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HomeMy WebLinkAbout2001 - Home Equity Line Deed of Trust - Pruitt John / Rogers Mary / Key Bank - 2001052200189020010522001890 VARIABLE $100,000.00 05/12/01 05/12/31 011201226550C 473101455838 When Recorded Return to KeyBank National Association P.O. Box 16430 Boise, ID 83715 (206) 585 -9380 HOME EQUITY LINE DEED OF TRUST GRANTOR(S) JOHN PRUITT UNMARRIED MARY ROGERS UNMARRIED GRANTEE ('Lender"): KeyBank National Association P.O. Box 16430 Boise, ID 83715 TRUSTEE FIRST AMERICAN 720 THIRD AVE, SUITE 2020 SEATTLE, WA 98104 ABBREVIATED LEGAL DESCRIPTION LOT 1 VOL 53 PG 48 (Additional legal description on page 7) ASSESSOR'S TAX PARCEL OR ACCOUNT NUMBER: 499750005 o I i I Illl II II I I , III II II II� I` �II Ili �� II III iI I Ili I I p � I I I 1 li( III I II I , le l I IIII III ill,li III I I LI I I lu i t 2 010522001890 p q // B A N 001 OF 007 T 14.00 KI WA BORROWER JOHN W. PRUITT JR MARY E. ROGERS • f y AADR6SS1 `f. 6433 S 153RD ST TLf .A W 98188 IONTIVIdAtI0NNo. . Ip I II I I I I II 1, J 110 I III p lir It In consideration of the loan or other credit accommodation hereinafter specified and any future advances or future Obligations, as defined herein, which may hereafter be advanced or incurred and the trust hereinafter mentioned and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor hereby irrevocably bargains, sells, transfers, KegraEnts, a cone s J a t ional end as s signs to ogj Truateex his on successors and assigns, in trust, for y � A 4410 Tied n Road, &» a B. Brooklyn, Ohio 44144 ( beneficiary under this Deed of Trust, with power of sale and right of entry and possession all of Grantor's present and future estate, right, title and interest in and to the real property described in Schedule Awhich is attached to this Deed of Trust and incorporated herein by this reference, together with all present and future improvements and fixtures, all tangible personal property including, without limitation, all machinery, equipment, building matenals, and goods of every nature (excluding household goods) now or hereafter located on or used in connection with the real property, whether or not affixed to the land, all privileges, hereditaments, and appurtenances, all leases, licenses and other agreements, all rents, issues and profits, all water, well, ditch, reservoir and mineral rights and stocks pertaining to the real property (cumulatively "Property), to have and to hold the Property and the rights hereby granted for the use and benefit of Trustee, his successors and assigns, until payment In full of all Obligations secured hereby Moreover, in further consideration, Grantor does, for Grantor and Grantor's heirs, representatives, successors, and assigns, hereby expressly warrant, covenant, and agree with Lender and Trustee and their successors and assigns as follows 1. OBLIGATIONS. This Deed of Trust shall secure the payment and performance of all present and future indebtedness, liabilities, obligations and covenants of Borrower or Granto (cumulatively 'Obligations') to Lender pursuant to (a) this Deed of Trust and the following promissory notes and other agreements (b) Q all other presently existing or future wntten evidences of indebtedness, obligations, agreements, instruments, guaranties or otherwise with Lender (whether Incurred for the same or d fluent purposes than the foregoing), (o) future advances, whether obligatory or optional, to the same extent as if made contemporaneously with the execution of this Deed of Trust, made or extended to or on behalf of Grantor or Borrower Grantor agrees that if one of the Obligations is a line of credit, the lien of this Deed of Trust shall continue until payment in full of all debt due under the lino notwithstanding the fact that from time to time (but before termination of the line) no balance may be outstanding At no time shall the lien of this Deed of Trust, not including amounts advanced to protect the security of this Deed of Trust, exceed $ 100.000.00 , and LPWA5le 0 John H 11uluW Co 02 /0e /9el (coo) 937 3799 Pug. I or 7 `7" LPwAMIaa 0 John H Neff and Co (t2 /0e /98) (ace) 937-3709 "-) P.g. 2 of 7 (d) all repeated amendments, extensions, renewals, modifications, replacements or substitutions to any of the foregoing As used in this Paragraph 1, the terms Grantor and Borrower shall include and also moan any Grantor or Borrower if more than one 2 REPRESENTATIONS, WARRANTIES AND COVENANTS. Grantor represents, warrants and covenants to Lander that (a) Grantor has fee simple marketable title to the Property and shall maintain the Property free of all liens, security interests, encumbrances and claims except for this Deed of Trust and those descnbed in Schedule B which is attached to this Deed of Trust and incorporated herein by reference, which Grantor agrees to pay and perform in a timely manner, (b) Grantor Is in compliance in all respects with all applicable federal, state and local laws and regulations, Including, without limitation, those relating to 'Hazardous Materials," as defined herein, and other environmental matters (the "Environmental Laws "), and neither the federal government nor the State of Washington Department of Ecology nor any other governmental or quasi governmental entity has filed a hen on the Property, nor are there any governmental, judicial or administrative actions with respect to environmental matters pending, or to the best of the Grantor's knowledge, threatened, which involve the Property Neither Grantor nor, to the best of Grantor's knowledge, any other party has used generated, released, discharged, stored, or disposed of any Hazardous Materials as defined herein, in connection with the Property or transported any Hazardous