HomeMy WebLinkAboutLease Agreement Amended for Lake View Golf Course
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ADA COUNTY RECORDER J. DAVID NAVARRO
BOISE IDAHO 07/06/06 02;03 PM
DEPUTY Palli Thompson
RECORDED - REQUEST OF
City 01 Meridian PubliG Works
AMOUNT .00 ~
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106108232
AGREEMENT
THIS AGREEMENT is made as of the 31 <!tday of May, 2006, by and between
the City of Meridian. Idaho. a municipal corporation (hereinafter referred to as "City");
R.R. Davis Properties, Inc., an Idaho corporation, and Lakeview Meridian Investors.
LLC, an Idaho limited liability company (hereinafter collectively referred to as "Lessee");
and Idaho Independent Bank, a banking corporation organized and existing under the
laws of the State of Idaho (hereinafter referred to as "Bank").
RECITALS:
A. City and Lessee previously entered into an AMENDED LEASE AGREEMENT
FOR THE PROVISION OF GOLF COURSE OPERATIONS AT CITY OF
MERIDIAN'S MUNICIPAL GOLF COURSE dated May 17. 2005 (hereinafter
referred to as the "LeaselJ).
B. Lessee has requested a loan and other financial accommodations from Bank to
which the Bank is willing to provide to Lessee upon certain conditions, Which
conditions include the Lessee's grant of a security interest in Lessee's leasehold
interest in fhe Lease by the execution of a Leasehold Deed of Trust in the form
as attached hereto as Exhibit "A" which is incorporated by this reference
(hereinafter "Deed of Trust").
C. Lessee intends to use the funds received from Bank's loan to pay for
improvements upon the real property which is subject to the Lease.
,D. Section 9, Paragraph F, of the Lease provides in part that "Lessee shall not,
without the prior written consent of the City assign, hypothecate. or mortgage this
Agreement. or sublease or sublicense any portion of the premises, which
consent shall not be unreasonably withheld".
. .E. City acknowledges that it will benefit from the improvements constructed or to be
constructed upon the City's real property subject to the Lease as a result of
Bank's Joan to Lessee.
NOW THEREFORE. In consideration of the covenants and conditions set forth
herein, the parties agree as follows:
1. Incorporation of Recitals. The parties agree .that the foregoing Recitals are
contractual and bil{ding and are incorporated herein as if set forth in full. .
A(3REEMENT
Page 1 of 8,
2. Consent to Lessee's Grant of Security. City hereby agrees and consents to
Lessee's grant of a security interest in Lessee's leasehold interest in the Lease to
Bank by way of Lessee's execution of the Deed of Trust as security for Bank's loan
to Lessee.
3. City to Provide Notice of Modification to Lease. During the entire term of the Deed
of Trust, City agrees that no modification of the Lease shall occur without City first
providing Bank, in writing, at least ninety (90) days prior to the effective date of such
modification, of City's intent to modify the Lease.
4. City to Provide Notice of Lessee's Default. In the event of any default by Lessee
under the terms of the Lease. City agrees to notify Bank of such default in writing at
lease thirty (30) days prior to City taking any action to enforce any of City's rights
under -the Lease. During such above-described thirty-day notice period, Bank shall
have the option to cure the default or to take such other action as may be necessary
to protect the Bank's security interest in the Lease resulting from the Deed of Trust
or any other agreement between Bank and Lessee.
5. Purchase Option to City in Event of Foreclosure. In the event Bank shall foreclose
Lessee's interest in the Lease pursuant to the terms of the Deed of Trust, Bank
agrees that City shall have the exclusive first right to purChase Bank's interest in the
Lease (including all other collateral pledged by Lessee as security for Bank's loan)
by tendering to Bank an amount equal to the total amount then owing to Bank by
Lessee. together with all costs, expenses, attorney's fees, and other fees of the
Bank. In the event City shall exercise its option as provided herein, the City shall
deliver the option price in cash or certified funds to Bank no later than 3:00 p.m.,
Mountain Standard time, at least one (1) business day prior to the date of any
scheduled foreclosure sale. In the event Bank shall commence foreclosure under
the Deed of Trust, the Bank shall provide City with written notice the foreclosure and
the date thereof. City may file a request for a copy of a notice of default or notice of
sale, pursuant to Idaho Code ~ 45-1511, and the Bank shall provide City with the
necessary information concerning the recording of the Deed of Trust to enable City
to file such a request. In the event of a foreclosure by Bank, Bank shall also cause
City to receive notice in the manner provided for in Idaho Code ~ 45-1505 at the
address herein provided even in the event City shall fail to record a request for
notice.
6. Lessee's Use of Funds Received from Bank. Lessee represents to City that funds
'received from any loan from Bank which is secured by the Deed of Trust will be used
exclusively to pay for the construction, renovation, repair or replacement of
improvements upon the real property which is subject to the Lease.
7. General Provisions.
AGREEMENT
Page 2 of 8
7.1 Litigation Between the Parties. In the event of any litigation between the
parties concerning this Agreement, except for an agreed declaratory
judgment action sought to clarify the responsibility and/or authority of the
parties hereunder, the unsuccessful party in such litigation shall fully
reimburse the prevailing party for all reasonable costs and expenses,
including reasonable attorneyts fees, incurre~ in such litigation.
7.2 Governinq Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Idaho.
7.3 Titles and Headinqs. Titles and headings to articles, sections, or paragraphs
of this Agreement are inserted for convenience of reference and are not
intended to affect the interpretation or construction of this Agreement.
7.4 Notices. Any notice under this Agreement shall be in writing and shall be
treated as duly delivered if the same is personally delivered to the other party
or deposited in the United States Mail. certified, return receipt requested,
postage,prepaid. and properly addressed as follows:
CITY: City of Meridian
Attn: City Clerk
33 E. Idaho
Meridian, Idaho 83642
LESSEE: Lakeview Meridian Investors, LLC
R.R. Davis Properties, Inc.
4200 W. Talamore
Meridian, Idaho 83642
BANK: Idaho Independent Bank
113 E. Idaho
Meridian, Idaho 83642 .
7.5 Authority of the Parties. Each party to this Agreement represents and
warrants that the execution, delivery, and performance of this Agreement has
been duly authorized by all necessary action of such party and is a valid and
binding obligation upon the persons or entity signing this Agreement.
7.6 No Assignment. No party may assign this agreement or any interest therein.
7.7 Representation. This Agreement was drafted by the attorney for Bank as
matter of convenience only and shall not be construed for or against any party
on that account.
7.8 Entire Aoreement. This Agreement constitutes the entire agreement among
the parties to it and supersedes any prior unqerstanding or agreement.
AGREEMENT
~age 3 of 8
7.9 Execution in Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original and all of which shall
constitute the same instrument.
7.10 Successors and Assians. This Agreement shall inure to the benefit of and
shall be binding upon the parties hereto and their respective successors and,
if permitted, assigns.
7.11 Recordation of Aareement. City or Bank shall have the right to record this
Agreement or a memorandum thereof, provided they provide a copy of such
recording to the remaining parties. .
IN WITNESS WHEREOF, the parties have executed this Agreement on the dates set
forth below.
CITY:
CITY OF MERIDIAN
Attest:
~MMY deWEE
-06
/;, &6 el?~~ 6-2-2--06
)
;
LESSEE:
:~~.D~~;;r~~
Richard R. Davis, President
Dated: ~- 3rt::P(P
~
AGREEMENT
.Page4ofB
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LAKEVIEW MERIDIAN INVESTORS, LLC
By: OMS LANEY, LLC, a Member
nager
o
By: LANEYLAND, LP., a Member
By:
By: ., a Member
Richard R. Davis, President
Dated: _ -.5- ,3'1- CJ ~
BANK:
IDAHO INDEPENDENT BANK
B~~~
GERALDW. MATTI SO
Dated: $'- :3 r~ t:?(j;
STATE OF IDAHO )
) ss.
County of Ada )
On the ---'- day of May, 2006, before me, the undersigned, a Notary Public in
and for said State, personally appeared Tammy DeWeerd and William G. Berg, Jr.."
known or identified to me to be the Mayor and Clerk, respectively. of the City of
Meridian, who executed the within and foregoing in"strument on behalf of "said City, and
acknowledged to me that sU4?h City executed the same.
AGREEMENT
Pag~ 5 of 8
IN WITNESS WHEREOF, I have hereunto affixed my official seal the day and
year first above written.
Notary Public for Idaho
Residing at
My Commission Expires:
, Idaho
STATE OF IDAHO)
) ss.
County of Ada )
On the 31 ~ay of May, 2006, before me, the undersigned, a Notary Public in
and for said State, personally appeared Richard R. Davis, known or identified to me to
be the President of R.R. Davis Properties, Inc., the person who executed the within and
foregoing instrument on behalf of said c9rporation, and acknowledged to me that such
corporation executed the same.
IN WITNESS WHEREOF, I have hereunto ed my official seal the day and
year first above written.
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(~ ~OTll1? ...~\ N aryl ublic for Id~ 0
~ ~\ j Residing at Y'-1 c:'fcVCooi,.,. , Idaho
~ J>cm"';;c) J My Commission Expires: $"- r"~ ((
STATE OF IDAHO ~"~:~Up~~t}"
) ss.
County of Ada )
On the dday of May, 2006, before me, the undersigned, a Notary Public in
and for said State, personally appeared T. EriA\, Daas, known or identified to me to be
the Manager of Oaas Laney. LLC. the person who executed the within and foregoing
instrument on behalf of said limited liability company, and acknowledged to me that
. such limited liability company executed .the same as a Member of Lakeview Meridian
Investors, LLC.
KIMBERLY CLARKE
Notary Publlc
State of Idaho
.
Notary Public fJ
Residing at
My Commission Expires:
,Idaho
IN WITNESS WHEREOF, I have her
year first above written.
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AGREEMJ:NT
Page 60f8
STATE OF IDAHO )
) ss.
County of Ada )
~7"
On the"3/~ay of May, 2006, before me, the undersigned, a Notary Public in
and for said State, personally appeared Steven Laney, known or identified to me to be
the General Partner of Laneyland, L.P., the person who executed the within and
foregoing instrument on behalf of said limited partnership, and acknowledged to me that
such limited partnership executed the sarne as a Member of Lakeview Meridian
Investors, LLC.
