DEED OF TRUST
This Deed of Trust is made this 9 day of October, 2007 by and between,
Tucker One Properties, Inc., GRANTOR, (hereinreferred to as the “Grantor”), with an address
at 115 E Gregory Blvd, Kansas City, MO 64114 and Accurate Title Company, LLC, as Trustee
(the “Trustee”) having an address at 4025 NE Lakewood Way #100, Lees Summit, MO 64064,
Equity Trust Company, Custodian, FBO Joe IRA Owner, IRA Grantee, (herein referred to
as the “Grantee”) with an address of 225 Burns Road, Elyria, Ohio 44035
WHEREAS, Grantor has executed and delivered to Grantee a certain note (hereinafter called “Note”) of even
date herewith, payable to the order of Grantee in the principal sum Twenty Five Thousand Dollars ($25,000), together
with interest thereon at the rate provided in the Note, in the manner and at the times therein set forth, which Note
contains certain other terms and conditions, all of which are specifically incorporated herein by reference;
NOW, THEREFORE, in consideration of the advance of the sum evidenced by the Note and as security for (i)
the payment of the Note with interest as provided therein, (ii) the payment of all other sums payable hereunder, or any
extensions, renewals, refundings, refinancings or modifications thereof, and (iii) the observance and performance of
each of the other covenants, agreements and conditions hereof (all such obligations being hereinafter collectively called
the “Debt”), Grantor does grant, mortgage and convey unto the Trustee and his successors and assigns, in trust with
power of sale the following described real property located in Jackson County, Missouri, to wit:
Legal Description of the Property.
TOGETHER with the buildings and improvements now or hereafter erected thereon, the appurtenances thereunto
belonging and the reversions, remainders, rents, issues and profits thereof. The Land and improvements are hereinafter
collectively called the “Mortgaged Property”.
TO HAVE AND TO HOLD the same unto Trustee, its successors and assigns, forever.
PROVIDED, HOWEVER, that if Grantor shall pay to Grantee the Debt and shall keep and perform each of
the other covenants, conditions and agreements hereinafter set forth, then this Deed of Trust and the estate hereby
granted and conveyed shall become void and shall be released of record by Grantee.
This Deed of Trust is executed and delivered subject to the following covenants, conditions and agreements:
1. Taxes, Insurance and Other Expenses. From time to time until the Debt is fully paid and discharged, Grantor shall:
(1) pay and discharge, when and as the same shall become due and payable, all taxes, assessments, sewer and water
rents, and any and all other charges, claims and liens assessed, levied, imposed or created from time to time upon the
Mortgaged Property or any part thereof which shall or might have priority in lien, payment or distribution to the Debt
(except those which at the particular time are being diligently contested in good faith by appropriate proceedings), (2)
pay and discharge all mechanic’s liens which may be filed against the Mortgaged Property (except those which at the
particular time are being diligently contested in good faith by appropriate proceedings), (3) pay and discharge any
documentary stamp or other tax, including interest and penalties thereon, if any, now or hereafter becoming payable on
the Note, (4) provide, renew and keep alive by paying the necessary premiums and charges thereon: (i) insurance upon
the Mortgaged Property against loss or damage by fire or extended coverage risks and other hazards customarily insured
against in amounts required by Grantee, and (ii) public liability and property damage insurance applicable to the
Mortgage Property in amounts and coverage satisfactory to Grantee, which policies shall be with insurance companies
of recognized responsibility and shall contain loss payable clauses in favor of Grantor and Grantee as their respective
interest may appear, and (5) if requested by Grantee, promptly submit to Grantee evidence of the due and punctual
payment of all the foregoing charges.
