NOTICE OF TRUSTEE'S SALE
On Wednesday, the 29th day of November 2006 at the hour of 11:00 o'clock A.M., local time, of said day, at the front steps of the Bonner County Courthouse, 215 South First Avenue, Sandpoint, Idaho, R. Wayne Sweney, as Successor Trustee, will sell at public auction to the highest bidder, for cash, in lawful money of the United States, all payable at the time of sale, the following described real property, together with fixtures, situated in the County of Bonner, State of Idaho, and particularly described as follows:
All that portion of Government Lot 3, Section 22, Township 56 North, Range 1 West of the Boise Meridian, Bonner County, Idaho, more particularly described as follows:
Beginning at a found 3/4 inch iron pipe marking the Northwest corner of Lot 7, Block 1 of the aforementioned Opal McKee Plat;
thence along the Westerly line of Block 1, Opal McKee Plat, South 11 degrees 09'00" West, a distance of 300.00 feet to a set 1/2 inch iron rod and cap for the Southwest corner of said Block 1, same being the Northwest corner of Lot 1, Valhalla Vista Cottage Sites;
thence along the Westerly extended South line of Lot 1, Opal McKeea Plat, North 89 degrees 53'09" West, a distance of 20.00 feet to a found 1/2 inch iron rod and cap;
thence along the Westerly right of way line of Valhalla Way, South 10 degrees 46'02" East, a distance of 256.84 feet to a set iron rod and cap marking the intersection with the South line of Deerwood Drive;
thence along the Westerly extended South line of Deerwood Drive, North 88 degrees 40'32" West, a distance of 2.05 feet to a set 5/8 inch iron rod and cap marking the intersection with the West line of Gold Coin Group Mineral Survey Number 3500;
thence along the West line of said Mineral Survey Number 3500, South 03 degrees 26'13" East, a distance of 24.45 feet to a set standard U.S.F.S. aluminum pipe and cap on the South line of Government Lot 3;
thence along the South line of Government Lot 3, South 89 degrees 48'38" West, a distance of 173.28 feet to elevation 2051 N.G.V.D. 1929 M.S.L. being the present low water line of Lake Pend Oreille;
thence along the present low water line of Lake Pend Oreille and elevation 2051, the following five (5) courses:
(1) North 09 degrees 00'00" East, a distance of 35.89 feet; thence
(2) North 00 degrees 38'14" East, a distance of 242.05 feet; thence
(3) North 06 degrees 41'22" East, a distance of 99.42 feet; thence
(4) North 17 degrees 45'12" East, a distance of 99.32 feet; thence
(5) North 04 degrees 20'45" West, a distance 101.45 feet to the intersection with the Westerly extended North line of Block 1, Opal McKee Plat;
thence along said Westerly extended North line of Block 1, Opal McKee Plat, South 89 degrees 50'52" East, a distance of 99.00 feet to a found iron rod and cap marking the Westerly right of way line of a 50.00 foot wide county road, as established by instrument recorded in Book 20 of Miscellaneous, Page 126, records of Bonner County, Idaho;
thence along said county road right of way the following three (3) courses:
(1) South 13 degrees 08'00" West, a distance of 302.26 feet; thence
(2) South 89 degrees 53'09" East, a distance of 51.32 feet; thence
(3) North 13 degrees 08'00" East, a distance of 302.23 feet to the intersection with the Westerly extended North line of Block 1, Opal McKee Plat;
thence along said Westerly extended North line of Block 1, Opal McKee Plat, South 89 degrees 50'52" East, a distance of 11.08 feet to the point of beginning.
TOGETHER WITH all that portion of said Government Lot 3, lying between the Westerly extension of the North and South lines of the above-described tract.
EXCEPTING THEREFROM any portion thereof, which may lie within Gold Coin M.S. Number 3500.
ALSO EXCEPTING THEREFROM County Road rights of way.
