HomeMy WebLinkAboutRecorded Trust Agreement - Vista Rim Townhomes, a ZDA i
TRUST AGREEMENT
This Trust Agreement(the"Agreement")is made and entered into this 2 G r' day
of 0e Tb_,5 rTL ,2021,by and between 100#PARTNERS,LLC,an Idaho Limited
Liability Company,(hereinafter"Trustor"); TITLEFACT,INC., (hereinafter"Trustee"); and the CITY
OF TWIN FALLS,IDAHO(hereinafter"Beneficiary"),and is made with respect to the following facts
and objectives:
WITNESSETH:
WHEREAS,Trustor is the owner of the real property described below(the"Property"); and
WHEREAS, it is the desire and intent of Trustor to arrange,by and through this Agreement,for the
orderly development and sale of the Property, in a manner that is conducive to achieving full compliance
with applicable rules and regulations of Twin Falls County,Idaho,and the City of Twin Falls,Idaho,in
effect on the date of approval of the subdivision of the property.
NOW THEREFORE,it is agreed between the parties hereto as follows:
1. That upon the execution of this Agreement by both parties,the Trustor agrees to execute and
deliver to the Trustee a Warranty Deed,conveying to the Trustee,in Trust,to be held solely for
the benefit of the Beneficiary,the Property,to-wit:
Lots 1, 2, 3,4, 5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19,20,21, 22,23,and 24,Block 1,
VISTA RIM TOWNHOMES SUBDIVISION,A ZDA,,Twin Falls County,Idaho,
according to the official plat thereof recorded in Book `' of Plats,page
records of Twin Falls County,Idaho. T
2. The Trustor and the Trustee agree that the Trustee shall hold said title to the Property in trust,
solely for the benefit of the Beneficiary under the terms hereof,and that title to the Property shall
be and remain good and marketable and free from any defects,liens, conditions or encumbrances
of any kind or nature,other than those appearing of record in the office of the Twin Falls County
Recorder, and conditions of the Phase Control Development Notice for lots in VISTA RIM
TOWNHOMES SUBDIVISION,A ZDA, a copy of which is attached hereto as Exhibit"A," or
those which are placed on the Property with the prior written consent of the Trustee. The Trustee
shall not convey,transfer or encumber all or any interest in the Property, save and except to the
extent as directed by the Trustor by written instrument delivered to the Trustee.
3. It is understood and agreed that the purpose of this Agreement is to provide Trustor with a
convenient means of,subdividing,developing and selling the Property. It shall be the entire
responsibility of the Trustor to effect such developing, subdividing and selling of the Property
and to provide whatever subdivision plat it may desire and to pay all costs and expenses of said
developing, subdividing and selling, and Trustee shall have no liability for any costs or expenses
therefor or for any claim,damage,loss or liability sustained to the Property or Trustor or to any
other person or persons in connection with said matter,save and except to the extent caused by
Trustee's failure or refusal to comply with the terms and conditions of this Agreement.
TWIN FALLS COUNTY
2021-025282 Pam: 6
Oct 26,2021 12:05:12 pm Fee: S 25.04)
For:EHNI ENGINEERS
KRISTINA GLASCOCK CounA Clerk
Deputy:AROCK
4. The Trustor may,as it desires from time to time, sell all or any portion of the Property in its sole
and complete discretion subject to the restrictions of the Phase Control Development Notice for
lots in said subdivision. The Trustee agrees that,when it is so instructed in writing by Trustor, C
Trustee shall execute and deliver to the person or persons designated by Trustor,a fiduciary deed
conveying good and marketable title to the Property or any part thereof as designated,and at said
time the Trustor agrees to pay to Trustee any reasonable costs and expenses incurred by the E
Trustee hereunder and to pay the normal and customary fee for the cost of an owner's title ,
insurance policy to be issued by TITLEFACT,INC.
5. It is agreed that Trustee shall not be liable or responsible for the condition of title to the Property,
except as may be provided in any title insurance policy issued by the Trustee, and Trustee shall
have no liability concerning possession or survey or any taxes,costs or expenses in connection
with the Property,other than as herein provided.
6. It is agreed that the term of this Agreement shall expire when all of the above described Lots have
been conveyed by the Trustee pursuant to Trustor's written instructions.
7. It is agreed that this Trust Agreement may not be revoked or amended without the prior written
approval of the Beneficiary. If Trustee is presented with written notice of Termination by both
Trustor and Beneficiary,and Trustee receives Trustor's payment of all reasonable out-of-pocket
costs and expenses incurred by Trustee in connection with this Agreement,if any,the Trustee
shall immediately reconvey to Trustor the remaining part of the Property; and thereafter no party
hereto shall have any further liability to the others in connection with the Property or under the
terms of this Agreement.
