2020 - 26574 09/08/2020 1:33PM Page 1 of 15 REMOVE OR STRIKE NOTICE OF CONFIDENT RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY INSTRUMENT THAT OR ALL OF THE FOLLOWING INFORMATION FROM IRANSFERS AN INTEREST IN REAL PROPERTY BEFORE FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY OR YOUR DREWER'S LICENSE NUMBER.
Midland County THE STATE OF TEXAS COUNTY OF MIDLAND Midland County Clerka inofficial Copy AMENDED AND RESTATED ess cosess § § DEED OF TRUST KNOW ALL MEN BY THESE PRESENTS: THAT GABRIEL A. MERUELO II AND TINA A. MERUELO, each an individual, with a mailing address at P.O. Box 9901, Midland, Texas 79708, referred to herein as “Grantor”, has, for the purpose of securing the indebtedness and obligations herein described and in consideration of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration to Grantor paid by MICHAEL COHODES, TRUSTEE (the "Trustee"), whose address is 3355 West Alabama, Suite 640, Houston, Texas 77098, and in consideration of the debt and trust herein described, the receipt and sufficiency of which consideration are hereby acknowledged and confessed, GRANTED, BARGAINED, SOLD, AND CONVEYED unto the Trustee, and unto described on Exhibit "A" Grantor's interest in that certain real rustee's successors and substitutes as herein provided, all of hereafter (a) situated in Midland County, Texas, being more particularly eto (the "Land") along with: Midland County Clerk Unofficia (b) rights, title, interests, estates, reversions, and remainders now.
ired by Grantor in and to the Land; All improvements now or hereafter situated on the Land to all easements, streets, and rights-of-way of every kind Cd County (c) All rights, title, and interests now owned or Unofficial Copy Clerkot Improvements"); acquired by Grantor in and
ed on the Land to all easements, streets, and rights-of-way of every kind Cd County (c) All rights, title, and interests now owned or Unofficial Copy Clerkot Improvements"); acquired by Grantor in and nature next to or adjoining the Land and all public or private utility connections thereto and all appurtenances, servitudes, rights, ways, privileges, and prescriptions thereto; (d) All goods, equipment, fixtures, and other personal property (the "Personalty") now owned or hereafter acquired by Grantor and now or hereafter affixed to, located on or within, or used in connection with the Land or the Improvements; and (e) Without limiting the foregoing, any and all rights, royalties, rents, revenues, benefits, leases, contracts, accounts, money, instruments, insurance proceeds, tenements, hereditaments, and appurtenances now owned or hereafter acquired by Grantor and appertaining to, generated from, arising out of, or belonging to any of the foregoing (all of the foregoing [a] through [e] inclusive, being hereined the "Property").
TO HAVE AND TO substitutes, forever; and, assigns, against erk Unofficial the Property, unto the Trustee, and the Trustee's successors hereby binds Grantor, Grantor's successors and assigns to WAR or Unofficial Copy AND FOREVER DEVEND the Property unto the Trustee, the Trustee's successors, subsitutes, and person whomsoever lawfully claiming or to claim the same or any Midland County (00356760.1 } 1 Midland County Clerk 2020 - 26574 09/08/2020 1:33PM Page 2 of 15 that certain Unofficial ARTICLE I OBLIGATION This conance is made in trust for the purpose of (a) securing and enforcingwerk Unofficial Copy Midlaner fended and Restated Wraparound Promissory Note (the "Note") of ex the payment of acaso date herewith, in Three and 97/100
ust for the purpose of (a) securing and enforcingwerk Unofficial Copy Midlaner fended and Restated Wraparound Promissory Note (the "Note") of ex the payment of acaso date herewith, in Three and 97/100 an individual (who, esses and obligations described thindeded, bearing interest as therein sum of Five Hundred Twenty Nine Thousand Six Hundred ax ($529,673.97) executed by Grantor, and payable to the order of gether with all subsequent holders of the Note and/or all other or referred to herein, is herein called “Beneficiary”), as provided, and finally maturing on February 15, 2022 (the Maturity Date"), containing certain acceleration, maturity, waiver, and attorneys' fees clauses as set forth therein, reference to which Note is here made for all purposes, together with all renewals, rearrangements, modifications, and/or extensions of the Note or any part thereof, and all other sums of money which may hereafter be paid or advanced by or on behalf of Beneficiary under the provisions of this Deed of Trust or the Note, of even date by and among Grantor and Beneficiary or any other instrument, document, or other writing now or hereafter evidencing, securing, or pertaining to the loan transaction evidenced by the Note. In addition, this conveyance is made in trust (a) to secure the performance and discharge of each and every promise, obligation, covenant, and agreement of Grantor or others contained in the Note, this Deed of Trust or any other instrument, document, or other writing heretofore, contemporaneously herewith, or hereafter executed by Grantor, or others, or pertaining to any indebtedness or obligation secured hereby and (b) to secure the and payable to Beneficiary document, or other writing pr securing, or pertaining ent of ing without limitation modification
ining to any indebtedness or obligation secured hereby and (b) to secure the and payable to Beneficiary document, or other writing pr securing, or pertaining ent of ing without limitation modification of all other amounts, with interest thereon, becoming due terms of the Note, this Deed of Trust and any other instrument, presently, or hereafter executed by Grantor, or others, Property or any indebtedness or obligation secured hereby, described canonies advanced by Beneficiary to or on behalf of Grantor, any extericial Copy Midland -amortization of the Note. The Note and all other indebtedness to in this Section are collectively referred to as the "Indebte ARTICLE II REPRESENTATIONS, WARRANTIES, AND CoMidland ENANTS OF GRANTOR renewal, obligations Grantor hereby represents and warrants to, and covenants and agrees with, Beneficiary and Trustee, as follows: 2.01 Payment of Indebtedness. All Indebtedness secured hereby, together with interest thereon, will be paid when the same becomes due and payable, in accordance with the terms of the Note and any other instrument, document, or other writing evidencing, securing, or pertaining to any Indebtedness or evidencing any renewal, modification, or extension of any Indebtedness and further, Grantor shall punctually and properly perform and discharge all of Grantor's covenants, obligations, duties, undertakings, and agreements under this Deed of Trust and under any other security agreement, mortgage, deed of trust, contract, assignment or aux her instrument or agreement of any kind now or hereafter existing as security for, executed Ownersh 2.02 the Property, and encumbrances, en Clear Title. Grantor is lawfully seized of good and marketable Midland County off connection with, or related to any Indebtedness.
