HomeMy WebLinkAbout2000 - Line of Credit Trust Deed - Hedin Terrance / Horacek Rose - 2000061400221320000614002213
Prepared By.
BARBARA HUNT
Record and Return Address:
Chase Manhattan Bank USA, NA.
WO Chose Manhattan Mortgage Corp,
MK Ferguson Plaza, 1500 West Third Attest
Cleveland, OH 44113 -1408
ATTN: Central Document Control Unit
Assessor, Parcel or Account Number: 42000086
Abbreviated Legal Description:
Full legal description located on Exhibit A.
0006 4002213
R ANT NATION DT 14.00
est OF 007
KING COUNTY, UK
Reference #001321103660 •
Servicing # 001321103550
WASHINGTON
LINE OF CREDIT TRUST DEED
(Securing Future Advances)
THIS DEED OF TRUST is made on lune 2. 2004 The grantor is:
TERRANCE LL HEDIN tad ROSE,li HORAGEK
The trustee re STEWART TITLE COMPANY ('Trustee"(. The beneficiary is:
Chase Maehatta t BankSIRA_N.A. , a national banking association
whose address is:
f`,(O Chase Manhattan Mo!tg.g of .2400 Maita�d Gtr Pkwv 2210 Matt d FL '32751
in Ma Deed of Trust, the terms "you,' 'your and "yours' refer to the wantons). Tne terms
"we," "us" and 'our" refer to the beneficiary.
Pursuant We Home Equity Lone of Credit Agreement dated the same date as this Deed
of Trust ('Agreement'►, you may Incur maximum unpaid loan Indebtedness (exclusive of
interest thereon) on amounts fluctuating from time to ume up to the maximum principal sum
outstanding at any time of.
„Eighty-Nine Thousand and 001100 Doaare
It 89,000.00 I. The Agreement provides for a final scheduled installment due and
payable not later than on Am 17. 2030 . You agree that this Deed of Trust shell
continue to secure all sums now or hereafter advanced under the terms of the Agreement
including, withoqut limitation, such sums that are advanced by us whether or not at the time
the sums are idvanced there is any principal sum outstanding under the Agreement. The
parties hereto Intend that this Deed of Trust shall secure unpaid balances, end all other
amounts due to us hereunder and under the Agreement.
This Deed of Trust secures to us: la) the repayment of the debt evidenced by the
Agreement, with Interest, and all refinancings, renewals, extensions end modifications of the
Agreement, lb) the payment of all other sums, with Interest, advanced under this Deed of
Trust to protect the security of this Deed of Trust; and lc) the performance of your covenants
and agreements under this Deed of Trust and the Agreement. For this purpose and in
WALCOT inev, 03/23/00f Paget of I
eonsideretion of the debt, you irrevocably went end convey to the Trustee end Trustee's
successors and assigns, In trust, with power of sate, the property located in
KING County, Washington, and more lully described In EXHIBIT A,
which Is Aliened hereto and made a pert hereof, which property is more commonly known
es:
4310 UQl ST. Tum . WA 9t}1J•7900
('Property Address');
TOGETHER WITH all the Improvements now or hereafter erected on the property, and
all easement.. rights, appurtenances. and fixtures now or hereafter a part of the property All
replacements and additions shell also be covered by this Deed of Trust. All of the foregoing le
referred to In this Deed of Trust es the *Property."
YOU COVENANT that you are tawlully seized of the estate hereby conveyed and have
the right to grant and convey the Property and that the Property Is unencumbered, except for
encumbrances of record. You warrant and will defend generally the title to the Property
against all darns and demands. subject to any encumbrances of record.
