ESCROW SETTLEMENT
NEVADA TITLE INSURANCE COMPANY
SELLER'S CLOSING STATEMENT
- --------------------------------------------------------------------------------
Seller:
MEADOW VALLEY CONTRACTORS THIS IS ______ TO BE A TRUE AND
CORRECT COPY OF THE ORIGINAL.
NEVADA TITLE COMPANY
BY [SIGNATURE APPEARS HERE]
-----------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Buyer/Borrower:
ANN SHERMAN ROSE
- --------------------------------------------------------------------------------
Property Location: 465 EAST ROBINDALE C.O.E. Date: 06/19/96
Escrow Number: 96-04-0786 JH Escrow Oficer: KATHY M. DEICHLER
=================================
CHARGES CREDIT
================================================================================
PURCHASE PRICE 243,333.00
COMMISSION
COLDWELL BANKER 8,833.65
PURCHASE MONEY DEED OF TRUST: 213,333.00
TAXES 06/19/96 TO: 07/01/96 68.28
SEWER: 06/19/96 TO: 07/01/96 6.24
ESCROW AND TITLE CHARGES
TITLE INSURANCE 1,000.40
ESCROW FEE 224.65
R.P.T.T. (REAL PROPERTY
TRANSFER TAX) 317.20
AMERICAN HOME SHIELD 295.00
NEVADA TITLE LOAN SERVICE 37.50
WALKTHRU WITHHOLD 2,500.00
THIS WILL BE THE ONLY CLOSING
STATEMENT YOU WILL RECEIVE FOR
TAX PURPOSES. A REQUEST FOR
DUPLICATION WILL RESULT IN AN
__________________.
PROCEEDS 16,866.12
================================================================================
This Statement Covers Money Settlement 243,407.52 243,407.52
THROUGH ESCROW ONLY =================================
Keep it as reference for tax NEVADA TITLE INSURANCE
purposes COMPANY
NEVADA TITLE COMPANY
LOAN SERVICING CONTRACT PLEASE TYPE
LOAN SERVICE NO. 103569 ESCROW NO. 96-04-0786-JH DATE: 06/10/96
-------------- --------------- --------------
This is your authorization to establish a Loan Service account. We herewith
deposit the following and instruct you to disburse payments as herein directed.
Additional contractual terms are continued on pages 3 and 4.
================================================================================
DOCUMENTS DEPOSITED:
[x] NOTE: Dated May 01, 1996 Amount $213,333.00
----------------- -----------------
[x] DEED OF TRUST: Recording Date: 06/19/96 Book 960619 Doc
----------- ---------- -----
IS THIS AN ALL-INCLUSIVE DEED OF TRUST? [_] YES [_] NO
[_] CONTRACT OF SALE: Dated:
------------------
[_] GRANT, BARGAIN SALE DEED: Dated:
-------------------
================================================================================
NOTE/CONTRACT OF SALE INFORMATION:
Interest 8.00% from 06/19/96
------ --------------
Payable:(mark one) x monthly quarterly
--- ---
semi-annually annually
--- ---
Late Charge % 5 or $ after 15 days
--- ---------- ---------------
1st Payment Due 07/19/96
-------------------
Balloon Payment or Principal Reduction Date(s):
SEVEN YEARS FROM COE 6/19/03
- ----------------------------------------------------
- ----------------------------------------------------
If the Deed of Trust is an ALL-INCLUSIVE, or if there is a Contract of Sale:
Breakdown of payment to underlying Lender:
Principal & Interest $
--------------------
Current Impound Amount $
--------------------
Total Underlying Payment $
--------------------
(ATTACH WRAP OR CONTRACT ADDENDUM)
================================================================================
Original Amount $ 213,333.00
---------------
Present Balance $ 213,333.00
---------------
Note Payment $ 1,565.36
---------------
NTC Impounds:
Taxes 170.61
-----------
Ins. 62.67
-----------
Total $ 233.28
---------------
OR
Pass-through Impounds for All-Inclusive
or Contract of Sale $
Concurrent ---------------
First Mortgage Pymnt $ 1,565.36
---------------
Payor Services Fees $ 9.00
---------------
TOTAL PAYMENT $ 1,807.64
---------------
(ATTACH IMPOUND ADDENDUM)
================================================================================
ADDITIONAL INSTRUCTIONS:
- ---------------------------------------------------------------------
- ---------------------------------------------------------------------
Insurance Company FARMERS HOME GROUP Premium $ 752.00 (PREPAID AT COE)
--------------------- ------------------------
Phone 222-0175 Agent DAVE LEDBETTER (attach copy of evidence of insurance)
----------- ------------------
Annual Tax Amount $2,047.32 on 1996(attach copy of tax printout) TAX YEAR 95-96
------------ --
================================================================================
BUYER/TRUST OR/VENDEE (PAYOR) INFORMATION:
Name: ANN SHERMAN ROSE Tax I.D. No.
