EXHIBIT 10.7
WHEN RECORDED, MAIL TO:
J. Xxxxx Xxxxxxxxxx
00 Xxxxx Xxxx Xxxxx
Xxxx Xxxxxxx, XX 00000
TRUST DEED
THIS TRUST DEED is made this ____ day of June, 2002, between Unico,
Incorporated, an Arizona corporation, as Trustor, whose address is 0000
Xxxxxxxxx Xxxxxx, X.X. Xxx 000, Xxxxxxx, Xxxxxxxxxx 00000, Xxxxxx X.
Xxxxxxxxx, as TRUSTEE,* and J. Xxxxx Xxxxxxxxxx, as BENEFICIARY.
TRUSTOR hereby CONVEYS AND WARRANTS TO TRUSTEE IN TRUST, WITH POWER OF
SALE, the following described property situated in Piute County, State of
Utah:
The South half of the South half of Section 7; the Southwest Quarter of
the Southwest Quarter of Section 8; the North half of the Northwest
Quarter and the Southwest Quarter of the Northwest Quarter of Section 17;
and the North half and the Northwest Quarter of the Southeast Quarter of
Section 18, all in Township 28 South, Range 3 West, Salt Lake Base and
Meridian.
EXCEPTING THEREFROM, except the North half of the Northeast Quarter and
the East half of the Northwest Quarter of Section 18; all coal and other
minerals, as provided under Sections 65-1-15, 65-1-16, and 65-1-17, Utah
Code Annotated 1953 and as amended, together with the right of ingress
and egress for the purpose of exploring and or removing the same.
Together with all buildings, fixtures and improvements thereon and all water
rights, rights of way, easements, privileges and appurtenances thereunto now
or hereafter used or enjoyed with said property, or any part thereof;
FOR THE PURPOSE OF SECURING payment of certain indebtedness of the
Trustor to the Beneficiary evidenced by a Promissory Note dated June __, 2002,
in the principal sum of $200,000.00, payable to the order of Beneficiary (and
any and all amendments, renewals, increases, and modifications thereof) at the
times, in the manner and with interest as therein set forth, and payment of
any sums expended or advanced by Beneficiary to protect the security hereof.
Trustor agrees to pay all taxes and assessments on the above property, to
pay all charges and assessments on water or water stock used on or with said
property, not to commit waste, to maintain adequate fire insurance on
improvements on said property, to pay all costs and expenses of collection
(including Trustee's and attorney's fees in event of default in payment of the
indebtedness secured hereby and to pay reasonable Trustee's fees for any of
the services performed by Trustee hereunder, including a reconveyance hereof.
The undersigned Trustor requests that a copy of any notice of default and
of any notice of sale hereunder be mailed to him at the address hereinbefore
set forth.
UNICO, INCORPORATED, an
Arizona corporation
By /s/ Xxx X. Xxxxx
Its President
STATE OF NEVADA )
: ss.
COUNTY OF XXXXX )
On the ____ day of June, 2002, personally appeared before me Xxx X. Xxxxx, of
Unico, Incorporated, the signer of the foregoing instrument, who duly
acknowledged to me that he executed the same on behalf of the Unico,
Incorporated, as its Chief Executive Officer.
____________________________
Notary Public
Residing at ________________
My Commission Expires:
_____________________
*NOTE: Trustee must be a member of the Utah State Bar; a bank, building
and loan association or savings and loan association authorized to do such
business in Utah; a corporation authorized to do a trust business in Utah; or
a title insurance or abstract company authorized to do such business in Utah.