(00356760.1 }
xecuted Ownersh 2.02 the Property, and encumbrances, en Clear Title. Grantor is lawfully seized of good and marketable Midland County off connection with, or related to any Indebtedness.
(00356760.1 } he right to convey the same, and the Property is free from all liens, for the encumbrances of record.
2 and Midland County Clerk official Copy 2020 - 26574 09/08/2020 1:33PM Page 3 of 15 Copy Payment of Taxests a 2.03 (including, but not limited Association) against, assessing authority.
Section 2.03, and assessed 8, dues ssessments and Other Charges. Grantor shall pay all assessments 3 or assessments owed to Saddle Club Townhouse heicial Copy or attributable to the Property, by Grantor making payment shall promptly furnish to Beneficiary all notices of amounts te thereof. Grantor shall be obligated to reimburse Beneficiary for evidencing such payments not fewer than fifteen (15) der this Midinque ainst the Property after the date of this Deed of Trust due to provement of the Property, within ten (10) days after Grantor's receip such increase.
2.04 to the increase in taxes 's use, occupancy, or Midlatation evidencing Encumbrances and Claims; Subrogation. Grantor shall promptly discharge when due all claims and obligations associated with the Property, and otherwise shall cause the Property to remain free and clear of all encumbrances, liens, charges, mortgages, and security interests, except for any any federal tax liens filed against the Property prior to the date hereof and to the extent any other liens are otherwise created or permitted herein, unless Grantor obtains the prior written consent of Beneficiary, including, without limitation, vendor's, materialmen's, or mechanic's liens heretofore or hereafter
erwise created or permitted herein, unless Grantor obtains the prior written consent of Beneficiary, including, without limitation, vendor's, materialmen's, or mechanic's liens heretofore or hereafter created, whether arising by contract or by rights given or imposed by law. In the event any such lien is filed of record, or in any other manner claimed or perfected against the Property, Grantor shall immediately cause such lien to be released of record or otherwise extinguished within fifteen (15) days after the perfection of same. To the extent that any of the proceeds of the Note are expended to extinguish or acquire outstanding liens, charges, encumbrances, mortgages, or security interests against or affecting all or any portion of the Pro which expenditures Grantor hereby authorizes Beneficiary to make without notice to Pproceeds shall be deemed to have been advanced by Beneficiary Grantor's request and perfected and enforce to p waste, 2.05 s representation that such amounts are due and validly secured official Copy and security interests covering the Property.
Preservation and Maintenance of Property. Grantor (i) shall Chairment, or deterioration of the Property, (ii) shall not abandon promptly restore or repair in a good and workmanlike manner, all or or commit Midaquivalent of its original condition, or such other condition as ] event of any damage, injury, or loss thereto, whether or not Cerk Property, (iii) shall of the Property to the approve in writing, in the proceeds are available to cover in whole or in part the costs of such restoration or repair, (iv) shall keep the Property, including the Improvements, fixtures, equipment, Personalty, machinery, and appliances thereon in good repair and shall
in part the costs of such restoration or repair, (iv) shall keep the Property, including the Improvements, fixtures, equipment, Personalty, machinery, and appliances thereon in good repair and shall replace fixtures, Personalty, equipment, machinery, and appliances on the Property when necessary to keep such items in good repair, and (v) shall comply with all laws, ordinances, regulations, and requirements of any governmental body applicable to the Property. Without the prior written consent of Beneficiary, neither Grantor nor any tenant or other person or entity shall remove or alter any Improvements or any fixtures, Personalty, equipment, machinery, or appliances in or on the Land or the Improvements except in the ordinary course of Grantor's business. Any seizure or sale, pursuant to provisions of this Deed of Trust, with or without legal process, of all or any portion of the Property shall not exhaust any power, or affect the power to thereafter seize and sell the remainder of the Property, or any portion thereof.
have the right of ingress and cralCopy 2.06 Inspection and Airs. Beneficiary and any person authorized by Beneficiary shall to enter upon and inspect the Property at all reasonable times, access thereto shall be peted for that purpose and for the purpose of making any repairs or commofficial Copy construction of theprovements, provided, however, Beneficiary shell not be under provements; provided, however, Beneficiary shall not be under any Midland County 3 Midland County Cle to make 2020 - 26574 09/08/2020 1:33PM Page 4 of 15 2.07 Insurance.
(a) insured by Unofficial Copy antor's sole expense, Grantor shall keep all Improvements on the included thinance carriers satisfactory to Beneficiary against loss by fire or
2.07 Insurance.
(a) insured by Unofficial Copy antor's sole expense, Grantor shall keep all Improvements on the included thinance carriers satisfactory to Beneficiary against loss by fire or the term "extended coverage", builder's risk and hazard during any development and construction thereof, Worker's nofficial Copy other Hazards ance on the Can Midland Cots as specified by Beneficiary, Comprehensive General Liabi insurance in specified by Beneficiary, and insurance against such other liabilities for injury or damage to persons or property, or require and in such amounts and for such periods as in amounts as casualties, claims, and Bantcies, as Beneficiary shall I shall require. All policies and renewals thereof are to be payable to Beneficiary (by means of standard mortgagee's clauses approved by Beneficiary designating Beneficiary as first mortgagee without contribution) as the interest of the Beneficiary may appear, in form and amount acceptable to Beneficiary. All policies shall provide that the same shall not be modified or cancelled without thirty (30) days prior written notice to Beneficiary.