----------------------------- ---------------------------
Address: P.O. Box 85234 Social Security No. (H) ###-##-####
-------------------------- ---------------
City, State, Zip: N.V. 84105 Social Security No. (W)
----------------- ---------------
Phone No.(home) 379-1453 Phone No.(work) 251-1844 Fax:
-------------- -------------- ------------
================================================================================
SELLER/BENEFICIARY/VENDOR(PAYEE) INFORMATION:
(Space provided for two (2) Sellers - Husband and Wife as One (1) Seller)
1. Name: MEADOW VALLEY CONTRACTORS, A NEVADA CORP Tax I.D. No. 88-0171959
----------------------------------------- --------------
Address: PO BOX 60726 Social Security No. (H)
----------------------------- ---------------
City, State, Zip: PHOENIX, AZ 85082 Social Security No. (W)
-------------------- ---------------
Phone No.(home) Phone No.(work) 602-437-5400 Fax: 702-864-2580
--------------- --------------- -------------
2. Name: Tax I.D. No.
---------------------------------------- --------------
Address: Social Security No. (H)
---------------------------- ---------------
City, State, Zip: Social Security No. (W)
------------------- ---------------
Phone No.(home) Phone No.(work) Fax:
--------------- --------------- -------------
================================================================================
DISTRIBUTION: (if different from above)
1. SELLER/BENEFICIARY/VENDOR(PAYEE):
Checks payable to:
----------------------------------------------------------
in the amount of $ per payment until $ or the principal
------------ -----------
amount shown above has been paid in full, together with any applicable interest.
2. SELLER/BENEFICIARY/VENDOR(PAYEE):
Checks payable to:
----------------------------------------------------------
in the amount of $ per payment until $ or the principal
------------ -----------
amount shown above has been paid in full, together with any applicable interest.
3. EXISTING LENDER:
Checks payable to:
----------------------------------------------------------
Address: Loan No.
----------------------------------- ------------------------
City, State, Zip: Total Payment Amount:
------------------------ -------------
Phone No. Fax:
-------------------------------- ------------------------------
4. ADDITIONAL PAYEE:
Checks payable to:
----------------------------------------------------------
Address: Loan No.
----------------------------------- ------------------------
City, State, Zip: Total Payment Amount:
------------------------ -------------
Phone No. Fax:
-------------------------------- ------------------------------
================================================================================
Page 1
LOAN SERVICING CONTRACT
DATE: 6/10/96 LOAN SERVICE ACCOUNT: 103569
------------------------ ------------------
The payee and payor named below hereby employ and appoint Nevada Title
Company, hereinafter called "NTC", to act as servicing agent for the receipt and
disbursement of payments and the holding of documents pursuant to their terms
herein stated. NTC shall have no liability or responsibility for the legal
sufficiency of documents attached hereto. However, payor and payee agree that
NTC may examine all such documents held hereunder to determine whether they are
acceptable according to the policies and requirements of NTC.
Servicing agent is authorized and instructed to hold the documents itemized
on page one of the loan servicing contract, and, this agreement is your
instructions for their use and delivery. The company WILL NOT enforce the
obligation deposited herein, and assumes responsibility only for disbursing
funds deposited with them as herein directed.
Upon payoff, the payee(s) understand(s) that it is their statutory duty to
sign the authorization and request for reconveyance and hereby agree(s) to do so
when notified by NTC. Upon payment in full of the security instrument noted, NTC
is authorized to record the appropriate reconveyance or release/payoff
documents.