YOU AND WE covenant and agree se follows
1. Payment of Principal, interest and Otter Charges. You shall pay when the
principal of and interest owing under the Agreement and all other charges due hereunder and
under the Agreement,
2. Application of Payments. Unfelt; applicable law provides otharwlse, all
payments received by us under the Agreement and Section 1 shall be applied by us as
r ..r provided In the Agreement.
c-' 3. Prior Deed of Trusts: Charges: Liens. You shell perform an of your obligations
under any mortgage, deed of trust or other security instrument. with a Ilan which has priority
over this Dead of Trust, Including your covenants to make payments when due. You shall
pay aIl taxes, assessments, charges, fines and.imposltions attributable to the Property which
may attain priority over this Deed of Trust or any advance under this Deed of Truer, and
LO leasehold payments or ground rents, if any. Upon our request, you shall promptly furnish to
us all notices of amounts to be paid under this paragraph and receipts evidencing any such
payments you make directly. You shall promptly discharge any lien (other than a Ilan
disclosed to us In your application of In any title report we obtained) which has priority over
' this Deed of Trust or any advance under this Deed of Trust.
We specifically reserve to ourself and Our successors and assigns the unilateral right to
require, upon notice, that you pay to us on the day monthly payments are due an amount
equal to one•twelfth (1112) of the yearly taxes, and assessments (Including condominium and
planned unit development assessments, d any) which may attain priority over this Deed of
Trust and ground rents on the Property, if any, plus one - twelfth (1/12) of yearly premium
Installments for hazard and mortgage Insurance, all as we reasonably estimate initially end
from time to time, as allowed by and In accordance with applicable law.
4, Hazard Insurance. You shall keep the Property Insured against lose by fire,
hazards Included within the term 'extended coverage` and any other hazards, Including floods
or flooding, for which we require Insurance. This Insurance shall be meintethed In the
amounts and for -the periods that we Jaques. You may choose any Insurer reasonably
acceptable to us. insurance policies end renewals shall be acceptable to us and shall include
a standard mortgagee clause. 11 wo require, you shell promptly give us ell receipts of paid
premiums and renewal notices If you 1.11 to meintam coverage es required In this section,
you authorize us to obtain such coverage es we In our sole discretion determine appropriate
to protect our interest in the Property in accordance with the provisions in Section 6. You
understand end agree that any coverage we purchase may cover only Our Interest in the
Property and may not cover your Interest in the Property or any personal property therein.
You also understand and agree that tha premium for any such insurance may be higher than
the promium ybu would pay for such insurance. You shell promptly notify the Insurer and us
of any Toss We may make proof of lose If you do not promptly do so.
WALCD7 Pegs 2 of a
Maurance proceeds shall be applied to restore or repair the Property damaged, if restoration or
repel, is economically feasible and our security would not be lessened. Otherwise. insurance
proceeds shalt be applied to sums secuted by this Deed of Trust, whether or not then due.
with any excess paid to you If you abandon the Property, or do not 'newer within 30 days
our notice to you that the insurer has offered to settle a claim, then we may collect and use
the proceeds to repair or restore the Property or to pay sums secured by this Deed of Trust,
whether or not then due. The 30-day period will begin when notice Is given. Any application
of proceeds to principal shell not require us to extend or postpone the due date of monthly
payments or change the amount of monthly payments. If we acquire the Property at a forced
sale following your default, your right to any insurance proceeds resulting from damage to the
Property prior to the acquisition shall pass to us to the extent of the sums secured by this
Deed of Trust Immediately prior to the acquisition.
You shall not permit any condition to exist on the Property which would, in any way,
Invalidate the insurance coverage on the Property.
B. Preservation, Meintenence and Protection of the Propeny; Borrower's Loan
Application; Leaseholds. You shall not destroy, damage or subetentielly change the Property.
allow the Property to detetiorate, or commit waste. You shell be in default ►t any forfeiture
action or proceeding. whether civil or criminal, is begun that In our good faith (udgment could
result in forfeiture of the Property or otherwise materially impair the lien created by this Deed
of Trust or our security interest You may cure such a default, as provided in Section 17, by
causing the action or proceeding to be dlsmlased with a ruling that, in our good faith
deteimmatlon. precludes forfeiture of your interest in the Property or other metetlel
impairment of the lien created by this Deed of Trust or our security interest. You shall also be
in default It you . during the loan application process, gave materially false or inaccurate
information or statements to us (or felled to provide us with any material information) in
connection with the loan evidenced by the Agreement, including, but not limited to,
representations concerning your occupancy of the Property as a ptlnaple residence. If title
Deed of Trust is on a leasehold, you shall comply with the lease. If you acquire fee title to
the Property, the (eaaehold and fee title shell not merge unless we agree to the merger in
writing.
