HomeMy WebLinkAboutWD Sept 27 2024Microfile No. 464382
27 DAY Sep 2024
At 02 O'Clock 30 PM
KIM H. MUIR
MADISON CO RECORDER
Fee $45.00
Deputy
Recorded of Request of
FLYING S TITLE AND ESCROW - REXI
CORRECTION DEED OF TRUST TO CORRECT LEGAL
DESCRIPTION ON INSTRUMENT NO. 463716 RECORDED
AUGUST 14, 2024
THIS DEED OF TRUST, Made this August 13, 2024 BETWEEN Teton River
Townhomes, LLC, an Idaho Limited Liability Company herein called GRANTOR,
whose address is: 117 E Main St Rexburg, ID 83440 AND Alliance Title & Escrow,
LLC, herein called TRUSTEE, AND 4rent Management, LLC, herein called
BENEFICIARY, whose address is 3900 S. Park Lp, Jackson, WY 83001.
WITNESSETH: That Grantor does hereby irrevocably GRANT, BARGAIN, SELL AND
CONVEY TO TRUSTEE IN TRUST WITH POWER OF SALE, that property in the county
of Madison, State of Idaho, described as follows and containing not more than eighty
acres:
TRACT 1
SITUATED IN THE STATE OF IDAHO, COUNTY OF MADISON, PART OF LOT 1, GROVER
SUBDIVISION OF RECORD IN INSTRUMENT NUMBER 394710, PART OF SECTION 20,
TOWNSHIP 6 NORTH, RANGE 40 EAST, OF B.M.
COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 20;
THENCE NORTH 89°31'34"EAST, A DISTANCE OF 498.43 FEET ALONG THE NORTH LINE
OF SAID SECTION 20 TO A POINT;
THENCE SOUTH 00°14'15" EAST, A DISTANCE OF 50.00 FEET TO A POINT;
THENCE NORTH 89°31'34" EAST, A DISTANCE OF 802.78 FEET TO A POINT;
THENCE SOUTH 00°28'26" EAST, A DISTANCE OF 282.66 FEET TO THE POINT OF
BEGINNING;
THENCE SOUTH 00°28'26" EAST, A DISTANCE OF 261.53 FEET TO A POINT;
THENCE SOUTH 89°31'34" WEST, A DISTANCE OF 368.70 FEET TO A POINT;
THENCE NORTH, A DISTANCE OF 131.16 FEET TO A POINT;
THENCE WEST, A DISTANCE OF 13.50 FEET TO A POINT;
THENCE NORTH 00°22'12" EAST, A DISTANCE OF 64.00 FEET TO A POINT;
THENCE NORTH, A DISTANCE OF 69.42 FEET TO A POINT;
THENCE EAST, A DISTANCE OF 379.61 FEET TO THE POINT OF BEGINNING.
TOGETHER WITH CROSS ACCESS EASEMENT #1
SITUATED IN THE STATE OF IDAHO, COUNTY OF MADISON, PART OF LOT 1, GROVER
SUBDIVISION OF RECORD IN INSTRUMENT NUMBER 394710, PART OF SECTION 20,
TOWNSHIP 6 NORTH, RANGE 40 EAST, OF B.M.
COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 20;
THENCE NORTH 89°31'34" EAST, A DISTANCE OF 889.62 FEET ALONG THE NORTH LINE
OF SAID SECTION 20 TO A POINT;
THENCE SOUTH, A DISTANCE OF 340.74 FEET TO THE POINT OF BEGINNING;
THENCE EAST, A DISTANCE OF 34.51 FEET TO A POINT;
THENCE SOUTH, A DISTANCE OF 24.00 FEET TO A POINT;
THENCE WEST, A DISTANCE OF 3.36 FEET TO A POINT;
THENCE WITH AN ARC OF A CURVE TO THE LEFT HAVING A DELTA ANGLE OF 90°17124",
A RADIUS OF 5.00 FEET, AN ARC LENGTH 7.88 FEET, WITH A CHORD BEARING OF
SOUTH 44°51'18" WEST, WITH A CHORD DISTANCE OF 7.09 FEET;
THENCE SOUTH 00°17'24" EAST, A DISTANCE OF 127.84 FEET TO A POINT;
THENCE NORTH 89*54-32" EAST, A DISTANCE OF 20.80 FEET TO A POINT;
THENCE SOUTH, A DISTANCE OF 24.00 FEET TO A POINT;
THENCE SOUTH 89°54'32" WEST, A DISTANCE OF 17.58 FEET TO A POINT;
THENCE SOUTH 19°23'30" EAST, A DISTANCE OF 24.06 FEET TO A POINT;
THENCE SOUTH 11 °36'33" EAST, A DISTANCE OF 23.25 FEET TO A POINT;
THENCE SOUTH 05°56'21" EAST, A DISTANCE OF 10.32 FEET TO A POINT;
THENCE SOUTH 02°53'41" EAST, A DISTANCE OF 10.26 FEET TO A POINT;
THENCE SOUTH 00°28'25" EAST, A DISTANCE OF 6.26 FEET TO A POINT;
THENCE SOUTH 89032'22" WEST, A DISTANCE OF 19.66 FEET TO A POINT;
THENCE NORTH 00°28'26" WEST, A DISTANCE OF 6.37 FEET TO A POINT;
THENCE NORTH 05°19'59" WEST, A DISTANCE OF 20.84 FEET TO A POINT;
THENCE NORTH 12°51'21" WEST, A DISTANCE OF 23.36 FEET TO A POINT;
THENCE WEST, A DISTANCE OF 5.65 FEET TO A POINT;
THENCE SOUTH 12°47'33" WEST, A DISTANCE OF 23.73 FEET TO A POINT;
THENCE SOUTH 05°13'05" WEST, A DISTANCE OF 20.77 FEET TO A POINT;
THENCE SOUTH 00°28'26" EAST, A DISTANCE OF 6.23 FEET TO A POINT;
THENCE SOUTH 89°31'34" WEST, A DISTANCE OF 21.01 FEET TO A POINT;
THENCE NORTH 00°28'26" WEST, A DISTANCE OF 6.36 FEET TO A POINT;
THENCE NORTH 03°59'28" EAST, A DISTANCE OF 16.55 FEET TO A POINT;
THENCE NORTH 08°59'33" EAST, A DISTANCE OF 16.54 FEET TO A POINT;
THENCE NORTH 16°43'44" EAST, A DISTANCE OF 34.62 FEET TO A POINT;
THENCE NORTH 07°56'31" EAST, A DISTANCE OF 24.75 FEET TO A POINT;
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THENCE NORTH 00°17'23" WEST, A DISTANCE OF 156.73 FEET TO THE POINT OF
BEGINNING.
TOGETHER WITH AND SUBJECT TO A CROSS ACCESS EASEMENT #2
SITUATED IN THE STATE OF IDAHO, COUNTY OF MADISON, PART OF LOT 1, GROVER
SUBDIVISION OF RECORD IN INSTRUMENT NUMBER 394710, PART OF SECTION 20,
TOWNSHIP 6 NORTH, RANGE 40 EAST, OF B.M.
COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 20;
THENCE NORTH 89031'34" EAST, A DISTANCE OF 1,301.00 FEET ALONG THE NORTH LINE
OF SAID SECTION 20 TO A POINT; THENCE SOUTH 00°28'26" EAST, A DISTANCE OF
344.16 FEET TO THE POINT OF BEGINNING;
THENCE SOUTH 00°28'26" EAST, A DISTANCE OF 24.00 FEET TO A POINT;
THENCE WEST, A DISTANCE OF 379.91 FEET TO A POINT;
THENCE NORTH, A DISTANCE OF 24.00 FEET TO A POINT;
THENCE EAST, A DISTANCE OF 379.71 FEET TO THE POINT OF BEGINNING.