IN WITNESS WHEREOF, I have hereunto affi ed my official seal the day and
year first above written.
~~'r;;/;"", .
t ) '1 Residing at fL1 eiLf.r,> I ~ , Idaho
~C J My Commission Expires: S"-/9'-I(
STATE OF IDAHO l~ _........,,~
f?fi!E OF \~v-~
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County of Ada )
On the 3/ Sfay of May, 2006, before me, the undersigned, a Notary Public in
and for said State, personally appeared Richard R. Davis, known or identified to me to ,)
be the President of R.R. Davis Properties, Inc., the person who executed the within and
foregoing instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same as a Member of Lakeview Meridian Investors, LLC.
IN WITNESS WHEREOF, J have hereunto affixed my official seal the day and
year first above Writt~,~,""""J:'""., ~. ~
".,,%1>\.0 1'\. '" '", ~ .
f~ c1?;"'---""~T~ ~ ,
k"NOT~')""'/.: or. No ry P lie for Ida 0
~ :,1"\\\ Residing at Y"I- it It, (), 4'H . Idaho
\ ~ ~L1C ,i My Commission Expires:.s=-- /9- ({
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STATE OF IDAHO {""'$~'J&~~~
) ss.
County of Ada )
On the:3/ ~y of May, 2006, before me, the undersigned, a Notary Public in
. , and for said State, personally appeared Gerry W. Mattison, known or identified to me to
. bethe Vice President of Idaho.lndepend~nt Bank, the person who executed the within
AGREEMENT
. Page 7 of8
and foregoing instrument on behalf of said corporation, and acknowledged to me that
such corporation executed the same.
IN WITNESS WHEREOF, I have hereunto affixed my official seal the day and
year first above writteg.......
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AGREEMENT
tc~ fi.~
Notary Public for Idaho
Residing at Az:Ltt ~ , Idaho
. My Commission Expires: 10/;;2'1 /oVJ
,
'.Page.8 of 8
RECORDATION REQUESTED BY:
lDAHO INDEPENDENT BANK
MERIDIAN OFFICE
113 EAST IDAHO AVENUE
MERIDIAN, 10 83642
WHEN RECORDED MAIL TO:
IDAHO INDEPENDENT BANK
MERIDIAN OFFICE
113 EAST IDAHO AVENUE
MERIDIAN, 10 B3642
SEND TAX NOTICES TO:
lAKEVIEW MERIDIAN INVESTORS, llC
R.R. DAVIS PROPERTIES, INC.
4200 W. TALAMORE BLVD.
MERIDIAN,ID 83642
SPACE ABOVE THIS liNE IS FOR RECORDER'S USE ONLY
LEASEHOLD
DEED OF TRUST
MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $649,759.84.
THIS DEED OF TRUST is dated May 17,2006. among LAKEVIEW MERIDIAN INVESTORS, LLC AND R.R. DAVIS
PROPERTIES, INC., whose address Is 4200 W. TALAMORE BLVD., MERIDIAN, 10 83642 ("Grantor"); IDAHO
INDEPENDENT BANK, whose address is MERIDIAN OFFICE, 113 EAST IDAHO AVENUE, MERIDIAN, ID 83642
(referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and PIONEER TITLE COMPANY OF
ADA COUNTY. whose address is 8151 W. RIFLEMAN AVENUE, BOISE. 10 83104 (referred to below as
"Trustee").
CONVEYANCE AND GRANT. For valuable consideration, Grantor doe. hereby irrevocably grant. bargain. .011 and convey in trust, with power of
sale, to Trustee for the benefit of l,ondor as Benefioiary. all of Grantor's right, title, and interest in, to and under the lease described below of
the following described roal property, together with all existing or subsequently erectod or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; 011 water, water rights and ditoh rights [including stock in uturties with ditch Or irrigation rights);
and 011 other rights, royalties, and profits relating to the real property, including without limitation any riijhts Grantor later acquires in the fee
simple title to the land, subjoct to the leose, ond all minerals, oil, gas, geothermal and simll.r matters, (the "Real Property" I located In
ADA County. State of Idaho:
See EXHIBIT. A., which Is attached to the Deed of Trust and made a part of this Deed of Trust as if fully set
forth herein.
THIS DEED OF TRUST INCLUDES ALL OF THE LESSEE'S INTEREST IN THAT PROPERTY DESCRIBED ABOVE
UNDER THE LEASE AGREEMENT ORIGINALLY DATED MAY 17. 2005 BETWEEN THE CITY OF MERIDIAN AS
LESSOR AND LAKEVIEW MERIDIAN INVESTORS, LLC AND R.R. DAVIS PROPERTIES, INC. AS LESSEES.
The Real Property Of its address Is commonly known as 4200 W. TALAMORE BLVD.. MERIDIAN. 10 83642.
CROSS-COllA TERALlZA TION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest thereon, of
Grantor to Lender, or any oM or more of them, as well as all claims by lender against Grantor or anyone or more of them, whether now
"xlsting Or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwiso, whether due or not due,
direct or Indireot, determined or undetermined, absolute or contingent, liquidatod or unliquidated, whether Grantor may be liable individually or
jointly with other., whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon suoh amounts may
be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may
become otherwiS6 unanforceabfe.
Grantor presently assigns to lender (also known as Benefioiary in this Deed of Trust} all of Grantor's right, title, and interest In and to all present
and future leases of the Property and alf Rents from the Property. In addition, Grantor grants to lender a Uniform Commercial Code security
interest in the Personal Property and Rents.
THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE {AI PAYMENT OF THE INDEBTEDNESS AND (BI PERFORMANCE OF ANY AND All OBLIGATIONS UNDER THE NOTE,
THE RELATED DOCUMENTS. AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Grantor shall pay to lender all amoUnts secured by this
Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Grantor's obligations under the Note, this Deed of
Trust, and the Related Documents.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor allrees that Grantor'. possession and use of the Property shalf be governed by
the following provisions:
Posse.sion and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2)
use, operato or manage the Property; and (3) collect the Rents from the Property. The following provisions relate to the Use of the
Property Or to other limitations on the Property. THE REAL PROPERTY EITHER IS NOT MORE THAN FORTY (40) ACRES IN AREA OR 15
lOCATED WITHIN AN INCORPORATED CITY OR VILLAGE.
Duty to Maintain. Grantor shall maintain the Property in tenantable conditi"n and promptly perform all repairs, replaCements, and
maintenance necessary to preserve Lh value:,
Compliance With Environmental laws. Grantor represents and warrants to lender that: (11 During the period of Grantor's leasehold
interest in the Property, there has been nc use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knOWledge of, or reason to believe that
there has been, except as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any Environmental
laws, (b) any usa, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on,
under, about or from .th.. Property by any prior OWnerS or occupants of the Property, or (c) any actual or threatened liligation or claims of
any kind by any person relating to such matters; and (31 Except as previously disclosed to and acknowledged by lender in writing, (a)
neither Grantor nor any tenant, contractor, agent or other authori4ed user of the Property shall use~ generate, manufactu.re, store, treat,
dispose of or relaase any Hazardou. Substance on, under, about or from the Property; and (b) any such activity shall bo conducted in
compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental laws,
Grantor authoriZes lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as lender
may deem appropriate to determine compliance of the Proparty with this section of the Deed of Trust. Any inspoctions or tests made by
lender shall be for lender's purposes only and shall not be construed to create any responsibility or liability on the part of lender to Grantor
or to any other person. The representations and warra.nties eontained herein are based on Grantor's due dmgence in investigating the
Property for Hazardoua Substances. Grantor heraby (1) releases and waives any future claims against lender for indamnity or
contribution In the event Grantor becomes liable for cleanup or other costs under any such laws; and (21 agrees to indemnify and hold
harmless lender against any and all claims, losses, liabilities, damages, penaltieS, and expenses which lender may directly or indirectly
s"ustarn or suffer reSUlting from a breach of this 'scotton of the Deed of Trust or as a consequehce- of any use, generation, manufacturoi
storage, disposal, rere-ase Dr threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same
was or should have been known to Grantor, The provisions of this section of the Deed of Trust, including the obligation to indemnify, shall
.urvive the payment of the Indebtedness and the satisfaction and reconv"yanoe of the fien of this Daed of Trust and shall not be affected
EXHIBIT nAn
Loan No: 5590258
DEED OF TRUST
(Continued)
Page 2
by lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Wa.te. Grantor shall ~ot cause, conduct or permit any nuisance nor c~mmit, permit, or suffer any stripping of or wast; on or to
the Property or any portion of the Property, Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gasl, coal, clay, scoria, soil, gravel or rock products without lender's prior
wrrtten consent.
Removal of Improvements. Grantor shall not demolish or remoVe any Improvements from the Real Property without lender's prior written
consent. As a condition to the removal of any Improvements, lender may require Grantor to make arrangements satisfactory to lender to
replace such Improvements with Improvements of at least equal value.
lender" s Right to Enter. lender and lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements. Grantor shall promptly comply with .11 laws, ordinances, and regulations, now or hereafter
in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans
With ~isabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any
proceeding, including appropriate appeals, so long as Grantor has notified lender in writing prior to doing so and so long as, in lender's
sole opinion, lender's interests in the Property are not jeopardized. lender may require Grantor to post adequate security or a surety bond,
reasonably satisfactory to lender, to protect lender's intere.t.
Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property.
Compliance with lea.e. Grantor will pay all rents and will strictly observe and perform on a timely basis all other terms, covenants, and
conditions of the lease. Grantor will indemnify and hold lender harmless against all lo..e., liabilities, action., .uits, proceedings, costs
including reasonable attorneys' fee. claims, demands, and damages whatsoever which may be incurred by reason of Grantor's failure to
pay rents or strictly ob.erve Or perform under the lease.
Other Agreements Relating to the lease. Grantor further agrees (1) not to surrender, terminate, Or cancel the lease, and (21 not to
modify, change, supprement, alter, or amend the lease, ei1her oraHy or in writing, without LanderOs prjar written consent. Any attempt by
Grantor to do any of the foregoing without lender's prior written consent will be void and of no force and effect. At lender's option,
Grantor will deposit with lender as further .ecurity all original documents relating to the lease and the leasehold intere.t in the Property.
