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Deed of Trust and Security Agreement

 

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Title:

Deed of Trust and Security Agreement

Entities:

Mid Power Service Corp

Date:

2002

Size:

Preview shows 5KB of 50KB total

Price:

$49

ID:

#1437488

 

 

► Financing ► Security ► Deeds of Trust & Security Agreements

 

 

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RECORDING REQUESTED BY AND

WHEN RECORDED RETURN TO:


SCRS Investors, LLC
3800 Howard Hughes Parkway
Suite 860
Las Vegas, Nevada 89109
Attn: Mark Davis


DEED OF TRUST AND SECURITY AGREEMENT

DEED OF TRUST AND SECURITY AGREEMENT made as of this 9th day of May,
2002, by Mid-Power Resource Corporation, a Nevada corporation, having an office
at 3800 Howard Hughes Parkway, Suite 860, Las Vegas, Nevada 89109, as trustor
("Trustor"), to Bruce Lemons, having an office at 2825 East Cottonwood Parkway,
Suite 500, Salt Lake City, Utah, as trustee ("Trustee"), for the benefit of SCRS
Investors, LLC, a Nevada limited liability company, having an office at 3800
Howard Hughes Parkway, Suite 860, Las Vegas, Nevada 89109.

FOR THE PURPOSE OF SECURING (a) the payment and performance of all
obligations of Trustor under each of those certain obligations made by Trustor
pursuant to that certain Loan Agreement, Promissory Note and security agreements
of even date herewith ("Loan Documents") in favor or SCRS Investors, LLC
(hereinafter referred to as "Beneficiary"), and all modifications, extensions
and/or renewals thereof executed and delivered by Trustor, (b) the payment and
performance of all indebtedness and obligations of Trustor arising under this
Deed of Trust and other documents executed by Trustor in connection herewith.
Trustor has granted, mortgaged, bargained, sold, alienated, enfeoffed, released,
conveyed and confirmed, and by these presents does grant, mortgage, bargain,
sell, alienate, enfeoff, release, convey and confirm to and under any and all of
the property described in Exhibit A attached hereto and made a part hereof,
including all easements, rights, privileges, tenements, hereditaments and
appurtenances thereunto belonging or in anywise appertaining, and all of the
estate, right, title, interest, claim, demand, reversion or remainder whatsoever
of Trustor therein or thereto, either at law or in equity, in possession or
expectancy, now or hereafter acquired (collectively, the "Property");

TOGETHER WITH all ores, minerals and other substances (including
without limitation oil and gas) removed or extracted from the ground in any
manner as a result of any use of the Property, whether by Trustor or any other
person or entity (collectively, the "Minerals");

TOGETHER WITH all sales agreements, deposit receipts, escrow agreements
and other ancillary documents and agreements entered into with respect to the
sale to any purchasers of any part of the Property or the Minerals, and all
deposits and other proceeds thereof;

TOGETHER WITH all rents, issues, profits, revenues, income and other
benefits to which Trustor may now or hereafter be entitled from the Property or
the Minerals; and

TOGETHER WITH all proceeds of any of the foregoing, including, without
limitation, proceeds of any voluntary or involuntary disposition or claim
respecting any part thereof (pursuant to judgment, condemnation award or
otherwise) and all goods, documents, general intangibles, chattel paper and
accounts acquired, wherever located, and cash proceeds of any of the foregoing
or proceeds thereof.

<PAGE>

All of the forgoing Property, Minerals, and other property and rights
granted to the Trustee hereunder and referred to herein collectively as the
"Mortgaged Property";

TO HAVE AND TO HOLD the Mortgaged Property unto the Trustee, its
successors and assigns forever.

ARTICLE I

COVENANTS TO TRUSTEE AND BENEFICIARY

Trustor further covenants with the Trustee and Beneficiary as follows:

SECTION 1.01. Trustor has good and marketable title to the Property
subject to no lien, charge or encumbrance, except such as are approved by
Beneficiary. Trustor owns the Property free and clear of liens and claims,
except such as are approved by Beneficiary. This Deed of Trust is and will
remain a valid and enforceable prior and first lien on the Mortgaged Property,
subject only to the exceptions referred to above. Neither the entry nor the
performance of and compliance with this Deed of Trust or any guaranty has
resulted or will result in any violation of, or be in conflict with, or result
in the creation of any deed of trust, lien, encumbrance or charge (other than
those created by the execution and delivery of, or permitted by, this Deed of
Trust) upon any of the properties or assets of Trustor, or constitute a default

 

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