(b) Beneficiary shall have the right to hold the policies and renewals thereof, and Grantor shall promptly furnish to Beneficiary all renewal notices and all receipts for premiums paid. At least fifteen (15) days prior to the expiration date of the policies, Grantor shall deliver to Beneficiary renewal policies in form satisfactory to Beneficiary. In no event, whether or not default hereunder has occurred, such insurance, incur any liaShall Beneficiary, by the act of approving, accepting, or obtaining of insurance contracts, assumes full responske carrie Clerk the amount of such insurance, the form or legal sufficiency
incur any liaShall Beneficiary, by the act of approving, accepting, or obtaining of insurance contracts, assumes full responske carrie Clerk the amount of such insurance, the form or legal sufficiency of insurers, or payment of losses by insurers, and Grantor hereby ty therefor and liability, if any, thereunder.
In the event of loss, Grantor shall give immediate written notice at Beneficiary. Grantor hereby authorizes and empowers mand in Beneficiary's sole discretion, on behalf of Beneficiary Grantor, to make proof of loss, to adjust and compromise any Midland County Clerk Unofficial Copy Insurance appear in and prosecute any action arising from such insura EL Ciary, Beneficiary's insurance proceeds, and to deduct therefrom Beneficiar attorney-in-fact for insurance policies, to to collect and receive expenses incurred in the collection of such proceeds; provided however, that nothing contained in this section shall require Beneficiary to incur any expense or take any action hereunder. Grantor further authorizes Beneficiary to hold the balance of such proceeds to be used to reimburse Grantor for the costs of reconstruction or repair of the Property. If the insurance proceeds are held by Beneficiary to be used to reimburse Grantor for the costs of restoration and repair of the Property, the Property shall be restored to the equivalent of its original condition, as improved by Beneficiary from time to time after the date hereof (to the extent of proceeds received under Grantor's insurance policy), and further, in such event, at Beneficiary's option, Beneficiary may condition disbursement of said proceeds on Beneficiary's approval of plans and specifications therefor.
(d) If, under Section 3.03 hereof, the Property is sold or the Property is acquired by
ciary may condition disbursement of said proceeds on Beneficiary's approval of plans and specifications therefor.
(d) If, under Section 3.03 hereof, the Property is sold or the Property is acquired by Beneficiary, all rights, title, and interests of Grantor in and to any insurance policies and unearned premiums thereon and in to the proceeds thereof resulting from damage to the Property prior to such sale or pass to Beneficiary.
2.08 App Siti of Payments. Unless applicable law provides otherwise, received by Bee Ciary under the Note or any provisions of this Deed of Trust Beneficiary any one or more of any Indebtedness then secured hereby, in amount, order, or prefere Beneficiary may determine, in Beneficiary's sole discreti Shaver unofficial Copy Midland 4 Midland ments applied by and, at Beneficiary's 2020 - 26574 09/08/2020 1:33PM Page 5 of 15 cial Copy Unoffici atcial Copy option, Beneficiary may apply any payments received by Beneficiary on any Indebtedness secured hereby against any sums payable to Sections 2.12 and 2.13 hereof. Unless Beneficiary otherwise, and except as Ith in the Note, all payments received by Beneficiary and applied Indebtedness secured hereby shall be applied first to reimburse Beneficiary for any expenses performance of Nator's covenants or Beneficiary's rights under this Deed of Trust, seced then due ayable on the Indebtedness, third to principal then due and payable and to the last maturing installments of principal on the Indebtedness.
Midland Cou 2.09 Waiver of Appraisal and Redemption. Grantor.
tand Count now existing or that may hereafter be enacted providing for and to the d to interest uch Indebtedness, waives the benefit of all laws appraisal before sale of any of the
edemption. Grantor.
tand Count now existing or that may hereafter be enacted providing for and to the d to interest uch Indebtedness, waives the benefit of all laws appraisal before sale of any of the Property, and also the benefit of all laws that may be hereafter enacted in any way extending the time for the enforcement of the collection of any Indebtedness or creating or extending a period of redemption with respect to any sale hereunder.
2.10 Use of Property. Unless required by applicable law or unless Beneficiary has otherwise agreed in writing, Grantor shall not allow changes in the nature of the occupancy or use for which the Property was intended at the time this Deed of Trust was executed. Grantor shall not initiate or acquiesce in any change in the zoning classification of the Property or any amendment or modification to easements, restrictive covenants, plats, or dedications affecting the Property without Beneficiary's prior written consent.
2.11 Defense of Actions.
Copy shall give written notice to Beneficiary of, and, unless otherwise directed in writing by eficiary, shall appear in and take all necessary and proper steps to defend against any action or ceeding affecting, directly or indirectly, the Property, the title or interficial Copy.
of Grantor or the Beneficiary here us for any 12 Midland County thereto, the interest of Beneficiary therein, or the rights and and shall file and prosecute all necessary claims and actions to destruction of, or diminution in the value of the Property, or any prevents.
Protection of Property by Beneficiary: Reimbursemen gation to do so, without notice to or demand upon Grantor, of recover omitted while performing the same, and without releasing Gility for anything done or Grantor. Without any obligation hereunder or
gation to do so, without notice to or demand upon Grantor, of recover omitted while performing the same, and without releasing Gility for anything done or Grantor. Without any obligation hereunder or waiving any rights or powers of Beneficiary or the Trustee hereunder, in Beneficiary's sole discretion, Beneficiary may perform any act agreed to be performed by Grantor herein, or in any other instrument, document, or other writing executed in connection herewith, which Grantor fails to perform in full or which Beneficiary, in good faith, believes Grantor cannot or will not fully perform. Upon demand, Grantor shall repay to Beneficiary all sums expended in performing or attempting to perform any of such acts, in defending this Deed of Trust, or in exercising any right, remedy, or power available to or conferred upon Beneficiary hereunder, including, without limitation, the cost of surveys, evidences of title, appraisals, court costs, and reasonable attorney's fees. Grantor shall further repay to Beneficiary all sums expended by Beneficiary in connection with the enforcement or attempted enforcement by any person, entity, or governmental authority of any and all provisions of any state or federal law, legislation, act, order, or decree, and any and all rules and regulations promulgated by any federal or state court or governmental agency, as they pertain to the Deed of Trust and/or any Indebtedness. All sums expended by Beneficiary pursuant to this together with interest thereon at the maximum non-usurious rate of interest.