Unle.. Grantor is in breach or default of any of the lerms contained in this Deed of Trust, lender will have no right 10 cancel, modify,
change, supplement, alter Or amend the leasehold interest. No estate in the Property, whether fee tille to the leasehold premises, th.e
leasehold estate, Or any .ublea.ehold estate, will merge without lender express written con.ent; rather these e.tates will remain .eparate
and di.tinct, even if there is a union of the.e e.tates in the landlord, Grantor, or a third party who purchase. or otherwi.e acquire. the
estate.. Grantor further agrees that if Grantor acquires all or a portion of the fee .imple title, or any other leasehold or subleasehold title to
the Property, that title will, at lender'. option, immediately become subjeot to the terms of this Deed of Trust, and Grantor will execute,
deliver and record all documents necessary or appropriate to a..ure that such title i. .ecured by this Deed of Tru.t.
Notices Relating to the lease. Grantor will promptly notify lender in writing:
(t J if Grantor i. in default in the performance or observance of any of the term., covenant., or conditions which Grantor is to perform
or ob.erve under the lea.e;
(2) if any event occurs which would con.titute a default under the lea.e;
(3) if any notice of default i. given to Grantor by the landlord under the lease;
(41 if, pursuant to the lea.e, any proceeds received for the Property are depo.ited with .omeone other than lender, whether received
from any in.urance on the Property or from the taking of any or all of the Property by eminent domain; and
(5J if any arbitration or appraisal proceedings are requested or instituted pursuant to the lea.e.
Grantor agree. to provide lender promptly with a copy of all written material. relating to any of the above and to provide lender with such
other information as lender may reasonably request. Grantor agrees that promptly after the execution and delivery of this Deed of Tru.t,
Grantor will notify the landlord under the lease in writing of the execution .nd delivery of this Deed of Tru.t and of the name and address
of lender and will deliver a copy of this Deed of Tru.t to the landlord.
Option to Cure lease Default. Upon lender's receipt of any written notice of Grantor's default under the lease, lender may, at lender's
option, cure such default, eVen though Grantor, or any party On behalf of Grantor, questions or denies the exi.tence of such default or the
nature of the default. Grantor expre.sly grants to lender the absolute and immediate right to enter upon the Property to such extent and as
often as lender in it sole discretion deems nece.sary or desirable in order to prevent or cure any such default by Grantor.
DUE ON SALE. CONSENT BY lENDER. lender may, at lender's option, declare immediately due a~,R,1fo al1W~lfcul~ls ~~e a
Tru.t upon the .ale or tran.fer, without lender's prior written consent, of all or any part of thiR~al' Property, or any interest in the Real
Property, A .sale Or transfer" means the conveyance of Real Property or any righI, title or interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright .ale, deed, installment .ale contract, land contract, contract for deed,
leasehold interest with a term greater than three (3J years, lease-option conlract, or by sale, as.ignment, or transfer of any beneficial intere.t in
or to any land tru.t holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property, If any Grantor is
a corporation, partnership or limited liability eompany, transfer also include. any change in ownership of more than twenty-five percent (25%) of
tha voting stock, partnership intere.ts or limited liability company interests, as the eaSe may be, of such Grantor. However, this option .hall not
be exerci.ed by lender if such exerci.e is prohibited by federal law or by Idaho law.
TAXES AND liENS. The following provi.ions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment. Grantor shall pay when due (and in all event. prior to delinquency) all taxe., special taxes, a.sessments, charges (including
water and sewer), fines and impo.itions levied again.t or on aceount of the Property, and .hall pay when due all claims for work done on or
for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all lien. having priority oVer or equal
to the interest of lender under this Deed of Trust, except for the lien of taxes and asse..ments not due and except as otherwise provided
in this Deed of Tru.t.
Right to Contes1. Grantor may withhold payment of any tax, a.sessment, or claim in connection with a good faith di.pute over th e
obligation to pay, so long as lender's interest in the Property is not jeopardized. If a lien ari.es or is filed as . re.ult of nonpayment,
Grantor .hall within fifteen (15) days after the lien .rise. or, if a lien is filed, within fifteen (15J days after Grantor has notice of the filing,
.ecure the discharge of the lien, or if requested by lender, deposit with lender cash or a .ufficient corporate surety bond or other security
.atisfactory to lender in an .mount sufficient to discharge the lien plu. any costs and reasonable attorneys' fees, or other charges that
could accrue as a re.ult of a foreclosure or .ale under the lien. In .ny contest, Grantor shall defend itself and lender and shall sati.fy any
adverse judgment before enforCement against the Property, Grantor sh.1l name lender as an additional obligee under any .urety bond
furnished in the contest proceeding..
Evidence af Payment, Grantor shall upon demand furnish to lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to lender at any tima a written statement of the taxes and asses.ments against
the Property.
No.ice of Construction. Grantor shall notify lender at least fifteen (15) day. before any work is commenced, any services are furnished, or
any materiaJs are suppHed to the Property, if any mechanic's lien, materialmeh"s fien. or other thm could be asserted on account of the
work, services, or materials. Grantor will upon request of lender furnish to lender advance aSSUrances satisf.ctory to lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to in.uring the Property are a part of this Deed or Trust.
Mailltenanct!l of Jnsurilnce. Grantor snail plocure and maintain policies af fire LnslIranee with standard extended coverage endorsements .on
a replacem'"nt basis for the full insurable value covering all'lmprovements on the Real Property in an amount .ufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of lender. Grantor shall also procure and maintain
comprehensive general Jiability insurance in such coverage amounts as- Lender may request with Trustee and Lender being named as
additional in.ureds in .uch liability insurance policies, Additionally, Grantor shall maintain such other insurance, including hut not limited to
Loan No: 5590258
DEED OF TRUST
(Continued)
Page 3
ha.zard, business interruption, and boiler rnsuranc9, as Lender may reasonably require. Policies shaU bo written in formJ amounts, coverages
and basis reasonably acceptable to lender and issued by a company or companies reasonably acceptable to lender. Grantor, upon request
of Lender I will deliver to Lender from time to time the policies or cettifrcates af rnsurance in form satis.factory to Lender. illcluding
stipulations that coverages will not be cancelled or diminished without at least ten (1 0) days prior written notice to lender. Each insurance
policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission Or
default of Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal Emergency
Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45
days after notice is given by Lender that the Property is located in a special flood hazard area, for the full unpaid principal balance of the
loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program,
or as otherwise required by lender, and to maintain such insurance for the term of the loan.
Application of Proceed.. Grantor shall promptly notify lender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails to do so within fifteen {l5) days of the casualty. Whether or not Lender's security is impaired, lender may, at lender's
election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or replace the damaged or destroyed Improvements in a mann er satisfactory to Lender. lender shall, upon satisfactory proof of
such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not In default
under this 'Deed of Trust, Any proceeds which have not been disbursed within 120 days after their receipt and which Lender has not
committed to the repair or restoration of the Property shall be used first to pay any amount owln g to lender under this Deed of Trust, then
to pay accrued interest, and the remainder, If any, shall be applied to the principal balance of the Indebtedness. If lender holds any
proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear,
Granlor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to lender a report on
each existing policy of inS\Irance shOWing: (11 the name of thB insurer; (2) the riSKS insurBd; (3) lhe amount of the policy; (4l the
property insured, the thBn current replacement value of such property, and tho manner of determining that value; and (5) the expiration
date of thB policy. Grantor shall, upon request of lender, have an indepBndent appraiser satisfactory to Lender determinB the cash value
replacement cost of lhe Property.
lENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect lender's interost in the Property or if Grantor
fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Grantor's failure to discharge or
pay when dUB any amounts Grahtor is required to discharge or pay undBr this Deed of Trust or any Related Documents, Lender on Grantor's
behalf may (but shall not be obligated to) take any action that lendar deems appropriate, including but not limited to disch arging or paying all
taxes, liens, security interests, enoumbrances a.nd other claims, at any time levied or placed on tne Property and paying aU costs for insuring,
maintaining and p,eserving tha Prope'ty. All such expenditures incurred or paid by lender for such purposes will then bear interest at the rato
charged under the Note from the date incurred or paid by Lender to the datB of rBpayment by Grantor, All such expenses will become a part of
the IndebtBdness and, at Lender's option, will (A) bo payable on demand; [B) be added to tho balanco of the Noto and be apportioned among
and be payable with any installment payments to become due during eithor (1) the term of any applicable insurance policy; or (2) the
remaining term of the Note; or [C) be treated as a balloon payment which will be due and payable at the Note's maturity. Tho Deod of Trust
also will secure paymBnt of theso amounts. Such right shall be in addition to all other rights and remedies to which lender may be entitled upon
Dofault.
WARRANTY; DEFENSE OF TiTlE, The following provisions relating to ownorship of the Property are a part of this Deed of Trust:
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the leasehold interest in the Property pursuant to the
lease, free and clear of all liens and encumbrances othBr than those SBt forth in the Real Property description or In any title insurance
policy, titlB report, or final title opinion issued in favor of, and accepted by, lender in connection with this Deed of Trust, and (b) Grantor
has the full right, power, and authority to executB and deliver this Oeed of Trust to lender.
DefenS& of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend lhe title to the Property against
the lawful claims of all persons. In the event any action or proceeding is commenced lhat questions Grantor's titlo or the interest of
Trustee or Lender under this Deed of Trust, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in
such proceeding, but lender shall be entitled to participate in the proceeding and to be represented In the proceeding by counsel of
Lender's own choicB, and Grantor will deliver, or cause to be delivered, to Lender such instruments as lender may request from time to
time to permit such participation.
Compliance With laws. Grantor warrants that the Property and Grantor's use 01 the Property complies with all existing applicable laws,
ordinallces, and regulations of governmental authorities.
Survival of Repre"entation. and Warrantie.. All representations, warranties, and agreements made by Grantor in this Deed of Trust shall
survive the exeoution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect until such
time as Grantor's Indebtedness shall be paid in full,
CONDEMNATION. ThB following provisions relating to condemnation proceedings are a part of this Deed of Trust:
Proceeding.. If any proceeding in condemnation Is filed, Grantor shall promptly notify lender in writing, and Grantor shall promptly take
such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but
lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own ohoicB, and Grantor
will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by lender from time to time to
permlt such participation.