Matenals to or from the Property. Grantor shall not commit or permit such actions to be taken in the future The term 'Hazardous Matenals" shall mean any substance, material, or waste which is or becomes regulated by any governmental authority including, but not limited to (I) petroleum, (ii) friable or nonfriable asbestos, (iii) polychlorinated biphanyts, (iv) those O 2 substances, matenals or wastes designated as a 'hazardous substance' pursuant to Section 311 of the Clean Water Act or Eta listed pursuant to Section 307 of the Clean Water Act or any amendments or replacements to those statutes, (v) those c substances, matenals or wastes defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act or any amendments or replacements to that statute, and (vi) those substances, materials or wastes defined as a — "hazardous substance' pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, or any amendments or replacements to that statute or any other similar state or federal statute, rule, regulation or c-4 ordinance now or hereafter in effect Grantor shall not lease or permit the sublease of the Property to a tenant or subtenant whose operations may result in contamination of the Property with Hazardous Matenals or toxic substances, (c) All applicable laws and regulations including, without limitation, the Americans with Disabilities Act, 42 U S C 12101 et seq (and all regulations promulgated thereunder) and all zoning and building laws and regulations relating to the Property by c virtue of any federal, state or municipal authority with junsdiotion over the Property, presently are and shall be observed and ` p complied with in all material respects, and all nghts, licenses, permits, and certificates of occupancy (Including but not limited to zoning variances, special exceptions for nonconforming uses, and final inspection approvals), whether temporary or permanent, which are material to the use and occupancy of the Property, presently are and shall be obtained, preserved and, where necessary, renewed, (d) Grantor has the right and is duly authorized to execute and perform its Obligations under this Deed of Trust and these actions do not and shalt not conflict with the provisions of any statute, regulation, ordinance, rule of law, contract or other agreement which may be binding on Grantor at any time; (e) No action or proceeding is or shall be pending or threatened which might matenally affect the Property, and (f) Grantor has not violated and shall not violate any statute, regulation, ordinance, rule of law, contract or other agreement which might matenally affect the Property (including, but not limited to, those governing Hazardous Materials) or Lender's rights or interest in the Property pursuant to thus Deed of Trust 3. PRIOR DEEDS OF TRUST. Grantor represents and warrants that there are no pnor deeds of trust affecting any part of the Property except as set forth on Schedule B attached to this Deed of Trust which Grantor agrees to pay and perform in a timely manner If there are any prior deeds of trust then Grantor agrees to pay all amounts owed, and perform all obligations required, under such deeds of trust and the indebtedness secured thereby 4. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN GRANTORS OR BORROWERS. In the event of a sate, conveyance, lease, contract for deed or transfer to any person of all or any part of the real property described in Schedule A, or any interest therein, or of all or any beneficial interest in Borrower or Grantor Of Borrower or Grantor is not a natural person or persons but is a corporation, limited liability company, partnership, trust, or other legal entity), Lender may, at its option, declare the outstanding principal balance of the Obligations plus accrued interest thereon immediately duo and payable, or, at Lender's sole option, Lender may consent to said conveyance In writing and may increase the interest rate of this Deed of Trust to the Interest rate which Lender would then commit to make a first mortgage loan of similar character with similar security, as determined by Lender in its sold discretion, or compensate Lender for such increased risk resulting from the breach of the foregoing covenants At Lender's request, Grantor or Borrower, as the case may be, shell furnish a complete statement setting forth all of its stockholders, members or partners, as appropriate, and the extent of their respective ownership interests 5. ASSIGNMENT OF RENTS In consideration of the Obligations which are secured by this Deed of Trust, Grantor absolutely assigns to Lender all Grantor's estate, right, title, interest claim and demand now owned or hereafter acquired in all existing and future leases of the Property (Including extensions, renewals and subleases), all agreements for use and occupancy of the Property (all such leases and agreements whether written or oral, are hereafter referred to as the 'Leases'), and all guaranties of lessees performance under the Leases, together with the immediate and continuing nght to collect and receive all of the rents, income, receipts, revenues, issues, profits and other income of any nature now or hereafter due (Including any income of any nature Doming due dunng any redemption period) under the Leases or from or ansing out of the Property, including minimum rents, additional rents, percentage rents, parking or common area maintenance contributions, tax and insurance contributions, deficiency rents, liquidated damages following default in any Lease, all proceeds payable under any policy of insurance covering loss of rents resueing from untanantabilrty caused by destruction or damage to the Property, all proceeds payable as a result of a lessee's exercise of an option to purchase