1. INTEREST CALCULATION: All interest calculations by NTC shall be calculated
on a 30 day month, 360 day year unless otherwise stated. Payoffs will be
calculated on a 365 day year unless otherwise stated. Monthly payments shall be
applied in sequential order, regardless of date processed.
2. FEES: NTC shall be entitled to receive fees in accordance with its current
fee schedule, a copy of which is attached hereto as Schedule "A". Fees for
processing regularly scheduled payments shall be payable as provided herein in
addition to amount due for each payment. All other fees shall be payable in
advance by the party requesting the service. NTC may deduct from any installment
due payee, such service fees which are not paid by payor and add same to the
principal balance under the agreement, note, or deed of trust. Regular fees are
accrued on a monthly basis and are due and payable with the frequency of the
scheduled payment. NTC reserves the right to make additional charges in unusual
circumstances with notice given to the party(ies) obligated to pay for that
charge. All fees are based on present costs and are subject to change without
written notice.
The _______ payee/seller, ______payor/buyer agrees to pay periodic servicing
fees. /s/A R initials
-------
3. ACCOUNT CLOSE-OUT, WITHDRAWAL, AND RESIGNATION OF ACCOUNT SERVICING AGENT:
Payee by written instruction, may direct NTC to deliver the file to a successor
servicing agent for servicing at any time, at which time all servicing fees then
due NTC will be due and payable. The payee shall have the right to withdraw the
note and deed of trust or any modification thereof at any time without prior
notice to payor upon payment of fees due NTC. NTC, at its election, shall have
the right to resign as servicing agent under this agreement upon written notice
via first class mail to payee, payor and any other parties requesting notice as
reflected in NTC's file. NTC will return all original documents to payee
personally or by registered mail. Notice shall be sent to the last address for
each party in NTC's records. Thereafter, NTC shall have no further duty,
responsibility or liability in connection with this agreement.
4. INSUFFICIENT FUNDS: The seller agrees to refund any remittance NTC makes in
reliance on a check given by payor or their representative, which is
subsequently dishonored. The payor will be responsible for any charges required
to clear any payments made by personal check. Any returned item will be subject
to NTC's current return item charge. NTC reserves the right to hold funds until
the payor's draft has been cleared or certified funds have been received.
5. DEFAULT: The parties hereto agree that NTC may decline (for any reason) to
conduct a trustee's sale proceeding. NTC will not conduct a forfeiture on any
contract of sale.
6. ASSIGNMENTS: No transfer or assignment of any rights hereunder shall be made
by anyone having an interest herein unless made in such manner and accompanied
by such deed and other instruments as shall be required by NTC and the related
costs have been fully paid and all instruments deposited with NTC.
7. ADDRESS CHANGE: All address changes must be made in writing to NTC. The last
notice of change of address delivered in writing to NTC and signed by the
respective party shall be used by NTC in mailing any notice, demand, funds. etc.
Page 3
LOAN SERVICING CONTRACT
DATE: 06/10/96 LOAN SERVICE ACCOUNT: 103569
-------------------- ----------------
8. ADDITIONAL INSTRUCTIONS: Any additional instructions shall become a part of
this agreement as if same were stated herein. In the case of any inconsistency
between the additional instructions or other documents and this Loan Servicing
Contract, the Loan Servicing Contract shall control NTC's duties and
obligations.
9. FIRE INSURANCE: It is the responsibility of the payor and payee to obtain
fire and/or casualty insurance in a sufficient amount and to renew the policy
upon expiration and otherwise keep the policy in force while this account is
being serviced, notwithstanding the servicing of an impound account by NTC.
10. CERTIFIED FUNDS REQUIREMENT: To expedite disbursement by NTC, all payments
other than one regular monthly installment must be paid in the form of a
certified or cashier's check. NTC may at its sole option require certified or
cashier's check from payor, or present payor's checks for clearance prior to
disbursement. Any late charges or penalties that may accrue as result of NTC's
clearance of any payments will be the responsibility of the payor. Any payment
received by NTC is subject to acceptance of same by the payee.
11. BILLING: It is the intention of NTC to provide billing notices or payment
coupons for the convenience of the payor; however, billing notices and payment
coupons are sent as a courtesy only, and, the failure to forward a billing
notice or payment coupons does NOT excuse the payor's responsibility to make
timely payments. Only one payor will be designated to remit total payment due in
the event of multiple payors.
