HomeMy WebLinkAbout1996 - Deed of Trust - Tipton Clancy / Secure Capital Intermediate Investments - 96122312139612231213
deed OF TRUST
PILED FOR RECORD AT REQUEST OF: CLANCY TIPTON, INC.
WHEN lz.V.CORDED, RETURN TO:
SECUAC CAP /1'AL INTERMEDIATE TERM ASSET TRUST 1
P.O. I'OX 25127
Seattle, WA 98125
THIS DEED OF TRUST, made this 20th day of December, 1996, between SECURE CAPITAL
INVESTMENTS #2, LLC, whose addrers is P.O. Box 25127, Seattle, WA 98125 (hereafter the
' Grantor•), and Clancy A. Tipton, Attorney at Law, as TRUSTEE, whose address is 12055 - 15th
Avenue N.E. Seattle Washington, and SECURE CAPITAL INTF.RMFDIATE TERM ASSET
TRUST- I, BENEFICIARY, whose address -is P.O. Box 25127, Seattle, Washington 98125 (hereafter
' Lender' or 'Beneficiary).
WITNESSETH: Grantor hereby grants, bargains, sells and conveys to the Trustee, in Trust, with
Power of Sale, the following described real property in King County, Washington:
Parcel A;
The south 60 fret of the east 120 feet of Tract 60, Riv, ::•side Interurban Tracts, according
to the plat thereof recorded in Volume 10 of Plats, page 74, in King County, Washington.
ar 1 B•
The west 68.65 feet of the east 188.65 feet of the south 217.65 feet of Tract 60, Riverside
Interurban Tracts, according to the plat thereof recorded in Volume 10 of Plats, page 74,
in King County, Washington;
EXCEPT the west 8 feet of the north 40 feet thereof.
Parcel C;
The south half of the south half of Tract 59, Riverside Interurban Tracts, according to
the plat thereof recorded in Volume 10 of Plats, page 74, in King County, Washington;
EXCEPT that portion of said premises condemned to King County Superior Court Cause
No. 614098.
Parcel D:
That portion of Tract 61, Riverside Interurban Tracts, according to the plat thereof
recorded in Volume 10 of Plats, page 74, in King County, Washington, lying easterly of
the easterly line of Primary State Highway No.1;
EXCEPT the easterly 380 feet of that portion thereof lying north of'the north line of-the
south 290.20 feet of said tram.;
AND EXCEPT that portion thereof lying within the south 290.20 feet of the east 300.20
feet of said Tract 61.
a Said real property is not used principally for agricultural or farming purposes, together with all
tQ tenements, hereditaments, and appurtenances, whatsoever, now or hereafter thereunto belonging
or in any wise appertaining, and the rents, issues, and profits thereof, except as otherwise shall
be specifically described herein.
This Deed of Trust is for the purpose of securing performance of each agreement or grantor
herein contained, and payment of the Sum of ONE HUNDRED TEN THOUSAND DOLLARS,
(5110,000.00) with interest, in accordance with the terms of a Promissory . Note of even date
iE herewith payable to the Beneficiary or Order, and made by the Grantor , and all renewals,
8 modifications and extensions thereof , and also such further sums as may be advanced or loaned
tri by Beneficiary to Grantor, or any of their successors or assigns, together with interest thereon at
R such rate as shall be agreed upon.
aR
To protect the security of this Decd of Trust, Grantor covenants and agrees:
SC102 • Deed of Trust #1 P1 /4 Initials:
Grantor
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1. To keen the property in good condition and repair; to permit no waste thereof; to complete
any building, structure, or improvement being built, or subsequently constructed thereon; to
restore promptly any building structure or improvement thereon which may be damaged or
destroyed; and to comply with all laws, ordinances regulations, covenants, conditions and /or
restrictions affecting the property.
2. To pay before delinquent all lawful taxes and asessments upon the property; to keep the
property free and clear of all other charges, liens or encumbrances impairing the security of this
deed of trust.
3. To keep all buildings now or hereafter erected on the property described herein continuously
insured against loss by fire or other hazards in an amount not less than the total debt secured by
this Deed of Trust all policies shall be held by the Beneficiary, and be in such companies as the
Beneficiary may approve and have toss payable first to the Beneficiary, as its interest may
appear , and (ben to the Grantor. The amount collected under any insurance policy may be
applied upon any indebtedness hereby secured in such order as the Beneficiary shall datermine .