the Property, all proceeds dehved from the termination or rejection of any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any rights and claims of any kind which Grantor may have against any lessee under the Leases or any occupants of the Property (all of the above are hereafter collectively referred to as the 'Rents') This assignment is subject to the right, power and authority given to the Lender to collect and apply the Rents This assignment is recorded in accordance with RCW 65 08 070, the lien created by this assignment is intended to be epectfio, perfected, and choate upon the recording of this Deed of Trust, all as provided in RCW 7 28 230(3) as amended from time to time As long as there is no default under the Obligations or this Deed of Trust, Lender grants Grantor a revocable license to collect all Rents from the Leases when due and to use such proceeds in Grantor's business operations However, Lender may at any time require Grantor to deposit all Rents into an account maintained by Grantor or Lender at Lender's institution Upon default in the payment of, or in the performance of, any of the Obligations, Lender may at its option take possession of the Property and have, hold, manage, lease and operate the Property on terms and for a period of time that Lender deems proper Lender may proceed to collect and receive all Rents, from the Property, and Lender shall have full power to periodically make alterations, renovations, repairs or replacements to the Properly as Lender may deem proper Lender may apply all Rents in Lender's sole discretion, to payment of the Obligation or to the payment of the coat of such alterations, renovations, repairs and replacements and any expense° inadent to taking and retaining possession of the Property and the management and operation of the Property Lender may keep the Property properly insured and may discharge any taxes, charges, claims, assessments and other liens which may accrue. The expense and cost of these actions may be paid from the Rents received, and any unpaid amounts shall be added to the principal of the Obligations These amounts, together with other costs, shall become part of the Obligations secured by this Deed of Trust 6. LEASES AND OTHER AGREEMENTS Grantor shall not take or fail to take any action which may cause or permit the termination or the withholding of any payment in connection with any Lease pertaining to the Property In addition, Grantor, without Lender's pnor written consent, shall not (a) collect any monies payable under any Lease more than one month in advance, (b) modify any Lease, (o) assign or allow a lien, security interest or other encumbrance to be placed upon Grantor's rights, title and interest in and to any Lease or the amounts payable thereunder, or (d) terminate or cancel any Lease except for the nonpayment of any sum or other material breach by the other party thereto If Grantor receives at any time any written communication asserting a default by Grantor under any Lease or purporting to terminate or cancel any Lease, Grantor shall promptly forward a copy of such communication (and any subsequent communications relating thereto) to Lender All such Leases and the amounts due to Grantor thereunder are hereby assigned to Lender as additional security for the Obligations 7 COLLECTION OF INDEBTEDNESS FROM THIRD PARTY. Lender shall be entitled to notify or require Grantor to notify any third party (including, but not limited to, lessees, licensees, governmental authorities and insurance companies) to pay Lender any indebtedness or obligation owing to Grantor with respect to the Property (cumulatively ' Indebtedness") whether or not a default exists under this Deed of Trust. Grantor shall diligently collect the Indebtedness owing to Grantor from these third parties until the giving of such notification In the event that Grantor possesses or receives possession of any instruments or other remittances with respect to the Indebtedness following the of such notification or if the instruments or other remittances i ' ; • rPWAe1 OC 0 John H Harland Co (12/08/68) 000) 037 3790 Page 3d with respect to the Indebtedness following the giving of such notification or if the Instruments or other remittances constitute the prepayment of any Indebtedness or the payment of any insurance or condemnation proceeds, Grantor shall hold such instruments and other remittances in trust for Lender apart from its other property, endorse the instruments and other remittances to Lender, and immediately provide Lender with possession of the instruments and other remittances Lender shall be entitled, but not required, to collect (by legal proceedings or otherwise), extend the time for payment, compromise, exchange or release any obligor or collateral, or otherwise settle any of the Indebtedness whether or not an Event of Default exists under this Deed of Trust Lender shall not be liable to Grantor for any action, error, mistake, omission or delay pertaining to tho actions described in this paragraph or any damages resulting therefrom Notwithstanding the foregoing, nothing heroin shall cause Lender to be deemed a mortgages-in-possession 8 USE AND MAINTENANCE OF PROPERTY Grantor shall take all actions and make any repairs needed to maintain the Property in good condition Grantor shall not commit or permit any waste to be committed with respect to the Property Grantor shall use the Property solely in compliance with applicable law and insurance policies Grantor shall not make any alterations, additions or improvements to the Property without Lender's prior wntten consent Without limiting the foregoing, all alterations, additions and improvements made to the Property shall be subject to the beneficial