12. JOINT TENANCY CLAUSE: ATTENTION PAYEE: By signing below the payee(s) {does
____ does not ____}{choose one} elect to hold contract interest and take the
proceeds of the sale or mortgage or deed of trust not as tenants in common and
not as community property estate, but as joint tenants with the right of
survivorship.
13. NOTICE: Late notices are not sent to the payor unless specifically requested
through the late notice program. Notices can be sent to the payor and/or a copy
to the payee. The fee is based on the number of parties receiving notice.
Notices requested are charged monthly based on current fee schedule. Indicate
below parties to receive notices: payor/payees_________________
14. INTERPLEADER AND INDEMNITY: In the event conflicting demand is made upon NTC
concerning these or subsequent instructions, NTC may, at its election, hold any
funds and documents deposited hereunder until an action shall be brought in a
court of competent jurisdiction to determine the rights of payee and payor or,
NTC may interplead funds or documents. Payee and payor, jointly and severally,
agree to indemnify and hold harmless NTC against all costs, damages, attorney's
fees, expenses and liabilities which NTC may incur or sustain in connection with
servicing the account or any court action arising therefrom, including any
interpleader action brought by NTC. Payee or Payor jointly and severally agree
to pay NTC promptly upon demand for any costs, damages, attorney's fees,
expenses and liabilities so incurred.
15. OVERPAYMENT (RIGHT OF OFFSET): The undersigned agree that if payor or payee
are unjustly enriched, due to error or otherwise, they will immediately
reimburse NTC such amount as requested. NTC shall have a right of offset against
the funds it is holding or against funds which come into its possession, in
order to correct any such overpayment to the party unjustly enriched. In the
event a post-disbursement adjustment is necessary, payor and payees authorize
NTC at its discretion to advance funds on their behalf to effect an accurate
disbursement. The undersigned agree to fully cooperate and pay to NTC any and
all funds so advanced on their behalf.
This agreement shall be binding upon and benefit the parties and their
heirs, devisees, personal representatives, officers, directors, employees,
shareholders, receivers and assigns. The undersigned acknowledge that they have
thoroughly read and approved each of the provisions contained herein and
acknowledge receipt of a copy of this contract.
PAYOR /s/ Ann Sherman Rose PAYEE /s/ Kenneth D. Nelson
------------------------- -------------------------
ANN SHERMAN ROSE MEADOW VALLEY CONTRACTORS
PAYOR PAYEE
------------------------- -------------------------
PAYOR PAYEE
------------------------- -------------------------
Page 4
NEVADA TITLE COMPANY
LOAN SERVICING CONTRACT PLEASE TYPE
LOAN SERVICE NO. 103569 ESCROW NO. 96-04-0786-JH DATE: 06/10/96
-------------- --------------- --------------
This is your authorization to establish a Loan Service account. We herewith
deposit the following and instruct you to disburse payments as herein directed.
Additional contractual terms are continued on pages 3 and 4.
================================================================================
DOCUMENTS DEPOSITED:
[x] NOTE: Dated May 01, 1996 Amount $213,333.00
----------------- -----------------
[x] DEED OF TRUST: Recording Date: Book Doc
----------- ---------- -----
IS THIS AN ALL-INCLUSIVE DEED OF TRUST? [_] YES [_] NO
[_] CONTRACT OF SALE: Dated:
------------------
[_] GRANT, BARGAIN SALE DEED: Dated:
-------------------
================================================================================
NOTE/CONTRACT OF SALE INFORMATION:
Interest 8.00% from
------ --------------
Payable:(mark one) x monthly quarterly
--- ---
semi-annually annually
--- ---
Late Charge % 5 or $ after 15 days
--- ---------- ---------------
1st Payment Due
-------------------
Balloon Payment or Principal reduction Date(s):
SEVEN YEARS FROM COE / /
- ----------------------------------------------------
- ----------------------------------------------------
If the Deed of Trust is an ALL-INCLUSIVE, or if there is a Contract of Sale:
Breakdown of payment to underlying Lender:
Principal & Interest $
--------------------
Current Impound Amount $
--------------------
Total Underlying Payment $
--------------------
(ATTACH WRAP OR CONTRACT ADDENDUM)
================================================================================
Original Amount $
---------------
Present Balance $
---------------
Note Payment $
---------------
NTC Impounds:
Taxes 170.61
-----------
Ins.
