University of Alaska DEED OF TRUST This Deed of Trust is made effective on this 1st day of MARCH, 2007 between OFFEROR (hereinafter referred to as "Trustor", which term as used in every instance shall include the Trustor's heirs, executors, administrators, successors, legal representatives and assigns, either voluntarily by act of the parties or involuntarily by operation of law), whose address is 123 ABC Street, Anchorage, Alaska 99501, and STEWART TITLE OF ALASKA whose address is 2601 Denali Street., Anchorage, Alaska 99503-2738 (hereinafter referred to as "Trustee"), and the UNIVERSITY OF ALASKA, a corporation created under the Constitution and laws of the State of Alaska (hereinafter referred to as "Beneficiary"), whose address is 3890 University Lake Drive, Suite 103, Anchorage, Alaska 99508. Trustor hereby irrevocably grants, bargains, sells, and conveys to Trustee, in trust, with power of sale, the following described real property, located in the Anchorage Recording District, Third Judicial District, State of Alaska: Lot 4, Block 5, HILAND TERRACE SUBDIVISION, according to the plat thereof filed in the Anchorage Recording District on May 8, 1976, as Plat No. 76-08; Subject to: A continuous public access easement on the bed and fifty feet (50 ) upland of and along the ordinary high water mark of all public waters; TOGETHER WITH all the improvements, tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in anywise appertaining, and the rents, issues and profits thereof (hereinafter referred to as "Property" or "Secured Property), subject, however, to the right, power and authority herein given and conferred upon Beneficiary to collect and apply such rents, issues and profits. Trustor shall be entitled to possession of the Property from and after the date of execution of this Deed of Trust, and for so long as all payments on the Deed of Trust Note herein referred to are currently paid and all promises, conditions and covenants of the Trustor herein are faithfully kept and performed. This Deed is for the purpose of securing performance of each agreement of Trustor herein contained and payment of the principal sum of THIRTY-ONE THOUSAND FIVE HUNDRED AND NO/100 DOLLARS ($31,500.00) plus interest, costs and fees, according to the terms of a Deed of Trust Note of even date herewith, payable to Beneficiary or order and made by Trustor, the terms and conditions of which are incorporated herein by reference. A. To protect the security of this Deed of Trust, the Trustor covenants and agrees as follows:
Offeror Deed of Trust Page 2 1. To pay the indebtedness secured hereby. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more payments that are next due on the note, on the due date of any month prior to maturity. 2. To pay to the Beneficiary the payments payable under the note secured hereby, on the first day of each month until said note is fully paid, according to its terms. In the event that any payment or portion thereof is not paid within fifteen (15) days commencing with the date it is due, the Beneficiary may collect, and the Trustor agrees to pay with such payment, a late fee of FIFTY DOLLARS ($50.00) which will be added to each such late payment. 3. To keep the Property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building that may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting the Property or requiring or permitting any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act upon the Property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of the Property may be reasonably necessary to preserve and conserve its value. The specific enumerations herein shall not be construed so as to exclude the general. 4. To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary in an amount not less than $ N/A which shall be at least equal to the balance owing at all time under this Deed of Trust. 5. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting said Property. 6. To defend, indemnify and hold harmless Beneficiary and Trustee from and against all claims, demands, judgments, costs, expenses and fees (including reasonable attorney's fees) which may arise, for any reason, and from the use of or presence on the Property by Trustor, its agents, contractors, or invitees, or from any default by Trustor hereunder. Nothing in this section shall be construed so as to release Beneficiary from liability arising as a result of its gross negligence or intentional injury. 7. To appear in and defend any suit, action or proceeding that might affect the value of this security instrument or the security itself or the rights or powers of Beneficiary or Trustee; and should Beneficiary or Trustee elect also to appear in or defend any such action or proceeding the Trustor will, at all times, indemnify from, and on demand, reimburse Beneficiary or Trustee for any and all loss, damage, expense, or cost, including cost of evidence of title and attorney's fees, arising out of or incurred in connection with any such suit, action or proceeding, and the sum of such expenditures shall be secured by this Deed of Trust and shall be due and payable on demand. Trustor agrees to pay all cost of