2.13 Grant Unoffcial O sums secured by to time, Unofficial Copy 1 Lien Not Released. Without affecting the obligation of Grantor to pay the Deed of Trust and to observe the covenants of Grantor contained
3 Grant Unoffcial O sums secured by to time, Unofficial Copy 1 Lien Not Released. Without affecting the obligation of Grantor to pay the Deed of Trust and to observe the covenants of Grantor contained agree notice to or consent of Grantor, and notwithstanding Grantor's | of Grantor in this Deed of Trust, Beneficiary may extend the Midland 5 from time for payments of any Midland each of any covenant or 2020 - 26574 09/08/2020 1:33PM Page 6 of 15 Indebtedness or any part thereof, Indebtedness, accept a Indebtedness, release additional security, consent to the writing VienewCopy any Midland Counity de the payments thereon, release any person or entity liable on any te or notes therefor, modify the terms and time of payment of an is Deed of Trust any portion of the Property, take or release onvey any portion of the Property, consent to any map or plan of the official Copy of operty, t any easement, join in any extension or subordination agreement and agree in antor or any other person or entity now or hereafter liable on or or entity now or hereafter claiming any interest in the Property the rate of interest, the period of amortization, or any other Andebtedness.
portion thereof, to and provisions of any Midland Cyndebtedness or 2.14 Full Force and Effect; Release. This Deed of Trust shall remain in full force and effect until the full, final, and complete payment of all Indebtedness. Any other mortgage, lien, or security of any character, now or hereafter had or taken by Beneficiary, either on the Property or on any other property, real or personal, as well as any endorsements, guaranties, or the like, shall be supplemental to and cumulative of this Deed of Trust, and the taking of any such additional security, of any character,
real or personal, as well as any endorsements, guaranties, or the like, shall be supplemental to and cumulative of this Deed of Trust, and the taking of any such additional security, of any character, now or hereafter, shall not be construed in any manner to waive the liens and security interests of this Deed of Trust or any right or remedy conferred hereunder. If all Indebtedness is paid as aforesaid and if the covenants and agreements contained herein are kept and performed by Grantor, then this conveyance shall become null and void and shall be released at the expense of Grantor.
2.15 Time of the Essence; No.
agreement, obligation, and payment does not constitute a remedies, or privileges giver.
Time is of the essence with respect to each covenant, way bind or obligate 2.16 Grantor herein. It is agreed that the acceptance of any late of, or estoppel against Beneficiary exercising, any options, rights Beneficiary herein; and acceptance of said late payment does not in Benty Cleary to accept late payments in the future.
MidlandNote ty Clerk Unofficial Copy Certificate. At any time and from time to time, upon ten (10) Grantor shall promptly furnish a written statement, in such form requi by Beneficiary, stating such information concerning the Note, the as Beneficiary shall require, including, without limitation, the that there are no offsets or defenses against full payment of the No or if there are any such offsets and defenses, specifying them.
notice from may reasonably be and the security for balance of the Note, and performance of the terms hereof, Midland County 2.17 Transfers of Interest. Without Beneficiary's prior written consent, Grantor shall not, voluntarily or involuntarily, sell, convey, mortgage, lease, hypothecate, or transfer, or permit, consent to,
.17 Transfers of Interest. Without Beneficiary's prior written consent, Grantor shall not, voluntarily or involuntarily, sell, convey, mortgage, lease, hypothecate, or transfer, or permit, consent to, acknowledge, approve, or register any sale, conveyance, mortgage, lease, hypothecation, or transfer of, all or any interest in the Property, provided, notwithstanding the foregoing, Grantor shall be permitted to enter into a contract for the sale of the Property without Beneficiary's consent so long as the closing of such sale pursuant to such contract does not occur until after the Maturity Date, as such date may be extended pursuant to the terms of the Note, and the Note is paid in full prior to the sale of the Property.
Grantor shall pay to Beneficiary any and all of Beneficiary's fees, costs, and expenses related to any request for Beneficiary to consent to such transfer and the review thereof, including, without limitation, Beneficiary's attorneys' fees, in all events Whether such transfer is approved or not.
Attorney's Unsficial 2.18 Beneficiary in connection fees incurred by after receipt of rantor shall reimburse Beneficiary for all attorney's fees incurred preparation of this Deed of Trust and the Note, and all other attorne documentation evidencing such fees.
Midland Countyeneficiary in connection with the transaction contemplated hereby within t (00356760.1 } 6 days Midland County Clerk Unoffi 2020 - 26574 09/08/2020 1:33PM Page 7 of 15 3.01 following ARTICLE III DEFAULTOfficial Copy edark!