2. Tax Escrow. The grantor shall provide upon written request from grantee, make monthly payments to Grantee of
a pro rata portion of the taxes and assessments next to become due, as estimated by the Grantee, so that Grantee will
have sufficient funds on hand to pay taxes and assessments for the Mortgaged Property thirty days before the
delinquency date thereof. Any deficit shall immediately be paid to Grantee by Grantor. Moneys so held shall not bear
interest, and upon default, may be applied by Grantee to the Debt. Until such time as Grantee requests Grantor to
escrow tax payments; Grantor shall provide paid tax receipts for Grantee each year not later than January 31 of each
3. Repairs; Alterations. Grantor shall maintain the Mortgaged Property in good and substantial repair, as
determined by Grantee. Grantee shall have the right to enter upon the Mortgaged Property at any
reasonable hour for the purpose of inspecting the order, condition and repair thereof. Grantor shall make no change or
alteration to the Mortgaged Property which materially reduces the economic value of the Mortgaged Property. Grantor
shall not abandon or cause or permit any waste to, the Mortgaged Property.
4. Payments by Grantee. In the event Grantor neglects or refuses to pay the charges mentioned in paragraph 1
above, or fails to maintain the Mortgaged Property as aforesaid, Grantee may do so, add the cost thereof to the Debt and
collect the same from Grantor on demand with interest thereon until paid at a rate (the “Default Rate”) equal to the
“Default Rate” set forth in the Note or if no Default Rate is set forth therein at the lesser of (i) 4% in excess of the
interest rate in effect under the Note or (ii) the highest rate permitted by applicable law.
5. Other Liens. Grantor covenants and agrees not to create, not (subject to Grantor’s right to contest taxes and
assessments under paragraph 2 hereof) permit to accrue, upon all or any part of the Mortgaged Property, any debt, lien
or charge other than the lien of this Deed of Trust without the prior written consent of Grantee.
6. Destruction. In the event of damage to or destruction of the Mortgaged Property, Grantor shall notify Grantee
of such damage or destruction. Unless Grantor prepays the entire Debt, Grantor shall immediately undertake repair,
restoration, reconstruction or replacement of the damaged or destroyed Mortgaged Property of size, quality and value
not less than that of the Mortgaged Property immediately before the damage or destruction. Grantee shall be entitled to
receive the proceeds of all insurance on the Mortgaged Property, and Grantee may, at its option, either apply such
proceeds in reduction of the Debt or make all or a portion of such proceeds available to Grantor for reconstruction of the
Mortgaged Property upon terms and conditions established by Grantee in its sole discretion.
7. Condemnation. In the event that the Mortgaged Property, or any part thereof, shall be taken in condemnation
proceedings or by exercise of any right of eminent domain (hereinafter called “condemnation proceedings”),
Grantor and Grantee shall have the right to participate in any such condemnation proceedings. If title to the whole or
materially all of the Mortgaged Property shall be taken in condemnation proceedings or by agreement between Grantor
and Grantee and those authorized to exercise such right, the award that may be made in any such proceeding or the
proceeds thereof shall be paid to Grantee in reduction of the Debt. In the event that the amount of the amount of the
award or proceeds received by Grantee shall not be sufficient to pay the entire Debt, Grantor shall, within ten (10) days
after the application of the award or proceeds as aforesaid, pay such deficiency to Grantee.
8. Default and Foreclosure.
(a) In the event that an “Event of Default” as defined in paragraph (b) of this section shall occur, the entire
unpaid balance of the Debt shall at the option of Grantee and without notice become immediately due and payable, and
Grantee may elect to direct the Trustee to sell the Mortgaged Property or any part thereof that is real property. Upon
such election, Trustee may proceed to foreclose this Deed of Trust in the following manner;
(1) The Trustee at the request of the Grantee shall proceed to take possession and to sell any of the
Mortgaged Property (in one or more parcels) at public vendue, to the highest bidder, for cash, at a front door
(to be designated by Trustee) of the building then appointed for holding the foreclosure sale by the Circuit
Court of the County in which the property to be sold is situate, first giving notice of such sale in the manner
prescribed by statues; and upon such sale shall execute and deliver a deed of conveyance of the property sold
to the purchaser or purchasers thereof. The Trustee shall receive the proceeds of said sale out of which the
Trustee shall pay (A) the costs and expenses of executing this trust, including lawful compensation to the
Trustee for his services as provided by statute, and a reasonable attorney’s fee, which shall be immediately due
upon fist publication of sale of aforesaid; (B) to the Grantee, upon the usual vouchers therefore, any of the
Debt including money advanced for taxes, insurance, maintenance of the Mortgaged Property, title reports,
judgments upon statutory lien claims and any other advances hereunder and interest thereon at the Default
Rate; and (C) the balance of such proceeds, if any, shall be paid to the Grantor. The purchaser at any
foreclosure sale shall not be obligated to look at the application of the proceeds thereof. If the Grantee should
become the purchaser, it shall be entitled to credit any of the unpaid balance of the Debt against the amount of
the purchase price. The Trustee covenants faithfully to perform the Trust herein created.