interest belonging to Lender, shall not be removed without Lender's prior written consent, and shall be made at Grantor's sole expense 9 LOSS OR DAMAGE Grantor shall bear the entire risk of any loss, theft, destruction or damage (cumulatively 'Loss or Damage') to the Property or any portion thereof from any cause whatsoever In the event of any Loss or Damage, Grantor shall, at the option of Lender, repair the affected Property to its previous condition or pay or cause to be paid to Lender the decrease in the fair market value of the affected Property 10 INSURANCE. The Property will be kept insured for its full insurable value (replacement cost) against all hazards including loss or damage caused by flood, earthquake, tornado and fire, theft or other casualty to the extent required by Lender Grantor may obtain insurance on the Property from such companies as are acceptable to Lender in Its solo discretion The insurance policies shall require the insurance company to provide Lender with at least _3A_ days' written notice before such policies are altered or cancelled in any manner The insurance policies shall name Lender as a loss payee and provide that no act or omission of Grantor or any other person shall affect the nght of Lender to bo paid the insurance proceeds pertaining to the loss or damage of the Property In the event Grantor fails to acquire or maintain insurance, Lender (after providing notice as may be required by law) may in its discretion procure appropriate insurance coverage upon the Property and the insurance coat shall be an advance payable and bearing interest as described in Paragraph 24 and secured hereby Grantor shall furnish Lender with evidence of insurance indicating the required coverage Lender may act as attorneyin•fact for Grantor in making and settling claims under insurance policies, cancelling any policy or endorsing Grantor's name on any draft or negotiable instrument drawn by any insurer All such insurance policies shall be Immediately assigned, pledged end delivered to Lender as further security for the Obligations In the event of loss, Grantor shall immediately give Lender written notice and Lender is authonzed to make proof of loss Each insurance company is directed to make payments directly to Lender instead of to Lander and Grantor Lender shall have the right, at its sole option, to apply such monies toward the Obligations or toward the coat of rebuilding and restoring the Property Any amounts may at Lender's option be applied in the inverse order of the duo dates thereof 11. ZONING AND PRIVATE COVENANTS. Grantor shall not initiate or consent to any change in the zoning provisions or private covenants affecting the use of the Property without Lender's pnor written consent If Grantor's use of the Property is or becomes a nonconforming use under any zoning provision, Grantor shall not cause or permit such use to be discontinued or abandoned without the pnor written consent of Lender Grantor will immediately provide Lender with wntten notice of any proposed changes to the zoning provisions or private covenants affecting the Property 12. CONDEMNATION Grantor shall immediately provide Lender with written notice of any actual or threatened condemnation , or eminent domain proceeding pertaining to the Property All monies payable to Grantor from such condemnation or taking are hereby assigned to Lender and shall be applied first to the payment of Lender's attorneys' fees, legal expenses and other costs (including appraisal fees) in connection with the condemnation or eminent domain proceedings and then, at the option of Lender, ▪ to the payment of the Obligations or the restoration or repair of the Property 0 13. LENDER'S RIGHT TO COMMENCE OR DEFEND LEGAL ACTIONS Grantor shall immediately provide Lender with wntton c v notice of any actual or threatened action, suit, or other proceeding affecting the Property Grantor hereby appoints Lender as its N attomey-in -fact to commence, intervene in, and defend such actions, suits, or other legal proceedings and to compromise or settle any claim or controversy pertaining thereto Lender shall not be liable to Grantor for any action, error, mistake, omission or ▪ delay pertaining to the actions descnbed in this paragraph or any damages resulting therefrom Nothing contained herein will prevent Lender from taking the actions descnbed in this paragraph in its own name .— 14. INDEMNIFICATION Lender shall not assume or be responsible for tho performance of any of Grantor's obligations with respect to the Property under any circumstances Grantor shall immediately provide Lender with written notice of and indemnify o and hold Lender and its shareholders, directors, officers, employees and agents harmless from all claims, damages, liabilities N (including attorneys' fees and legal expenses), causes of action, actions, suits and other legal proceedings (cumulatively "Claims') pertaining to the Property Grantor, upon the request of Lender, shall hire legal counsel to defend Lender from such Claims, and pay the attorneys' fees, legal expenses and other costs incurred in connection therewith In the alternative, Lender shall be entitled to employ its own legal counsel to defend such Claims at Grantor's cost. Grantor's obligation to indemnify Lender under this paragraph shall survive the termination, release or foreclosure of Deed of Trust 15 TAXES AND ASSESSMENTS. Grantor shall pay all taxes and assessments relating to the Property when due and immediately provide Lender evidence of payment of same Upon the request of Lender, Grantor shall deposit with Lander each month one - twelfth (1/12) of the estimated annual insurance premium, taxes and assessments pertaining to the Property So long as there is no default, these amounts shall be applied to the payment of taxes, assessments and Insurance as required on the Property In the event of default, Lender shall have the right, at its sole option, to apply the funds so held to pay any taxes or against the Obligations Any funds applied may, at Lender's option, be applied in reverse order of the due date thereof 16 INSPECTION OF PROPERTY, BOOKS, RECORDS AND REPORTS Grantor shall allow Lender or its agents to examine and inspect the Property and examine, inspect and make copies of Grantor's books and records pertaining to the Property from time to time Grantor shall provide any assistance required by Lender for these purposes All of the signatures and information contained in Grantor's books and records shall be genuine, true, accurate and complete in all respects Grantor shall note the existence of Lender's beneficial interest in its books and records pertaining to the Property Additionally, Grantor shall report, in a form satisfactory to Lender, such information as Lender may request regarding Grantor's financial condition or the Property The information shall be for such penode, shall reflect Grantor's records at such time, and shall be rendered with such frequency as Lender may designate All information furnished by Grantor to Lender shall be true. accurate and complete in all respects, and signed by Grantor rf Lender requests 17. ESTOPPEL CERTIFICATES Within ten (10) days after any request by Lender, Grantor shall deliver to Lander, or any intended transferee of Lender's rights with respect to the Obligations, a signed and acknowledged statement specifying (a) the outstanding balance on the Obligations, end (b) whether Grantor possesses any claims, defenses, set -offs or counterclaims with respect to the Obligations and, if so, the nature of such claims, defenses, setoffs or counterclaims Grantor will be conclusively bound by any representation that Lender may make to the intended transferee with respect to these matters in the event that Grantor fails to provide the requested statement in a timely manner 18 EVENTS OF DEFAULT. An Event of Default shall occur under this Deed of Trust and the Trustee's power shall become operative in the event that Grantor, Borrower or any guarantor of any Obligation (a) commits fraud or makes a material misrepresentation at any time in connection with the Obligations or this Mortgage, (b) fails to meet the repayment terms of the Obligations for any outstanding balance, or (c) by any action or inaction, adversely affects the Property, or any right of Lender in such Property, including, but not limited to, transfer of title to or sale of the Property without the permission of Lander, failure to maintain required insurance or to pay taxes on the Property, allowing the tiling of a lien senior to that held by Lender, death of the sole Borrower obligated under the Obligations, allowing the taking of the Property through eminent domain, or allowing the Property to be foreclosed by a lienholder other than Lender In addition, an Event of Default shall occur if, as a result of any of the following, the Property, or any nght of the Lender in the Property, is adversely affected the Borrower, Mortgagor or any guarantor of any Obligation commits waste or otherwise destructively uses or fails to maintain the Property, uses the property in an illegal manner which may subject the Property to seizure, or moves form the Property, a judgment is filed against the Borrower, Mortgagor or any guarantor of any Obligation, or one of two Borrowers obligated under the Obligations dins 19. RIGHTS OF LENDER ON EVENT OF DEFAULT. Upon the occurrence of an Event of Default under this Deed of Trust, Lander shall be entitled to exercise one or more of the following remedies without notice or demand (except as required by law) (a) to declare the Obiigations immediately due and payable in full, such acceleration shell be automatic and immediate if the Event of Default is a filing under the Bankruptcy Code, (o to collect the outstanding Obligations with or without resorting to judicial process; ) to require Grantor to deliver and make available to Lender any personal property or Chattels constituting the Property at a place reasonably convenient to Grantor and Lander, (d) to enter upon and take possession of the Property without applying for or obtaining the appointment of a receiver and, at Lender's option, to appoint a receiver without bond, without first bnnging suit on the Obligations and without otherwise meeting any statutory conditions regarding receivers, rt being intended that Lender shall have this contractual right to appoint a receiver, (e) to employ a managing agent of the Property and let the same, either In Trustee's own name, in the name of Lander or in the name of Grantor, and receive the rants, incomes, issues and profits of the Property and apply the same, after payment of all necessary charges and expenses, on account of the Obligations, (I) to pay any sums in any form or manner deemed expedient by Lender to protect the eecunty of this Deed of Trust or to cure any default other than payment of interest or principal on the Obligations, (9) to foreclose this Deed of Trust judicially or nonjudicially, (h) to set-off Grantor's Obligations against any amounts owed Grantor by Lender including, but not limited to, monies, instruments, and deposit accounts maintained with Lender or any currently existing or future affiliate of Lender, and (i) to exercise all other rights available to lender under any other written agreement or applicable law Lender's rights are cumulative and may be exercised together, separately, and in any order In the event that Lender instautea an action seeking the recovery