'GRANTOR AND REMEDIES OF BENEFICIARY The occurrence or existence now or hereafter of any one (1)~) Is or conditions shall constitute an event of default by Grantor hereunde Midland County, Midland C County Clerk Unofficial Copy hore of the
e occurrence or existence now or hereafter of any one (1)~) Is or conditions shall constitute an event of default by Grantor hereunde Midland County, Midland C County Clerk Unofficial Copy hore of the (a) Payment of any Indebtedness is not made at the in the manner agreed or any failure to perform or comply with any of the other terms Anditions, covenants, obligations, agreements, or undertakings contained in this Deed. Trust or in any other instrument, document, or other writing now or hereafter evidencing, securing, or relating to any Indebtedness; or (b) Any financial information received by Beneficiary concerning the Property or Grantor, is false or misleading in any material respect, or any statement, representation, or warranty of Grantor herein contained, or contained in any instrument executed or delivered as a condition to the making of any loan secured hereby is false, misleading, or erroneous in any material respect; or (c) The assertion of any claim of priority to the liens and security interests of this Deed of Trust by title, lien, or dismissed within thirty (30) (d) its institution; or The beficiotherwise, in any legal or equitable proceeding which is not of any of the representations or warranties contained herein or in instrument, docum, or other writing evidencing, securing, or pertaining to any Clerk Unofficial Copy Any default in the payment or performance of any obligat clerk Selness or any instrument securing the same, which may be se Midland Cinate lien or security interest covering the Property, or any portiointi Midl (f) Any default in the payment of any debt, rdland or ons under any by a prior or or performance of any obligations arising under or pursuant to any other debt now or hereafter owing to Beneficiary by Grantor or
ault in the payment of any debt, rdland or ons under any by a prior or or performance of any obligations arising under or pursuant to any other debt now or hereafter owing to Beneficiary by Grantor or any guarantor of any Indebtedness; or (g) Any person or entity other than Grantor acquires the legal or equitable title to all or any portion of the Property (by purchase, succession, gift or otherwise, whether voluntary or involuntary) without the prior written consent of Beneficiary, provided, in the event of the Death of Grantor, it shall not be an event of default hereunder if the estate of Grantor ratifies the obligations of Grantor hereunder within ninety (90) days after the date of Grantor's death; or (h) Any person or entity (other than Beneficiary) is hereafter granted or otherwise acquires any security interest, lien, or claim of lien of whatsoever nature in or on any of the Property without the prior written co 3.02 Remedies.
official Copy nt of Beneficiary; or happening of any one or more of such events of default, after written notice delivered from Beneficiary to Grantor and (i) ten (10) days to cure a monetary defaultificial Copy (ii) thirty (30) days to curea non-monetary default, at any time thereafter, Beneficiary or the the Trustee's suces and all or ors or substitutes as hereafter provided, or both, cumulative of and indore, or asghtsemedies, and powers available to Beneficiary and/or the Trustee, the without demand, notice of default, notice of intent to accelerant stee's: (00356760.1 } 7 Midland to any successors maturity, notice of 2020 - 26574 09/08/2020 1:33PM Page 8 of 15 acceleration of maturity or all of the following: or payment, except as required by applicable law, may do any or any) or Copy Midland County (b)
notice of 2020 - 26574 09/08/2020 1:33PM Page 8 of 15 acceleration of maturity or all of the following: or payment, except as required by applicable law, may do any or any) or Copy Midland County (b) eclare all or any part of any Indebtedness (less unearned finance Wharges, if s secured hereby immediately due, payable, and performabeerUnofficial Copy Take possession the Property and any personal or obligation on the part of Beneficiary or the Trustee, and do all as Beneficiary or the Trustee may deem necessary or r advisable Petty ch Dereon without liability affecting the Property protect Beneficiary's security; (c) To the extent not prohibited by law, bring an action to enforce the payment of any Indebtedness or the performance of any obligation secured hereby without the necessity of exercising any remedy hereunder and without thereby waiving any other right or remedy, hereunder, at law, or in equity; (d) Bring an action in any court of competent jurisdiction to foreclose the liens and security interests of this Deed of Trust; and herein.
3.03 (e) Sell the Property or any portion thereof pursuant to the power of sale contained Foreclosures.
pursuant to the official Copy herein trust (a) In case Cre official Copy election by Beneficiary to sell the Property, or any portion the er of sale contained herein, it shall thereupon be the duty of the on the request of Beneficiary (which request shall be presumed to advertising the time, place, and terms of the sale of all or any Midland County Cork at least twenty-one (21) days before the day of sale, by posting written or printed notice of such sale at the courthouse door of situated and by filing a copy of such notice in the Office of as this where the Land is situated, which notices may be posted at the Property
n or printed notice of such sale at the courthouse door of situated and by filing a copy of such notice in the Office of as this where the Land is situated, which notices may be posted at the Property ausing to be posted) where the Land is County Clerk of each county by the Trustee or by any other person; to sell the Property in accordance with such nowce, at a public sale at auction, at such location at the county courthouse in the county where the Property or any portion of the Land is situated as is described in such notice, on the first Tuesday in any month, between the hours of 10:00 a.m. and 4:00 p.m. to the highest bidder for cash, selling the Property in its entirety or in parcels, as the Trustee acting may elect; and to convey to the purchaser(s) by deed(s) binding Grantor, and Grantor's successors and assigns, to warrant and forever defend the same unto such purchaser(s), purchaser(s)' heirs, successors, and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof. Beneficiary shall have the right to purchase at any sale of the Property, being the highest bidder, and to have the amount for which the Property is sold credited on any Indebtedness then owing.
(b) Upon such sale the Trustee shall deliver to sold as is, where is, express, implied, title, receipt of the amount bid therefor in verified good funds, purchaser(s) such deed(s), as aforesaid, conveying the Property ProPossession at Copy faults, and without any representations or warranties whatsoevericial Copy by operation of law, on the part of the Trustee or encumbrances, or the condition of the Property sold. The Trustee he sale in the following order to the payment of: (i) expenses of sale ches, and reasonable attorneys' fees; (iii) costs of evidence of tith
brances, or the condition of the Property sold. The Trustee he sale in the following order to the payment of: (i) expenses of sale ches, and reasonable attorneys' fees; (iii) costs of evidence of tith the costs, fees, Midland C and expenses of the Trustee and of this Trust, including appraisal ees, fees for title (00356760.1 } 8 Midland Coun the Trustee's fees in 2020 - 26574 09/08/2020 1:33PM Page 9 of 15 connection with such Unofficial Copy Beneficiary not then past due amounts all sums expended under the terms hereof by the Trustee or with accrued interest thereon at the rate as specified in the Note accrued interest on the Note; (vi) the unpaid principal of the Note; other indebted less and obligations of Grantor to Beneficiary; and (viii) all other obligation Midland County nofficial Copy any such indebtedness or obligation is owed; and any remainder shall persons legally entitled thereto upon proof of such right, and said against Grantor, and Grantor's successors and assigns; and deficiency.
