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HomeMy WebLinkAbout1989V1130P181 430025 AMENDED DEED OF TRUST DATE: >:-�� :2r 1989 Vic' G= GRANTOR: 4---- John B. Hopkins et ux Caretha Hopkins / / GRANTOR'S MAILING ADDRESS: 1017 Fairview ( including county) Brazos County College Station, Texas 77840 TRUSTEE: James Ronald Ragland TRUSTEE'S MAILING ADDRESS: P.O. Box 9960 ( including county) Brazos County College Station, Texas 77842 BENEFICIARY: City of College Station Office of Community Development BENEFICIARY'S MAILING ADDRESS: P.O. Box 9960 ( including county) Brazos County College Station, TX 77842 NOTE(S) : DATE: October 21 , 1985 AMOUNT: $27,000.00 MAKER: John B. Hopkins et ux Caretha Hopkins PAYEE: City of College Station Office of Community Development FINAL MATURITY DATE: February 1 , 2006 PROPERTY ( including any improvements) : Being all of that certain tract or parcel of land , lying and being situated in College Sta- tion, Brazos County, Texas, and being a part Lot 15, Block 4 of the BREEZY HEIGHTS ADDITIONf to the City of College Station, according to a plat recorded in Volume 125, Page 433 of the Deed Records of Brazos County, Texas, and being more particularly described by metes and bounds as follows, to-wit: BEGINNING: at an iron rod, said iron rod being N 44°51 ' 44" W - 11 . 00 feet from the south cor- ner of said Lot 15, same being in the northeast right-of-way line of Fairview Avenue; THENCE: N 45°08 ' 16" E - 126 .00 feet across said Lot 15 to an iron rod for corner; THENCE: S 44 °51 '44" E - 5.00 feet to an iron rod for corner; THENCE: S 45°08 ' 16" W - 126.00 feet across said Lot 15 to an iron rod for corner in said Fair- view Avenue line; VOL 1 3Qo"c 181 THENCE: N 44 °51 '44" W - 5.00 feet along said Fairview Ave. line to the PLACE OF BEGINNING; and containing 0 .014 acres of land , more or less, according to a survey made on the ground under the supervision of Donald D. Garrett, Registered Public Surveyor, No. 2972, on Novem- ber 3 , 1988 . RESERVATIONS: This conveyance is made subject to the Urban Homesteading Agree- ment attached and incorporated herein. The indebtedness secured hereby is in renewal and extension, but not in the extinguishment of that certain existing indebtedness described as follows: ( 1 ) The unpaid balance of Twenty Seven Thousand Dollars ( $27,000. 00 ) owing on that certain Mechanic' s Lien Note executed by the Grantor, the original principal sum of Twenty Seven Thousand Dollars ( $27,000. 00 ) , payable to the order of Bob Chapman d/b/a Chapman and Sons, on demand , dated the day , 19 , and secured by a certain Mechanic' s and Materialman' s Lien Contract and Agreement on the property herein conveyed , on file in the Office of County Clerk and recorded in the Mechanic ' s and Materialman' s Lien Records of Brazos County in which said property is situated , which said unpaid amount of said note and indebtedness is renewed and extended , but not satisfied by the instrument of debt for which this Deed of Trust is given in security. OTHER EXCEPTIONS TO CONVEYANCE AND WARRANTY: All valid and subsisting easements, restrictions, rights-of-way, conditions, exceptions, reservations and covenants of whatsoever nature of record , if any, and also to the zoning laws and other restrictions, regulations, ordinances and statutes of municipal or other government authorities applicable to and enforceable against the described premises. Mineral Reservation in Deed dated August 26 , 1983, executed by BOYD G. HALL to MICHAEL G. HOLT, and recorded in Volume 598 , 248 of the Deed Records of Brazos County, Texas. Page Estate created by oil , gas and mineral lease granted MINERALS INC. , by MICHAEL G. HOLT, AS AGENT AND ATTORNEYCI FA T FOR BOYD G. HALL dated March 29, 680 , Page 708 of the Official Record s and recorded in VolumeC all terms, conditions and stipulations containedrazos utherein to this lease has not been investigated subse uent to h eas, and thereof. Title 4 to the date For value received and to secure the payment of the note, Grantor conveysgees to property to Trustee in trust. defend the title to the Grantor warrants and all the covenants ande Property. If Grantor deed of trust shall haveynotfurther effecnote t, performs releaseeot at Grantor' sv expense.nraccording to its terms,rshallhis and Beneficiary GRANTOR'S OBLIGATIONS: Grantor agrees to: 1 . keep the property in good repair and condition; 2. pay all taxes and assessments on the due; , 3 . property when preserve the lien ' s priority as it is established in this deed of trust;r 4 . maintain, in a form acceptable to Beneficiary, an insurance policy that: Rev. 2/88 - 2 - v0: i1M pa yX82 a. covers all improvements for their full insurable value as determined when the policy is issued and renewed , unless Beneficiary approves a smaller amount in writing; b. contains an 80% coinsurance clause; c. provides fire and extended coverage, including windstorm coverage; d. protects Beneficiary with a standard mortgage clause; e. 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 80% coinsurance clause; 6 . deliver the insurance policy to Beneficiary and deliver renewals to Beneficiary at least ten days before expiration; 7. keep any buildings occupied as required by the in- surance 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. comply with the terms of the Agreement executed bythepaa Homesteing 1989 . parties this -aay of `- BENEFICIARY'S RIGHTS: 1 . Beneficiary may appoint in writing a substitute or suc- cessor trustee, succeeding to all rights and responsibilities of Trustee. 2. If the proceeds of the note are used to pay any debt secured by prior liens, Beneficiary is subrogated to all of the rights and liens of the holders of any debt so paid. 3. Beneficiary may apply any insurance policy either to reduce theceeds notte orceitoved repaireortre- place damaged or destroyed improvements covered by the policy. 4 . If Grantor fails to perform any of Grantor' s obligations Beneficiary may perform those obligations and be reimbursed by Grantor on demand at the place where the note is ' sums so paid , including attorney' s fees, sums from the dates ofpayable for any payment at the rate plusstated interest sthe onthose sfor matured , unpaid amounts. The sum to be reimbursed shall be se- cured by this deed of trust. 