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the
right, power and authority hereinafter given to and conferred upon Beneficiary to collect
and apply such rents, issues and profits.
For the purpose of securing payment of the indebtedness evidenced by a promissory
note, of even date herewith, executed by Grantor in the sum of $650,000.00, with final
payment due: August 14, 2027 and to secure payment of all such further sums as may
hereafter be loaned or advanced by the Beneficiary herein to the Grantor herein, or any
or either of them, while record owner of present interest, for any purpose, and of any
notes, drafts or other instruments representing such further loans, advances or
expenditures together with interest on all such sums at the rate therein provided.
Provided, however, that the making of such further loans, advances or expenditures
shall be optional with the Beneficiary, and provided further, that it is the express intention
of the parties to this Deed of Trust that it shall stand as continuing security until paid for
all such advances together with interest thereon.
A. To protect the security of this Deed of Trust, Grantor 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
therefore; 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; to cultivate, irrigate,
fertilize, fumigate, prune and do all other acts which from the character or use of said
property may be reasonably necessary, the specific enumerations herein not excluding
the general.
2. 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 upon any indebtedness 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 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.
3. 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 costs and
expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in
any such action or proceeding in which Beneficiary or Trustee may appear.
4. To pay, at least ten days before delinquency 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 this Trust. In Addition to the payments due in accordance with the
terms of the note hereby secured the Grantor shall at the option, and on demand of the
Beneficiary, pay each month 1/12 of the estimated annual taxes assessments, insurance
premiums, maintenance and other charges upon the property, nevertheless in trust for
Grantor's use and benefit and for the payment by Beneficiary of any such items when
due. Grantor's failure so to pay shall constitute a default under this trust.
5. 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
rate of interest specified in the above described promissory note.
6. Should Grantor 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 Grantor and without releasing Grantor from any obligations 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
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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
powers, or in enforcing this Deed of Trust by judicial foreclosure, pay necessary
expenses, employ counsel and pay his reasonable fees.
B. It is mutually agreed that:
1. Any award of damages in connection with any condemnation for public use of
or injury to said property or any part thereof is hereby assigned and shall be paid to
Beneficiary who may apply or release such moneys received by him in the same manner
and with the same effect as above provided for disposition of proceeds of fire or other
insurance.
2. By accepting payment of any sum secured hereby after its due date,
Beneficiary does not waive his right either to require prompt payment when due of all
other sums so secured or to declare default for failure so to pay.
3. At any time or from time to time, without liability therefore and without notice,
upon written request of Beneficiary and presentation of this Deed and said note for
endorsement, and without affecting the personal liability of any person for payment of
the indebtedness secured hereby, Trustee may: Reconvey all or any part of said
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.
4. Upon written request of Beneficiary stating that all sums secured hereby have
been paid, and upon surrender of this Deed and said note to Trustee for cancellation
and retention upon payment of its fees, Trustee shall reconvey without warranty, the
property then held hereunder. The Grantee in such reconveyance may be described as
`the person or persons legally entitled thereto'.
5. As additional security, Grantor hereby gives to and confers upon Beneficiary
the right, power and authority, during the continuance of these Trusts, to collect rents,
issues and profits of said property, reserving unto Grantor the right, prior to any default
by Grantor in payment of any indebtedness secured hereby or in performance of any
agreement hereunder, to collect and retain such rents, issues and profits as they
become 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 hereby secured,
enter upon and take possession of said property or any part thereof, in his own name
sue for or otherwise collect such rents, issues and profits, including those past due and
unpaid, and apply the same, less costs and expenses of operation and collection,
including reasonable attorney's fees, upon and indebtedness secured hereby, and in
such order as Beneficiary may determine. The entering upon and taking possession of
said property, the collection of such rents, issues and profits and the application thereof
as aforesaid, shall not cure or waive any default or notice of default hereunder of
invalidate any act done pursuant to such notice.