8. Trustor agrees to indemnify and save harmless Trustee from any claims,demands,judgments,
costs and expenses including reasonable attorney's fees and any other obligation or liability of
any kind or nature that the Trustee may for any reason suffer,incur or expend by reason of this
Trust Agreement or in the administration thereof,other than for or as a result of Trustee's
misconduct,breach of this Agreement,or willful neglect.
9. This Agreement shall bind the parties hereto,their heirs,representatives, successors and assigns.
10. It is understood and agreed that the Trustee may charge the Trustor a reasonable fee for serving as
Trustee.
s9
1
Date:
TRUSTOR:
Date: -)- t Z
100#PARTNERS, LLC,an Idaho Limited Liability Company
BY: KW*--
Jonathan . McBride, Manager
Date:
100#PARTNERS,LLC,an Idaho Limited Liability Company
M&J Investment, LL Member
BY: �, r �_
Jesse Hamilton,Manager
Date: ��Q a
TRUSTEE:
TITLEFACT,INC.,an Vaho corporation
BY: /
Date:
BENEFICIARY:
CITY OF TWIN FALLS,IDA O
BY•
STATE OF Idaho
County of Twin Falls
On this /q tµ day of ,Ju 2021, before me, a Notary Public in and
for said State, personally appeared JONATHAN J. MCBRIDE known or identified to me to be the
manager of the limited liability company of 100#PARTNERS,LLC, and the member who subscribed
said limited liability company name to the foregoing instrument and acknowledged to me that he executed
the same in said limited liability company name.
IN WITNESS HEREOF I have hereunto set my hand and official seal the day and year first above
w .
Notary Public Idaho0.
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Residing in .,� .•'* .••� 2p�8i •L•
Commission expire ` u°cIpCARY o ,
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10
STATE OF Idaho
County of
On this day of 2021, before me, a Notary Public in and
for said State, personally appeared JESSE HAMILTON known or identified to me to be the manager
of the limited liability company of M &J INVESTMENT, LLC,as a member of 100#PARTNERS,
LLC,and the member who subscribed said limited liability company name to the foregoing instrument
and acknowledged to me that he executed the same in said limited liability company name.
IN WITNESS HEREOF I have hereunto set my hand and official seal the day and year first above
written.
Notary u is Idaho
Residin -Bo 19.Q C�v
Commission expires S 1 k(31 2-07-Q
F
SICA KEITH
ISSION i=6411 iARY PUBLIC
E OF IDAHO 1
STATE OF IDAHO
County of Twin Falls 11
On this day of —Ju—Li, ,2021,before me,the undersigned,Notary Public in
and for said State,personally appear d .42\ '—pAj— known or identified
to me to be the Py csI of the said corporation that executed this
instrument,or the person who executed the instrument on behalf of said corporation,and acknowledged
to me that such corporation executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal,the day and year in
this certificate first above written.
ETH
N Public for Idaho
�•"'•"•A:��'•.
Residing at. W
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My Commission expires: \:�• N0Tgh,�,
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STATE OF IDAHO ,,��•�C,,OF SOP •```
County of Twin Falls
On this�day of U L_ 2021,before me,the undersigned,Notary Public in
and for said State,personally
appeared `A % ,known or
identified to me to be the ✓ for the City of Twin Falls, Idaho,and known to
me to be the person whose name is subsc ibed to the within instrument,and acknowledged to me that she
executed the same on behalf of the City of Twin Falls,Idaho.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal,the day and year in
this certi ate first abov _ n.
kd
otary P blic for Idaho
Residing at: �we. �!S T c
My Commission expires: LEILA A SANCHEZ
COMMISSION#47171
NOTARY PUBLIC
V� STATE OF IDAHO
"EXHIBIT A"
PHASE CONTROL DEVELOPMENT NOTICE
THIS NOTICE prohibits the conveyance of any undeveloped lot in until such time as an Improvement
Agreement for Developments between the City of Twin Falls and the Developer is recorded designating
the lots and blocks in each phase which are approved for conveyance.
TITLEFACT, INC., will hold the deed to all undeveloped lots in Escrow with instructions to convey only
those lots covered by the recorded Improvement Agreement for Developments.
The real property subject to this notice is:
Lots 1,2, 3,4, 5, 6, 7, 8,9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19,20, 21, 22, 23, and 24,Block 1,VISTA
RIM TOWNHOMES SUBDIVISION,A ZDA,Twin Falls County, Idaho
TRUSTOR:
i
Date: 1 • 2 I
100#PARTNERS,LLC, an Idaho Limited Liability Company
BY: `W
Jonathan McBride,Manager
t
Date:
100#PARTNERS, LLC, an Idaho Limited Liability Company
M&J Investment, LLC, Member
BY: I�.
JesseI.ramilton, Manager
Date: ( '
TRUSTEE:
TITLEFACT,INC.,an Id o corporation
BY: