Loading...
HomeMy WebLinkAbout1998 - Deed of Trust - Nakata Kazuo / Nakata Sharon / Rainier Credit Company - 98090417969809041796 WHEN RECORDED MAIL TO: Seaficst Bank _ — Regional Loan Service Center P.O. Boa 3828 — Seattle. WA 981243828 Account Number: 5332507 ACAPS Number: 982011401170 Date Printed: 8/20/1998 Reconveyance Fee: $ 62 . 45 . . THIS DEED OF TRUST is granted by Kazwr (Vakata And SharonNakam, OPTION 15 1st DOT _ DEED OF TRUST o this �t day of /4/454/6# , /998 q Husband And Wife - _ -- -- .._. ..- • - -- - -- - - f'Grentor') to RAINIER CREDIT COMPANY ('Trustee'). whose address is 800 Filth Avenue, Floor 19, Seattle, Wa 98104. in trust for Bank of America NT&SA Doing Business As Searirst Bank, CS nafrur at ha NORTH BENSON BRANCH office. 'Grantor' herein shall mean each of them jointly end searaly. Grantor agrees as follows: I. CONVEYANCE. Grantor hereby bargains. sells and conveys to Trustee in trust, with power of sale, all of Grantor's right. title and interest m the following descrbed reel property ('Properly'). whether now owned or tater acquired, located at 0600 39th Avg S - - —' SEATTLE WA 981681902 _ _ _ _ _ ___ • MIAMI ISTREETI - Itm'1 dm akar in King _ .... County, Washington and legally described as: Abbreviated Legal: Pnniom Of Tract(S) I I. Riverside busted= Tracts. Sec Full Legal Attached. 3/ /c "� OLD REPUBLIC TITLE, LTD. .75 dal co 3 Property Tax ID A 73411601122104 together with at equipment and futures. now Of later attached to the Property: all easements. tenements. hereditaments and appurtenances. now or later in any way appertaining to the Property; al royalties, mineral, oil and gas rights and profits derived from or in any way connected with the Properly: all water and ditch rights, however evidenced, used In or appurtenant to the Property; and all leasehold interests, rents, payments, issues and profits derived from or In arty way connected with the Property. 2. ASSIGNMENT OF RENTS. 2.1 ASSIGNMENT. Grantor further assigns to Beneficiary all of Grantor's interest in all existing and future leases, licenses and other agreements for the use or occupancy of the Property ('Contracts), including the immediate and contirnuirg right to coked, in either Grantor's or Beneficiary's name, all rents. receipts, income and other payments due or to become due under the Contracts ( *Payments'). As long as tow re is no default under this Deed of Trust, Grantor is granted it license to collect the Payments, but such icerse short not constitute Beneficiary's consent to Grantor's use of the Payments in any bankruptcy proceeding. 22 DISCLAIMER. Nothing contained in this Deed of Trust shall be construed as obligating Beneficiary Or any receives to take any action to enforce any provision of the Contracts, wend any money, incur any expense or perform any obligation under the Torments. Beneficiary's duties are expressly emited to giving of proper credit for all Payments received by it. 3. SECURED OBLIGATIONS. This Deed of Trust secures performance of each agreement made by Grantor contained in this Deed of Trust and the payment of the cum of __ . .. - .- _. .. ..._ . _._.__ _ . sixty seven thousand seven nurdred eighty tour doln thirty,one cores _ O. 67 _ )with interest thereon as evidenced by a promissory notes) signed on payable to Beneficiary or order and made by Grantor, and includes al renewals, modit:cetlons and estensins thereof, together with any payments made pursuant 10 paragraph 10.3 hereof ('Secured Obligations'). Nothing contained in this Deed of Trust shall be construed as obligating Beneficiary to make any renewal, modification, extension or :inure advance to Grantor. Grantor hereby consents to the filing for record by Beneficiary of an extension of this Deed of Trust it prior to the Maturity Date the secured obigations remain outstanding. 