HomeMy WebLinkAbout1992 - Deed of Trust - Davidson Dennis - 92042114759204211475
Richard J. Schroeder
D11VIB WRIGHT TREHAINE
x 2600 Century Square
4, 1501 fourth Avenue
Seattle, Washington 90101 -1668
dennis davidson
DEED OT
s
W TUB DEED or TRUST is made this day of \;.�. , 1992, betwoon
Dennis R. 0a� ds a. 10 aaparato property, as Oran • , w oaar address iu
I X 1 / D..�[ b I QR/RQ and DNTRiJ Corp. as Trustee, whoa. address is
2600 century square, 1501 Fourth Avenue, Seattle, Washington, 98101 -1600 and
I American -Rolf Financial, a division of AEL Leasing Co., Inc. as Beneficiary,
whoa. addrosn Le 1119 Lake Cook Road, Deerfield, Illlnois,
x v Grantor irrevocably grants, bargains, sells and conveys to Trustee in
.. us, trust, with power of .ale, the following property in King County, Washington,
x deacribod as followes .
-I
�'H All Lot 19, Block 7, Adams Boo. Tracts According to Flat raeordad in
N: Vol. 11 of Plats, Pages 31, r.cords of King County.
o
.0 together with all interact and estate therein that the Grant may horeaftor
ni acquire and together with the rents, iaeues and profits thorofrom, all waters
1. `Q' and water rights however evidencod or manifested, and all appurtonancos,
.:t CD fixtures', attachments, tenements and hereditamente, now or hereafter belonging
�,� or appertaining thereto.
Grantor covenant. the above - described property is not uaed principally
or primarily for agricultural or farming purpooas.
THIS DEED IS FOR THE PURPOSE OF SECURING PERFORHAHCE of each agreement
of Grantor incorporated by reference or contained heroin and payment of tho
principal sum of Two Hundred Ninety Three Thousand Thirty Seven Dollars and
Eighty -Five cents (5293,037.85) as of Fobruary 20, 1992 with intereot thereon
according to the tcrme of three promissory notes dated with an effective data
of March 20, 1992 payable to Beneficiary or order and made by ABC Rental.,
Inc. and Rent America, Inc. all renewals, modifications or extension. thoreofl
a Forbearance Agreement dated an of Harch 20, 1992, a Stipulation for Entry of
Judgment dated ae of Harch 20, 1992 and also such further sums as may be
advanced or loaned by Beneficiary to Grantor, or any of their succeaeor■ or
aosigno, together with interest thereon at such rate as shall be agreed upon,
and any Judgment entered now or hereafter in the King county Superior Court
for the State of Naohington, cage no. 92 -2- 02217 -6 pursuant to the Stipulation
for Entry of Judgment or otherwioe.
The Grantor covenants and agrees so follower
1. To pay all debto and monies secured hereby, when from any cauoo
the same shell become due.' To keep the property froo from statutory and
governmental liens of any kind. That the Crantor is seized in fee simple of
the property and owns outright every part thoroof, that he has good right to
mako this Deed of Trust and that he will forever warrant and defend said
property unto the Beneficiary, its ourea000r■ and asoigns, against ovary
.1
•
• _.,
u
vP
ut .
O
0
VI
'
ti
K 0
U.
N
=
.• g
0
.-4
' 4'
2' H
bie ci
0
W
.
u
0 •
is l
to
N
32en%l\oo013.001 /4.lc.r2
S..ul• 2
person whomsoever lawfully claiming or to claim the same or any part thereof.
The Grantor upon request by mail will furnish a written statement duly
acknowledged of the amount due on this Deed of Trust and whether any offeeta
or defenses exist against the debt eecured hereby.
2. To maintain the buildings and other improvements on the property
in • rentable and tenantable condition and state of repair, to neither commit
nor suffer any waste, to promptly comply with all requirements of the Federal,
State and Kunicipal'authorities and all other laws, ordinances, regulations,
covenants, conditions and restrictions respecting said property or the use
thereof, and pay all foes or charges of any kind in connection therewith.