(2) The purchaser at any sale or foreclosure sale hereunder may disaffirm any easement granted or
lease made in violation of any provision of this deed of Trust, and may take immediate possession of the
Mortgaged Property free from, and despite the terms of, such grant of easement or lease.
(3) Grantor hereby expressly waives any right which Grantor may have to direct the order in
which any of the Mortgaged Property shall be sold in the event of any sale or sales pursuant hereto.
(4) In the event of a sale or other disposition of any of the Mortgaged Property, and the
execution of a deed or other conveyance pursuant thereto, the recitals in such deed or conveyance of facts, such
as default, the giving of notice of default and notice of sale, terms of sale, purchaser, payment of purchase
money, and any other fact affecting the regularity or validity of such sale or disposition or the truth of such
facts and any such deed or conveyance shall be conclusive against all persons as to such facts recited
(5) The Grantee may also institute foreclosure proceedings on this Deed of Trust and
prosecute such proceedings to judgment, execution and sale for the collection of the same, together with costs
of suit and to the extent permitted by law, a reasonable attorney’s fee. Upon the filing of an action to foreclose
this Deed of Trust, the court may, upon the motion of Grantee, appoint a receiver to take immediate possession
of the Mortgaged Property, to maintain and lease the same and to collect the rents and profits
therefrom during the pendency of such foreclosure action and pay such rents and profits to Grantee in
reduction of the Debt.
(6) Grantor hereby forever waives and releases all errors in said proceedings, waives stay of
execution, the right of inquisition and extension of time payment, agrees to condemnation of any property
levied upon by virtue of any such execution, waives all exemptions from levy and sale of any property that
now is or hereafter may be exempted by law and waives all rights of appraisement and redemption.
9. The occurrence of any of the following events shall, at Grantee’s option, constitute and “Event of Default”
(1) Default in the payment of principal or interest on the Note or any other Default under the
terms of the Note or deed of Trust;
(2) Grantor shall become insolvent or unable to pay Grantor’s debts as the same shall mature;
(3) Default in the performance of any covenant or agreement set forth herein or in the Note or this
Deed of Trust;
(4) The entry of any lien or encumbrance against the Mortgaged Property, except for taxes
which are due but not yet payable and liens incurred in the ordinary course of business with respect to amount
which are not yet due or payment of which is being diligently contested in good faith by appropriate
(5) The Mortgaged Property shall be endangered by any physical condition or circumstances;
10 Transfer, Sale or Encumbrance: In the event that Grantor shall, directly or indirectly, whether by operation of
law or otherwise sell, grant, convey, transfer, mortgage, lease or encumber the Mortgaged Property or any part thereof,
or agree to do so, without the prior written approval of Grantee, the entire unpaid balance of the Debt shall at the option
of Grantee and without notice become immediately due and payable.
11. Amendment. This Deed of Trust may be amended only by an instrument in writing executed by Grantor and
13. Concerning the Trustee.
(a) Duties and Obligations of Trustee. Grantor agrees that: (1) the duties and obligations of the Trustee
shall be Determined solely by the express provisions of this Deed of Trust and the Trustee shall be
determined of such duties and obligations as are specifically set forth herein, and no implied covenants or
obligations shall be imposed upon the Trustee; (2) no provision of this Deed of Trust shall require Trustee to
expend or risk its own funds or otherwise incur any financial obligation in the performance of any of its duties
hereunder; and (3) Trustee shall not be liable for any action taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Deed of Trust.