8. Protection of Our Rights in the Property. Mortgage Insurance. If you fall to
perform the covenants and agreements contained in this Deed of Trust, or there Is a legal
proceeding that may significantly affect our rights in the Property lauch as a proceeding In
bankruptcy, probate, lot condemnation or forfeiture or to enforce laws or regulations), then
we may do, and pay tor, anything necessary to protect the Property's value end our rights In
the Property. Our actions may Include paying any sums secured by a lien which has priority
over this Deed of Trust or any advance under the Agreement or this Deed of Trust, appearing
in court, paying reasonable attorney's lees, paying any sums which you are required to pay
under this Deed of Trust and entering on the Property to make repairs. We do not have to
take any action we are permitted to take under this paragraph. Any amounts we pay under
this paragraph shall become additional debts you owe us and shall be secured by this Deed of
Trust These amounts shall beer interest from the disbursement date at the rate established
under the Agreement and shall be payable, with Interest, upon our request. If we required
mortgage Insurance as a condition of making the loan secured by this Deed of Trust, you shell
pay the premiums for such insurance until such time as the requirement for the insurance
terminates.
7. 'Weirton. We may enter and inspect the Property at any reasonable time and
upon reasonable notice.
8. Condemnation. The proceeds of arty award for damages, direct or
coneequentlel. in connection with any condemnation or other taking of any part of the
Property, or for conveyance In lieu of condemnation, era hereby assigned and shall be paid to
us. If the Property is abandoned, or If, after notice by us to you that the condemnor offers to
make an award or settle a claim for damages, you fail to respond to u■ within 30 days alter
the date the notice is given, we are authorized to collect and apply the proceeds. at out
option, either to restoration or repair of the Property or to the sums secured by this Dead of
Trust, whether or not then due. Unless we and you otherwise agree in writing, any
application of proceeds to principal shop not extend or postpone the due date of the monthly
payments payable under the Agreement and Section 1 or change the amount of such
payments.
B. You Are Not Released; Forbearance by Us Not a Waiver. Extension of time for
payment or modification of amortization of the sums secured by this Deed of Trust granted by
us to any of your successor; In interest shall not operate to release your liability or the liability
WALCDT Page 3 of 0
of your successors In Interest. We shaU not be required to commence proceedings against
any successor In interest, refuse to extend ttime for payment or otherwise modify amortization
of the sums scoured by this Dead of Trust by reason of any demand made by you or your
successors In Interest. Our forbearance in exercising any right or remedy shell not waive or
preclude the exercise of any right or remedy.
10. Suooessora and Assigns Bound; Joint and Several Liability; Co- signets. The
covenants and agreements of this Deed of Trust shell bind and benefit your successors end
permitted assigns. Your covenants and agreements shall be pint and several. Anyone who
co-signs this Deed of Trust but does not execute the Agreement. (al is co-signing this Deed
of Trust only to mortgage, grant and convey such persona Interest in the Property; (IA Is not
personally obligated to pay the Agreement, but is obligated to pay all other sums secured by
this Deed of Trust, end lc) agrees that we and anyone else who signs this Deed of Trust may
agree to extend, modify, forbear or make any accommodations regarding the terms of this
Deed of Trust or the Agreement without such person's consent.
11. Loan Charges. if the loan secured by this Deed of Trust is subject to a taw
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, then: lel any such loon charge shah be reduced by the amount necessary to
reduce the charge to the permitted limit; and lb) any sums already collected from you which
exceed permitted limits will be refunded to you. We may choose to make this refund by
reducing the principal owed under the Agreement or by making a direct payment to you. If a
refund reduces principal, the reduction will be treated as • partial prepayment without any
prepayment charge under the Agreement.
