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1995 Oced of Trust
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(;f95-3214-Dn-KP DEED OF TRUST
FATICO OF TX q 1
Date: May 26, 1995
Grantor: Clint R. and Laura A. Poff
Grantor's Mailing Address: 1104 Pennsylvania Drive, Denton, Denton County, Texas 76205
Trustee: City Manager, City of Denton, TX
Trustee's Mailing Address: 215 E McKinney, Denton, Denton County, TX 76201
Beneficiary: The City of Denton, Texas
Beneficiary's Mailing Address: 215 E McKinney, Denton, Denton County, TX 76201
Note(s)
Date: May 26, 1995
! Amount: Two-'rhnusand'l'hrue-Hundred Twenty-One Dollars and Ninety-Three Cents,
$2,321.93
Maker: Clint R. and Laura A. Poff
Payee: City of Denton
Final Maturity Date: May 26, 200(
'Perms of Payment (optional): According to the term and tenor of said note, For each of fifty-Hne
(59) months present Owner(s) and resident(s) lives on the property, IhiM-Eight Dollarsta d
Seventy Cents (SMO) will he forgiven and one (1) additional month of residency will cause the
final payment of 1h1Cty-Elithl Dollars and Sixh_Three cents (SS3 to be forgiven and the
entire grant indebtedness to be paid In full,
Property (including any improvcmcnls): Lot 6, Block 1, Bellaire Heights, Phase 111, An Addition to the
City of Denton, Denton County, Texas, according to the plat recorded in Cabinet D, Slide 1520 Plat
Records, Denton County, Texas, a,k.a, as, 605 Pace Drive, Denton, Denton County, Texas 76201
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Prior Lien(s): The lien created by this instrument shall be subordinate to the first lien securing payment
of a note as renewed, extended, reamortized, or otherwise adjusted periodically, in the
original principal of S561 , which is dated May 26,1995, and executed by C not & and
f .aura A. Poff, payable to the order of First Preston Mortgage CgIngM, and more fully
described in a Deed of Trust recorded in the Real Property Records of Denton County,
• Texas,
Deed of Trust executed by Clint R. and Laura A. Poff conveying property to may , Trustee, for the
benefit of City o(' Denton, Beneficiary, securing a note in the original principal sum of T]Y.Q~Thausjt ill
T111s~ Hundred Tyten -One lloLlars and NInelLThree Cents (S2 121.93), which Is dated May 26.
and recorded in the Real Property Records of Denton County, 'texas,
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()t(ier Exceptions to Conveyance and Warranty; Easements, rigbts•of-way, and prescriptive rights, whether
of record or not and all presently recorded instruments.
For value received and to secure payment of the note, Grantor conveys the property to Trustee in trust
Grantor warrants and agrees to defend the title to the property. If Grantor performs all the covenants and pays
the note according to its terms, this deed of trust shall have no further effect, and Beneficiary shall release it
at Grantor's expense. j
j Grantor's Obligations 11~
Grantor agrees to: 1
1 1. keep the property in good repair and condition;
2. pay all taxes and assessments on the. property when due;
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J, preserve the lien's priority as it is established in this deed of trust; 1
4, maintain, in a form acceptable to Beneficiary, an insurance policy that;
a. covers all improvements for their full insurable value as determined when the policy is issued and
tenewed, unless Beneficiary approves a smaller amount in writing;
b, contains an 80% coinsurance cltwse;
c, provides fire and extended coverage, including windstorm coverage;
d. protects Beneficiary with a standard mortgage clause;
C. provides flood insurance at any time the property is in a flood hazard area; and
f. contains such other coverage as Beneficiary may reasonably require;
5. comply at all times with the requirements of the 800/o coinsuranc,; clause; y
6, deliver the insurance policy to Bencliciary and deliver renewals to Beneficiary at least ten days before
expiration,
7. keep any buildings occupied as required by the insurance policy; and
8. if this is not a first lien, pay all prior lien notes that Grantor is personally liable to pay and abide by all
prior lien instruments.
9. perform all terms and conditions as provided for in the note.
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Deed of Trust I Page 2
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Beneficiary's Rights
1. Beneficiary may appoint in writing a substitute or successor trustee, succeeding to all rights and
responsibilities of Trustee.
2, If the proceeds of the not, are used to pay any debt secured by prior liens, Beneficiary is subrogaled to
all of the rights and liens of the holders of any debt so paid.
3. Beneficiary may apply any proceeds received under the insurance policy either to reduce the note or to
repair or replace damaged or destroyed improvements covered by the policy.
z 4. If Grantor fails to perform any of Grantor's obligations, Beneficiary may perform those obligations and
t be reimbursed by Grantor on demand at the place where the note is payable for any sums so paid,
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be secured by this deed of at the rate stated in
including attorney's fees, note for matured, unpaid p amounts. sums to be reimbursed dates
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} 5. 1f Grantor defaults on the note or fails to perform any of Grantor's obligations or if default occurs on a
prior lien note or other instrument, and the default continues after Beneficiary gives Grantor notice of ;
the default and the time within -hich it must be cured, as may be required by law or by written
agreement, then Beneficiary may:
a. declare the unpaid principal balance and earned interest on the note immediately due;
sale this
provided by the Texas Property Code as then amended` andll gyve
foreclosue foreclose
b. r notice of the Trustee
c. purchase the property at any foreclosure sale by offering the highest bid and then have the bid
credited on the note.
