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3B. DEFEASANCE AND RECONVEYANCE BY TRUSTEE Upon the payrrierrt andperformenoe in full of all of the Obllgatfons,Lender will execute and <br /> deliver, to Grantor those daeumeM: ihat may ba roquirod to relaa:s this Daad of Tru:t of ncord. C3rantor shall be responside to pay any costs oi <br /> recordadon and any roconveyance fee charpsd by Trustee. Upon wrttten rsqusat of Lendsr atatinp that all wms secured hereby have been pald and upon , <br /> Sur�ander of this Dsed of Trust and any note to Tnrstee for cancellatfon and reteMion and upon paymerrt by Lender of Trustee's fees, Trustee shall <br /> reconVey to Lender,or the person or persons legally errtftled thereto,without warranty,any portion of said premises then held hereunder. The redtals in <br /> - such recorneyance of any matters or facts shall be condusive proof of the tnnhfulrtesa thereof. The grantee in any recorneyance may be described as'lhe <br /> pe�son or persons legally eMitled thereto'. <br /> 37. CONSTRUCTION LOAN. ❑ ThIs Deed of Ttust is a construction mortgage under the Unfform Commercial Code,to secure an obUgation(ncurred for <br /> the consvuction o(an ImprovemeM on land,Induding the acquisftion costs of land. This Deed of Trust secures a construction loan,and it will be subject to <br /> the tem�s o(a consiruction loan agreert�ent between Gramor and Lsnder. Any materlals,equlpmeM or supplles used or Irnended for use in the conslruct(on, <br /> developmern,or operaUon of the Property,whether atored on or off the Pro�erty, ahall also be subjecl to the Ilen of this Deed of Trust, and Grarnor, or � <br /> Grarrtors oontractor i(loan proceeds are paid to such contractor, ahall apply the loan prooeeds to the paymerrt of Iaw(ul daims for labor and material <br /> fumished for such construction. C� <br /> � <br /> 38. WAIVER OF HOMESTEAD AND OTHER EXEAAPTIONS. Grentor hereby waives all homestead and other exemptions in ihe Property to which 1�► <br /> Grarnor would otherwise be erriitled under any appUcable law. � <br /> 39. JURY TRIAL WAIVER. GRANTOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACT10N ARISING OUT OF,OR BASED � <br /> UPON,THIS DEED OF TRUST. w' : <br /> � <br /> 40. ADDI110NAL TERMS: <br /> Grantor adviowledges that Grantor has read,understands,and agrees to the terms and conditions of this Deed of Trust,and adviowledges rece(pt of an <br /> exact copy of sarr�e. <br /> Datedthis 12th dayof Auqust, 1999 <br /> i <br /> GRANTOR: � GRANTOR: <br /> — / -- t` > �.,��` <br /> RIITH M. FRANRS <br /> GRANTOR: GRANTOR: <br /> ��� <br /> E A. SMAHA <br /> GRANTOR: GRANTOR: <br /> a... <br /> JEFF <br /> GRAN70R: GRANTOR: <br /> .-------_... <br /> OFFICIAL SFAL <br /> PATRICIA A. DWYER <br /> NOTARY PUBLIC-Arizonn <br /> MARICOPA COUNTY <br /> My Camm.E�ires Feh.21,20p3 <br /> STATE OF �l Z� It%�'� <br /> ss. <br /> COUNTY OF/Y1A!'�►�r�� <br /> On thls ;� T day of � �/�, �� ,personally appeared <br /> � <br /> � ,� Iv�own to me to be the person(s)whose name(s) <br /> is/are subsaibed to th o ing instrurt�eM, adv�owledped that e/ahe/they executed same as his/hedtheir voluntary act end deed, and if rt�arried, <br /> irdending to bind h(s/her separate estate. : <br /> u ic <br /> ,.. <br /> NEDOTE Ra.1297 Papa 5 d 6 <br />