4. AFFIRMATIVE COVENANTS. Grantor shag: 4.1 MAINTENANCE OF PROPERTY. Maintain and preserve the Property in good condition and repair, ordinary wear and tear excepted; complete any improvement which may be constructed on the Property; and restore any improvement which may be damaged or destroyed; 42 COMPLIANCE WITH LAWS. Comply with all laws. ordinance:, regulations. covenants, conditions and rostriaions affecting the Property: 4.3 REAL ESTATE INTERESTS. Perform al obligations to be performed by Grantor under the Contracts: 4.4 PAYMENT OF DEBTS AND TAXES. Pay promptly all obligations secured by the Property; W tams. assessments and governmental Sens or charges levied against the Property; and all claims for labor, materials, supplies or otherwise which. h np uaid, might become a fen or charge upon the Property; foal NO etnnt% war -lose P.01013 • 4.5 INSURANCE. Insure ooreinuoudy. with financially sound and reputable insurers acceptable to Beneficiary, an Improvements on the Property against at risks, =Wilts and tosses through standard fire and extended coverage insurance or otherwise. Including, without Imitation. inwanoe against fee. theft, casualty, ■rdatsm and any other risk Beneficiary miry reasonably request. The insurance poides Mel be in an aggregate amours of not less than the furl replacement cost of at improvements on the Property. McAding the cost of demolition and removal of debris, and shaft name Beneficiary as los6 payee, as its interest may appear. The amounts collected under the insurance policies may be applied to the Secured Obligations in any manner as Beneficiary determines, and such application What not cause discontinuance of any proceeding to foreclose upon this Deed of Trust. In the event of foreclosure, at of Grantor's fights in the Insurance poicies shall pass to purchaser at the foreclosure s ale; 4.6 HAZARDOUS WASTE. Notify Beneficiary within twentydotr (24) hours of any release Of a reportable quantity of any hazardous or regulated substance, or of the receipt by Grantor of any notice, order or communication from any governmental authority which relates to the *este= of or potential for environmental pollution of any kind existing on the Property, or results Item the use of the Property or any surrounding property; and 4.7 COSTS AND EXPENSES. Pay, reimburse and indemnify Beneficiary for at of Beneficiary's reasonable costs sd expenses incurred in connection with foreclosing upon this Deed of That, defending any action or proceeding purporting to affect the rights or duties of Beneficiary or Trustee under this Deed of Trust, Of managing the Property and Coleding the Payments, inckading, without imitation, at aftomeys' lees and vatn of the services of staff coca eel. legal expenses, cofection costs, costs of title search, and matte's and receiver's fees to the mardmum extant allowable by law. S. NEGATIVE COVENANTS. Grantor that not without Beneficiary's prior written consent: 5.1 PAYMENTS. Accept or elect Payments more than one (1) morah in advance of the due date; 52 MODIFY CONTRACTS. Terminate, modify or amend any provision of the Contracts: or 5.3 RESTRICTIONS ON CONVEYANCES. Transfer or convey any interest in the Property, eeapt by wit or intestacy. 6. EMINENT DOMAIN. In the evert any portion of the Property is taken through eminent domain, the amount of the award to which Grantor is entitled slur be applied to the Secured Obligatons. 7. RECONVEYANCE. Trustee than recency such portion of the Property to the person entitled thereto upon written request of Beneficiary, or upon satisfaction of the Secured Obagetiore and written request for reanveyance made by Beneficiary or any person interested in the Properly. B. SUCCESSOR TRUSTEE. M the event of death, Incapacity, disabiity or resignation of the Trustee, Beneficiary may appoint a successor trustee and, upon the recording of such appointment in the records of the county in which this Deed Of Trust Is recorded, the Successor trustee shah be vested with at powers of the original Trustee. 9. EVENTS OF DEFAULT. The occurrence of any of the following events shall, at Beneficiary's option, end at any time without regard to any previous knowledge on Beneficiary's part, constitute a del auk under the terms of this Deed of Trust, the Secured Obligations and an related loan documents: 9.1 NONPAYMENT OF PRINCIPAL OR INTEREST. Any payment of principal or interest on the Secured Obligations is not made when due; or 9.2 FAILURE TO PERFORM. Any tax, assessment, insurance premium, Ben, encumbrance or other charge against the Property, or any payment under a real estate contract covering the Properly is not paid when due; or any other term, covenant or agreement of Grantor contained in this Deed of Trust of in any other document with Beneficiary. or in which Grantor grants a security interest In the Property, is not promptly performed or satisfied. 