Application of Net Proceed.. If all or any part of the Prope'ty is condemned by eminent domain proceedings or by any proceeding or
purchase in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to
the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean tho award after payment of all
reasnnable costs, expensesl and attorneys~ fees incurred by Trustee- or Lender ;n connection with the condemnation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES, The following provisions relating to governmental taxes,
fees and charges are a part of this Deed of Trust:
Current Taxes, Fees and Charge.. Upon request by Lender, Grantor shall execute such documents in addition to this Deed of Trust and
take whatever other action is requested by Lender to perfect and continue Lender's lien on thB Real Property. Grantor shall reimburse
lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continu ing this Deed of Trust,
including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
Taxes. The following shall constitute taxes to which this section applies: (1) a specific taX upon this type of Oeed of Trust or upon all or
any part of the Indebtedness secured by this Deed of Trust; [2l a specific tax on Grantor which Grantor is authorized or required to
deduct from payments on thB Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeabl.
against the Lender Or the holder of the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal
and interest made by Grantor.
Subsequent Taxe.. If any tax to whioh this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have
the same effect as an Event of Default, and lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (1) pay. the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and
liens section and deposits with Lender cash or a sufficient corporate surety bond or othe, security salisfactory to lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of T,ust as a security agreement are a part
of this Deed of Trust:
Security Agreement. This instrument shall constitule a Security Agreement to the extent any of the Property constitutes fixtures, and
lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. Upon request by lender, Grantor shall take whatever action is reqvested by lender to perfect and continue lender's
security interest in the Rents and Personal Property. In addition to recording this Deed of Trust In the real property records, Lender may, at
any time an d without further authorization from Grantor, file executed counterparts, copies or reproductions of this Deed of Trust as a
financing statem~nt. Grantor shall reimburse lender for all expenses incurred in perlecting or continuing this security interest. Upon
default, Grantor shall not remove, sever or detach the Personar' Property from the Property. Upon default, Grantor shall assemble any
Personal Property not affixed to the Property in a manner and at a place reasonably conven ient to Grantor and Lender and make it avajJable
to Lender within three (3) days after receipt of written demand from lender to the extent permitted by applicable law,
Loan No: 5590258
DEED OF TRUST
(Continued)
P~ge 4
Addre..e.. The mailing addres.es of Grantor (debtor) and Lender (secured party) from which information concerning the security ;nte(est
granted by this Deed of Tru.t may be obtained (each a. required by the Uniform Commercial Code) are as .tated on the first page of this
Deed of Tru.t.
FURTHER ASSURANCES: ATTORNEY.IN-fACT. The following provi.ions relating to further a.surances and anorney-in-fact are a part of this
Deed of Trust:
Further Assurance.. At any time, and from time to time, upon reque.t of Lender, Grantor wlll make, execute and deliver, Or will cause to
be made, executed or delivered, to Lender or to Lender'. designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded~ as the case may be, at such times and jn such offices and places as Lender may deem approprlatet any and all such mortgages,
deeds of trust, security deeds, security agreements, fjnancing statementsJ continuation statements, instruments of further assuranc'e,
certificatest and other documents as maY1 in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect~
continue, or pre.erve (1) Grantor'. obligations under the Note, this Deed of Tru.t, and the Related Document., and (2) the liens and
.ecurity interests created by this Deed of Tru.t a. first and prior lien. on the Property, whether now owned or hereafter acquired~.by
Grantor. Unle.s prohibited by law or Lender agree. to the contrary in writing, Grantor shall reimburse Lender for all co.ts and expenses
Incurred in connection with the matter. referred to in this paragraph.
AnomeY'ln-fact. If Grantor fail. to do any of the things referred to in th.. preceding paragraph, Lender may do .0 for and in th.. name of
Grantor and at Grantor's expen.e, For .uch purposes, Grantor hereby irrevocably appoints Lender a. Grantor'. attorney-in-fact for the
purpDse of making, executing, delivering, filjn 9, re-cordjng, and doing all oth er things as may be neces9ary or deskabl e~ rn Lender's sole
opinien, to accomplish the matter. referred to in the preceding paragraph.
FULL PERFORMANCE. If Grantor pay. all the Indebtedne.s when due, and otherwise performs all the obligations impo.ed upon Grantor under
this Deed of Tru.t, Lender shall execute and deliver to Tru.tee a request for full reconveyance and shall execute and deliver to Grantor .uitable
statement. of termination of any financing .tatement on file eVidencing Lender's .ecurity intere.t in the Rents and th.. Personal Property. Any
reconveyance fee required by law shall be paid by Grantor, if permitted by applicable law.
EVENTS OF DEFAULT. Each of the following, at Lender's option, .hall constitute an Event of Default under this Deed of Trust:
Payment Default. Grantor fails to make any payment when due under the Indebtedness.
Other Defaults. Grantor faifs to comply with or to perform any other term, obligation, covenant or condition contained in this Deed of Trust
or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or eondit~on contained in any other
agreement between Lender and Grantor.
Compliance Default. Failure to comply with any other term, obligation, COVenant or condition contained in this Deed of Trust, the Note or in
any of the Related Documents.
Default on Other Payment.. Failure of Grantor within the time required by this Deed of Trust to make any payment for taxes or insurance,
or any other payment neces.ary to prevent filing of or to effect discharge of any lien.
Default in Favor of Third Partie., Should Grantor default under any loan, extension of credit, .ecurity agreement, purchas.. or sales
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor'. property or
Grantor's ability to repay the Indebtedne.. or perform their re.pective ebligatians under this Deed of Trust or any of the Related
Documents.
False Statement.. Any warranty, representation Or statement made or furnished to Lender by Granter or on Grantor's behalf under this
Deed of Trust or the Related Documents is fal.e or misleading in any material respect, either now or at the time made or furnished or
become. false or misleading at any time thereafter,
Defeetive CoUateralization. Thi. Deed of Tru.t or any of the Related Document. ceases to be in full force and effect (including failure of
any collateral document to create a valid and perfected security interest or lien) at any time and for any reason,
Insolvency. The dissolution 01 termination of Grantor's existence as a going bu.iness, the in.olvency of Grantor, the appointment of a
receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, Or th.. commencement
of any preceeding under any bankruptcy or insolvency law. by or agaln.t Grantor,
Creditor or Forfeiture Proceeding.. Commencement of foreclosure Or forfeiture proceedings, whether by judicial proceeding, self-help,
repas.es.ion er any oth er method, by any creditor of Grantor or by any governmental agency against any property securing the
Indebtedn..... This includes a garni.hment of any of Grantor'. accounts, including deposit account., with Lender, However, this Event of
Default shall not apply if there i. a good faith dispute by Grantor as to the validity or reasonableness of th.. claim which is the basis of the
creditor or forfeitur.. proceeding and if Grantor gives Lender wrinen notice of th.. creditor or forfeiture proceeding and depo.its with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, a. being an
adequate reserve or bond for the dispute.
leese Default_ Grantor default. under the term. of the lease, or any other eVent (whether or not Grantor's faull) re.ults in the termination
or cancellation of Grantor '. leasehold right..
Breach of Other Agreement, Any breach by Grantor under the term. of any other agreement between Grantor and Lender that is n at
remedied within any grace period prOVided therein, including without limitation any agreement concerning any indebtedne.s or other
obligation of Grantor to Lender, wh ether existing now or later.
Events Affecting Guarantor. Any of the preceding events Occur. with re.pect to any Guarantor of any of the Indebtedness or any
Guarantor die. or bacomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedne... In the
event of a death, Lender~ at its option, may, but shall not be .required to, permit tho Guarantor's estate to a:58UmO unconditionally the
obligation. arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
Adverse Change. A mat..rial adverse change OCcUrs in Grantor's financial condition, or Lender believes the pro.pect of payment or
performance of the Indebtedn ess i. impaired.
lnse curity. Lender in good faith believe. it. elf insecure.
Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the Same
provision of this Deed of Tru.t within the preceding twelve (12) months, it may be cured if Grantor, after receiving written notice from
Lender demanding cure of such default: (1) cures the default within fifteen (15) days: or (2) if the cure requires more than fifteen (15}
day., immediately initiates steps which Lender deems in Lender's .ole di.cretion to be .ufficient to cure the default and thereafter
continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEfAULT. If an Event of Default occurs under this Deed of Tru.t, at any time thereafter, Trustee or Lender may
exen::ise any Olle or more of the following rights and remedies:
Notice of Default. In th e Event of Default Lender shall execute or cau.e the Trustee to execute a written notice of .uch default and of
Lender's election to cau.e the Property to be sold to satisfy the Indebtedness, and shall cause .uch notice to be recorded in the office of
the recorder of each county wherein the Real Property, or any part thereof, i. .ituated.
Election of Remedies. Election by Lender to pursue any remedy shall not ..xclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor under this Deed of Tru.t, after Grantor's failure to perform, shall not
affect Lender'. right to declare a default and exercise its remedies.
Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare th.. entire Indebtedne.s immediately
due and payable, including any prepayment penalty which Grantor would be required to pay,
Foreclosure. With respect ta all or any part of the Real Property, the Tru.tee shall have the right to foreclose by notice and sale, and
Lender shall have the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by
applicable law.
UCC Remedies. With respect to all Or any part of the Personal Property, Lender shall have all the right. and remedies of a secured party
under the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor to take posse.sion of and manage the Property and collect the Rents,
including amounts past due and unpaid, and apply the net proceeds, oVer and above Lender's co.t., again.t the Indebtedness. In
furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or u.e fees directly to
Loan 'No: 5590258
DEED OF TRUST
(Continued)
Page 5
lender. If the Rents are calleoted by Lender, then Grantor irrevocably designates lender as Grantor's attorney-in-fact to endorse
instruments received in payment thereat in the name of Granter and to negotiate the same and collect the proceed.. Payment. by tenants
or other users to Lender in respon.e to Lender's demand .hall satisfy the obligations for which the payments are made, whether or not any
proper grounds for the demand existed, Lender may exercise its rights under this subparagraph either in person, by agent, or through a
reoeiver.
Appoint Receiver, Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the
power to protect and preserve the Property, to eperate the Property preceding foreclo.ure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permitted by law. Lender's right to the appointment at a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by a substantial amount. Employment by Lender shall not di.qualify a person from serving as a receiv.r.
