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Home My WebLink About2002 - Deed of Trust - Chin Wallace / Chin Partnership - 2002112600274720021126002747 AFTER RECORDING MAIL TO: Graham & Dunn PC 1420 Fifth Avenue, 33n Floor Seattle, WA 98101 Attn Paul J Battaglia DOCUMENT TITLE(S): RELATED DOCUMENTS: GRANTOR: GRANTEE: LEGAL DESCRIPTION: ABBREVIATED: Full: Tax Parcel Numbers: m27007- 397386 doc 110 i OF111111110 „, ,,„ 20021126002747 GRAHAM 4 DUNN DT 23 00 11/ 1 2 4 KING COUNTY, UA DEED OF TRUST NONE WALLACE L CHIN CHIN PARTNERSHIP LOTS 3 AND 4, BLOCK 2, VALLEY VIEW HOMES, VOL. 56, PG 81, KING COUNTY, WASHINGTON Shown on Page 1 of document 885880 - 0050 -08 and 885880- 0055 -03 1 , AFTER RECORDING MAiL TO: Name Paul J Battaglia Address Graham & Dunn 1420 Fifth Avenue 33` Floor City/State Seattle, WA 98101 Deed of Trust (For Use in the State of Washington Only) THIS DEED OF TRUST is made this 0 day of November, 2002, between WALLACE L CHIN, as Grantor, whose address is do Larry B Feinstein, Vortman & Feinstein, 500 Union Street, Suite 500, Seattle, WA 98101, CHICAGO TITLE INSURANCE COMPANY, as Trustee, and CHIN PARTNERSHIP, as Beneficiary. WITNESSETH Grantor hereby bargains, sells, and conveys to Trustee in trust, with power of L'•• sale, the following described investment real property in King County, Washington LOTS 3 AND 4, BLOCK 2, VALLEY VIEW HOMES, ACCORDING TO PLAT RECORDED IN VOLUME 56 OF PLATS AT PAGES(S) 81, RECORDS OF KING COUNTY, WASHINGTON ua TOGETHER WITH THAT PORTION OF THE RIGHT -OF -WAY OF 54 •2 AVENUE SOUTH VACATED ACCORDING TO ORDINANCE NO 1236 DATED NOVEMBER 3, 1981, CITY OF TUKWILA, WHICH ABUTS LOTS 3 AND 4 IN BLOCK 2 OF VALLEY VIEW HOMES, ACCORDING TO PLAT RECORDED IN VOLUME 56 OF PLATS AT PAGE(S) 81, RECORDS OF KING COUNTY, WASHINGTON Assessor's Property Tax Parcel /Account Number(s) 885880 - 0050 -08, 885880- 0055 -03 which real property is not used principally for agricultural or farming purposes,'together with all the tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the rents, issues, and profits thereof This Deed is for the purpose of securing performance of certain payments and agreements of Wallace L Chin (aka Wally Chin) and Gilbert Chin, pursuant to (i) that certain Lease Agreement dated February 14, 2001, by and between Chin Partnership, as Lessor, and Wally Chin and Gilbert Chin, as Lessee, for premises located at 22003 66 Avenue, Suite A, Mountlake Terrace, Washington, and (ii) that certain Agreement dated October 18, 2002, among Chin Partnership, Wally Chin, Gilbert Chin, and C &C Investments, LLC, and all renewals, modifications and extensions thereof To protect the security of this Deed of Trust, Grantor covenants and agrees 1 To keep the property in good condition and repair, to permit no waste thereof, to complete any building, structure or improvement being built or about to be built thereon, to restore promptly any building, structure, or improvement thereon which may be damaged or destroyed, and to m27007- 382751 doc 1 • comply with all laws, ordinances, regulations, covenants, conditions, and restrictions affecting the property 2 To pay before delinquent all lawful taxes and assessments upon the property, to keep the property free and clear of all other charges, liens or encumbrances impairing the security of 03 2 By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right to require prompt payment when due of all other sums so secured or to declare default for failure to so pay 3 The Trustee shall reconvey all or any part of the property covered by this Deed of Trust to the person entitled thereto, on written request of the Grantor and the Beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the Beneficiary or the person entitled thereto 4 Upon default under either or both of the agreements secured as identified above, all payments secured hereby shall immediately become due and payable at the option of the Beneficiary In' such event and upon written request of Beneficiary, Trustee shall sell the trust property, in accordance with the Deed of Trust Act of the State of Washington, at public auction to the highest bidder Any person except Trustee may bid at Trustee's sale Trustee shall apply the proceeds of the sale as follows. (1) to the expense of the sale, including a reasonable Trustee's fee and attorney s fee, (2) to the obligations secured by this Deed of Trust, and (3) the surplus, if any, shall be distributed to the persons entitled thereto m27007- 382751 doc 2 6 The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State of Washington is not an exclusive remedy, Beneficiary may cause this Deed of Trust to be foreclosed as a mortgage 7 In the event of death, incapacity, disability or resignation of Trustee, Beneficiary may appoint in writing a successor trustee, and upon the recording of such appointment in the mortgage records of the county in which this Deed of Trust is recorded, the successor trustee shall be vested with all powers of the original trustee The trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which �^- Grantor, Trustee, or Beneficiary shall be a party unless such action or proceeding is brought by the Trustee (N) 8 This Deed of Trust applies to, inures to the benefit of, and is binding not only on the parties hereto, but on their heirs, devisees, legatees, administrators , executors, and assigns The term • Beneficiary shall mean the holder and owner or the note secured hereby, whether or not named as Beneficiary herein 5 Trustee shall deliver to the purchaser at the sale its deed, without warranty, which shall convey to the purchaser the interest in the property which Grantor had or had the power to convey at the time of his execution of this Deed of Trust, and such as he may have acquired thereafter Trustee s deed shall recite the facts showing that the sale was conducted in compliance with all the requirements of law and of this Deed of Trust, which recital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchaser and encumbrances for value WALLACE L CHIN, GRANTOR STATE OF WASHINGTON County of ;X On this day personally Arcat before me Wallace L Chin to me known to be the individual described in and who executed the foregoing ins P ent, and acknowledged that he signed the same as his free and vo untary act.and deed„ for the uses . d pu • • ses therein mentioned Nsr ��I DATED ' s, FEr �> I its I ,oi,,� � Name (typ =� or pri ted) 500 �p� ; ",,� UU el / - ,� oI OTARY Pi �C ' i an for too Wash 1 , 7 > q ' i ar 0 . Resi ding at . u-C m27007- 382751 doc } } } U ss � OF WAS - My appointment expires 3 .^ t~ ms ms r ear REQUEST FOR FULL RECONVEYANCE To be used only when all obligations have been paid under the note and this Deed of Trust TO TRUSTEE The undersigned is the legal owner and holder of the note and all other indebtedness secured by the within Deed of Trust Said note, together with all other Indebtedness secured by said Deed of Trust, has been fully paid and satisfied, and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel said note above mentioned, and all other evidences of indebtedness secured by said Deed of Trust delivered to you herewith, together with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you thereunder DATED m27007- 382751 doc 4 :.;;::