6. Upon default by Grantor in payment of any indebtedness secured hereby or
in performance of any agreement hereunder, all sums secured hereby shall immediately
become due and payable at the option of the Beneficiary. In the event of default,
Beneficiary shall execute or cause the Trustee to execute a written notice of such default
and of his election to cause to be sold the herein described property to satisfy the
obligations hereof, and shall cause such notice to be recorded in the office of the
recorder of each county wherein said real property or some part thereof is situated.
Notice of sale having been given as then required by law, and not less than the time
then required by law having elapsed, Trustee, without demand on Grantor, shall sell said
property at the time and place fixed by it in said notice of sale, either as a whole or in
separate parcels and in such order as it may determine, at public auction to the highest
bidder for cash in lawful money of the United States, payable at time of sale. Trustee
shall deliver to the purchaser its Deed conveying the property so sold, but without any
covenant or warranty express or implied. The recitals in such deed of any matters or
facts shall be conclusive proof of the truthfulness thereof. Any person, including
Grantor, 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 and reasonable counsel fees in connection with sale, Trustee shall
apply the proceeds of sale to payment of: all sums expended under the terms hereof, not
then repaid, with accrued interest at the rate specified in the above described promissory
note; all other sums then secured hereby; and the remainder, if any, to the person or
persons legally entitled thereto.
7. This Deed 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 mean the holder and owner of the note secured hereby; or, if the
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note has been pledged, the pledgee thereof. In this Deed, whenever the context so
requires, the masculine gender includes the feminine and/or neuter, and the singular
number includes the plural.
8. 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 Grantor, Beneficiary or
Trustee shall be a party unless brought by Trustee.
9. In the event of dissolution or resignation of the Trustee, the Beneficiary may
substitute a trustee or trustees to execute the trust hereby created, and when any such
substitution has been filed for record in the office of the Recorder of the county in which
the property herein described is situated, it shall be conclusive evidence of the
appointment of such trustee or trustees, and such new trustee or trustees shall succeed
to all of the powers and duties of the trustee or trustees named herein,
Request is hereby made that a copy of any Notice of Default and a copy of any
Notice of Sale hereunder be mailed to the
Grantor at his address hereinbefore set forth.
Teton River Townhomes, LLC
B r n Invest ats,,G flarrager
James F. Hirrlinger, Manager
nager
oe , j Ilen, Manager
State of Idaho} ss
County of Madison}
On this %ododay of September, 2024, before me, the Undersigned, a
Notary Public in and for said state, personally appeared James F. Hirrlinger known or
identified to me to be the Manager in the Limited Liability Company known as Spartan
Investments, LLC known or identified to me to be the Manager in the Limited Liability
Company known as Teton River Townhomes, LLC who executed the foregoing
instrument in said LLC name and acknowledged that he/she/they executed the
instrument in said LLC name.
IN WI HEREOF, I have hereunto set my hand and affixed my official seal the
a -this-mrtificate first above written.
HEATHER LEA ERICKSON
Notary Public
ITM&y IPu A6 for the State of Idaho State of Idaho
g a Residing in Idaho Falls, ID Commission #50139
Commissio Expires: Commission Expires 06-11-2025
State of Idaho} ss
County of Madison}
'AaOn this day of September, 2024, before me, the Undersigned, a
Notary Public in and for said state, personally appeared Joe Allen known or identified to
me to be the Manager in the Limited Liability Company known as Sharptail, LLC known
or identified to me to be the Manager in the Limited Liability Company known as Teton
River Townhomes, LLC who executed the foregoing instrument in said LLC name and
acknowledged that he/she/they executed the instrument in said LLC name.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
d. ar in this certificate first above written.
t c for the State of Idaho HEATHER LEA ERICKSON
si t: Notary Public
State of Idaho
mmlSSl n Expires: Commission #50139
Residing in Idaho Falls, ID
Cbl'1'lmission Expires 06-11-2025
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