-----------
Total $
---------------
OR
Pass-through Impounds for All-Inclusive
or Contract of Sale $
Concurrent ---------------
First Mortgage Pymt $ 1,565.36
---------------
Payor Service Fees $
---------------
TOTAL PAYMENT $
---------------
(ATTACH IMPOUND ADDENDUM)
================================================================================
ADDITIONAL INSTRUCTIONS:
- ---------------------------------------------------------------------
- ---------------------------------------------------------------------
Insurance Company Premium $
--------------------- ---------------------
Phone Agent (attach copy of evidence of insurance)
----------- ------------------
Annual Tax Amount $ on 19 (attach copy of tax printout)
----------- --
================================================================================
BUYER/TRUST OR/VENDEE (PAYOR) INFORMATION:
Name: ANN SHERMAN ROSE Tax I.D. No.
----------------------------- ---------------------------
Address: P.O. Box 85234 Social Security No. (H) ###-##-####
-------------------------- ---------------
City, State, Zip: N.V. 89185 Social Security No. (W)
----------------- ---------------
Phone No.(home) 379-1453 Phone No.(work) 251-1844 Fax:
-------------- -------------- ------------
================================================================================
SELLER/BENEFICIARY/VENDOR(PAYEE) INFORMATION:
(Space provided for two (2) Sellers - Husband and Wife as One (1) Seller)
1. Name: MEADOW VALLEY CONTRACTORS, A NEVADA CORP Tax I.D. No. 88-0171959
------------------------------------------ --------------
Address: PO BOX 60726 Social Security No. (H)
----------------------------- ---------------
City, State, Zip: PHOENIX, AZ 85082 Social Security No. (W)
-------------------- ---------------
Phone No.(home) Phone No.(work) 602-437-5400 Fax: 702-864-2580
--------------- --------------- -------------
2. Name: Tax I.D. No.
------------------------------------------ --------------
Address: Social Security No. (H)
----------------------------- ---------------
City, State, Zip: Social Security No. (W)
-------------------- ---------------
Phone No.(home) Phone No.(work) Fax:
--------------- --------------- -------------
================================================================================
DISTRIBUTION: (if different from above)
1. SELLER/BENEFICIARY/VENDOR(PAYEE):
Checks payable to:
----------------------------------------------------------
in the amount of $ per payment until $ or the principal
------------ -----------
amount shown above has been paid in full, together with any applicable interest.
2. SELLER/BENEFICIARY/VENDOR(PAYEE):
Checks payable to:
----------------------------------------------------------
in the amount of $ per payment until $ or the principal
------------ -----------
amount shown above has been paid in full, together with any applicable interest.
3. EXISTING LENDER:
Checks payable to:
----------------------------------------------------------
Address: Loan No.
----------------------------------- ------------------------
City, State, Zip: Total Payment Amount:
------------------------ -------------
Phone No. Fax:
-------------------------------- ------------------------------
4. ADDITIONAL PAYEE:
Checks payable to:
----------------------------------------------------------
Address: Account No.
----------------------------------- ---------------------
City, State, Zip: Total Payment Amount:
------------------------ -------------
Phone No. Fax:
-------------------------------- ------------------------------
================================================================================
Page 1
Nevada Title Company
Financial Services Department
FEE SCHEDULE
Set up fee - Regular Note up to 4 payees .................... $50.00
Set up fee - Lease or Rental Agreement ...................... $75.00
Set up fee - All-Inclusive and Contract of Sale ............. $75.00
Set up fee - Impound account ................................ $75.00
Additional fee per payee - 5 or more ........................ $5.00
Periodic Service Fees:
Monthly per check fee ....................................... $6.00
Monthly impound fee ......................................... $9.00
Quarterly per check fee ..................................... $10.00
Semi-Annual per check fee ................................... $12.00
Annual per check fee ........................................ $15.00
Late Notice upon request to payee ........................... $2.00
Return check fee ............................................ $25.00
Cancellation fee ............................................ $25.00
Assignment fee .............................................. $25.00
Beneficiary Statement/Assumption fee ........................ $50.00
Payoff Statement (Demand) fee ............................... $50.00
Update Fee (per request) .................................... $10.00
Modification fee ............................................ $50.00
Full Reconveyance (Trustee) fee ............................. $100.00
Partial Reconveyance (Trustee) fee .......................... $100.00
Recording fee ............................. per Clark County Recorder
At the time the loan service account is closed or canceled, or at any time while
the account is open, should Nevada Title Company be required to maintain funds
on deposit, not specifically identified for impounds, they are hereby authorized
to retain out of those funds held in said account, a reasonable service charge
in an amount not less than twenty-five ($25.00) dollars per month for the
administration of said funds.