of any of the Property by way of a prejudgment remedy in an action against Grantor, Grantor waives the posting of any bond which might otherwise be required Lender or Lender's designee may purchase the Property at any sale In the event Lender purchases the Property at the Trustee's sale, to the extent Lender's bid price exceeds the Obligations, Lender r� shall pay Trustee cash equal to such excess The Property or any part thereof may be sold in one parcel, or in such parcels, kT manner or order as Lender in its sole discretion may elect, and one or more exercises of the power herein granted shall not co extinguish or exhaust the power unless the entire Property is sold or the Obligations are paid in full 20. CONDOMINIUM COVENANTS. If the Property includes a unit in, together with the undivided interest in the common elements of, a condominium project or some other project subject to unit ownership law or similar law (the 'Condominium w Project"), and if the owners association or other entity (the "Owners Asaociatlon'a which acts for the Condominium Project holds title to property for the benefit or use of its members or shareholders, the Property also includes Grantor's interest in such title and N the use, proceeds and benefits of Grantor's interest in addition to the other covenants and agreements contained In this Deed of C Trust, Grantor and Lender further covenant and agree as follows (a) Grantor shall perform all of Grantor's obligations under the Lns Project's bylaws and code of regulations, (b) Grantor shall pay, when due, all dues and assessments imposed under the Condominium Protect, (o) Lender agrees that so long as the Owners Association maintains, wrth a generally accepted insurance earner, a'master or 'blanket' policy on the Property which is satisfactory to Lender and which provides insurance coverage in the o amounts, for the penods, and against the hazards Lender requires pursuant to Paragraph 10 of the Deed of Trust, that Grantor's obligation to maintain hazard insurance under Paragraph 10 shall be satisfied to the extent that the required coverage is provided c.J by the Owners Aaaociation Policy, and (d) Grantor shall gyve Lender prompt notice of any lapse in required hazard insurance coverage that is maintained by the Owners Association In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the condominium unit or to common elements, any proceeds payable to Grantor are hereby assigned and shall be paid to Lander for application to the Obligations, with any excess paid to Grantor 21 SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE. This Deed of Trust shall be considered a financing statement and a fixture filing pursuant to the provisions of the Uniform Commercial Code (as adopted in the state where the Property is located) covering fixtures chattels, and articles of personal property now owned or hereafter attached to or to be used in connection with the Property together with any and all replacements thereof and additions thereto (the "Chattels'), and Grantor hereby grants Lender a security interest In such Chattels The debtor is the Grantor described above The secured party is the Lander described above Upon demand, Grantor shall make, execute and deliver such security agreements (as such term is defined in said Unrform Commercial Code) as Lender at any time may deem necessary or proper or require to grant to Lender a perfected security interest in the Chattels, and upon Grantors failure to do so, Lander is authonzed to sign any such agreement as the agent of Grantor Grantor hereby authorizes !.ender to file financing statements (as such term is defined in said Uniform Commercial Code) with respect to the Chattels, at any time, without the signature of Grantor Grantor will, however, at any time upon request of Under, sign such financing statements Grantor will pay all tiling fees for the filing of such financing statements and for the reeling thereof at the times required, in the opinion of Lender, by said Uniform Commercial Cods If the lien of this Deed of Trust is subject to any security agreement covering the Chattels, then in the event of any default under this Deed of Trust, all the right, title and interest of Grantor in and to any and all of the Chattels is hereby assigned to Lander, together with the benefit of any deposits or payments now or hereafter made thereof by Grantor or the predecessors or successors in title of Grantor in the Property 22 USE OF PROPERTY /PURPOSE OF OBLIGATIONS The Property is not used principally for agricultural purposes 0 If checked, the Obligations secured by thte Deed of Trust were incurred primarily for commercial, investment or business purposes and not for personal, family or household pur sea 23. SERVICING OF THE OBLIGATIONS x[ It checked, the servicing for all or part of the Obligations is subject to sale, transfer or assignment Upon transfer of the servicing, the purchasing servicing agent is required to provide notification to the Grantor 24. REIMBURSEMENT OF AMOUNTS EXPENDED BY LENDER. Lender, at Lender's option, may expand funds (including attorneys' fees and legal expenses) to perform any act required to be taken by Grantor or to exorcise any right or remedy of Lender under this Deed of Trust Upon demand, Grantor shall Immediately reimburse Lender for all such amounts expended by Lender together with interest thereon at the lower of the highest rate described In any Obligation or the highest rate allowed by law from the date of payment until the date of reimbursement These sums shall be included in the definition of Obligations herein and shall be secured by the beneficial interest granted herein N the Obligations are paid after the beginning of publication of notice of sale, u