then secured by the Property sold, whether or not then due and cts and of to be a perpetual bar Count paid to the person Minter shall remain liable for any (c) It is further agreed that if default is made in the payment of any installment of the Note, any other Indebtedness, or any advancements made under the terms of this Deed of Trust, the holder thereof shall have the option to proceed with foreclosure to satisfy the payment of such items, either through the courts, or by directing the Trustee or the Trustee's successor(s) or substitute(s) in trust to proceed as above authorized for a foreclosure by Trustee's sale, conducting the sale as herein provided, and without declaring the whole Indebtedness due, and if
cessor(s) or substitute(s) in trust to proceed as above authorized for a foreclosure by Trustee's sale, conducting the sale as herein provided, and without declaring the whole Indebtedness due, and if said sale is made because of such a default, such sale may be made subject to the unmatured part of any Indebtedness and any other obligations secured by this Deed of Trust. Grantor agrees that any such sale, if so made (and recital in the notice of sale or the Trustee's deed given pursuant thereto shall be prima facie evidence that same was so made) shall not in any manner affect the unmatured part of any Indebtedness and, as to such unmatured part of said Indebtedness, this in full force and effect, just as though no sale had been isions of this Section.
Deed of Trust shall made as authorized by Trustee at the (d) unut tal r agreed that in the event a foreclosure hereunder is commencednofficial Copy Trustee's substitute(s) or successor(s), at any time before the sale tute suit for the collection of any Indebtedness, and for the security interests created herein; and it is further agreed that if collection of any Indebtedness, and for foreclosure of the Midland County option of Beneficiary, Beneficiary may direct the Trustee to aban herein, that at any time before the entry of a final judg Property, and then of the liens and institutes a suit for the security interests created said suit, at the sole option of Beneficiary, Beneficiary may dismiss the same, and require the Trustee, the Trustee's substitute(s) or successor(s), to sell the Property in accordance with the power of sale granted in this Deed of Trust.
3.04 Notice to Debtor and/or Grantor. In case of an election by Beneficiary to sell the
ute(s) or successor(s), to sell the Property in accordance with the power of sale granted in this Deed of Trust.
3.04 Notice to Debtor and/or Grantor. In case of an election by Beneficiary to sell the Property pursuant to the power of sale granted in this Deed of Trust, it shall be the duty of Beneficiary, at least twenty-one (21) days preceding the date of sale, to serve or to cause to be served written notice of the proposed sale, by certified mail on each debtor who, according to the records of the holder of such Indebtedness, is obligated to pay such Indebtedness; service of such notice shall be complete upon deposit of such notice in the United States mail, postage prepaid, certified mail, return receipt requested addressed to such debtor at the debtor's last known address as shown by the records of the holder of such Indebtedness.
ARTICLE IV Midland County Clerk Unofficial Copy CONDEMNATION Clerk Unofficial Copy shall promptly notify Beneficiary of any action or proceeding relating to any condensation or other taking, direct or indirect, of the Property, or any portion (00356760.1 } 9 Midland Creof, and Grantor shall 2020 - 26574 09/08/2020 1:33PM Page 10 of 15 appear and prosecute or defend agams any such action or proceeding unless otherwise directed by Beneficiary in writing. Benefits shall be entitled to receive any and all sums which may payable to Grantor for the helsea lination of the Property, or any portion thereof, for or use, or by virtue of private sale in lieu thereof, and any sums which may be awarded or Grantor for damage caused by public works or construction on or near the Property.
hereby Unofficial Copy borkable to sums are to Beneficiary, who may, after deducting therefrom Stually incurred,
d or Grantor for damage caused by public works or construction on or near the Property.
hereby Unofficial Copy borkable to sums are to Beneficiary, who may, after deducting therefrom Stually incurred, or apply the same to the reduction of any Indebtedness whether in such manner as Beneficiary may elect. In no event Midlannable attorneys' fees, apply same to restoration or repair of the) Beneficiary be liable or responsible for failure to collect, or such sums.
rty, release same to or to mature in the exide cumstance whatsoever shall diligence in the collection of, any ARTICLE V FURTHER ASSURANCES Grantor shall execute, swear to, acknowledge, and deliver (and pay the costs of preparation and recordation thereof) to Beneficiary from time to time, upon demand, any further instruments, documents, or other writings, including, without limitation, deeds of trust, mortgages, security agreements, financing statements, assignments, and renewal and substitution notes, so as to reaffirm, to correct, and to perfect the evidence of the Indebtedness and obligations hereby secured and the right of Beneficiary to all or any portion of the Property intended to be hereby coed, whether now conveyed, later substituted for, or acquired subsequent to the date of this Deed ARTICLE VI Midland County Clerk Unofficist and all extensions and modifications thereof.
Custee(s) may be named, constituted, and appointed, without procuring and County Clerk Unofficial Copy PROVISIONS RELATING TO TRUSTEE ase of the death, inability, refusal, or incapacity of the Trustee no Beneficiary at any time and without cause or notice, one herein to act, or at the more successor or substitute resignation of the former Trustee
th, inability, refusal, or incapacity of the Trustee no Beneficiary at any time and without cause or notice, one herein to act, or at the more successor or substitute resignation of the former Trustee and without other formality than the execution by Beneficiary & written instrument, whereupon such successor or substitute Trustee(s) shall become vested with and succeed to all of the rights, titles, privileges, powers, and duties of the Trustee named herein.