All fees are minimum. The fees set forth herein are subject to change without
notice, and are subject adjustment based on the transaction. Additional fees may
be incurred where unusual conditions are present.
Initials [INITIALS APPEAR HERE]
--------
Initials [INITIALS APPEAR HERE]
--------
Initials
--------
Initials
--------
Initials
--------
(Loan Servicing Contract continued on Page 3)
Page 2
#73 Rev. 1/95
LOAN SERVICING CONTRACT
DATE: 6/10/96 LOAN SERVICE ACCOUNT: 103569
------------ -------------
The payee and payor named below hereby employ and appoint Nevada Title
Company, hereinafter called "NTC", to act as servicing agent for the receipt and
disbursement of payments and the holding of documents pursuant to their terms
herein stated. NTC shall have no liability or responsibility for the legal
sufficiency of documents attached hereto. However, payor and payee agree that
NTC may examine all such documents held hereunder to determine whether they are
acceptable according to the policies and requirements of NTC.
Servicing agent is authorized and instructed to hold the documents itemized
on page one of the loan servicing contract, and, this agreement is your
instructions for their use and delivery. The company WILL NOT enforce the
obligation deposited herein, and assumes responsibility only for disbursing
funds deposited with them as herein directed.
Upon payoff, the payee(s) understand(s) that it is their statutory duty to
sign the authorization and request for reconveyance and hereby agree(s) to do so
when notified by NTC. Upon payment in full of the security instrument noted, NTC
is authorized to record the appropriate reconveyance or release/payoff
documents.
1. INTEREST CALCULATION: All interest calculations by NTC shall be calculated on
a 30 day month, 360 day year unless otherwise stated. Payoffs will be calculated
on a 365 day year unless otherwise stated. Monthly payments shall be applied in
sequential order, regardless of date processed.
2. FEES: NTC shall be entitled to receive fees in accordance with its current
fee schedule, a copy of which is attached hereto as Schedule "A". Fees for
processing regularly scheduled payments shall be payable as provided herein in
addition to amount due for each payment. All other fees shall be payable in
advance by the party requesting the service. NTC may deduct from any installment
due payee, such service fees which are not paid by payor and add same to the
principal balance under the agreement, note, or deed of trust. Regular fees are
accrued on a monthly basis and are due and payable with the frequency of the
scheduled payment. NTC reserves the right to make additional charges in unusual
circumstances with notice given to the party(ies) obligated to pay for that
charge. All fees are based on present costs and are subject to change without
written notice.
The 50% payee/seller, 50% payor/buyer agrees to pay periodic servicing fees.
------- -------
[INITIALS APPEAR HERE]
- ----------------------- Initials
[INITIALS APPEAR HERE]
3. ACCOUNT CLOSE-OUT, WITHDRAWAL, AND RESIGNATION OF ACCOUNT SERVICING AGENT:
Payee by written instruction, may direct NTC to deliver the file to a successor
servicing agent for servicing at any time, at which time all servicing fees then
due NTC will be due and payable. The payee shall have the right to withdraw the
note and deed of trust or any modification thereof at any time without prior
notice to payor upon payment of fees due NTC. NTC, at its election, shall have
the right to resign as servicing agent under this agreement upon written notice
via first class mail to payee, payor and any other parties requesting notice as
reflected in NTC's file. NTC will return all original documents to payee
personally or by registered mail. Notice shall be sent to the last address for
each party in NTC's records. Thereafter, NTC shall have no further duty,
responsibility or liability in connection with this agreement.