herein provided, or in the event Lander shall, at its sole option, permit Grantor to pay any part of the Obligations after the beginning of publication of notice of sale, as herein provided, then, Grantor shall pay on demand all expenses incurred by the Trustee and Lender in connection with said publication, including reasonable attorneys' fees to the attorneys for the Trustee and for the Lender, and a reasonable fee to the Trustee, and this Deed of Trust shall be security for all such expenses and fees 25. APPLICATION OF PAYMENTS. All payments made by or on behalf of Grantor may be applied against the amounts paid by Lender (including attorneys' fees and legal expenses) in connection with the exercise of its nghts or remedies described in this Deed of Trust and then to the payment of the remaining Obligations in whatever order Lender chooses 28. POWER OF ATTORNEY. Grantor hereby appoints Lender as its attomey-in -fact to endorse Grantor's name on all instruments and other documents pertaining to the Obligations or Indebtedness In addition, Lender shall be entitled, but not required, to perform any action or execute any document required to be taken or executed by Grantor under this Deed of Trust Lender's performance of such action or execution of such documents shall not relieve Grantor from any Obligation or cure any default under this Deed of Trust The powers of attorney described in this Deed of Trust ere coupled with an interest and are irrevocable 27. SUBROGATION OF LENDER Lender shall be subrogated to the rights of the holder of any previous lien, security interest or encumbrance discharged with funds advanced by Lender regardless of whether these liens, security interests or other 28. COLLECTION COSTS. To the extent permitted by law, Grantor agrees to pay Lender's reasonable fees and costs, including, but not limited to, fees and costs of attorneys and other agents (Including without limitation paralegals, clerks and consultants), whether or not such attorney or agent is an employee of Lender, which are incurred by Lender in collecting any amount due or enforcing any right or remedy under this Deed of Trust, whether or not sun is brought, including, but not limited to, all fees and costs incurred on appeal, in bankruptcy, and for poateudgment collection actions 29. RELEASE AND RECONVEYANCE. Lender may release its interest in a portion of the Property by executing and recording one or more partial released without affecting its interest in the remaining portion of the Property Nothing herein shall be deemed to obligate Lender to release any of its interest in the Property (except as required under paragraph 38), nor shall Lender be obligated to release any part of the Property if Grantor is in default under this Deed of Trust When all obligations have been paid in full, Lender shall request Trustee to reconvey the Property without warranty to the persons) legally entitled thereto Grantor shall be responsible for payment of all costs or reconveyanco, including recording fees and Trustee's fees prior to such reconveyance tpWssi eo 0 John H Hvt.t,d Co (12 /oe /se) (eoo) a17-3799 Peso 4 d 7 :.�,'. Z 00 J U) Li_ W I W Z i— O Z I- W D U co 0— DI— W W I I— H O .. W U= O~ Z ` • 30. MODIFICATION AND WAIVER The modification or waiver of any of Grantor's Obligations or Lender's nghts under this Deed of Trust must be contained in a wribng signed by Lender Lender may perform any of Borrower's or Grantor's Obligations, delay or fail to exercise any of its rights or accept payments from Grantor or anyone other than Grantor without causing a waiver of thqse Obligations or rights A waiver on one occasion shall not constitute a waiver on any other occasion Grantor's Obligations under this Deed of Trust shall not be affected if Lender repeatedly and unconditionally amends, compromises, exchanges, fails to exercise, impairs or releases any of the Obligations belonging to any Grantor, Borrower or third party or any of its rights against any Grantor, Borrower or third party or any of the Property Lender's failure to insist upon strict performance of any of the Obligations shall not be deemed a waiver, and Lender shall have the right at any time thereafter to insist upon strict performance 31. SUBSTITUTE TRUSTEE In case of the resignation, death, incapacity, disability or absence of the Trustee or in case the holder of the Obligations shall desire for any reason to remove the Trustee or any substitute trustee as trustee hereunder and to appoint a new trustee in his place and stead, the holder of the Obligations is hereby granted full power to appoint in writing a substitute trustee for said Trustee, and the substitute trustee shall, when appointed, become successor to all rights of Trustee hereunder and the same shall become vested in him for the purposes and objects of this Deed of Trust with all the power, duties and obligations herein conferred on the Trustee 32. SUCCESSORS AND ASSIGNS. This Deed of Trust shall be binding upon and inure to the benefit of Grantor and Lender and their respective successors, assigns, trustees, receivers, administrators, personal representatives, legatees and devisees , 33. NOTICES Except as otherwise required by law, any notice or other communication to be provided under this Deed of Trust shall be in writing and sent to the parties at the addresses descnbed in this Deed of Trust or such other address as the parties may designate in writing from time to lime My such notice so given and sent by first class mail, postage prepaid, shall be deemed given the earlier of three (3) days after such notice is sent when received by the person to whom such notice is being given 34 SEVERABILITY. Whenever possible, each provision of this Deed of