7.01 ARTICLE VII MISCELLANEOUS PROVISIONS Partial Invalidity. If the liens and security interests created by this Deed of Trust are invalid or unenforceable as to any part of any Indebtedness, the unsecured portion of any Indebtedness shall be completely paid and liquidated prior to the payment and liquidation of the remaining and secured portion of any Indebtedness, and all payments made on and applied to the complete secured by the liens and security 7.02 additional reSecurity Indebtedness Midland Count ade any Indebtedness shall be considered to have been first paid liquidation of that portion of any Indebtedness which is not sts of this Deed of Trust.
Unofficial This Deed of Trust is given as additional security This Deed of Trust is cumulative of all other security for the Security therefor being exclusive of any other.
10 Midland County Clark Unofficial Copy of all 2020 - 26574 09/08/2020 1:33PM Page 11 of 15 7.03 Notice. Any notice.
other instrument, document, ort be given by mailing such Copy Unafficlatted o ce or provided for in this Deed of Trust, in the Note, or in any writing evidencing, securing, or pertaining to any Indebtedness by postage prepaid certified mail, return receipt requested, or hy
ed o ce or provided for in this Deed of Trust, in the Note, or in any writing evidencing, securing, or pertaining to any Indebtedness by postage prepaid certified mail, return receipt requested, or hy such other address any such person or entity may designate by notice as provided hereinhofficial Copy delivery, addressed to the person or entity to receive such notice at the address therefor stated_ Midland Coudress of Beneficiary: Address of Grantor: 125 Bridgewater Circle Midland, TX 79707 P.O. Box 9901 unty Clerk Midland County Midland, Texas 9708 , or at 7.04 Provisions Binding. All provisions of this Deed of Trust shall be binding on and inure to the benefit of Grantor and Beneficiary, and their respective successors and assigns.
7.05 Laws of Texas Control. This Deed of Trust and the Note have been executed and delivered in the State of Texas and are to be construed and enforced in accordance with the laws of the State of Texas (without reference to the choice of laws principles thereof). If any terms or provisions contained herein conflict with the laws of the State of Texas or would operate to invalidate this Deed of Trust, such terms and provisions shall be removed, and the remaining terms and provisions shall continue in full force and effect. Nothing in this now or hereafter securing any charge, receive, take, or reserved shall entitle the holder of any Indebtedness to contract for, on any Indebtedness in excess of the maximum amount of interest allowed by applicable Trust or in any instrument, document, or other writing w. Grantor further agrees that, notwithstanding any other provision Deed of Trust or any Indebtedness, in no event shall the aggregate of (i) all interest which has act any Indebtedness Unofficial Copy on
rantor further agrees that, notwithstanding any other provision Deed of Trust or any Indebtedness, in no event shall the aggregate of (i) all interest which has act any Indebtedness Unofficial Copy on amounts accrue the date thereof through the date of such calculation, and (ii) the sun of all other through In paid which, under applicable laws, are considered interest from the date thereof Date of such calculation, ever exceed maximum amount of interest allo by applicable law.
of this Deed of Trust, and federal usury laws from linty Midland on, it is agreed that in the execution, delivery, and acceptu antor and Beneficiary intend to contract in strict compliance with the time to time in effect.
7.06 Definitions and Designations. The term “Grantor" includes all endorsers, sureties, guarantors, and other persons now or hereafter becoming liable for any Indebtedness or obligations secured by this Deed of Trust, or any part thereof. The term "Beneficiary" includes not only Beneficiary herein named, but any person(s) and/or entity(ies) who may hereafter acquire any Indebtedness, or any part thereof. As used herein, the use of any gender includes all genders; the singular and plural number shall include the other, unless otherwise expressly provided; and the terms “Grantor”, “Beneficiary", "Trustee", "person" and "entity", whether singular or plural, shall also include the vendees, successors and assigns thereof, whether natural or artificial.
7.07 Remedies Cumulative. All remedies provided in this Deed of Trust are distinct and cumulative of all other rights and may be exercised concurrently, Captions officia 7.08 are for convenience or successively.
Midland County options offer this Deed of Trust, or afforded by law or equity, and thereof.
and may be exercised concurrently, Captions officia 7.08 are for convenience or successively.
Midland County options offer this Deed of Trust, or afforded by law or equity, and thereof.
captions and headings of the Articles and Sections of this Deed and are not to be used to amplify, modify, limit, or interpret 11 provisions Midland County Clerk Unofficial Copy 2020 - 26574 09/08/2020 1:33PM Page 12 of 15 7.09 Conflict. In the every the Note, the provision of Trust.
7.10 permitted, to rege Clerk provision of this Deed of Trust conflicts with any provision of shall govern and control the conflicting provision in this Deed at least sixty (60) days prior written notice to Beneficiary (the Clerk Unofficial Copy onveyance Notice. Notwithstanding anything herein to the contrary or shall be the Property to Beneficiary by delivering to Beneficiary a deed Receive Midlafid County Nveyance Notice"), of foreclosure. In the at Grantor delivers the Reconveyance Notice, it shall be obligated. to deliver a deed in lieu of foreclosure to Beneficiary, conveying the Property to Beneficiary.
delivery of the Reconveyance Notice, and no later than the Matarlier than sixty (60) days after Date (the "Reconveyance Period”).
Notwithstanding anything herein to the contrary, Grantor shall continue to be obligated under this Deed of Trust, the Note, and all other documents related to this transaction for the entire Reconveyance Period, and, for purposes of clarity, will be obligated to make monthly payments pursuant to the terms and conditions of the Note for the entire Reconveyance Period. Grantor shall not be permitted to withdraw the Reconveyance Notice without the prior written consent of Beneficiary. Grantor shall have no further
tions of the Note for the entire Reconveyance Period. Grantor shall not be permitted to withdraw the Reconveyance Notice without the prior written consent of Beneficiary. Grantor shall have no further obligations under this Deed of Trust, the Note, or any other documents related to this transaction after Grantor delivers to Grantee the deed in lieu of foreclosure, provided, Grantor shall be obligated to indemnify, hold harmless and defend Beneficiary from all costs, losses, claims and expenses incurred by Beneficiary or Beneficiary's heirs, administrators, personal representatives or successors which arise after reconveyance of the Property to Beneficiary and which are caused by Grantor's use or operation of the Property prior to such reconveyance.