Such application by the Beneficiary shall not cause discontinuance of any proceedings to
foreclose this Deed of Trust. In the event of foreclosure, all rights of the Grantor in insurance
policies then in force shall pass to the purchaser at the foreclosure sale.
4. To defend any action or procedure purporting to af(ct the security hereof or the rights or
powers of Beneficiary or Trustee, and to pay all costs or expenses. including cost of title search
and attorney's fees in a reasonable amount in any action or proceeding, and in any suit brought
by or on behalf of the Beneficiary to foreclose this Deed of Trust or protect its security of
interest in the note hereby secured, including any action in Federal Court or Bankruptcy
• proceedings.
S. To pay all costs, fees and expenses in connection with this Deed of Trust, including the
N expenses of the Trustee incurred in enforcing the obligation secured hereby and Trustee's and
▪ Attorney's fees actually incurred, as provided by statute.
6. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens,
encumbrances or other charges against the property hereinabove described, Beneficiary may pay
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the same, and the amount so paid, with interest at the rate set forth to the Note secured hereby,
shall be added to and become a part of the debt secured in the deed of trust.
1. In the event any `portion' of the property is taken or damaged in any eminent domain
proceeding, he entire amount of the award or such portion as may be necessary to fully satisfy
the obligation secured hereby shall be paid to the Beneficiary to be applied to said obligation.
IT IS MUTUALLY.AGRI?F_D THAT:
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 Grant;,r and the Beneficiary, or upon
satisfaction of the obligation so secured and written request for reconveyance made by the
Beneficiary or the person entitled thereto.
4. Upon default by Grantor in the payment of any indebtedness secured hereby, or in the
performance of any agreement contained herein or obligation secured hereby between Grantor
and Beneficiary, all sums secured hereby shall immediately become due and payable at the
option of the Beneficiary. In such event and upon written request of the 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 the
Trustee's sale. Trustee shall apply the proceeds of the sale as toll w (1) to the expense of the
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1 Grantor
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9612231213
sale, including a reasonable trustee's fee and attorney's fee; (2) to the obligation secured by this
deed of trust; (3) the surplus, if any shall be distributed to the persons entitled thereto.
S. Trustee shall deliver to 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 :rust, and such as he may have acquired thereafter.
Trustee's deed shall recite the facts showing the sale was conducted in compliance with all of 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 any bona fide purchaser and
encumbrancer for value.
6. The power of sale conferred by this Deed of Trust and by the Decd of Trust act of the State
of Washington, is not an exclusive remedy for the foreclosure of Beneficiaries interest herein or
under the Note so secured. Beneficiary may cause this deed of trust to be foreclosed as a
mortgage.
7. In the event of death, incapacity, disability or resignation of the Trustee, Beneficiary may
appoint in writing a successor Trustee. and upon recordation 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.
8. 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 peron) without Lender's
prior written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. However, this option shall not be excised by Lender if
exercise is prohibited by Federal Law as of the date of this Security Instrument.
9. 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 or executors and assigns. The term
Beneficiary shall mean the holder and owner of the Note secured hereby, whether or not named
as beneficiary herein.
REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR
MORTGAGES OR DEEDS OF TRUST: Grantor requests the holder of any mortgage, deed of
trust or other encumbrance with a lien which has priority over this Deed of Trust to give Notice
..to.Grantor. at Grantor's address set forth.on page one of this Deed of Trust of any default under
the superior encumbrance and of any sale or other foreclosure action.
ORAL AGREEMENTS OR ORAL CONTRACTS TO LEND MONEY, EXTEND CREDIT OR
FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON STATE LAW.
SECURE CA PI L INVEST /MFR TS LLC ,,/ '
By :� ,l/ l _A a.- / 7�`7�7
Qary B. Grpser, Manager a Date
STATE OF WASHINGTON )
COUNTY OF KING )
I certify that 1 know or have satisfactory evidence that Gary B. Greer signed this instrument, on
oath staled that he is authorized to execute the Instrument and acknowledged it as the manager
of Secure Capital Investments 02, LLC, to be free and voluntary act of such party for the uses
and purooses mentioned in this instrument.
SCI#2 • Deed of Trust 0 1
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Grantor
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GIVEN unasr ray hand and seal this _op-d day of
Notary public in and for the State of Washington, residing ;t
My commission expires
SCI#2 • Deed of Trust #1
1996.
P4/4 Initials: Grantor
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