this Subscribed, sworn to and acknowledged before me 12th day of December, 2006 by Brandon D. Wolfswinkel, Manager of Vanderbilt Farms, LLC, Member of Stone Canyon, LLC, an Arizona limited liability company. No L_TrA maima raigh.t7 AusuMN AHI.ANo d ` Notary Public Arizona ~�'''''� - ` Notary Public Maricopa County `4'4.1. My Commission Expires P Notary e October 2$,2008 Deed of Trust and Assignment of Rents Page 7