12. Notices. Unless otherwise required by law, any notice to you provided for in
this Deed of Trust shall bo delivered or mailed by first class mull to the Property Address or
any other address you designate by notice to us. Unless otherwise required by law, any
notice to us shall be given by first class mall to our address stated above or any other address
we designate by notice to you. Any notice provided for In this Dead of Trust shall be deemed
to have been given to you or us when given as provided in this paragraph.
c..
13. Governing Law; Severabitity. The extension of credit secured by this Deed of
Trust is governed by federal law, which for the purposes of 12 USC 5 85 Incorporates
Delaware law. However, the tntsrpretation and enforcement of this Deed of Trust shell be
J, governed by the taw of the jurisdiction in which the Property le located, except as preempted
by federal law. In the event that any pro' Ision or clause of this Deed of Trust or the
Agreement conflicts with applicable law, such conflict shall not affect other provisions of this
Deed of Trust or the Agreement which can be given effect without the conflicting provision.
• To this and the provisions of this Deed of Trust and the Agreement ere declared to be
severable.
14. Transfer of the Property. If all or any part of the Property or any interest in it
le acid or transferred without our prior written consent, we may, et our option, require
Immediate payment in full of all sums secured by this Deed of Trust. However, this option
shall not be exercised by us if exercise is prohibited by federal law as 01 the date of this Deed
of Trust.
16. bats" of Agreement; Change of Loan Servicer. The Agreement or a partial
Interest in the Agreement (together with this Deed of Truatl may be sold one or more tines
without prior notice to you. A sale may result in a change in the entity (known as the 'Loan
Servitor) that oohing monthly payments due under the Agreement and this Deed of Trust.
There also may be one or more changes of the Loen Servicer unrelated to the sale of the
Agreement. If there is a change of the Loan Servicer, you will be given written notice of the
change as required by 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 rnfprmation required by applicable law.
16. Hazardous Substances. You shell not cause or permit the presence, use,
disposal, storage, or release of any Hazardous Substances on or in the Property. You shall
not do, not allow anyone else to do, anything affecting the Property that Is in violation of any
Environmental Law. The preceding two sentehcee shell not apply to the presence, use, or
storage on the Property of Hazardous Substances In quantities that are generally recognized
to be appropriate to normal residential uses and to maintenance of the Property. You 'hail
promptly give us written notice of any investigation, claim, demand, lawsuit or other action
by any governmental or regulatory agency or private party involving the Property end any
Hazardous Substance or Environmental Law of which you have actual knowledge. If you
WAUMT Page 4 0 •
learn or are notified by any government or regulatory authority, that any removal or other
'mediation of any Hazardous Substance affecting the Pro perty is necessary, you shall
promptly take all necessary remedial actions in accordance with Environmental Law. As used
in this Deed of Trust, 'Hazardous Substances" are those substances defined as toxic or
hazardous substances by Environmental Law end the following substances: gasoline,
kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides,
volatile solvent,, marenale containing asbestos or formaldehyde, end radioactive materials
As used In this Deed of Trust, 'Environmental Law' means federal laws and laws of the
jurisdiction where the Property a located that relate to health, safety or environmental
protection.
17. Acceleration; Remedies. You wie be in default it I t) any payment required by
the Agreement or this Deed of Trust Is not mode whin It le due; (2) we discover that you
have committed fraud or made a material mlerepressmatlon in connection with the
Agreement; or 131 you take any action or fall to take any action that adversely affects our
security for the Agreement or any tight we have hi the Property. It • default occurs (other
that under Seaton 14, unless applicable law provides otherwise), we will give you notice
specifying: fa) the default; Ibi the action required to ours the default; lel a date, not less than
30 days from the date the notice is given to you, by which the default must be cured; end Idl
that failure to cure the default on or before the data specified In the notice may result in
acceleration of the sums secured by" Deed of Trust end sale of the Property. The notice
ehall further Inform you of the right to reinstate after acceleration and the right to bring a
court action to assert the nonextstenee of a default or any other defense you may have to
acceleration and aaie. if the default to not cured on or before the date specified in the notice.
we, at our option, may dodge ell of the sums secured by this Deed of Trust to be
immediately due and payable without further demand and may foreclose this Deed of Trust by
ludic/al proceeding. We shall be entitled to collect In such proceeding all expenses of
foreclosure, Including, but not limited to, reasonable attorneys' fees as permitted by
applicable few, but not to exceed 20% of the amount you owe for pnndpal and Interest, and
costs of title evidence.
if we invoke the power of safe, we shall give written notice to Trustee of the occurrence of
an event of default and of our election to cause the Property to be sold. We and the Trustee
shall take such action regarding notice of sale and shalt give such nodca to you and to the
other persons as applicable law may require, After the time required by applicable taw and
after publication of the notice of sale, Trustee, without demand on you, shall sell the Property
at public auction to the highest bidder at the time and place and under the terms designated
in the notice of sale in one or more parcels anti In any order Trustee determine*, 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. Either we or our designee
may purchase the Property at any sale.
Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any
covenant or warranty, expressed or implied. The recitals In the Trustee's deed shall be prima
facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds
of the site In the following order: (a) to all expenses of the sale. Including, but not limited to.
reasonable Trustee's end attorneys' tees, as set forth above; (b) to all sums secured by this
Dew of Trust; and (c) any excess to the person or parsons legally entitled to it or to the clerk
of the 'opener court of the county in which the sale took place.
19. Aeconveyence. Upon your request and payment of all sums secured by this
Deed of Trust, we shelf request Trustee to roconvey the Property and shall surrender this
Deed of Truet and all notes evidencing debt secured by this Deed of Trust to Trustee,
Trustee shall reconvey the Property without warranty and without charge to the person or
parsons legally entitled to it. Such person or persons shall pay any recordation costa.
20. Substitute Trustee. We may, at our option, from time to time appoint a
successor truVea to any Trustee appointed hereunder who has ceased to act Without
conveyance of the Property, the successor trustee shell succeed to all the title, powers and
duties contorted upon the Trustee herein and by applicable law.
21. Use of Property, You covenant that the Property Is not used principally for
agricultural or forming purposes.
21. Discontinuance of Enforcement. Notwithstanding our acceleration of the sums
secured by this Deed of Trust under the provisions of Section 17, we may, in our sole
discretion and upon such conditions as we in our sole discretion determine, discontinue any
proceedings begun to enforce the terms of this Deed 01 Trust
wetcoT
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<YY;T,h'VSrigrarat.SEE'!'I`
•
(Seal)
(Seel)
Wllneu:
release of the Deed of Trust upon full repayment of all sums secured thereby,
24. Riders to this Deed of Trust. If one or more riders are executed by you and
recorded together with this Deed of Trust, the covenants and agreements of each such rider
shell be Incorporated into and shell amend end supplement the covenants and agreements of
this Deed of Trust as if the rider(e) were a part of this Deed of Trust (Check applicable
bastes))
Condominium Rider
El Planned Unit Development Rider
Signed, sealed and delivered In the presence of:
My Commission expires. , JL 1
TERRANCE L HEDIN
ROSE M HORACEK
WALCDT Psas a 0l e
t,_I 1 -4 Family Rider
❑ Other(s)
BY SIGNING BELOW, You accept and agree to the term, end covenants contained In this
Deed of Trust and In any riderls) executed by you and recorded with it
/ I/ ��Q�•'v (Y- z-cQeel
(Seal)
(Seel(
STATE OF WASHINGTON I .: • • •'• '' '''.� - . ce
'' NI I T . ' J
CITY /COUNTY OF J I ,a:
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The fologomg instrument wee acknowiedgedr.�► e•tt&ahr L .et day of
c±U It by e. ; T t+ '� u! ' r
to me known to ba the person(el aforesaid, who .0 , .ed that they executed this
instrument as their free and voluntary act and deed and for the uses and purposes therein
mentioned.
THE EAST HALF OF LOT 17, BLOCK 1, SECOND ADDITION TO ADAMS' HOME
TRACTS, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 12
OF PLATS, PAGE 90, IN KING COUNTY, WASHINGTON
APN 004200- 0086 -07
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