5. If Grantor defaults on the note or fails to of Grantor' s obligations or if default occurs on a note or other instrumentperform any Beneficiary may: prior lien a. declare the unpaid principal balance and earned interest on the note immediately due; b. request Trustee to foreclose this lien, in which ca Beneficiary or Beneficiary' s agent shallse of the foreclosure sale as give notice ovid Property Code as then amended ed by the Texas c. purchase the and offering the highestybid and then nt any chave rtheabidby credited on the note. TRUSTEE'S DUTIES: shallf requested by Beneficiary to foreclose this lien, Trustee 1 . either personally or b foreclosure sale as eronalb y agent give notice of the amended; y the Texas Property Code as then Rev. 2/88 - 3 - VOL-11301%E'183 2. sell and convey all or part of the property to the highest bidder for cash with a general warranty binding 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: 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 unpaid; c. any amounts required by law to be paid before payment to Grantor; and d. to Grantor, any balance . 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 property will be presumed to be true. 3. Proceeding under this deed of trust, filing 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 of all or part of the note is ex- tended or part of the property is released. 5. If any portion of the note cannot be lawfully secured by this deed of trust, payments shall be applied first to discharge that portion. 6. Grantor assigns to Beneficiary all sums re- ceived by Grantor from condemnation of all or payable to or erty, from private sale in lieu of condemnation, andrt fromdamages caused by prop- erty, public works or construction on or near the property. After deducting any expenses incurred, including attorney' s fees, Beneficiary may release any remaining sums to Grantor or apply such sums to reduce the note. Beneficiary shall not be liable for failure to collect or to exercise diligence in collecting such sums. 7. Grantor assigns to Beneficiary any collateral ,Galloabsolutely, not only as from present and future rent and other income and re- ceiptscenthe valithdity Property. Leases are not assigned. Grantor war- may as Beneficiary' s enforceability of the assignment. Grantor aasas longlicensee collect rent and other income and receipts deed of sas Grantor is not in default under the note or thishreceipts to Grantor will apply all rent and other income of trust, but ifptheerentnt fandenote other incomeperformance receiptsf thisedeed the amount due under the note and deed of trust, Grantor exceed the re- tain the excess. If Grantor defaults in mai performance of this deed of trust, Beneficiary may yf terminatere note or Grantor' s license to collect and then as Grantor's agent the property if it is vacant and collect all rent and eother ry nt in- come and receipts. obli- gations as lessor orBeneficiary neither has nor assumes any obli- property. Beneficiary may exercise Beneficiary's occupant of the rem- edies under this paragraph without takinge' rights and erty. Beneficiary shall apply Possession of the prop- erty. ro re- ceipts collectedundhr this paragraph all rent and other income and rep c pts exercising Beneficiary' s paragraph first to expenses incurred iGrantor' s obligations under therighnotets 'andd ethised ofhtn to the order determined bydeed trust in toh act under thismBeneficiary. Beneficary is not required not waive n paragraph, and acting under this Grantor becomesfaBvoluntaryyor otherrightsor remediesgrypf does ry' s filing a proof of claim in bankruptcy will bPt, nta ounta- the appointment of a receiver under Texaslaw. be tantamount to Rev. 2/88 - 4 - _x.:30 VOL PAS':184 8. Interest on the debt secured by this deed of trust shall not exceed the maximum amount of nonusurious interest that may be contracted for, taken, reserved , charged , or received under law; and interest in excess of that maximum amount shall be credited on the principal of the debt or, if that has been paid , refunded . 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 principal of the debt has been paid , refunded . This provision overrides other provisions in this and all other instruments concerning the debt. 9. When the context requires, singular nouns and pronouns include the plural . 10 . The term "note" includes all sums secured by this deed of trust. 11 . This deed of trust shall bind, inure to the benefit of, and be exercised by successors in interest of all parties. 12 . If Grantor and Maker are not the same person, the term "Grantor" shall include Maker. 13 . Grantor represents that this deed of trust and the note are given for the following purposes : The note hereby secured is given for on the real property, and this deed of trust is an addition to the vendor ' s lien retained in a deed this day given by John B. Hopkins and wife, Caretha Hopkins, to the City of College Station securing the payment of the indebtedness described herein; and it is expressly agreed that the same shall not operate as waiver of the lien created by this deed of trust. It being agreed that said lien and rights created by this instrument shall be cumulative in addition to said ven- dor' s lien mentioned above and that the owner or holder of the above described indebtedness may foreclose under either or both of said liens as it may elect without waiving the other. EXECUTED this._-7 -�, day of 1989 . i B. HOPKINS A CAR THA HO`KINS STATE OF TEXAS ) COUNTY OF BRAZOS ) ACKNOWLEDGMENT This instrument was acknowledged before me on the W J! _ day of 1989, by JOHN B. HOPKINS and CARETHA HOPKINS, Notar Pu is in and for the State of Texas Printed Name: -r l � f My Comm. Exp. . - - MAILING ADDRESS OF TRUSTEE: � I- � MAILING ADDRESS OF BENEFICIARY: James Ronald Ragland City Manager City of College Station City of College Station P.O. Box 9960 Office of Community Development College Station, TX 77842 P.O. Box 9960 College Station, TX 77842 Rev. 2/88 - 5 - vo� paor 185