(b) Successor Trustee. Grantee is hereby granted full power at any time to appoint a successor or
substitute Trustee by instrument properly executed, acknowledged and filed for record for any reason
satisfactory to Grantee, and such successor or substitute Trustee, from and after the making of such
appointment, shall have and possess all of the powers, authorities, duties and obligations vested in and upon
the Trustee designated in this Deed of Trust.
14. Lease of Mortgage Property. The Trustee hereby lets the Mortgaged Property to the Grantor until a sale is held
under the foregoing provisions therefore, or until an Event of Default shall occur, upon the following terms and
conditions, to wit: The Grantors and all persons or entities claiming or possessing any of the Mortgaged Property, by,
through or under Grantor shall pay rent therefore during said term at the rate of one percent per month, payable monthly
upon demand, and shall surrender immediate peaceable possession of the Mortgaged Property (and any and every part
thereof) sold under the provisions of this Deed of Trust to the purchaser thereof under such sale, without notice or
demand therefore, and shall and will at once, without notice, surrender up possession of the Mortgaged Property and
every part thereof in the event Grantee shall take charge and enter as hereinbefore provided.
15. Notices; Non-waiver.
(a) All notices, demands, request and consents required under this Deed of Trust shall be in writing, and
shall be deemed properly given: (1) if delivered personally; (2) if sent by United States certified or registered
mail with return receipt requested; or (3) if sent by Federal Express or other express air delivery services; in
each such case (except for personal delivery), with postage or charges prepaid or billed to sender, and
addressed if to Grantor at the Grantor’s address hereinabove set forth, or if to Grantee, at the Grantee’s address
hereinabove set forth, or at such other address or addresses as any party hereto may hereafter designate for
itself by written notice to each other party hereto.
(b) Notices, demands and request shall be deemed sufficiently served or given for all purposes hereunder:
(1) served by certified or registerd mail three days after the time such notice, demand or request shall be
deposited for mailing in any Post Office; (2) if sent by express air delivery service on the day following
delivery thereof to such express air delivery service, or (3) in each case, on the date of actual receipt, if earlier.
(c) Any failure by Grantee to insist upon the strict performance by Grantor of any of the provisions
hereof shall not be deemed to be a waiver of any of the provisions hereof, and Grantee, notwithstanding any
such failure, shall have the right thereafter to insist upon the strict performance by Grantor of any of the
provisions of this deed of Trust. Neither Grantor nor any other person now or hereafter obligated for any of the
Debt shall be relieved of such obligation by reason of the failure of Grantee to comply with any request of
Grantor or of any other person so obligated to take action to foreclose this Deed of Trust or otherwise endorse
any of the provisions of this Deed of Trust, or by reason of the release, regardless of consideration, of any of
the security held for any of the Debt or by reason of any agreement or stipulation between any subsequent
owner or owners of the Mortgaged Property and Grantee extending the time of payment or modifying the terms
of the Note or any of the Loan Documents without first having obtained the consent of Grantor or such other
person, and in the latter event, Grantor and all such other persons shall continue liable to make such payments
according to the terms of any such agreement of extension or modification unless expressly released and
discharge in writing by Grantee.