Grantor shall permit Beneficiary or its agents the opportunity to inspect the
property, including the interior of any structures, at reasonable times and
after reasonable notice.
3. To maintain unceasingly, insurance with premiums prepaid, on all
of the property that is the subject of this Deed of Trust, or hereafter
becoming part of said property, against.loos by firs and other hazards,
casualties and contingencies,•including war damage, as may be required from
time to time by the Beneficiary. Such insurance shall be in such amounts end
for such periods of time as Beneficiary designates and shall provide lone
payable clauses (without contribution) in favor of an in form satisfactory to
the Beneficiary. Grantor covenants upon demand on Beneficiary to deliver to
Beneficiary such policies and evidences of payment of premiums as Beneficiary
request..
4. In the event that any payment or portion thereof is not paid
within fifteen (15) days commencing with the date it is due. Beneficiary may
collect, and Grantor agrees to pay with such payment, a "late charge' of St of
the monthly payment so overdue. If the payment is not made on or before the
fifteenth day of the first month following the month in which it is due, an
additional S► will be charged. An additional St will be charged for each
successive month the payment•remaine fifteen (15) days peat due. This late
payment charge shall apply individually to all payments past duo and there
will be no daily pro rata adjustment. All later charges shall accrue to the
benefit of the Beneficiary. This paragraph shall not relieve the Grantor of
the obligation to make payments on or before the date on which they are due
nor do tho terms of this paragraph in any way affect Benoficiary'e remedies
pursuant to the terms of the Note secured hereby or this Deed of Trust.
S. To pay in full at lcaet'thirty (30) days before delinquent all
rents, taxes, assessments and encumbrances, charges or liens with interest,
that may now or hereafter be levied, aoseeood or claimed upon the property -
that le the subject of this Deed of Trust or any part thereof, which at any
time appear to be prior or superior hereto for which provision has not boon
made heretofore, and upon request will exhibit to Beneficiary official
receipts therefor, and to pay all taxes imposed upon, reasonable costs, fees
and expanses of this Trust. On default under this paragraph, Beneficiary may,
at its option, pay any such sumo, without waiver of any other right of
Beneficiary by reason of ouch default of Grantor, and Doneficiary shall not be
liable to Grantor for a failure to exorcise any'such option.
G. To repay immediately on demand to Grantor all sums expanded or
advanced hereunder by or on behalf of Beneficiary or Trustee, with. interest
from the data of ouch advance or expenditure at the rate provided on the
promisoory note described above until paid and the repayment thereof shall be
secured hereby. Failure to repay such expenditure or advance and interest
thereon within ten (10) days of the mailing of such demand will, at
Beneficiary's option, constitute an event of default hereunder, or,
Beneficiary may, at Eta option, commence an action against Grantor for tho
recovery of such expenditure or advance and interest thereon, and in such
=..
r . _ . �M.M�'3.S�r�.P��.!4�!dR,. aRl! 4 �'; 1r3-"!?' �n". H'- 'nP..;Xm�¢.'e'a�t�l5V�f3;w.fi7� : rt�u+�*.vnv��ian,... • qc; Kn. or ..m^w.�.awrnzn+�rw2�aa�4*a�+whtix
M
avant Grantor agrees to pay, in addition to the amount of such expenditure or
advance and interact thereon, and in such event Grantor •grass to pay, in
addition to the amount of such expenditure or advance, all coats and expanses
incurrad in such action, together with reasonable attorneys' fee.
.7. Time is of the essence hereof in connection with all obligations
of the Grantor herein or in paid note. By accepting payment of any such
o ecured hereby after its duo date. Beneficiary does not waive its right
either to require prompt payment when due of all other sums ■o secured or to
declare default for failure so to pay.
