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HomeMy WebLinkAbout2000 - Deed of Trust - Chin Wally / Everett Mutual Bank / Sound Financial - 2000050500250520000505002505 Return Address. EVERETT MUTUAL BANK 2707 COLBY AVE EVERITT, WA 98201 [Speee Above The Line For Recording Date} DEED OF TRUST THIS DEED OF TRUST ( "Security Instrument ") is made on The grantor is RALLY L CHIN AN UNMARRIED MAN SOUND FINANCIAL, INC. EVERETT MUTUAL BANK which is organized and existing under the laws of the State 2707 COLBY AVE EVERETT, WA 98201 I I. !!' ICI ,I / PACIFIC MJ TIT DT 19.00 0 0 13'45 KING COUNTY, WA I� Grantor(s) (Borrower): (1) CHIN, RALLY I, (2) (3) (4) (5) (6' UZ.� Grantee(s) (Beneficiary 8t Trustee). (1) 8V8R8TT MUTUAL HANK (2) SOUND FINANCIAL, INC. Legal Description (abbreviated). LOTS 3 AND 4, BLOCK 2, VALLEY VIEW HOMES, VOL 56, PG 81 additional legal(s) on page 2 . Assessor's Tax Parcel ID #: 885880 - 0050 -08 885880- 0055 -03 April 28, 2000 ( "Borrower "). The trustee is ( "Trustee "). The beneficiary is of Washington , and whose address is ( "Lender ") Borrower owes Lender the principal sum of TWO HUNDRED FORTY THREE THOUSAND AND 00 /100 Dollars (U.S.$ 243, 000.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ( "Note "),which provides for monthly payments, with the full debt, if not paid earlier, due and payable on May 1, 2 03 0 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located m KING County, Washington Loan Number: 260010330 WASHINGTON - Smile Family - Femmie Mae/Freddie Mac Uniform Imtrament Form 3048 9190 ram i si u (9614 (Page 1 of 9 pages) T. Only w 1 1100.1704:9 G 81 6791 i i i m co m 14.1 ✓ LOTS 3 AND 4, BLOCK 2, VALLEY VIEW HOMES, ACCORDING TO THE N PLAT THEREOF RECORDED IN VOLUME 56 OF PLATS, PAGE 81, IN c KING COUNTY, WASHINGTON) Property UNIFORM COVENANTS Borrower and Lender covenant and agree as follows 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and Late charges due under the Note 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ( "Funds ") for (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property, (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums, (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any, and (f) any sums payable by Borrower to Lender, m accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums These items are called "Escrow Items " Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. 2601 et seq. ( "RESPA "),unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds m an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise m accordance with applicable law The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one -time charge for an independent real estate tax reporting service used by Lender in Form 3048 9/90 GREATLAND • (Page 2 of 9 pages) To Uri" GI 1 iOO430 -MI iB 616 791 1131 ITEM 1963L2 (9612) connection with this loan, unless applicable law provides otherwise Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment m full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. ' 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due, and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any Borrower shall pay these obligations in the manner provided m paragraph 2, or if not paid m that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to CD ° Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien, or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the hen to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain pnonty over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the hen or take one 0 or more of the actions set forth above within 10 days of the giving of notice. 1.1-1 5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and o any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained m the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then ITEM 191313 (9612) - (Page 3 of 9 pages) Form 3048 9/90 ORBATIAND • To Orly W• 1 104[30039! IB 114711 1131 gal czy "' Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or c to pay sums secured by this Security Instrument, whether or not then chic The 30-day period will begin when the notice rs given u-v Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall o not extend or'postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the n amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's nght to any o insurance policies and proceeds resulting from damage to the Property pnor to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. c� 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan e° Application, Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating crrxumsiances exist which are beyond Borrower's control Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instruient or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's nghts in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additioiial debt of Borrower secured by this Security Instrument Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment 8. Mortgage Insurance. If Lender required mortgage insurance as a condttion of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one - twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. Form 3048 9/90 au 196i (Page 4 9 as� h irE14 19 al of pages) r�o tiwa 1 ioa�.iau� �4in�i�� tit» 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property Immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Leader otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the 11 ' amount of such payments. ° rT 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's c , successors in