ALSO EXCEPT all that portion of Government Lot 2, Section 22, Township 56 North, Range 1 West, Boise Meridian, Bonner County, Idaho, more particularly described as follows:
Beginning at a found 3/4 inch iron pipe marking the Northwest corner of Lot 7, Block 1 of the Opal McKee Plat:
thence along the Westerly line of Block 1, Opal McKee Plat, south 11°09'00" West a distance of 300.00 feet to a set 1/2 inch iron rod and cap for the Southwest corner of said Block 1, same being the Northwest corner of Lot 1, Valhalla Vista Cottage Sites;
thence along the Westerly extended South line of Lot 1, Opal McKee Plat, North 89°53'09" West a distance of 20.00 feet to a found 1/2 inch iron rod and cap;
thence North 13°08'00" East, a distance of 302.23 feet to the intersection with the Westerly extended North line of Block 1, Opal McKee Plat;
thence along said Westerly extended North line of Block 1, Opal McKee Plat, South 89°50'52" East, a distance of 11.08 feet to the point of beginning.
TOGETHER WITH LEASEHOLD RIGHTS in Submerged Lands Lease No. B-2012 with the State of Idaho by and through the State Board of Land Commissioners as Lessor.
The trustee has no knowledge of a more particular description of the above referenced real property for purposes of compliance with Section 60-113 Idaho Code. The trustee has information that the real property has had an address of 1835 Garfield Bay Road, Sagle, Idaho.
Said sale will be made without covenant or warranty regarding title, possession or encumbrance to satisfy the obligations secured by and pursuant to the power of sale conferred in the Deed of Trust described as follows:
DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF:
GRANTOR: TERRY J. SCHELL AND KATHY J. SCHELL
TRUSTEE: U.S. BANK TRUST COMPANY, NA.
BENEFICIARY: U.S. BANK, NA
ORIGINAL AMOUNT: $800,000.00
RECORDED: AUGUST 28, 2002
INSTRUMENT NO: 607663
THE GRANTORS NAMED HEREIN ARE LISTED TO COMPLY WITH SECTION 45-1506(4)(a) OF THE IDAHO CODE. No representation is made whether or not he or she is currently responsible for the obligation listed herein.
The defaults for which this sale is to be made include failure of Grantors to make payments on the obligation secured by the Deed of Trust, including the June 2006 payment. As of 10 July 2006, the outstanding principal balance owing on the Promissory Note secured by the Deed of Trust was $727,669.46 plus accrued interest of $6,424.42, a Phase I fee of $412.05, a lease payment of $286.18, an inspection fee of $70.00, UCC fees of $30.00, and legal fees of $7,000.00. Additional interest accrues at the rate of $204.35 per day. Grantors must also pay outstanding taxes, interest, penalties, late charges, service charges, appraisal fees, title policy fees, and any other disbursements, costs, fees or expenses incurred or paid by the Beneficiary and/or Trustee associated with this Notice of Default and/or this foreclosure as provided by the Deed of Trust, Promissory Note or by Idaho law.
Additional defaults under the Promissory Note and Deed of Trust are:
1. Conveyance of the real property described in the Deed of Trust without the express written consent of Beneficiary;
2. Grantors' failure to provide insurance as required by the Deed of Trust;
3. Grantors' failure to pay taxes on the property described in the Deed of Trust;
4. Grantors' failure to submit tax returns
5. Breach of the Forbearance Agreement dated 7 December 2004 by failure to make payments when due thereunder; and,
6. Encumbering the property described in the Deed of Trust without the express written consent of Beneficiary.
Grantors must also pay outstanding taxes, interest, penalties, late charges, service charges, appraisal fees, title policy fees, and any other disbursements, costs, fees or expenses incurred or paid by the Beneficiary and/or Trustee associated with this Notice of Default and/or this foreclosure as provided by the Deed of Trust, Promissory Note or Credit Agreement, or by Idaho law. R. Wayne Sweney, Attorney at Law, is the successor trustee of said Deed of Trust. The Amended Notice of Default was recorded on 24 July, 2006 as Instrument 709031, Records of Bonner County, Idaho, Recorder.
DATED: July 25, 2006
R. Wayne Sweney, Trustee
250 Northwest Boulevard,
Suite 102
Coeur d'Alene, Idaho 83814
Legal SNP# 8038
Aug. 17, 24, 31, Sept. 7, 2006