Tenancy ..t Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the Use of the Property, or (2) vacate the
Property immediately upon the demand of Lender.
Other Remedies. Trustee or Lender shall have any other right or remedy provided in this Deed of Trust Or the Note or by law.
Notice of Sale. Lender shall give Grantor rea.onable notice of the time and place of any public .ale of the Personal Property or of the time
after which any private sale or other intended di.pasitian of the Personal Property is te be made. Reasonable notiee .hall mean notice
given at lea.t ten (10) days before the time of the sale or disposition, Any sale of the Personal Property may be made in conjunction with
any sale of the Real Property.
Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all rights to have the Property marshalled.
In exercising it. rights and remedies, the Trustee or Lender shall be free to sell all Or any part of the Property together or separately, in one
sale or by separate sales. Lender shall be entided to bid at any public sale on all or any portion of the Property. Notice of sale having been
given as then required by law, and not less than the time required by raw having elapsed. Trustee, without demand on Grantor, shall sell
the property at the time and place fixed by it in the notice of sale at public auction to the highest bidder for cash in lawful money of the
United States, payable at time of sale. Trustee shall deriver to the purcha.er his or her 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 th e truthfulness
of such matters or facts. After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title and
reasonable attorneys' fees, including those in connection with the sale, Trustee shall apply proceeds of sale to payment of {af all sums
expended under this Deed of Trust, not then repaid with interest thereon as provided in this Deed of Trust; (b) all Indebtedness secured
hereby; and (c) the remainder, if any, to the person or persons legally entitled thereto.
Altorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled
to recover such sum as the court may adjudge raasoillabfe as attQrnoyst fees at triar and upon allY appeal. Whether Of not any court action
is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any
time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall
bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation,
however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is
a lawsuit, inclUding reasonable attorneys' fees and expen.es tor bankruptcy proceedings (including efforts to modify or vacate any
automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title
reports fincluding foreclosure repmts), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent
permitted by applicable law, Grantor also will pay any court costs, in addition to all other sums provided by law.
Rights of Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section.
POWERS ANO OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust;
Powers of Trustee. In addition to all powers 01 Trustee arising as a matter of law, Trustee shall have the power to take the following
actions with respect to the Property upon the written request of Lender and Grantor; (a) join in preparing and tiling a map or plat of the
Real Property, inclUding the dedication of streets or other rights to the public; (b) join in granting any easement or creating any re.triction
On the Real Property; and {cf join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this
Deed of Trust.
Obligations to Notify. Trustee shall not be obligated to notify any other party of a pending sale under a'ny other trust deed or lien, or of any
action or proceeding in which Grantor, Lender, or Trustee shall be a party, unless the action or proceeding is brought by Trustee.
Trustee. Trustee shall meet all qualitications required for Trustee under applicable law, In addition to the rights and remedies set forth
above, with respect to all '" any part of the Property, the Trustee shall have the right to foreclose by notioe and sale, and Lender shall have
the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law.
SUCeCHiiGOr Tru&tee. lender, at Lender"s option. may from tima to time appoint a successor Trustee to any Trustee appointed under this
Deed of Tru.t by an in.trument executed and acknowledged by Lender and recorded in the office of the recorder of ADA County, State 01
Idaho. The instrument shall contain, in addition to all other matters required by state law, the names of the original lender, Trustee, and
Grantor, the book and page where this Deed <>f Trust is recorded, and the name and address of the succeS.or trustee, and the instrument
shall be executed and acknowledged by Lender or its SUCcessors in interest. The Succe.sor trustee, without conveyance of the Property,
shall .ucceed to all the title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for
substitution of Trustee shall govern to the exclusion of all other provisions for substitution.
NOTICES. Any notice required to be given under this Deed of Trust, including without limitation any notice of default and any notice of sale
shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless atherwi.e required by
law), when deposited with a nationally recogni~ed overnight courier, or, if mailed, when deposited in the United States mail, as first class,
certitied or registered mail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust, All copies of notices of
foreclosure Irom the holder of any lien whiCh has priority oVer this Deed of Trust shall be sent to Lender's address, a. shown near the beginning
of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal written notice to the other
parties, specifying that the purpo.e of the notice is to change the party's address. Fer notice purposes, Grantor agrees to keep Lender informed
at all times of Grantor's current address. Unless otherwise provided or reqUired by law, if there is more than one Grantor, any notice given by
Lender to any Grantor is deemed to be notice given to all Grantors.
EXHIBIT "AH. An exhibit, titled "EXHIBIT "A"" is attached to this Deed of Trust and by this reterence is made a part of this Deed of Trust just
as if all the provi.ions, terms and conditions of the Exhibit had been fully set forth in this Deed of Trust.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and agreement of the parties
as to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall turnish to lender, upon request, a
certified statement of net operating income received from the Property during Grantor's previous fiscal year in such torm and detail as
Lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection
with the operation ot the Property.
Caption Headings. Caption headings in this Deed of Trust are tor convenience purposes only and are not to be used to interpret or define
the provisions 01 this Deed of Trust.
Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or e.tate in the Property at
any time herd by or for the benefit of Lender in any capacity, without the written consent of Lender.
Governing Law. This Deed of Trust will be governed by federal law applicable to Lender and, to 1he extont n01 preempted by federal law,
the laws of the Stato of Idaho without regard to its confliclo 01 law provisions. Thi. Deed of Trust has been accepted by Lender in the
State 01 Idaho.
Choice of Venue. If there i. a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of ADA County,
State of Idaho.
Loan No: 5590258
DEED OF TRUST
(Continued)
Page G
Joint and Se....ral Liability. All obligations of Grantor under this Deed of Trust shall be joint and se...eral, and all r.f.r.nc.s to Granto, shall
mean each and e....ry Grantor. This means that each Grantor signing below is responsibl. for all obligations in this Deed of Trust. Where
anyone 0' mar. of the parties is a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to
inquire into the pow.rs of any of the officers, directors, partners, members, or other agents acting or purporting to act on the entity's
behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Deed of
Trust.
No Waiver by Lender. Lender shall not be deemed to have wai...ed any rights under this D.ed of Trust unless such waiver is given in writing
and signed by Lender. No delay Or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's right otherwise, to
demand strict compliance with that provision 0' any other provision of this Deed of Trust. No prior waiver by Len der, nor any course of
dealing between Lender and Grantor; shall oonstitute a woQlver of any of Lenderrs rights or of -any of Grantor's obUgations as to any future
transactions. Whenever the consent of Lender is reqUired under this Deed of Trust, the granting of such consent by L.nder in any instance
shall nat constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may- be
granted or withheld in the sole discretion of Lender.
Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforc.able as to any
person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or
circumstance. If feasible, the offending provision shall be consider.d modified so that it becomes legal, valid and enforceable. If the
off.nding provision oannot be so modifl.d, it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the
illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of any
other provision of this Deed of Trust.
Successor. and A.signs. Subiectto any limitations stated in this Deed of Trust on transfer of Grantor's interest, this Deed of Trust shall be
binding upon and inure to the benefit of the parties, their succesSOrs and assigns. If ownership of the Property becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability unde, the
In debtedness.
Time i. of the E.sence. Time is of the essence in the performance of this De.d of Trust.
Waive Jury. All parties to this Deed of Trust hereby waive tho right to any jury trial in any action, proceeding, or counterclaim brought by
any party against any other party.
Waiver of Homestead Exemption. Grantor hereby ,efeases and waives all rights and ben.fits of th. homestead exemption laws of the State
of Idaho as to all Indebt.dness secured by this Deed of Trust.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unl.ss
specifically stated to the contrary, all references to dollar amounts shaU mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and tile plural shall include the singular, as the context may require. Words and terms not
otherwise defined in this Deed of Trust shall have the meanings attributed to such t.rms in the Uniform Commercial Code:
Beneficiary. The word "Beneficiary" means IDAHO INDEPENDENT BANK, and its successors and assigns.
Borrower. The word "Borrower" means LAKEVIEW MERIDIAN INVESTORS, LLC; and R.R. DAVIS PROPERTIES, INC. and inoludes all
co-signers and co-makers signing the Note and all their successOrs and assigns.
Deed of Trust, The words "D.ed of Trust' mean this Deed of Trust among Grantor, Lender, and Trustee, and includes without limitation all
assignm.nt and security interest provisions relating to the Personal Property and Rents.
Default. The word "Default" means the Default set forth in this Deed of Trust in the section titled 'Default".
Environmental laws. The words . Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinancas
relating to the protectron of human health or the environment, includjng withlJ.ut limitation the Comprehensive Environmental R~:5ponset
Compensation, and Liability Aot of 1980, as amended, 42 U.S.C. Section 9601, et seq. ["CERCLA"}, the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 99.499 ('SARA'), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation. J'nd Recovery Act, 42 U.S.C. Section 6901, et seq., or othe, applicable state or federal laws, rules, or
regulations adopt.d pursuant'thereto: . '-
Event of Default. The words .E....nt of Default" mean any of the events of default set forth in this Deed of Trust in the events of default
section of this Deed of Trust.
Grantor. The word "Grantor" means LAKEVIEW MERIDIAN INVESTORS, LLC; and R.R. DAVIS PROPERTIES, INC..
Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
Note.
Hazardous Substances, The words "Hazardous Substances' mean materials that, because of their quantity, ooncentration or physical,
chemical or infeotious characteristios, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words 'Hazardous
Substances" are used in their very broadest Sense and include without limitation any and all hazardous or toxic substances, materials Or
waste as defined by Or listed under the Environmental Laws. The term "Hazardous Substances" also inoludes, without limitation, petroleum
and petroleum by-products Or any fraction thereof and asbestos.
Improvements. The word .rlrnprovements" means all existing and future improvements, buildings, s1ructures, mobile homes affixed on the
Real Property, facilities, additions, replacem.nts and other construction on the Real Property.
Indebtedness. The word . Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Doouments and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee
or Lender to enforce Grantor's obligations un der this Deed of Trust, together with interest on such amounts as provided in this Deed of
Trust. Specifically, without limitation, Indebtedness includes all amounts that m.y be indirectly secured by the Cross.Coflaterafization
provision of this Deed of Trust.
lease. The word "Lease" means the lease of the Prop.rty dated May 17, 2005, between CITY OF MERIDIAN, Landlord and Gr.ntor.
Lender. The word 'lende,' means IDAHO INDEPENDENT BANK, its successors and assigns.
Note. The word "Note' means the promissory note dated May 17, 2006, in the original principal amount of $649,759.84 from
Gr.ntor to. Lend.r, together with all renewals of, extensicns of, modifications of, refinancings of, consolidations at, and substitutions for
the promissory note or agreement. NOTICE TO GRANTOR: THE NDTE CONTAINS A VARIABLE INTEREST RATE.
Peroonal Prop.rty. The words "Personal Property' mean all equipm.nt, fixtures, and other articles of personal property now or hereafter
owned by Granto" and now Or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all
replac.ments of, and .11 substitutions for, any of such property; and together with all proceeds (including without limitation all insurance
proceeds and refunds of premiums) from any sale or other disposition of the Property.
Property. The word "Prop.rty' means colleotiv.ly the Real Property and the Personal Property.
R.al Property. The words" Real Property" mean the r..l property, interests and rights, as further described in this D..d of Trust.
Related Documonts. The words 'Related Documents' mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust. 3ecurity deeds, conatera) mortgagesl and all other instruments,
agreements and documents; whether now or hereafter existing, executed in connoction with the Indebtedness.
Rents. The word "'-Rents" means all present and future fents, revenues, income, issues, royalties, profits, and other benefits dertved from
the PropertY. . .
Trustee. The word "Trust.e" means PIONEER TITLE COMPANY OF ADA COUNTY, whose address is 8151 W. RIFLEMAN AVENUE,
BOISE, 10 83704 and any substitute or successor trustees.
LoanNo: 5590258
DEED OF TRUST
(Continued)
Page 7
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST. AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
LAKEVIEW MERIDIAN INVESTORS, LLC
OAAS LANEY, LLC, Member of LAKEVIEW MERIDIAN INVESTORS, LLC
ROCK
artner of LANEYLAND
f LAKEVIEW MERIDIAN INVESTORS, LLC
R.R. DAVIS
:~:. D7l;;;::JPP~
RICHARD R. DAVIS, President of R.R.
PROPERTIES, INC.
~
DAVIS
LIMITED LIABILITY COMPANY ACKN
"."" " .~
COUNTY OF
I
155
)
KIMBERLY CLARKE
Notary Public
state of Idaho
On this 3 \s+- day of , in the year 20~, before me
('J 6Ik'\Le.- , a notary pu ic in and for the State of Idaho, personally appeared T. ERIK OAAS, anager of
WHITEROCK INVESTMENTS, LLC and STEVEN LANE, .neral Partner of LANEYLAND L,P. and RICHARD R. DAVIS, President ot R.R. DAVIS
PROPERTIES, INC k or identified to me (or proved to me on the oath of ). to ba membe,s 0'
designated ants iii' ed liability company of LAKEVIEW MERIDIAN INVESTORS, LLC, and tha members or designated agents who
subscrib id Ii 'ed I' 'lit company name to the foregoing instrument, and acknowledged to me that they executed the same in said limited
liability m ny ~. \ --i _l\~
R.sidlng..t~~ L~llJ
My commission eXpEtes
l\-\S-[\
CORPORATE ACKNOWLEDGMENT
STATE OF :z;.f714 HO
I
I SS
)
COUNTY OF t4-1l1'}
On this ~ I d day of M ,f Y , in the year 20 ~, before me G e-te -'tr...O L4.7.
"" *rr 0$01'1" , a notary public in and for the State of Idaho, personally appeared RICHARD R. DAVIS. President of
R.R. DAVIS PROPERTIES, INC., known or identified to me [or proved to me on the oath of l. to be an
authorized signer of R. DAVIS PROPERTIES, INC.. e corporation that executad the instrument or the person who executed the instrument on
beha f s . 0' a k e t such co,poration executed th e same.
. Residing at yvt (5 ~ (t?' 1"'1"', ~..D #fIlO
My commission expires
S-ICf- (I
.~~~\\I>>I ""fill
~W. M4'l-!',,,
~~'" V-.~~<!.~
( 7~O'l'MJ>-\, 1
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'11.1l0F\u?
iIlItJ,";.o',Ioll'
Loan No: 5590258
DEED OF TRUST
(Continued)
Page 8
REQUEST FOR FULL RECONVEYANCE
(To be used only when obligations bave been paid in full/
To: . Trustee
Tbe undersigned is tbe legal owner and bolder of all Indebtedness secured by tbis Deed of Trust. All sums secured by tbis Deed of Trust bave
been fully paid and satisfied. You are bereby directed, upon payment to you of any sums owing to you under tbe terms of tbis Deed of Trust or
pursuant to any applicable statute, to cancel the Note secured by tbis Deed of Trust (wbicb is delivered to you togetber witb tbis Deed of Trust),
and to reconvey, witbout warranty, to tbe parties designated by tbe terms of this Deed of Trust, tbe estate now beld by you under tbis Deed of
Trust. Please mail tbe reconveyance and Related Documents to:
Date:
Benefioiary:
By:
11.:
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!=XHIBIT "Air
This EXHIBIT' A" is attached to and by thi. reference is made a part of the Deed of Trust, dated May 17, 2006, and executed in connection
with a loan or other fJnancial accommodations between IDAHO INDEPENDENT BANK and LAKEVJEW MERIDIAN INVESTORS, LLC; and R.R.
DAVIS PROPERTIES, INC.
PARCEL I
A parcel of land being a portion of the W<::st-half, Section 3, Township 3 North, Range I West, Boise Meridian, Meridian,
Ada County, Idaho and more particularly described as follows:
Beginning at. a brass cap marking the Southeast COtner of the Northeast quarter of Section 3, Township 3 North, Range I
West, Boise Meridian, Meridian, Ada County, Idaho;
Thence along the SOUlherly boundary of said Northeast quarter of Section 3, North 88 degrees 55'29" W<::st 2643.29 feet to
a b= cap marking the Southw<::st corner of the Northeast qU;u:ter.
Thence leaving said Southerly boundary North 75 degrees 30'00" West 190.00 feet to a 2" iron pipe;
. Thence North 40 degrees 00'00" West 40.00 feel to an ironpin;
Thence Soull175 degrccs59'31" West 70.00 fed to an iron pin;
Thence South 25 degrees 00'00" West 64.19 feel to an iron pin;
Thence North 89 degrccs'25'06" West 254.51 fed to a point, said point also being the real point of beginning;
Thence continuing North 89 degrees 25'06" East 100.01 feel to a point;
Thonce South 00 degrees 30'11" W<::st 407.92 feet to a point;
Thence South 68 degrees 54'1]" East 276.46 feel to a point marking a point of curve;
Thence alOll8 a curve to th. righ159,46 feet, said curve i!aving a central angle of34 degrees 04'10", a radius of 100.00 feet,
tangents of30.64 feet and a long chord of 58.59 feet bearing South 51 degrees 52'06" Easlto a point marking a point of
tangents;
Thence South 34 degrees 50'0 I" East 292.99 feel 10 a point;
Thence South 89 degrees 48'41" East 147.34 feet 10 a point;
Thence Norlh 35 degrees 00'00" West 109m feet to a point;
Thence Norlh 5 [ degrees 45'00" West 580.00 feet to a point;
Thence North 00 degree 29'44" East 335.18 feet 10 lhe point ofbegfnning.
PARCEL II
A'parcel of land lying in portions of the South half of the Norlh half and Ihe North halfnfthe South half Of Sect inn 3,
Township 3 North, Rang. I West, Boise Meridian, Moridian, Ada Connty, Idaho and mot'll particularly described as
follows:
Beginning at a point marking the Northwest corner of the said Norlh.half ofthe Soulh half of Section 3;
Thence South 89 degrees 25'06" East 2,077. 73 feet along the Northerly bolUldary of the said North half of the South half of
Section 3 to a point, also said point being the real point of beginning;
Thence South 0 dcgrcc 29'44" West 335.18 feet to a point;
Thence Snuth 5 [ degrees 45'00" EasI580.{}D feel to a point;
Thence Soulh 35 degrees 00'00" East 285.33 feel 10 a point;
Thence South 22 degrees 15'00" West 60.05 feet 10 a point;
Thence South 43 degrees 58'10" Eas1238.75 fed to a point;
Thence South 29 degrees 00'00" Easlll 0.00 feet to a point;
Thence Norlh 6] degrees 00'00" East 81.19 feet 10 a point of curve;
Thence Northeastorly along a curv. to thelelt 147.14 feel, said CUrv. having a cenlTal angle of 48 degrees 10'28", a radius
of 175.00 feel, tangents of78.23 feet and a loog chord of 142.84 feel bearing Nerth 36 degrees 54'46' East to a point of
ending of curv.;
Thence North 56 degrees 30'00" W<::st 151.38 feet to a point;
Thence North 41 degrees 30'00" West 203.92 feet 10 a point;
Thence North 17 degrees 15'00" West 94.14 feet to a point;
Thence North 22 degrees 15'00" East 147.00 feet to a point;
Thence North 65 degrees 50'00" East 45.00 feel to a point;
Thence South 87 degrees 20'00" East 78.40 feet to a poinl;
Thence South 68 degrees {}D'OO" East 61.48 feet 10 a point;
Thence South 71 degrees 33'25" East 88.05 feet to a point;
Thence South 60 degrees 00'00" East 108.33 feet to a point of beginning of curve;
Thence Northeasterly along a curve to the right 139.32 feet, said curve having a central angle of 25 degrees 35'19", a radius
oD11.95 feel, tangents of 70.84 feel and along chord ofl38.16 feet bearing North 56 degrees 12'20' East to a poinl of
tangent;
Thence North 69 degrees 00'00" East 115.08 feet to a point of curve;
Thence Northeasterly along a curve to the lelt 125.75 feet, said curve having a central angle of 24 degrees 25'22", a radius
of295.00 feet. tangents of 63.84 feet and a long chord of 124.80 feet bearing North 56 degrees 47'19" East to a point of
ending of curve;
Thence North 44 degrees 00'00" West 79.63 feet to a point;
Thence North 67 degrees 45'00" West 160.00 feet to a point;
Thence South 65 degrees 50'00" West244.67 feet to a point;
Thence North 50 degrees 30'00" West 114.35 feet to a poinl;+Thence North 44 degrees 00'00" East 90.00 feet to a point;
Thence North 17 degrees 00'00" West 175.00 feet to a point;
ThenceNorth 12 degrees 00'00" East 280.00 feel to a point;
Thence North 77 degrees 30'00" West 170.00 fcello a point;
Thence South 68 degrees 00'00" West 265.00 fed to a point marking the Norlheast.comor of the Southwest quarter of the
said Section 3;
Thence North 75 degrees 30'00" West 190.00 feel to a point;
Thence North 40 degrees 00'00' West 40.00 feet to a point;
Thence South 75 degrees 59'31' W<::st 70.00 feet to a point;
Thence South 25 degrees OO'{}D" West 64.19 feet 10 a point on the said Northerly boundary of the North half of the South
half of Section 3;
Thence North 89 degrees 25'06" West 254.51 feet along the said Northerly bound3ry of the North half of the South half of
Section 3 to Ibe point of beginning.
EXCEPT Ibat portion lying within the following subdivisions;
Cherry lane Village No. I Subdivision, according 10 the plat thereof; filed in Book 44 of Plats at Pages 3537 and 3538, .
records of AfIa Couuty, Idaho;
Loan No: 5590258
EXHIBIT "A"
(Continued)
Page 2
Cherry Lane Village No.2 Subdivision, according to the plat thereof, filed in Book46 of Plats at Pages 3791 and 3792,
records of Ada County, Idaho;
The Lalce at Cherry Lane, aocording to the pial thereof filed in Book 52 of Plats at Pages 4569 and 4570, records of Ada
County, Idaho;
The Lake at CherI)' lane No.2, accordiog to the plat thereof filed in Book 54 of Plats at Pages 4882 and 4883, records of
Ada Counly, Idaho;
I
The Lake at Cherry Lane No.4 Subdivision, according to the plat thereof, filed in Book 74 of Plats at Pages 7674 and
7675, records of Ada County, Idaho.
PARCEL m-A
A portion of the West half of Se<:tion 3, Township 3 North, Range 1 West, Boise Meridian, Meridian, Ada County, Idaho,
more particularly described as follows;
Commencing at the corner common to Se<:tions 4,9, 10 and the said Se<:tion 3;
Thence North 0 degree 38'11" East 2651.19 feet 10 the quarter corner common to said Sections 3 and 4 as same way
reestablished by LS 972 (CP & F INSTRUMENT NO. 7852146, records of Ada County, Idaho}; from which Ihe
Northwest COrner of said Seelion 3 bears North 0 degree 38'27" East 2697.49 feet;
Thence North 0 degree 38'27" East 22.64 feet to a 5/8" iron pin;
Thence South 88 degr<<:s 55'31" Eas1379.S3 feet to the real point of beginning;
ThCflce continuing South 88 degrees 55'31" East [82.65 feet 10 a point;
Thence South 8 degrees 18'10" East 440.66 feet 10 a point;
Thence South 16 degrees 18'25" West 218.04 feet to a point;
Thence North 89 degrees 13'51" East 540.22 feet to . point;
Thence North 71 degrees 43'34" East 442.46 feet to a point;
Thence North 10 degrees 33'50" East 487.84 feet to a point;
Thence South 88 degrees 55'31" East 124.84 feet to a point;
Thence South 50 degr<<:s 38'25" East 89.99 feet to a point;
Thence 165.33 feet along the arc ofa curve 10 the right, having a radius of250.25 feet, a central angle of37 degrees 51'08",
and a long cherd bearing Soulh 31 degrees 42'52" East 162.34 feet to a pain I;
Thence North 89 degrees 29'44" WestI2(}.24 feel to a point;
Thence Soulh 4 degree 27'17" East 80.30 feet to a point;
Thence South 0 degr<e 30'16" West 230.52 feel to a point;
Thence South 10 degrees 31'20" West 123.51 feet to a point;
Thence South 30 degrees 14'07" West 119.57 feet to a point;
Thence South 50 degrees 50'29" Wesl 134.39 feet Co a point;
Thence South 71 degrees 28'48" West 120.64 feet to a point;
Thence South 82 degrees 45'52" West 225.84 feet to a point;
ThCflCC South 89 degrees 02'57" West 61.30 feet to a point;
ThOllce South 89 degrees 02'57" West 67.30 feet to a point;
Thence North 89 degrees 10'41" West 825.06 feet to a point;
Thence North 77 degrees 29'20" West 148.07 feet to a point;
Thence North 89 degrees 10'41" West 160.40 feet to a point lying 65.00 feet East of the West boundill)' of said Section 3;
Thence along a line 65.00 feet East of and parallel to lhe West boundary of said Section 3 North 0 degrees 38'11" East
247,64 feet to a point;
Therce South 89 degrees 21'49" EAST 156.03 FEET TO A POINT;
Thence North 45 degrees 03'16" East 163.61 feet to a point;
Thence North 5 degrees 39'31" Eas1502.42 feet to the point of bcginning.
PARCEL lIl.B
A portion of the West half of Section 3, TOIVll5hip 3 North, Range I West, Boise Meridian, Meridian, Ada Counly, Idaho,
more particularly described as follows:
Commencing at the comer common to Sections 4. 9, 10 and the said Se<:tion 3;
Thence North 0 degree 38'11" East 265 I. 19 feel to the quarter corner conunon to said Sections 3 and 4 as same was
reestablished by LS 972 (CP & F Instrwnent No. 7852146, records of Ada Counly, Idaho}; from which the Northwest
corner of said Section 3 bears North 0 degree 38'27" East 2697.49 feet;
Thence North 0 degree 38'27" East 22.64 feet to a 5/8" iron pin;
Thence South 88 degrees 56'31" East 1977.72 feet to a Sill" iron pin and the real point of beginning;
Thence South 0 degree 30'[5" WesI413.59 feet to a point;
Thence North 68 degrees 54'11" Wes126.11 feet to a pnint;
Thence North 68 degrees 54'11" Wes126.71 feel to a p>oint;
Thence North 0 dcgree 30'[5" East 217.93 feet to a point;
Thence 21 1.88 feet along the arc ofa cuNe to the left, having a radius of 249.75 feet, a central angle of 48 degrees 36'25"
and a long chord bearing North 23 degrees 47'57" west 205.58 feet to a point;
Thence South 88 degrees 55'31" East 109.62 feet to the point of beginning.
PARCEL IV.A
A portion of the Southwest quarter of the Northwest quarter of Seelion 3, TOIVnship 3 North, Range 1 West, Boisc
Meridian, Meridian, Ada County, Idaho, more particularly d.scribed as follows:
Commencing at the corner common to Sections 4, 9, 10 and the said Sectioo 3;
Thence North 0 degree 38'11' East, 2651.19 feet to the quarter comer COmmOn to said Section 3 and 4 as same washreestablished by LS 972 (CP & F [ostrum""t No. 7852146, records of Ada County, Idaho}; froni which the Northwest
corner of said Section 3 bears North 0 degree 38'27" East, 2691.49 feet;
>Thence North 0 degree 38'27" East 22.64 feet to a 5/8" iron pin;
Thence South 88 degrees 55'31" East. 379.53 feet to the real point of beginning;
Thence North 5 degree 39'31" East, 290.28 feet to a point;
Thence 46.45 feet along the are ofanon.tangent CUNe to the right, having a radius of250.00 feet, a central angle of 10
degrees 38'46". and a long chord bearing South 49 degr""" 22'43" East, 46.39 feet to a point;
Thence South 44 degrees 03'20" East, 136.41 feet to a point;
Thence South 8 degr<<:s [8'10' East, 165.80 feet to a point;
Thence North 88 degrees 55'31" W..t, 182,65 feet to the point ofbeginning.
Loan No: 5590258
EXHIBIT "A"
(Conti':lued)
Page 3
PARCEL IV-ll
A portion of Governmrnt Lot 4 and Ihe SouthW"'lt quarter of the Northwest quarter of Section 3, Township 3 North, Range
1 West, Boise Meridian, Meridian, Ada Counly, Idaho more particularly descrihed as follows:
Commencing at the comer common to Sections 4, 9, 10 and the soid Section 3;
Thrnce North 0 degree 38'11" East, 2651.19 feet to the quarter comer common to said Seetion 3 and 4 as same was
reestablished by LS 972 (CP & F InslrumrntNo. 7852146, records of Ada Counly, Idaho); from which the Northwest
comer of said Section 3 bears North 0 degree 38'27" East, 2697.49 feet;
Thrnce North (I degree 38'27" East 22.64 feet to a 5/8" iron pin;
Thrnce Soulb 88 degrees 55'31" East, 834.71 feet to a point;
ThenceNor1h 1 degree 04'29" East, 77.45 feet to the real point of beginning;
Thrnce 199,31 feet along Ibe arc of curve to Ibe right having aramas of270.00 feet, a crntra1 angle of 42 degrees 17'41"
and a long chord bearing North 65 degrees 12'11" Wes~ 194.81 feet to a point;
ThrnceNorth 44 degrees 03"20" West, 198,06 feet to a point;
Thence North 37 degree 38"05' East, 125.90 feet to a point;
Thence North 4 degrees 26'20' Wes~ 178.94 feet to a point;
Thence North 49 degrees 13'43" W"'lt, 619.18 feet to a point;
Then"" North 89 degrees 21'33" West, 39.72 feet to a point;
ThOllce North 0 degree 38'27" East, 178.61 feet to a point;
ThOllcoSouth 89 degrees 21'33" East, 104.94 feet to a point;
Thence North 26 degrees 46'55" East, 463.73 feet to a point;
Thence North 13 degrees 05'08" East, 186,18 feet to a point;
Thence South 89 degrees 23'04" East, 221.37 feet to a point;
Thence South 0 degree 36'56" West, 30.00 feet to a pojnt;
Thence North 89 degrees 23'04" West, 114,43 feet to a point;
ThrnceSnuth 10 degree:; 38'11" West, 162.48 feet to a point;
Thence South 5 degrees 36'09" East, 160.95 feet to a point;
Thence South 48 degree:; 58'55' West, 66.41 feet to a point;
Thence South 10 degree:; 49'04' West, [23,62 feet to a point;
Thence South 12 degrees 00'00" East, 85.00 feet to a point;
Th""ce South 53 degrees 26'21" East, 142.60 feet to a point;
Thence South 6 degree:; 51 '51' West, 151.05 feet to a point;
Thonce South 41 degree:; 14'14" East, 171.06 feet to a point;
Thmce South 89 degree:; 12'26" East, 122.33 feet to a point;
Thence South 43 degrees 03'05' East, 60.00 feet to a point;
Thence South 0 degree 36' 15" West, 671.50 feet to Ibo point of beginning.