7.11 payment of the unpaid balan Prior Lien. Th Clerk Unofficial Copy created by this Deed of Trust is subordinate the lien securing a prior promissory note in the original principal amount ("First Note") which is described and secured by a Texas Home Equity Security Instal Copy November 20, #19642 of and recorded on November 30, 2000 in Volume 1824, Page Unofficial Copy Property Records of Midland County, Texas ("First Deed of Truse), as amended Document Clerk by "Texas Home Equity Loan Modification, Loan #45490-90202 dated October 16, Ann Sams and Community National Bank. Grantor to its terms. In the event of default in the payment of the First Deed of Trust has not pay such First Note according Midassumed the payment of the First Note, but the Beneficiary is 1 shall have the right to cure any such default as long as Grantor is not in default in the payment of the Note secured in part by this Deed of Trust or is in default in the performance of any covenants or obligations under this Deed of Trust.
ault as long as Grantor is not in default in the payment of the Note secured in part by this Deed of Trust or is in default in the performance of any covenants or obligations under this Deed of Trust.
If Grantor cures a default in the payment of the First Note, Grantor may receive credit on the Note secured in part by this Deed of Trust for all amounts paid as of the date of payment and in the manner that Grantor so directs.
7.12 Prior Deed of Trust. As of the date hereof, this Deed of Trust amends, restates, renews, extends and replaces that certain Deed of Trust dated October 18, 2018 executed by Grantor to Michael Cohodes, Trustee, for the benefit of Payee, as Beneficiary.
Signature Page to Follow] Midland County Clerk Unofficial Copy [00356760.1 } 12 Midland County Clerk Unofficial Copy 2020 - 26574 09/08/2020 1:33PM Page 13 of 15 EXECUTED AND DELIV as of August 1, 2020.
GRANTOR: Midland County Clerk/LIVERY THE STATE OF TEXAS esses ille ہو GABRIEL A. MERUELO Tina Midla County Clerk Unofficial Copy Lini els We TINA A. MERUELO COUNTY OF Molland BEFORE ME, the undersigned authority, on this day personally appeared Gabriel A.
Meruelo II, known to me to be the person whose name is subscribed to the foregoing instrument, and who acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated GIVEN UNDER MY Midland County Clerk Unoff AND SEAL OF OFFICE THIS 25 day of August, 2020.
OF TEXAS COUNTY OF Midland Cosvity Clerk Unofficial Copy Notary Public, STATE OF TEXAS BEFORE ME, the undersigned authority, on this day and ALAINA NICOLE ROBINSON Daly Public, State of Texas Comm. Expires 02-25-2024 Notary ID 132375179 Meruelo,
ficial Copy Notary Public, STATE OF TEXAS BEFORE ME, the undersigned authority, on this day and ALAINA NICOLE ROBINSON Daly Public, State of Texas Comm. Expires 02-25-2024 Notary ID 132375179 Meruelo, known to me to be the person whose name is subscribed to the foregoing instrument, and who acknowledged to me that she executed the same for the purposes and consideration therein expressed and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE THIS 25 day of August, 2020.
AFTER RECORDING - RETURN Michael Cohodes Stephenson Fournier Unofficial Copy 3355 West Houston, $7098 Midland County, Suite 640 13 Акна Notary Public, STATE OF TEXAS OTARY PUBLA OF ALAINA NICOLE ROBINSON.
Notary Public, State of $ Comm. Expires 02-25.0 Midland Unofficial Copy 2020 - 26574 09/08/2020 1:33PM Page 14 of 15 LOT TWENTY TWO.
to the City of Unofficial Copy EXHIBIT “A” OWNHOUSE AREA "A" SADDLE CLUB NORTH, an add Cabinet A, pdland Midland County, Texas, according to the map or plat thereof, Midland County Plat Records, Midland County, Texas.
orded in Midland County Clerk Unofficial Copy Midland County Clerk Unofficial Copy Midland County Clerk Unofficial Copy (00356760.1 } Midland County Clerk Unofficial Copy 14 Midland County Clerk Unofficial Copy 2020 - 26574 09/08/2020 1:33PM Page 15 of 15 Midland County Alison Haley Midland County Clerk Midland County Clerk Unofficial Copy Instrument Number: 26574 Real Property Recordings Recorded On: September 08, 2020 01:33 PM Total Recording: $78.00 Midland County Clerk Unofficial Copy Number of Pages: 15 "Examined and Charged as Follows: " Midland County Clerk Unofficial Copy Midland County Clerk Unofficial Copy
icial Copy Number of Pages: 15 "Examined and Charged as Follows: " Midland County Clerk Unofficial Copy Midland County Clerk Unofficial Copy Any provision herein which restricts the Sale, Rental or use of the described REAL PROPERTY because of color or race is invalid and unenforceable under federal law.
File Information: Document Number: Receipt Number: Recorded Date/Time: User: Station: * COUNTY COURT Midland MIDLAND COUNTY 26574 20200831000192 September 08, 2020 01:33.
Cristella G CC10287 Clerk Unofficial Copy Record and Return To: GABRIEL A MERUELO II 811 CANONERO ST MIDLAND TX 79705 I hereby certify that this Instrument was filed in the File Number que Clerk Unofficial Copy STATE OF TEXAS Coundland County TEXAS printed hereon, and was duly recorded in the Official Alison Haley Midland County Clerk Midland County, TX on the date/time Cords Midland County, Texas Ari Haley