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r- <br />87- 104990 <br />ACKNOWLEDGMENT OF UNDERSTANDING <br />The undersigned as Trustors(Borrowers) in a proposed Trust Deed with <br />Power of Sale wherein Metropolitan Life Insurance Company is Beneficiary, <br />which Trust Deed will secure payment of a loan to be made by Metropolitan <br />Life Insurance Company to the undersigned in the amount of $265,000.00 <br />acknowledges: <br />1. We understand that the document to be executed is a Trus', Deed and <br />not a Mortgage <br />2. We understand that the power of sale provided for in the Trust Deed <br />provides us with substantially different rights and obligations in <br />the event of a default or breach of obligation than the rights and <br />obligations provided us in a Mortgage. <br />3. We further acknowledge that we have read the foregoing and have <br />signed this document prior to the execution of any Trust Deed <br />which confers the power of sale to the Trustee for the benefit <br />of Metropolitan Life Insurance Company. <br />Dated this 14th day of August 1987, at 10:00 o'clock <br />p.m. -am. <br />CITATION INVESTMENTS, an Arizona General <br />Partnership <br />TCK PROPERTIES n Arizona General / Bye <br />Partnership, General Partner ank E. n e.11, Jr., a General Partner <br />By: <br />.-Th9ofis E. Knoell�--a- eneral Partner Margar E. Knoell, a General Partner <br />By. <br />Cat rine L. �jnll, a General Partner <br />State of Arizona ) <br />) ss: <br />County of )//�j <br />On this 11/ � day of jvf U,0 f 1987, before me, a notary public in and for <br />said county, personally appeared Frank E. Knoell, Jr. and Margaret E. Knoell, General <br />Partners of Citation Investments, an Arizona General Partnership to me personally <br />known to be the identical persons described in and who executed the foregoing <br />instrument, as Trustors and acknowledged the execution thereof to be their voluntary <br />act and deed, as such General Partners of Citation Investments, an Arizona General <br />Partnership. <br />Witness my hand and official seal the day and year last above written. <br />acrcAL s� Notary Public in and for said County <br />My commission Ew TA Wn <br />Nun pmc.man <br />Mwaft cc= <br />forty S. 1 mi <br />SEE NEXT PAGE FOR FURTHER ACKNOWLEDGMENT <br />