B. All mums secured hereby shall become immediately due and payabla,
at the option of the Bonoficiary without demand or notice, after any of the
following occur, aach of which shall be an.event of defaults' (a) datault by
Grantor in the paymont of any lndabtednes■ secured hereby or in the
performance or observance of any agreement containod horsing or (b) a default
in any provision of any other instrumont which may be held by Beneficiary as
security for said note, including the loan agraamont'and rolatad documental
the term■ and covenants of which are incorporated herein by reference as
though fully set forth horelni or (c) if Grantor or any party liable on the
Note (including guarantors) aha11 make any assignment for the benefit of
creditors or shall permit the inetitution of any proceedings under any•tadaral
or state statutes pertaining to bankruptcy, lneolvency, arrangement,
diaaolution, liquidation or racelvorehip, whether or not an order for relief
is entered. In the event of a default, Beneficiary may declare all amounts
owed undor the loan documonta immediately due and payable without demand or
notice and /or exercisa its rights and remedial under the loan documents and
applicable law including foreclosure of this Dowd of Truet'judlcially or
nonjudicially.by the Truatoe pursuant to the power of tale. Beneficiary's
L. exercise of any o1 its rights and remedies shall not constitute a waiver or
cure of a default. Beneficiary'. failure to enforce any default shall not
constitute a waiver of the default or any eubao datault. In the avant
CV the loan documonte are referred to an attorney for enforcement of
Beneficiary's rights or remedies, whothor or not suit is filod or any
procooding■ are commenced, Grantor shall pay all Bonoficiary'■ costa and
CV expenoea including Truatoo'e and attorneys' fops (including attorneys' foam
S for any appeal, bankruptcy proceedings or any other procoading), accountants'
loos, appraisal and inopection feed and coat of a titlo report. The property
may be mold eoparately or ae a whole, at the option of Beneficiary. Trustee
and /or Bonoficiary may also realize on the personal property in accordance
with the remodiae available undor the Uniform Coa®arcial Code or at law. In
the avant of a foreclosuro sale, Crantor and tha holders of any subordinata
liana or aacurity intoranta waive any equitable, statutory or othor right they
may have to require marohaling of aeoots or foreclosure in tha invoree ordar
of alienation. Beneficiary may at any time discharge the Truatea and appoint
e auccooeor Trustee who shall have all of the powers of the original Trustee.
9. If the property or any part thereof is sold, conveyed,
transferred, encumbered, or full p000eesory rights tharain transferred, ur if
a controlling interest in Grantor (if a corporation) or • general partnorship
intoreat in Grantor (if a partnership) ie ■old,= conveyed, transferred or
oncumbored, without the prior writton conaont of the 8anoficiary, than
Bonoficiary may declare all flume uocurod by the Dead of Trust immodiatoly duo
and payable. This provision ohall apply to aach and ovary male, transfer,
conveyance or encumbrance rcgardlaaa of whothor or not Bonoficiary hap
consented or waived ito rights, whothor by action, or nonaction, in connection
with any praviouo gala, tranofcr, convoyance or encumbrance, whothor one or
more.
31114 \1 \maa1) =1 /4.16.92
s,.cat
3
1
1
.
10.
10.1 Bonoficiary may commence, appear in, and defend any action
or proceeding which may affect the property or the rights or powers of
Beneficiary or.Trustoe.
10.2 If Beneficiary so requires, Grantor shall pay to Bonoficiary
monthly, together with and in addition to any payments of principal and /or
intaroat due under the Soto, a sum, as astimatod by the Beneficiary, equal to
the ground rants, if any, the coal estate taxes and asaaasmanta next due on
the property and the premiums next duo on insurance policies required under
this Used of Trust, less all sumo already paid therefor, divided by the number
of months to elapse before 2 months prior to the date when the ground rants,
real estate taxes, aaaesemant■ and insurance premiums will becoma'delinquant.
No interest will be paid on the funds in the reserve account.
10.3 Grantor hereby absolutely and irrevocably assigns to
Beneficiary all Grantor's' Lntereot in the rents and loans,. So long as
Grantor is 'not in default under the loan documents, Grantor may collect the
rents as they become due. Grantor's right to collect the rants shall not
constitute Beneficiary's consent. to the use of cash collateral in any
bankruptcy proceeding. In the event of a default, Benoficiary shall be
entitled, without notice, without bond, and without regard to the adequacy of
the property, to tho appointment of a recoivar for the property.