interest Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and o agreements of' this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several Any Borrower who co -signs this Security Instrument but does not execute the Note. (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument, and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent 13. Loan Charges. if the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, thew (a) any such loan charge shall be reduced by the amount necessary to-reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The ITEM 1933L3 (9612) (Page 5 of 9 pages) Form 3048 9/90 QREATLUrm • TIP Orrr cab 1 40O17(•$3$3 14131616 - »t 1131 �.: + " . Ln Lin a notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. o Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address ` Lender designates by notice to Borrower Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. u 15. Governing Law; Severabillty. This Security Instrument shall be governed by federal law and the o law of the jurisdiction in which the Property is located In the event that any provision or clause of this © Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of ° this Security Instrument or the Note which can be given effect without the conflicting provision To this end r�+ the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment m full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of. (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sak contained in this Security Instrument; or (b) entry of a judgment enforcing this Seca Instrument. Those conditions are that Borrower (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements, (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Secunty Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration bad occurred However, this right to reinstate shall not apply in the case of acceleration under paragraph 17 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (]mown as the "Loan Servicer ") that collects monthly payment' due under the Note and this Security Instrument There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other information required by applicable law 20. Hazardous Substances. Borrower Shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law IreM 19113L6 (9612) (Page 6 of 9 pager) Form 3048 9/90 GREATLAND • i. OnY, Cat 1100.1304393 8'7 611.7111 1131 ti As used m this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials As used in this paragraph 20, "Environmental Law" means federal laws and laws of the junsdiction where the Property is located that relate to health, safety or environmental protection NON - UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property at public auction at a date not less than 120 days in the future. The notice shall further inform Borrower of the right to reinstate after acceleration, the right to bring a court action to assert the non - existence of a default or any other defense of Borrower to acceleration and sale, and any other matters required to be included in the notice by applicable law. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 21, f , including, but not limited to, reasonable attorneys' fees and costs of title evidence. c=i If Lender invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of - an event of default and of Lender's election to cause the Property to be sold. Trustee and Lender shall `~ ▪ take such action regarding notice of sale and shall give such notices to Borrower and to other persons as • applicable law may require. After the time required by applicable law and after publication of the sr' notice of sale, Trustee, without demand on Borrower, shall sell the Property at public auction to the o highest bidder at the time and place and under the terms designated in the notice of sale in one or more 1.n parcels and in any order Trustee determines. Trustee may postpone sale of the Property for a period or =., periods permitted by applicable law by public announcement at the time and place fixed in the notice of sale. Lender or its designee may purchase the Property at any sale. ` Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any covenant e-4 • or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima fade evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it or to the clerk of the superior court of the county in which the sale took place. 22. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it Such person or persons shall pay any recordation costs 23. Substitute Trustee. In accordance with applicable law, Lender may from time to time appoint a successor trustee to any Trustee appointed hereunder who has ceased to act Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law 24. Use of Property. The Property is not used principally for agricultural or farming purposes. ITEM 1913L7 (9612) (Page 7 of 9 pages) Form 3048 9/90 GREATLAND • Tear& Cr 1 !00 630 93113 Ifl 616701 1131 25. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the nder(s) were a part of this Security Instrument [Check applicable box(es)] x Adjustable Rate Rider Graduated Payment Rider Planned Unit Development Rider Biweekly Payment Rider C Balloon Rider Other(s) [specify] ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE MINDER WASHINGTON LAW. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages 1 through 9 of this Security Instrument and in any nder(s) executed by Borrower and recorded with it. WALLY L CHIN Witness. Condominium Rider El 1-4 Family Rider Rate Improvement Rider (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower ` 01 u u 11.1. L i ye,10 kNP. 6 F2 . o �. NuTARY e s Wrtnesa N :, PUBLIC o . ;; � �i 1 OF WAS` ■ 11 j1111 t t v STATE OF WASHINGTON, County ss RING ITEM 19$3L1 (9612) (Page 8 of 9 pages) [Second Home Rider (Seal) - Borrower (Seal) -Borrower (Seal) - Borrower On this 28TH day of April 2000 , before me the undersigned,a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared WALLY L CHIN described in and who executed the foregoing instrument, and acknowledged to me that to me known totLe mdividual(s) signed and sealed the said instrument as 11,LS free and voluntary act and deed, for the uses and purposes therein mentioned. WITNESS my hand and official seal affixed the day and year in this certificat • . ' ve written. Commission expires. - Z , II !! /� tee M y • - p 14 Notary Pu'Lc in and for the State of Washurgwn residing Form 3048 9/90 OREATLIND • To Or w tat 16001341313 GI 11171[ 1131 • 0 N a cs REQUEST FOR RECONVEYANCE To Trustee The undersigned is the holder of the note or notes secured by this Deed of Trust Said note or notes, together with all other indebtedness secured by this Deed of Trust, have been paid in full You are hereby directed to cancel said note or notes and this Deed of Trust, which are delivered hereby, and to reconvey, without warranty, all the estate now held by you under this Deed of Trust to the person or persons legally entitled thereto Date ITEM 1913L9 (9612) (Page 9 of 9 pages) Form 3048 9/90 GREATLAND • Ts Od t Cat 11001101393 G Ole T111131 �•. ADJUSTABLE RATE LOAN RIDER NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS. Words, numbers or phrases preceded by a ❑ are applicable only if the ❑ is marked, e g This Rider is made this 28Th day of April 2000 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument ") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Note to (the "Lender ") of the same date (the "Note ") and covering the property described in the Security Instrument and located at 16628 53RD AVENUE SOUTH, SEATTLE, WA 98188 (Property Address) Modifications. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows A. INTEREST RATE AND SCHEDULED PAYMENT CHANGES (1) Initial Interest Rate The Note provides for an "Initial Interest Rate" of the interest rate and the scheduled payments 0 (2) Change Dates Each date on which my interest rate could change is called a "Change Date " (You must check one box and fill in the appropriate information) The Note interest rate may change on the first day of the month beginning on • May 1, 2001 and on the first day of the month every 12 months thereafter ❑ The Note interest rate may change on the day of the month beginning on • and on that day of the month every months thereafter ❑ The Note interest rate may change BVERETT MUTUAL BANK 7.625 % The Note provides for changes in trs Le, Q (3) The Index o Changes in the interest rate are governed by changes in an interest rate index called the "Index" The un Index is 0 U' The weekly average yield of United States Treasuries adjusted to a constant ° maturity of 1 year, as made available by the Federal Reserve Board. 0 CD ADJUSTABLE RATE LOAN RIDER N r[EM 42959L1(C7347L) (9701) (Page 1 of 3 pages) rs ortr w t 100530 0393 100107tt list GREATLAND • The most recent Index figure available as of the date ©45 days non the first day of the month before each Change Date is called the "Current Index" If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice LSI (4) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding a TWO AND 750/1000 percentage points 2.750 %) to the Current Index The Note Holder will then round the result of this addition to the nearest czt I-ri • (You must check one box and fill in any appropriate rounding value) v one - eighth of one percentage point (0 125%) a N of one percentage point ( 96) Subject to the limits stated in Section A(5) on page two, this rounded amount will be my new interest rate until the next Change Date The Note Holder will then determine the amount of the scheduled payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments The result of this calculation will be the new amount of my scheduled payment (5) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.625 % or less than 7.625 %. Thereafter, my interest rate will never increase or decrease on any single Change Date by more than TWO AND 000 /1000 percentage points ( 2.000 %) from the rate of interest I have been paying for the preceding period 0 (You must check one box and fill in the appropriate linut(s)) There will be no maximum limits on interest rate changes. My interest rate will never be greater than 96 My interest rate will never be greater than 12.625 % or less than 7.625 96 (6) Effective Date of Changes My new interest rate will become effective on each Change Date I will pay the amount of my new scheduled payment beginning on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes again. (7) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment before the effective date of any change The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice ITEM 42919L2(C7347L)MOO GREA1LAND • (Page 2 of 3 pager) r. air et 1 K0420.113i3 GI 114 711 iiti B. LOAN CHARGES It could be that the loan secured by the Security Instrument is subject to a law which sets maximum loan charges and that law is interpreted so that the Interest or other loan charges collected or to be collected in connection with the loan would exceed permitted limits If this is the case, then (A) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit, and (B) any sums ;=