suit, cost of evidence of title, and reasonable attorney's fees in any proceeding or suit brought by Beneficiary to foreclose this Deed of Trust. 8. To pay at least thirty (30) days before delinquent any rents, taxes, assessments and encumbrances, charges or liens, with interest, that may be now or hereafter levied, assessed or claimed upon the Property that is the subject of this Deed of Trust or any part thereof, which at any time appear to be prior, superior, or junior hereto for which provision has not been made heretofore, and upon request will exhibit to Beneficiary official receipts therefor, and to pay all taxes, reasonable costs, fees and expenses of this Trust; on default hereunder Beneficiary may, at its option, pay any such sums, without waiver of any other right of Beneficiary by reason of such default of Trustor, and Beneficiary shall not be liable to Trustor for a failure to exercise any such option. To pay immediately on written notice to Trustor all sums expended or advanced hereunder by or on behalf of Beneficiary or Trustee, with interest from the date of expenditure at the maximum rate allowable by law and the repayment thereof shall be secured hereby. Failure to repay such expenditure or advance within ten (10) days of the mailing of such notice will, at Beneficiary's option, constitute an event of default hereunder; or, Beneficiary may, at its option, commence an action against Trustor for the recovery of such expenditure or advance and interest thereon, and in such action, together with reasonable attorney's fees. B. It is mutually agreed that: 1. Should Trustor fail to make any payment, or make any misrepresentations as to security, or fail to do any act as herein provided, then Beneficiary or Trustee, but without any obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: a. Make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon the Property for such purposes; b. Commence, appear in, and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; c. Pay, purchase, contest, or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior, superior, or junior hereto; and d. In exercising any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deem necessary therefor including cost of evidence of title, employing counsel, and paying reasonable fees. 2. Should the Property or any part or appurtenance thereof or right or interest therein be taken or damaged by reason of any public or private improvement, condemnation proceeding, fire, earthquake, or in any other manner, Beneficiary may, at its option, commence, appear in, and prosecute, in its own name, any action or proceeding, or make any compromise or settlement, in connection with such taking or damage, and obtain all
compensation, awards, or other relief therefor. All such compensation, awards, damages, rights of action, and proceeds are hereby assigned to Beneficiary who may, after deducting therefrom all its expenses, including attorney's fees, release any monies so received by it, or apply the same on any indebtedness secured hereby, as it may elect. Trustor agrees to execute such further assignments of any compensation, award damages, rights of action, and proceeds as Beneficiary or Trustee may require. 3. Trustor, during the term of this Deed, shall not subdivide the Property or cut any timber, except for its own use, on the Property, or excavate or mine any gravel or rock products, except for its own use, on the Property, nor shall Trustor encumber the Property with any obligation, which, in the judgment of Beneficiary or Trustee, appears to be prior, superior, or junior to Beneficiary's interest in or rights to the Property. 4. Time is of the essence hereof in connection with all obligations of the Trustor under this Deed of Trust. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. 5. Trustor represents and warrants to Beneficiary that to the best of Trustor's knowledge, after due and diligent inquiry, no hazardous substances or wastes are located on or are being stored on the Property, or any adjacent property, nor have any such substances been owned, stored, used or disposed of on the Property or any adjacent property prior to Trustor's ownership, possession or control of the Property. Trustor agrees to provide written notice to Beneficiary immediately upon Trustor becoming aware: a) that the Property or any adjacent property is being, may be, or has been contaminated with hazardous wastes or substances, or b) of the existence of hazardous substances or wastes on the Property or adjacent property. Trustor will not cause or permit any activities in connection with the Property which directly or indirectly could result in the Property or any other property being contaminated with hazardous wastes or substances. For purposes of this Deed of Trust, the term "hazardous wastes or substances" means any substance or material defined, listed or designated as hazardous, toxic or radioactive, or other similar term, by any applicable federal, state or local statute, regulation or ordinance now or hereafter in effect, and as they may be amended or interpreted from time to time. 6. At Trustor's expense, Trustor shall promptly comply with all federal, state and local statutes, regulations and ordinances, and with all orders, decrees or judgments of governmental authorities or courts having jurisdiction relating to the ownership, use, generation, storage, handling, treatment, transport, disposal, existence, removal or cleanup of hazardous wastes or substances in, on, under or adjacent to or in the vicinity of the Property. Beneficiary may, but shall not be obliged to, enter upon the Property and take such actions and incur such costs and expenses to effect such compliance, as it deems advisable to protect its interest as Beneficiary. Whether or not Trustor has actual knowledge of the existence of hazardous wastes or substances, in, on, or under the Property or any adjacent property as of the date hereof, Trustor shall reimburse Beneficiary on demand for the full amount of all costs and expenses incurred by Beneficiary prior to Beneficiary acquiring title to the Property through foreclosure or deed in lieu of foreclosure, in connection with such compliance activities. These
provisions are in addition to such other certificates, agreements and indemnity as Trustor or others may have furnished to Beneficiary, with regard to hazardous substances. 7. At any time upon written request of Beneficiary, payment of its fees, and presentation of this Deed of Trust and the Note for endorsement (in case of full reconveyance, for cancellation and retention) without affecting the liability of any person for the payment of the indebtedness, Trustee may consent to the making of map or plat of said Property; join in the granting of any easement or creating of any restriction thereon; join in agreements affecting the Deed of Trust or the lien thereof; reconvey, without warranty, all or any part of the Property. The Grantee in any reconveyance may be described as the "person or persons legally entitled thereto," and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustor agrees to pay a reasonable fee for full or partial reconveyance, together with a recording fee if Trustee, at its option, elects to record said reconveyance. 8. Beneficiary may make or cause to be made reasonable entries upon and inspections of the Property, provided that Beneficiary shall give Trustor notice prior to any such inspection. 9. As additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said Property, reserving unto Trustor the right, prior to any default by Trustor in payments of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon such default or upon abandonment of the Property, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the Property or any part thereof, in its own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of the Property, the collection of such rents, issues and profits and application thereof as aforesaid, shall not cure or waive any default notice or default hereunder or invalidate any act done pursuant to such notice. In addition to all of the other rights and powers provided herein, Beneficiary, may in its discretion, commence legal proceedings to recover possession of the Property. On default by Trustor of the terms herein, Trustor agrees to execute and deliver, on request and at the option of Beneficiary, a deed in lieu of foreclosure, reconveying the Property to Beneficiary, or its heirs, successors, or assigns. 10. In the case of a sale under this Deed of Trust, the property, real, personal and mixed, may be sold in one parcel or in separate parcels and in such order as the Trustee shall determine. 11. On written request of Beneficiary stating that all sums secured hereby have been paid, and on surrender of this Deed of Trust and Note to Trustee for cancellation and on payment of its fees, Trustee shall reconvey, without warranty, the Property then held hereunder. The recitals and any reconveyance executed under this Deed of Trust of any
matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as "the person or persons legally entitled thereto." 12. Upon default by Trustor in payment of any indebtedness secured hereby or in the performance of any agreement contained herein, and if such default is not made good within thirty (30) days, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. In such event and on written request therefor by Beneficiary specifying the nature of the default or the nature of the several defaults, and the amount or amounts due and owing, Trustee shall execute a written notice of default and of its election to cause to be sold the Property to satisfy the obligation hereof, and shall cause such notice to be recorded in the office of the recorder of each recording district wherein the Property or some part thereof is situated, and shall cause notice and publication as required by the laws of the State of Alaska. Notice of sale having been given as then required by law and not less than the time then required by law having elapsed after recordation of such notice of default, Trustee, without demand on Trustor, shall sell the Property in accordance with the laws of the State of Alaska (A.S. 34.20.070-.135 as now enacted, or hereafter amended), at the time and place of sale fixed by it in the notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest and best bidder for cash in lawful money of United States, United States Post Office money orders, or cashier's or certified checks, payable at time of sale, provided, however, that the sale shall not be deemed concluded until said highest and best bidder shall exhibit to the person conducting the sale said currency, money order, or check in an amount sufficient to satisfy the bid. Beneficiary shall have the right to make an offset bid without cash in an amount equal to the balance owed on the obligation at the time of the sale, including any sums expended by Beneficiary and Trustee under the Deed of Trust with interest, attorneys fees, and cost of sale. Trustee may postpone sale of all or any portion of the Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, except Trustee, may purchase at such sale. After deducting all costs, fees and expenses of Trustee and of this trust, including cost of evidence of title and reasonable attorney's fees in connection with sale, Trustee shall apply the proceeds of sale, in order of priority, to payment of all sums expended under the terms hereof, not then repaid, with accrued interest at the maximum rate allowable by law; to all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. The power of sale conferred by this Deed of Trust is not an exclusive remedy and when not exercised Beneficiary may foreclose this Deed of Trust as a mortgage. The Trustee is not obliged to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Trustee or Beneficiary shall be a party unless such action or proceeding is brought by Trustee.