Trustee's Duties
If requested by Beneficiary to foreclose this lien, Trustee shall:
1, either personally or by agent give notice of the foreclosure sale as required by the Texas Property Code
as then amended;
2. sell and convey all or part of the property to the highest bidder for cash with a general warranty binding
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a Grantor, subject to prior liens and to other exceptions to conveyance and warranty; and
• 3. from the proceeds of the sale, pay, in this order:
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s a. expenses of foreclosure, including a commission to Trustee of 5% of the bid;
b, to Beneficiary, the full amount of principal, interest, attorney's fees, and other charges due and
r unpaid;
c. any amounts required by law to be ptdd before payment to Granter; and
d. to Grantor, any balance.
Deed of Trust / Page 3
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General Provisions
1. if any of the property is sold under this deed of trust, Grantor shall immediately surrender possession to
the purchaser. If Grantor fails to do so, Grantor shall become a tenant at sufferance of the purchaser,
subject to an action for forcible detainer,
2. Recitals in any Trustee's deed conveying the properly will be presumed to be true,
3. Proceeding under this deed of (rust, tiling suit for foreclosure, or pursuing any other remedy will not
constitute an election of remedies.
4. This lien shall remain superior to liens later created even if the time of payment ofall or part of the note
is extended or part of the property is released.
5. If any portion of the note cannot be lawfully secured by this deed of (nut, payments shall be applied first
to discharge that portion.
6. Grantor assigns to Beneficiary all sums payable to or received by Grantor from condemnation of Lill or
part of the property, from private sale in lieu of condemnation, and from damages caused by public works
or construction on or near the property. After deducting any expenses incurred, including a it )rney's fees,
Beneficiary may release any remaining sums kr Grantor or apply such sums to redo : the note.
Beneficiary shall not be liable for failure to collect or to exercise diligence in collecting a- i ich sums.
7. Grantor assigns to Beneficiary absolutely, not only as collateral, all present and fut- rer, and other
income and receipts from the property. Leases are no,. assigned. Grantor warrants .;,e validity and
enforecability of the assignment. Grantor may as Beneficiary's licensee collect rent and other income
and receipts as long as Grantor is not in default under the note or this deed of trust. Grantor will apply
all rent and other income and receipts to payment of the note and Tnrformance of this deed of trust, but
if the rent and other income and receipts exceed the amount due under the note and deed of trust, Grantor
may retain the excess. 1f Grantor defaults in payment of the note or performance of this deed of trust,
Beneficiary may tenninate Grantor's license to collect and then as Grantor's agent may rent the property
if it is vacant and collect all rent and other incom° and receipts. Beneficiary neither has nor assrunes any
obligations as lessor or landlord with respect to any occupant of the properly. Beneficiary may exercise
Beneficiary's rights and remedies under this paragraph without taking possession of the properly.
Beneficiary may exercise Beneficiary's rights and remedies tinder this paragraph without taking
possession of the property. Beneficiary shall apply all rent and other income and receipts collected under
this paragraph first to expenses incurred in exercising Beneficiary's rights and remedies and then to
Grantor's obligations under the note and this deed of trust in the order determined by Beneficiary.
r Beneficiary is not required to net under (his paragraph, and acting under this paragraph does not waive
any ol'Bencficiary's other rights or remedies, if Grantor becomes a voluntary or involuntary bankrupt,
Beneficiary's filing a proof of'cluim in bankruptcy will be tantamount to the appointment of a receiver
under Texas IaN'.
8. Interest on the debt secured by this deed of trust shall not exceed the maximum amount of nonusurious
0 interest that may be contracted for, taken, reserved, charged, or received under law; any interest in excess
of that maximum amount shall be credited on the principal of the debt or, if that has been paid, refundcc,
On any acceleration or required or permitted prepayment, any such excess shall be canceled automatically
as of the acceleration or prepayment or, if already paid, credited on the principal of the debt or, if the
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principal of the debt has been paid, refunded. This provision overrides other provisions in this and all
other instruments concerning the debt.
E 9. When the context requires, singular nouns and pronouns include the plural.
to. The term note includes all sums secured by this Feed of trust.
a, It. This deed of trust shall bind, inure to the benefit of, and be exercised by successors in interest of all
parties.
h: 12. If Grantor and Maker are not the same person, the term Grantor shall include Maker.
13. If this is not a first lien, Senior Lien Holder will be given written notice of Grantor's failure to perform
any Grantor's obligations and prior notice of acceleration.
14. Grantor represents that this deed of trust and the note are given for the following purposes:
The lien created by this instrument shall be subordinate to the lien securing payment of a note as
renewed, extended, reamortized, or otherwise adjusted periodically, in the original principal of LJ6490,
which is dated May 2b.1995, and executed by rn..* ~?"d Laura A PoH, payable to the older oft.
Preston Mo_rk9A9 Comoanv, and more fully described in a Deed of Trusi recorded in thr Real Property
Records of Denton County, Texas. If default occurs in payment of any part of principal or interest of that
L56QQ, note or in observance of any covenants of the Deed of Trust securing it, the debt secured by this
Deed of Trust shall immediately become payable at the option of Beneficiary.
Grantor(s) l
r Laura A. Poff
Clint R.'poft
ACKNOWLEDGMENTS
THE STATE OF TEXAS §
COUNTY OF DENTON §
q This instrument was acknowledged before me on MA Ut, M by Cfi„t R Po and Lau= A Peff. ~II
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Notary
Notary Yubh in and for Texas i
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A~] `f Q 7: 99 ~ o4nJ 4 iW 4•MbvO:K
ORA PHELPS
1 7 STATE pr 1EYA,
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Deed of must! Page 5
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1Fled for fierurd ins {
~ D~~iTpM CENlNfYr ~'X
CLCRK tIOPORABIL 'rim NODbF.9/CbUNTY
CLCRK
On Jun 91 1995
At 3s44pm
DoC/NnM t 95-R9i131711
DOC/Typpe I OTR
Recordings 1;1.98
Doc/MgMt s 6.89
Raceitt As 14989
Deputy MARY A
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