4. INSUFFICIENT FUNDS: The seller agrees to refund any remittance NTC makes in
reliance on a check given by payor or their representative, which is
subsequently dishonored. The payor will be responsible for any charges required
to clear any payments made by personal check. Any returned item will be subject
to NTC's current returned item charge. NTC reserves the right to hold funds
until the payor's draft has been cleared or certified funds have been received.
5. DEFAULT: The parties hereto agree that NTC may decline (for any reason) to
conduct a trustee's sale proceeding. NTC will not conduct a forfeiture on any
contract of sale.
6. ASSIGNMENTS: No transfer or assignment of any rights hereunder shall be made
by anyone having an interest herein unless made in such manner and accompanied
by such deed and other instruments as shall be required by NTC and the related
costs have been fully paid and all instruments deposited with NTC.
7. ADDRESS CHANGE: All address changes must be made in writing to NTC. The last
notice of change of address delivered in writing to NTC and signed by the
respective party shall be used by NTC in mailing any notice, demand, funds, etc.
Page 3
DO NOT DESTROY THIS NOTE: When paid, this note with Deed of Trust
securing same must be surrendered to Trustee for cancellation before
reconveyance will be made.
- --------------------------------------------------------------------------------
No.
--------------
Note Secured by Deed of Trust
(STRAIGHT NOTE)
$213,333.00 LAS VEGAS , Nevada, May 1, 1996
- ----------- ------------------------------- ---------------------------
DUE ON OR BEFORE for value
- ----------------------------------------------------------------------
received, undersigned promise to pay to MEADOW VALLEY CONTRACTORS, A NEVADA
----------------------------------------
CORPORATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
or order, at LAS VEGAS, NEVADA OR AS DIRECTED BY PAYEE
-------------------------------------------------------------------
the sum of Two Hundred Thirteen Thousand Three Hundred Thirty-Three DOLLARS,
---------------------------------------------------------
with interest from 06/19/96 until paid, at the rate of 8.00%
------------------------ ---------
per cent per annum, payable monthly beginning 07/19/96 in the amount of
----------------------------------------------------
1,565.36 or more and continuing on the same day of each month until 06/19/03, at
which time the entire unpaid principal balance plus accrued interest shall
become all due and payable.
In addition to the payments of principal and interest, payor agrees to pay
impounds in an amount equal to 1/12th of the annual real estate taxes, and
1/12th of the annual fire insurance premium.
If any installment is not received within Fifteen (15) days following the
scheduled due date a late charge of 5% shall be assessed to said installment.
The Deed of Trust securing this Note contains an alienation (due on sale)
provision.
Should default be made in payment of any principal or interest or in
performance of any obligation contained in Deed of Trust by which this note is
secured, the whole sum of principal and interest shall become immediately due at
the option of the holder hereof. Principal and interest payable in lawful money
of the United States. If action be instituted in any Court to enforce any
obligation secured by such Deed of Trust, undersigned promise to pay such sum as
the court may fix as attorney's fees in said action. This Note is secured by a
DEED OF TRUST, of even date herewith, to NEVADA TITLE COMPANY, a Nevada
Corporation.
/s/ Ann Rose
- ------------------------------------- ---------------------------------------
ANN SHERMAN ROSE
- ------------------------------------- ---------------------------------------
- ------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------
SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS
This Deed of Trust, made this 1ST day of May, 1996, between ANN SHERMAN ROSE,
AN UNMARRIED WOMAN
herein called GRANTOR or TRUSTOR
whose address is 465 EAST ROBINDALE LAS VEGAS, NEVADA
------------------ ---------- ------ -----
(number and street) (city) (state) (zip)
NEVADA TITLE COMPANY, a Nevada Corporation, herein called TRUSTEE, and MEADOW
VALLEY CONTRACTORS, A NEVADA CORPORATION
, herein called BENEFICIARY,
Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN
TRUST, WITH POWER OF SALE, that property CLARK County, Nevada, described
as:
THAT PORTION OF THE NORTHWEST QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4)
OF SECTION 10, TOWNSHIP 22 SOUTH, RANGE 61 EAST, M.D.B. & M., DESCRIBED AS
FOLLOWS: (SEE THE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF BY THIS
REFERENCE FOR THE COMPLETE LEGAL DESCRIPTION)
"IF THE TRUSTOR SHALL SELL, CONVEY OR ALIENATE THE HEREIN DESCRIBED PROPERTY
OR ANY PART THEREOF OR ANY INTEREST THEREIN, OR SHALL BE DIVESTED OF HER TITLE
OR ANY INTEREST THEREIN, IN ANY MANNER OR WAY, WITHOUT HAVING FIRST OBTAINED
BENEFICIARY'S WRITTEN CONSENT TO DO SO, THE ENTIRE BALANCE OF THE NOTE SECURED
HEREBY SHALL AT THE OPTION OF THE HOLDER THEREOF, AND WITHOUT DEMAND OR NOTICE
IMMEDIATELY BECOME DUE AND PAYABLE.