Trust shall be interpreted so as to be effective and valid under applicable state law If any provision of this Deed of Trust violates the law or is unenforceable, the rest of this Deed of Trust shall continue to be valid and enforceable 35 APPUCABLE LAW. This Deed of Trust shall be governed by the laws of the state where the Property is located Unless applicable law provides otherwise, Grantor consents to the jurisdiction and venue of any court selected by Lender, in its sole discretion, located in that state 38 NO THIRD-PARTY RIGHTS No person is or shall be a third -party beneficiary of any provision of this Deed of Trust All provisions of this Deed of Trust in favor of Lender are intended solely for the benefit of Lender, and no third party shall be entitled to assume or expect that Lender will waive or consent to the modification of any provision of this Deed of Trust, in Lender's sole discretion 37 PRESERVATION OF UABIUTY AND PRIORITY, Without affecting the liability of Borrower, Grantor, or any guarantor of the Obligations, or any other person (except a person expressly released in writing) for the payment and performance of the Obligations, and without affecting the rights of Lender with respect to any Property not expressly released in writing, and without impairing in any way the priority of this Deed of Trust over the interest of any person acquired or first evidenced by recording subsequent to the recording of this Deed of Trust, Lander may, either before or after the maturity of the Obligations, and without notice or consent release any person liable for payment or performance of all or any part of the Obligations, make any agreement altering the terms of payment or performance of all or any part of the Obligations, exercise or refrain from exercising or waive any right or remedy that Lender may have under this Deed of Trust, accept additional security of any kind for any of the Obligations, or release or otherwise deal with any real or personal property securing the Obligations My person acquiring or recording evidence of any interest of any nature in the Property shall be deemed, by acquiring such interest or recording any evidence thereof, to have consented to all or any such actions by Lender 38. DEFEASANCE, Upon the payment and performance in full of all of the Obligations, Lender will oxecuto and deliver to Grantor those documents that may be required to release this Deed of Trust of record Grantor shall be responsible to pay any r� costa of recordation Cr, 39. MISCELLANEOUS Grantor and Lender agree that tune is of the essence Grantor waives presentment, demand for co payment, notice of dishonor and protest except as required by law All references to Grantor in this Deed of Trust shall include all • persons signing below If there is more than one Grantor, their Obligations shall be joint and several and shall be binding upon o any marital community of which any Grantor is a member (unless this Deed of Trust expressly states that the community shall not be liable) This Deed of Trust represents the complete integrated understanding between Grantor and Lender pertaining to the terms and conditions hereof N 40. JURY TRIAL WAIVER LENDER AND GRANTOR HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION us" ARISING OUT OF, OR BASED UPON, THIS DEED OF TRUST. 41. ADDITIONAL TERMS LPWASiaE 21 John 11 Harland Co (12/06/08) (BOO) 037 3700 Pas. 3 of 7 Dated this 8th day of May 2003. LPWAOHIF S John H Huland Co (iajoe /BE) (800) 07-3702 Grantor acknowledges that Grantor has read, understands, and agrees to the terms and conditions of this Deed of Trust, and acknowledges receipt of an exact copy of same GRANTOR MARY ROGERS GRANTOR GRANTOR GRANTOR GRANTOR GRANTOR GRANTOR Pogo eor7 Z • re • t� W 6 J UY U O W I. W a' g = a I . W, Z 1-O Z 2 D. D W W . F=-- U . Z O~ z car rr State of Washington County of I certify that I know or hfi a satisfactory issersnoaltttt — \ � is the • • on who appeared before me, artd�sard pp sor s, n } •g: • a signed this instrument and acknowledged rt to br r free and volunt a for th9Wsee art :' e • 1 d in e t Dated !3 / 0�0� / No), !, • (Print q appointment expires r r� VA tp : /l q a W ashington 1 11 fly � • `r tt S I certify that know or"have sahstactoi�•b *Q gt• _ State of County of Dated State of Washington County of I certify that I know or have satisfactory evidence that The following described real property located in the County of WTNri State of Wanhi net- on LPWA.116G 0 John M Harland Co (12 /Oe/ae) (500) 937 3799 461 c(ino-14--- v p is the pe • • ho appeared before me, and said person acknowl • ge •f at he goad this instrument and acknowledged rt to be his a n�d for the uses and p"rR a �j� m the in Tit Dated 't1� U j = TA! 4E46' • t: ,rrr,n • • • GO MMrs . . i > ; .p � M p r*me / expires State of Washington % t Cif 9 L m / w a: County of I �i certify that I know or have sati • • ,�Qn tha ' i is that person who appeared before me, and • that he /she signed this instrument, on oath stated that he /she was authorized to execute this Instrumer)eark e • edged rt as the of ���� to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument Notary Public (Print Name) (Seal or Stamp) Title My appointment expires is that person who appeared before me, and said person acknowledged that he /she signed this Instrument, on oath stated that he /she was authorized to execute this instrument and acknowledged it as the of to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument ar s m Dated 0 (Seal or Stamp) c.. Notary Public (Print Name) Title My appointment expires I SCHEDULE A I SCkkWULE 8 1<' o LOT 1 MW ADD LESS ST RECORDED IN VOL. 53 PAGE 48 OF PLATS cm, SITUATED IN LOT 1COUNTY L 30PGK48 KING, IN TITLE NO 1BRV :246894 P.aNd7��