10.4 Thin Deed of Trust is given to secure obligations incurred
• pursuant to • guaranty of indebtodnea■ of ABC Rontals, Inc. and Aont lunorica,
._ Inc. This Dood of Trust shall also aorvo as a financing atatomont filed for
record in tho real °Estate records as a fixturo filing pursuant to the Uniform
N Commercial code. To the extent applicable, this is a security agreement undor
• the Uniform Commercial Code.
O
fV 10.5 Grantor shall dellvar to Beneficiary current annual personal
• financial statements within 30 days following.tha end of each calendar year
until the obligations secured horeby are paid in full..
10.6 If any payment made or to bo made under the loan documents
shall constitute a violation of the applicable usury lawn, then the payment
made or to be made shall be reduced so that in no event shall any obligor pay
or Beneficiary recoive an amount in sumacs of the maximum amount permittod by
the applicable usury laws.
10.7 If•Grantor is in default, any tender of payment sufficient
to satisfy all Bums duo undor the loan documonts made at any time prior to
foreclosure sale shall conatitute:an evasion . of the prepayment terma of tho
note, if any, and shall be doomed a voluntary pre- payment. Any such paymont,
to the oxtant permitted by law, ohall include the additional payment required
under the prepaymont privilege in tho Note or if at that time there is no
prepayment privilogo, then ouch payment, to tho extant permitted by law, will
include an additional payment of 5a of tho than principal balance. •
10.8 The right, dutioo, liabilities and obligations of the
partioe undor the.Note shell be conotrued and governed by and undor the lava
of the Stato of Waohington. The right, dutios, liabilltioa, and obligations
of tho parties with raopoct•to tho premLoaa shall be governed by tha lava of
the atato whore the pramiaoo aro located. It is the intent of the partiaa
that, to tho fulleot extent allowable by law, the law of the State of
Naohington ahall apply to the tranoaction of which this Deed of Trust is a
part.
' 2 x 01
•
11. If a fee owner and a leasehold owner execute this Deed of Trust,
the following shall apply:
11.1 That the fee owner and the leasehold owner have executed
this Deed of Trust convoying their 'separate estates in the property herein
conveyed for the purpose of granting to the Beneficiary such a lien as would
cause there to be sold, at public auction by Trustee or at foreclosure sale,
the fee simple title to the property described herein free and clear of the
leasehold interest now owned by the leasehold owner, to the extinguishment of
such leasehold interest, and to this end the fee owner and the leasehold owner
do jointly and . severally waive any right, legal or equitable, which they might
now have, or which might subsequently accrue to them, or to anyone holding or
claiming under or through them, to have their separate estates sold separately
by ,Trustee or upon foreclosure.
. 11.2 That the fee owner hereby (i) waives presentment, demand,
protest and notice of acceptance, demand, protest and nonpayment; (ii):waives
any and all lack of diligence or delays in collection or enforcement, the
right to plead laches and any and all statutes of limitation as a defense to
any demand, or any other indulgence or forbearance whatsoever with respect to
any and all obligations secured by this Deed of Trust; (iii) waive■ notice of
acceptance hereof by Beneficiary or Trustee under this Deed of Trust;
(iv)•waivss notice of.any and all advances made under the note eacured by this
Deed of Trust; (v) agree° that other security for the obligations secured by.
this Deed of Trust may be released or subordinated by Beneficiary, including,
without limitation, all or . any part of the property or security described in
this Deed of Trust, without affecting the right of Beneficiary hereunder, and
hereby waives notice thereof; and (vi) in any action or proceeding to recover
any sum secured by thie Deed of Trust, waive■ any defense or right that resort
must first be had to other security or to any other person.
12. If the property that is the subject of this Dead of Trust or any
part thereof is a leasehold eatate'the following shall apply:
12.1 The 'following described estate, property and rights of
Grantor are also included as security for the performance of each covenant and
agreement of Grantor contained heroin and the payment of all sums of money
secured hereby:
12.1.1 All right, title and interest of Grantor in and to
options to purchase, options of first refusal and renewal options with respect
to said Ground Lease or said property or any portion thereof or any interest
therein and in and to any greater estate and said property, including the fee
simple estate, as may bo subsequently acquired by or released to Grantor.
12.1.2 All interest, estate or other claim, both in law or
equity, which Grantor now has or may hereafter acquire in said property.
12.2 Grantor ha° good and marketable title to a
created by said Ground Lease.
12.3 Said Ground Lease shall not be modified or
way without the written consent of Beneficiary.
12.4 Beneficiary shall bo immediately furnished
of default served by Lessor of said Ground Lease on Grantor.
12.5 Beneficiary is hereby granted the right to participate in
all legal proceedings, including arbitration proceedings, affecting or
pertaining to said Ground Lease or the demieod premises.
72014\1\00017.D7171.16 02
$..LL1.
S
leasehold estate
changed in any
with all notices
n .
•
12.6 Grantor does hereby assign and it over to Beneficiary all
right, title and interest in and to Grantor's interest in said Ground Leas],
including, without limitation, Grantor'. option to extend the term of said
Ground Lease, if any, and Beneficiary shall have the right to exercise said
option to extend said Ground Leans in the event that Grantor fails to do so,
and it in the judgment of the Beneficiary the exercise of such option is
necessary to protect it■ interest a■ Beneficiary.
12.7 In tho event Grantor ahall fail to alaka.payment due on said
Ground lease or to perform any term or covenant ao provided therein, in
addition to any such default constituting a default under thin Deed of.Trust,
Baneficiary may, at its option, make the dafaultsd payments or perform the
termer covenant and add the name to the amount due under this Dead of Trust
without waiving any of its rights under this Daod of Trust and tho'Hota which
it sutures. •
12.8 If both the lessor's and 1 's notate undor said Ground
Leasa shall at any time become vested in ono owner, this Deed of Trust and tha
lion created hereby shall not be destroyed or terminated by.application of the
Lt) doctrine of morger,.and in such event, . Beneficiary shall continue to have and
to anjoy all of the rights, title, interest and privileges of Beneficiary as
'to the separate estates. In addition, foreclosure of raid property shall not
destroy or terminate said Ground Lamle by application of the doctrine of
N merger or as a matter of law or as a result of Lorecloouro unless Beneficiary
.Q• or any purchaser at foreclosure sale shall ■o gloat. In the avant that .
Grantor shall, at any time prior to the payment in full of all indebtedness
N secured by this Deed of Trust, acquire fee simple title to said property, such
foe simple title shall not merge with the leasehold estate oncum by this
Dead of Trust, but such foe simple title shall immadia'aoly, without further'
action on the part of Grantor, becomo ■ubjact to the lion haroof. In tho
mc avant of such acquisition by Grantor, Grantor amity to execute and dolivar to
8oneficiary such further inatrumonta, convoyanco■ and saourancss as
Beneficiary may reasonably requiri in ordor to further confirm and asauro that
the foe simple title ao acquired by Grantor is subject to the tarns,
proviaiona and lien of this Dead of Trust. The proviaiona of this paragraph
�;. shall not apply in tho avant Beneficiary acquires the foe of said property,
_• ;; axcapt if Beneficiary shall ao.oloct.
WITNESS the hand(.) and eeal(e) of tho Grantor(s) on the day and year
.Y first written.
STATE Or WASHINGTON )
) so.
COUNTY OF KING
On thlo' //V day of , 1992, b.fora ma, a Notary Public
in and for th state of Waoh ng n, poroonally appeared Donnie R. Davidson
poraonally known to me (or prove to ma on the basis of satisfactory evidence)
to be tho poroon who executed thio inatrumont and acknowladgad it to ba his
free and voluntary act and deed for the woos and purposed mentioned in the
inatrumant.
3:(14%1\ 00013.037/1.1:.12
Natal:
GRANTOR:
6
NNIS R. DAVIDSoN
•
1
•
'1 • .
" ; , -,
- .
•