Together with all and singular the tenements, hereditaments and appurtenances
thereunto belonging or in anywise appertaining. TOGETHER WITH the rents, issues
and profits thereof, reserving the right to collect and use the same except
during continuance of some default hereunder and during continuance of such
default authorizing Beneficiary to collect and enforce the same by any lawful
means in the name of any party hereto. For the Purpose of Securing: 1.
Performance of each agreement of Trustor incorporated by reference or contained
herein. 2. Payment of the indebtedness evidenced by one promissory note of even
date herewith, and any extension or renewal thereof, in the principal sum of
$213,333.000 executed by Trustor in favor of Beneficiary or order. 3. Payment of
such additional sums as may hereafter be advanced for the account of Trustor or
Assigns by Beneficiary with interest thereon.
To Protect the Security of This Deed of Trust, Trustor Agrees: By the execution
and delivery of this Deed of Trust and the note secured hereby, that provisions
(1) to (16) inclusive of the Deed of Trust recorded in the Book and at the page,
or document No. of Official Records in the Office of the county recorder of the
county where said property is located, noted below opposite the name of such
county, viz:
COUNTY DOCUMENT No. BOOK PAGE COUNTY DOCUMENT No. BOOK PAGE COUNTY DOCUMENT No. BOOK PAGE
Clark 413987 514 Humboldt 116986 3 83 Nye 47157 67 163
Churchill 104132 34 mtgs. 591 Lander 41172 3 758 Ormsby 72637 19 102
Douglas 24495 22 415 Lincoln 41292 0 mtgs. 467 Pershing 57488 28 58
Elko 14831 43 343 Washoe 407205 734 221 Storey 28573 R mtgs. 112
Esmeralda 26291 3H deeds 138-141 Lyon 88486 31 mtgs. White Pine 128126 261 341-344
Eureka 39602 3 283 Mineral 76648 16 mtgs. 534-537
(which provisions, identical in all countries, are printed on the reverse
hereof) hereby are adopted and incorporated herein and made a part hereof as
fully as though set forth herein at length; that he will observe and perform
said provisions, and that the references to property, obligations, and parties
in said provisions shall be construed to refer to the property, obligations, and
parties set forth in the Deed of Trust.
The parties agree with respect to provision 16, the amount of fire insurance
required by covenant 2 shall be $213,333.00 and with respect to attorney's fees
provided by for covenant 7 the percentage shall be reasonable as determined by
a court with jurisdiction.
The undersigned Trustor requests that a copy of any Notice of Default and of
any Notice of Sale hereunder be mailed to him at his address hereinabove set
forth.
STATE OF NEVADA )
COUNTY OF CLARK ) ss.
)
On June 11, 1996 /s/ Ann Sherman Rose
Before me a Notary Public, personally appeared ----------------------------
ANN SHERMAN ROSE
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ANN SHERMAN ROSE
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personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person
whose name is subscribed to this instrument
and acknowledged that executed it.
Signature /s/ Anna M. Hensley
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(Notary Public)
[SEAL OF NOTARY PUBLIC APPEARS HERE] Escrow No. 96-04-0786 JH
Name MEADOW VALLEY CONTRACTORS THE ORIGINAL OF THIS DOCUMENT
Street Address WAS RECORDED ON 06/19/96
City & State AS INSTRUMENT NO. 00131
IN BOOK 960619