16. Grantee’s Expenses. Grantor shall promptly pay upon request all expenses and costs incurred by Grantee,
including reasonable attorney’s fees, together with interest thereon at the Default Rate from the date of the payment
thereof by Grantee in connection with:
(a) any action, proceeding, litigation or claim instituted or asserted by or against Grantee or in which
limitation, bankruptcy, reorganization, arrangements, receivership or similar proceedings, wherein it becomes
necessary in the opinion of Grantee to protect Grantee’s interest in the Mortgaged Property or the security
afforded hereby, or the validity or effectiveness of any assignment of any claim, award, payment, insurance
policy or any other right or property conveyed, encumbered or assigned by Grantor to Grantee hereunder, or
the priority of any of the same;
(b) any further assurances requested by Grantee under Section 1(b) or any other provision hereof,
including all filing and recording costs and costs of searches;
(c) the negotiation, preparation, execution and delivery of this Deed of Trust and the Note, and any
amendments and supplements thereto at any time entered into;
(d) all taxes, fees and other assessments, including mortgage registration taxes, upon any documents or
transactions contemplated hereby or in connection with the recording and filing of this Deed of Trust or any
other documents evidencing or securing the Debt (collectively the “Loan Documents” ),
(e) the collection of Debt, including realization upon any of the Mortgaged Property or other security
for any of the Debt; and
(f) the collection and application of any insurance proceeds and condemnation awards.
All such expenses and costs, with interest thereon at the Default Rate, shall be added to and become part of the part of
the Debt and be secured by this Deed of Trust, provided, however, that in any action to foreclose this Deed of Trust or
to recover or collect the sums due hereunder, the provisions of law and of this Deed of Trust relative to the recovery of
costs, disbursements, commissions, allowances and attorney’s fees, shall prevail over any conflicting requirements of
this Section. The provisions of this section shall survive payment of the Debt and any release of, or reconveyance under,
this Deed of Trust.
17. Usury Savings Provision.
It is the intention of the parties to conform strictly to all applicable usury laws (“Usury Laws”). All agreements
contained in the Loan Documents are expressly limited so that in no contingency or event whatsoever, whether by
reason of the making of advances on account of the Debt, or otherwise, shall the amount be paid or agreed to be paid by
or on behalf of Grantor to the Grantee for the use, forbearance or detention of money exceed the highest lawful rate
permissible under any applicable Usury Law. If, for any circumstances whatsoever, compliance with any of the Loan
Documents, at the time performance thereunder shall be due, shall involve transcending the limit of validity under any
Usury Law, ipso facto, the obligations to be fulfilled shall be reduced to the limit of such validity. If from any
circumstance, the Grantee shall ever receive as interest an amount which would exceed the highest lawful rate, such
amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance due under
the Note and not the payment of interest. This provision shall control every other provision of all agreements between
Grantor and Grantee; provided, however, that there shall be no automatic reduction of such payments or obligations as
to any party barred by law from availing itself in any action or proceeding of the defense of usury, or any party barred
or exempt from the operation of any Usury Law, or in the event and to the extent the Loan, because of its amount or
purpose or for any other reason is exempt from the operation of the Usury Law. All sums paid or agreed to be paid to
Grantee for the use, forbearance or detention of any of the Debt outstanding from time to time shall, to the extent
permitted by applicable law, and to the extent necessary to preclude exceeding the limit of validity prescribed by law, be
amortized, prorated, allocated and spread from the earliest date or disbursement of any of the proceeds of the Note until
payment in full of the principal balance of the Debt so that the actual rate on interest on account of such Debt is uniform
throughout such term.
18. Governing Law; Successors.
This Deed of Trust shall be governed by the laws of the State of Missouri. The covenants, conditions and agreements
contained in this Deed of Trust shall bind, and the benefits thereof shall inure to the respective parties hereto and their
respective heirs, executors, administrators, successors and assigns.
BY SIGINGN BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument
and in any Rider executed by Borrower and recorded with it.
WITNESS the due execution hereof the day and year first above written.
State of )
County of )
On this ____ day of October, 2007, before me a Notary Public in and for said County and State, personally
appeared ______________________________________, to me known to be the person who executed the
within and foregoing Deed of Trust, , who, being first duly sworn, stated that he executed the same as his
free and voluntary act and deed and in his capacity as the managing member of .
IN WITNESS WHEREOF, I have hereunto set my official signature and affixed my notarial seal, the
date and year above written.
(Printed Name of Notary Public)