PARCEL IV.C
A portion oftheNorthw"'lt quarter of Soction 3, Town.ship 3 North, fumge J W"'lt, Boise Meridian, Meridian, Ada Counly,
Idaho, marc particularly d"'lcribed as follows:
Commeneing at tbe comer common to Sections 4,9, 10 and the said Section 3;
Thence North 0 degree 38'11" East, 2651.l9 feet to the quarter carner common 10 said Sections 3 and 4 as same was
reestablished by LS 972 (CP & F Instrum""tNo. 7852146, records of Ada Counly, Idaho); from which tbe Northw"'lt
corner of said Section 3 bears Nor1h 0 degree 38'27" East, 2697.49 fed;
Thence North 0 degree 38'27. East 22.64 foct to a 518" iron pin;
ThenceSouth 88 degrees 55'31" East, 1784.61 feet to a point;
Thence North I degree 04'29" East, 303.15 feet to tbe real point of beginning;
Thence North 66 degrees 28'40" W"'lt, 157.70 fed to a point;
Thence North 56 degree:; 56'39" Wes~ 717.37 feet to a point;
Thence North 89 degrees 23'44" West, 36.12 feet to a point;
Thence North 0 degree 36'28" East, 5.00 feet to a point;
Thence 154.59 feet along the arc of a non-tangent curve to the Jell, having a radius of225.00 feet, a central angle of39
degrees 22'00", and a long cbord bearing North 19 degrees 04'45" west, 151.57 feet to a point:
Thence North 38 degrees 45'45" W"'lt, 39.00 feet to a point;
Th"""" NOr1h 5 [ degrees 14'15" East, 110.00 feet to a point;
Thence North 26 degrees !l'3l" West, 134.78 feet to a point;
Thence North 4 degrees 04'20" W"'lt, 277.45 feet to a point;
Th""ce North 31 degree:; 46'35" W"'lt, 241.56 feet to a point;
Thence North 0 degree 36'56" East, J 32.59 feet to a point;
Thence North 89 degree:; 23'04" W"'lt, 11 O.M feet to a point;
Thence NOr1h 0 degree 36'56" East, 30.00 feet to a point;
Thence South 89 degrees 23'04" East, 175.94 feet to a point;
ThenceSoulh 78 degree; 05'29" East, 71.13 feet to. point;
Thence Soulh 63 degrees 13'16" East, 65.34 feet to a point;
Thence Soulh 56 degree:; 28'32" East, 79.07 feet to a point;
:rhence South 53 degrees 15'09" East, 86.07 feet to a point;
Thence South 42 degree; 31'18' East, 70.53 feet to a point;
Thence South 35 degrees 28'22" Easl, 77.08 feet to a point:
Thence South 5 degree:; 49'06" East, 249,89 feet to a point;
Thence South 8 degrees 16'07" East, 125.42 feet to a point;
Thence South 13 degree:; 56'20" Eas~ 266.06 feet to a point;
Thence Soulb 42 degrees 43'29" East, 283.07 feet to a point;
Thonce Nor1h 61 degrees 49'13" East, 165.37 feet to . point;
Thence North 11 degrees 00'42" West, 399.24 feet to . point;
Thence South 89 degrees [8'49" Eas~ 398.40 feet to. point;
Thence Soulh 79 degrees 02'15" East, 61.16 feet to. point;
Thence South 60 degrees 40'15" East, 164.39 feello a point;
Thence South 85 degrees 10'18" East, 136.30 feet to a point;
Thence Sonlb {l degree 30'15" W"'lt, 235.93 feet to a point;
Thence North 89 degrees 29'45" W"'lt, 80.00 feet to a point;
Thence Soulb 78 degree:; 33'49" West, 182.71 feet to a point;
Thence Soulb 11 degrees 45'l5" W"'lt, 185.77 feet to a point;
Thence Soulb 0 degree 30' J 5" West, 154.10 feet to a point;
Thence 288.86 feet along the are ofa non-tangent eurve to the left, having a radius of 425.00 feet, . central angle of38
degrees 56'31", and a long chord bearing South 63 degree:; 04'11" W"'ll, 283.33 feet to the point of beginning.
loan No: 5590258
EXHIBIT "A"
(Continued)
Page 4
PARCEL IV-D
A portion ofthe Southeast quarler of the Northwest quarter of Section 3, Townsbip 3 North, Range 1 West, Boise
Meridian, Meridian, Ada County, Idaho, more particularly described as follows:
Commencing ae the corner common to Sections 4, 9, 10 and the said Section 3;
Thence North 0 degr"" 38'll" East, 265Ll9 feet to tbe quarter corner common eo said Sections 3 and 4 as same was
reestablisbed by LS 972(CP & F Instrument No. 7852146, records of Ada County, Idaho); from which the Northwest
corner of said Section 3 bears North 0 degree 38'27" East, 2697,49 feel;
Thence North 0 degree 38'27" East 22.64 feel to a 5/8" iron pin;
Thence South 88 degrees 55'31" East, 1614.53 feel to the real point of beginning;
Thence North 10 degrees 33'50" East, 72.37 feel to a point;
PARCEL IV-E
A portion of the Southeast quarter of the NorIhwest quarter of Section 3, Township 3 North, Range 1 West, Boise
Meridian, Meridian, Ada County, Idaho, more particularly described as follows:
COIlUllencing at lbe comer common to Sections 4,9, 10 and lhosaid Section 3;
ThCllce North 0 degree 38'11" East, 2651.19 feel to Ihe quarter COma COnunon 10 said Sections 3 and 4 as same was
reestablisbed hy LS 972 (CP &: F Instrument No. 7852146, records of Ada County, Idaho); from which the Northwest
corner of said Section 3 bears North 0 degree 38'27' East, 2697.49 feel;
Thence NorIh 0 degree 38'27' East 22.64 feet to a 5/8" ironpio;
Thence South 88 degrees 55'31" East, 1977.72 feel 10 a 518" iron pin and Iherealpoint of beginning;
Thence North 88 degrees 55'31" West, 109.62 feel 10 a point; .
Thence 11.06 feel along the arc of a non-laJ1gent cuTVeto the left, having a radillS of 249.75 feel, a ccn!r.ll angle of 2
degrees 32'16', and a long chord bearing North 49 degr<cs 22'17' West, 1l.0l'i feel to a point;
Thence North 50 degr= 38'25" West, 94.32 feet to a point;
Thence 60.45 feel along the arc oca curve to thelcfl, having a radius of680,oo feet, a cen!r.ll angle of5 degr= 05'36",
and along chord bearing North 53 degrees 11'13" West, 60,43 feet to a point;
Thencc30.l3 feel along the arc ofa CIll'{e to the tight, ha~ing a radius of20.oo feet, a ccn!r.ll angle of86 degrees 18'50",
and along chord bearing North 12 degrees 34'36" West, 27.36 feel 10 a point;
Thence North 30 degrees 34'50. East, 84.13 feet to a point;
Thence 269.71 feet along the are of.. curve to the right, having a radius of375.00 feel, a central angle of41 degrees 13'04",
and a long chord bearing North 51 degrees 11'21" East, 263.99 feet to a point;
Thence South 0 degret>30'15" West, 369.89 feel to Ihepoint ofbcginning.
PARCEL V
Lots I and 52 in Block 5, and Lot II in Block 9 of Cheny lane Village No.1 Subdivision, acconfrng to the plat thereof
filed in Book 44 of Pia Is at Pages 3537 thru 3538, records of Ada County, Idaho.
PARCEL VI
Lots 12 and 21 in Block 9 and Lot 4 in Block 11 and lot 53 in Block 5 ofCberryLaneVillageNo. 2 Subdi~isioo,
according eo the plat thereof; filed in Book 46 ofPlals at Pages 3791 and 3792, records of Ada County, Idaho.
PARCEL VII
Lot 83 in Block 5 and lot 14, in Block 13 Cherry Lane Village No.3 Subdivision according to the official plat thereof filed
in Book 58 of Plats at Pages 5473 thru 5475, records of Ada County,ldaho.
PARCEL VIII
Lot 28 in Block II and Lol39 in Block 13 Cherry Lane Village No.4 Subdivision according to the official plat thereof
filed in Book 63 ofPlats at Pages 6376 and 6377, records of Ada County, Idaho.
PARCEL IX
Lot 9 in Block I of Record Of Survey No. 802 of adjusted lot lines for lots 8, 9 and. 10, in Block I of The Lakc ae Cherry
Lane, according to the plat thereof. tiled in Book 52 of Plats at Pages 4569 and 4570, rttords of Ada County, Idaho.
EXCEPT that portion lying within the original lot 8.
PARCEL X
Lot S in Block I and Lot 13 in Block 2, The Lake at Cherry Lane No.2, according to tho plat thaeof, filed in Book 54 of
Plats at Pages 4882 and 4883, rec<Jrds of Ada Count}', Idaho.
PARCEL XI
Lot 24 in Block 2 oiThe Lake at Cherry Lane No. 3 Subdi~ision according to the official plat thereof filed in Book 70 of
Plats at Pages 7167 and 7168, rec<Jrds of Ada County, Idaho.
PARCEL XII
Lot 19 in Block 1 and lol46 in Block 2 of The Lake at Cherry Lane No.4 Subdivision, accorwng to the official plat
thereof, filed in Book 74 of Plats at Page 7674 and 7675, ttcOrds of Ada County, Idaho.
Losn No: 5590258
EXHIBIT "A"
(Continued)
Page 5
THIS EXHIBIT' A' IS EXECUTED ON MAY 17, 2006,
GRANTOR:
LAKEVIEW MERIDIAN INVESTORS, LLC
OAAS LANEY, LLC, Member 01 LAKEVIEW MERIDIAN INVESTORS, LlC
By;
T. ER
INVEST
WHITEROCK
01 LANEYLAND
AKEVIEW MERIDIAN INVESTORS, LLC
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R.R. DAVIS
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