Any notices to be given to Trustor by Beneficiary hereunder shall be deemed completed and legally sufficient ten (10) days after being served upon the Trustor or thirteen (13) days after being sent by registered or certified mail to the address of the Property or to such other address as Trustor has requested in writing to the Beneficiary that such notices be sent. Any time period provided in the giving of any notice hereunder shall commence upon the tenth (10th) day after such notice is deposited in the mail. 13. Nothing contained herein shall be construed to limit the right of Beneficiary to foreclose this Deed of Trust by judicial action. In the event that this Deed of Trust is foreclosed by judicial action and said Property is sold at a foreclosure sale, the purchaser may, during any redemption period allowed, make such repairs or alterations on said Property as may be reasonably necessary for the proper operation, care, preservation, protection and insuring thereof. Any sums so paid, including but not limited to taxes and all sums allowed by law, together with interest thereon secured by this Deed of Trust shall be added to, and become a part of, the amount required to be paid for redemption from such sale. Beneficiary shall further be entitled to bring an action upon the Note secured by this Deed of Trust without attempting to foreclose this Deed of Trust either by judicial action or by exercise of the power of sale. Trustor shall be liable for and agrees to pay any deficit or deficiency resulting from said sales or actions. Further, in the event of bankruptcy, voluntary or involuntary, Trustor whether principal, surety, grantor, endorser, or other party hereto, do jointly and severally transfer, assign and convey to the owner of this Note a sufficient amount of our homestead and exemption which we, or each of us may have, or are entitled to, under and by virtue of the Constitution or laws of Alaska, or any other State of the United States, to pay this Deed of Trust and any Deed of Trust Notes it secures in full, principal and interest, attorney's fees and costs, and I, or we hereby request and direct any Trustee in Bankruptcy having possession, or right of possession of such homestead exemption to deliver to the owner of this Note a sufficient amount of property, or money claimed as exempt, to pay off this indebtedness as aforesaid. In case of Bankruptcy, the holder and owner of this Note is appointed attorney in fact for each of the undersigned to claim any and all exemptions allowed by law. In addition to the powers bestowed upon the Trustee by Statute and elsewhere in this Deed of Trust, the Trustee is hereby specifically empowered to execute and deliver an appropriate deed of reconveyance upon receiving satisfactory assurance that the Note secured hereby, together with interest and any advance shown to have been made by or on behalf of the Beneficiary under the terms of the Deed of Trust have been paid in full; and in this connection, the Trustee may consider advice in writing to such effect from FIRST NATIONAL BANK OF ANCHORAGE, or any agent subsequently authorized by Beneficiary to collect the Deed of Trust Note as such satisfactory evidence. 14. The extension of credit and any other loan, secured hereby, has been made in reliance upon Trustor's ownership, management and control of the Property. Therefore, if all or any part of the Property or an interest therein is sold or transferred by Trustor without Beneficiary's prior written consent, excluding (a) the creation of a purchase money security interest for household appliances, (b) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (c) the grant of any leasehold interest
of three years or less not containing an option to purchase, Beneficiary may, at Beneficiary's option, declare all sums secured by this Deed of Trust to be immediately due and payable. Beneficiary shall have waived such option to accelerate if, prior to the sale or transfer, Beneficiary and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary. For purposes hereof, any change in the present stock of ownership or control of Trustor shall be deemed a transfer of the Property. If Beneficiary exercises such option to accelerate, Beneficiary shall mail Trustor notice of acceleration in accordance with the mailing instructions given herein. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Trustor may pay the sums declared due. If Trustor fails to pay such sums prior to the expiration of such period Beneficiary may, without further notice or demand on Trustor invoke any remedies permitted herein or which Beneficiary may have at law, or in equity. 15. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Beneficiary and Trustor subject to the provisions of paragraph 13 hereof. All covenants and agreements of Trustor shall be joint and several. The words "Trustor" or "Beneficiary" shall each embrace one individual, two or more individuals, a corporation, partnership, or an unincorporated association, depending on the recital herein of the parties to this Deed of Trust. 16. In the event Trustor shall consent to the appointment of a receiver, trustee, or liquidator of all or a substantial part of Trustor's assets, or be adjudicated bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due or make a general assignment for the benefit of creditors, or file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law, or file an answer admitting the material allegations of a petition filed against the Trustor in any bankruptcy, reorganization for the purpose of effecting any of the foregoing, or any order, judgment or decree shall be entered upon an application of a creditor or Trustor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of Trustor's assets and such order, judgment or decree shall continue unstayed and in effect for any period of thirty (30) consecutive days, the Beneficiary may declare the Note hereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the Note and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to be paid on such day; and thereupon the Beneficiary without notice or demand may prosecute a suit at law in or in equity as if all monies secured hereby had matured prior to its institution. 