10. REMEDIES UPON DEFAULT. it any default Dews and is continuing, Beneficiary may, et Its option: 10.1 TERMINATE COMMITMENT. Terminate any outstanding and nnlr/fifed commitment to Grantor, 102 ACCELERATE. Declare any or ell of the Secured Obligations. together with at accrued interest, to be immediately due and payable without presentment, demand, protest or notice of any kind, as of which are expressly waived by Grantor; • 10.3 PAYMENTS. Pay such ems as may be necessary to pay any tax, assessment, Insurance premium, ten. encumbrance or other charge against the Property, or any payment under • real estate contract covering the Property. without prejudice to Beneficiary's right to accelerate the Secured Obligations and foreclose upon this Deed of Trust. Grantor shall reimburse Beneficiary, upon demand, for at such amounts pant by Beneficiary, with Interest thereon from the date of such payment at the highest rate that is, from tine to time. appirable on any of the Seared Obligations. At unreimbursed amounts shall be added to and become a part of the Secured Obligations; 10.4 COLLECTION OF PAYMENTS. Terminate the lane. granted to Grantor to collect the Payments: take possession of, manage and operate the Property wider the terms of the Contracts; and demand and collect tit Payments, including endorsing any C draft or other imctnamad given as payment. either by Itself or through an agent or judicially-appointed receiver. The Payments Waal be emoted first to payment of the ports of managing the Property and collecting the Payments, and then to the Secured Cbfgetlons: 103 TRUSTEE'S SALE. Direct the Twree, upon written request, to eel the Property end am* the sate proceeds rn accordance with Washington's Deed of Trust Ad IRCW 61.24.010, et seq.). Any person. except Trustee, may bid at the Trustee's sale; and 10.6 OTHER REMEDIES. Pursue at other available legal and equitable remedies. including. without imitation, foreclosing upon this Deed of Trust as a mortgage. Grantor expressly wal ves any defense Or right, in any action or proceeding in Correction with the Secured Obligation, that Beneficiary must first resort to any other security or person. II. WAIVER. No waiver by Beneficiary of any deviation by Grantor front full performance of this Deed of Trust or the Secured Obligations, as the case may be. that Constitute a waiver of Beneficiary, right to require prompt payment or to assert any other right or remedy provided for in this Deed of Trust or the secured Obligations on the basis of the same or similar failure to perform. 12. SUCCESSORS AND ASSIGNS. This Deed of Trust Inures to the benefit of and is binding upon the respective heirs, devisees, legatees, edmMstrators, executors, successors and assigns of the parties hereto. 13. APPt1CABLE LAW. This Deed of Trust has been delivered and accepted by Beneficiary in the State of Washington. This Deed of Trust shall be governed by and construed in accordance with the laws of the State of Washington. ryas tees That portron of Tract(s)11. RIVERSIDE INTERURBAN TRACTS. according to the plat thereof recorders in volume 10 at Ptam, pages) 74. recants of King County. Vyasnington. desaibea as follows. Beginning at the Southeast corner a said Tract 11. and running THENCE Norm. along the East tine of said Tract. 299.20 feet; THENCE West. parallel of the South Yne of sap Tract . 60 feat. THENCE Southwesteny to a point 289 20 feat North of aria 40 feet East of the Southwest comer of said Tract. THENCE Soutn. parallel to and 40 feet East of the West Mete of said Tract 269 20 feet to the South line of said Tract THENCE East. along said Soutt Lane. to me Place of Beginning; EXCEPT me Soutn 20 feet thereof SITUATE in the County of King. State of Washington. INITIAL HERE: < //. INITIAL HERE: 4"il • ° • )