17. It is further covenanted and agreed by said parties that in the event of a proceeding being instituted to foreclose this Deed of Trust, the Beneficiary shall be entitled to apply at any time pending such foreclosure proceeding to the court having jurisdiction thereof for the appointment of itself or any other individual or entity as receiver of all and singular the Secured Property, and of all rents, incomes, profits, issues and revenues thereof, from whatever source derived, and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint such receiver with the usual powers and duties of
receivers in like cases; and said appointment shall be made by the Court as a matter of strict right to the Beneficiary and without reference to the adequacy or inadequacy of the value of the Property hereby secured, or to the solvency or insolvency of the Trustor or any other party defendant to such proceeding. The Trustor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Beneficiary and that same may be done without notice to the Trustor. 18. No remedy conferred upon or reserved to the Beneficiary hereunder or in the Deed of Trust Note is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given to the Beneficiary now or hereafter existing at law or in equity or by statute. No delay or omission of the Beneficiary to exercise any right or power accruing upon any event of default herein, or in the Deed of Trust Note, shall impair any such right or power or shall be construed to be a waiver of any such event of default or in acquiescence therein; and every power and remedy given by this Deed of Trust herein or in the Deed of Trust Note to the Beneficiary may be exercised from time to time as often as may be deemed expedient by the Beneficiary. Nothing in this Deed of Trust or in the Deed of Trust Note shall effect the obligation of the Trustor to pay the principal of, and interest on, the Deed of Trust Note in the manner and time and place therein respectively expressed. 19. In the event any one or more of the provisions contained in this Deed of Trust or in the Deed of Trust Note shall for any reason be held to be inapplicable, invalid, illegal or unenforceable in any respect, such inapplicability, invalidity, illegality, or unenforceability shall, at the option of the Beneficiary, not affect any other provisions of this Deed of Trust or the Deed of Trust Note, but this Deed of Trust or the Deed of Trust Note shall be construed as if such inapplicable, invalid, illegal or unenforceable provision had never been contained herein or therein. This Deed of Trust shall be governed by the law of the State of Alaska. 20. In addition to the obligation described above as evidenced by the Deed of Trust Note, this Deed of Trust is given to secure any and all obligations from the Trustor, any officer, stockholder or director of the Trustor, if Trustor is a corporation, any Partner, general or limited, if Trustor is a partnership, and any guarantor to Beneficiary arising by virtue of any security agreement, Deed of Trust Note, guaranty or other agreement between Trustor, any officer, stockholder or director of the Trustor, if Trustor is a corporation, any Partner, general or limited, if Trustor is a Partnership, any guarantor, and the Beneficiary and for all obligations of Trustor, any officer, stockholder or director of the Trustor if the Trustor is a corporation, any Partner, general or limited, if Trustor is a Partnership, and any guarantor to the Beneficiary contingent or absolute, direct or indirect, regardless of however or whenever created. 21. This Deed of Trust applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term "Beneficiary" shall mean the holder and owner, including pledgee, of the Note secured hereby, whether or not named as the Beneficiary herein. In this Deed, whenever the
context so requires, the masculine gender includes the feminine or neuter and the singular number includes the plural. 22. Trustee accepts this trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee. 23. Beneficiary may, from time to time, as provided by statute, appoint another Trustee in place and stead of the Trustee herein named, and thereupon, the Trustee herein named shall be discharged and the Trustee so appointed shall be substituted as Trustee hereunder with the same effect as if originally named Trustee herein.
24. If for any reason final patent to the Property herein described is not received from the federal government, this Deed of Trust shall be terminated, the money paid to purchase the Property shall be refunded, and the Beneficiary shall have no further liability to the Trustor, or any third party, for termination. IN WITNESS WHEREOF the Trustor has executed this Deed of Trust to be effective on the date first above written. Offeror, Trustor Date
ACKNOWLEDGMENT STATE OF ALASKA ) ) :ss JUDICIAL DISTRICT ) THIS IS TO CERTIFY THAT on this day of, 2007, before me, the undersigned Notary Public in and for the State of Alaska, duly commissioned and sworn as such, personally appeared OFFEROR, who acknowledged to me that he/she/they executed the within and foregoing instrument, as a voluntary act and deed, for the uses and purposes therein mentioned. WITNESS my hand and official seal the day and year herein and above written. Notary Public in and for Alaska My Commission Expires: After recording, return to: First National Bank of Anchorage Escrow Department P.O. Box 100720 Anchorage, AK 99510-0720