Loading...
HomeMy WebLinkAbout1997 - Deed of Trust - Secure Capital Investments et al - 97052821239705282123 Return To: INTERWEST BANK P 0 Box 1649 Oak Harbor, WA 98277 LOAN 4 97705123.94 Assessor's Parcel or Account Number: 734060-0941-03 Abbreviated Legal Description: P171 OP TRACT 61, RIVERSIDE INTERURBAN TRACTS, VOL 10, PG 74 /Include Ise. block and plat of section, township and tinsel Full legal description located on page 8A . CI !Spear Maven!. Use For Recordist Dotal CI TINA° r iviz ; ,f/(j3 go DEED OF TRUST cr) T1115 DEED OF TRUST ("Security Instrument") is nude on MAY 23, 1997 Abe grantor is SECURE 'CAPITAL INVESTM ENT/3..02, L. L. C , A .WASHINGTON. LIMITED LIAEILI TN COMPANY $ oi c• (Vorrower). The Voice Is PACIFIC NORTHWEST TITLE ("Truotee"). The beneficiary II THTEP.WEST BANK, A WASHINGTON CORPORATION -.P., which is organlredirid exIsUng under the laws of THE STATE OP WASHINGTON • and whose ✓ addressIs PO SOX 1649 275 DE PIONEER WAY, OAK HARBOR, WA 98277•1649 ("Lender"). BOITOWel owes Lender the pnncIpal t sum iif ONE NU/MIRED SEVEN THOUGAND DI X HUNDRED AND NO/100 I Whirs (U.S. S 107,600.00). ! IL- • 6 • ii • Z:. •I ' i •:C3 i9-''. . , 0!. ;.z..... i• • • • 11111111111 ' This debt is evidenced by Borrower's notc dated thc same date as this Security Instrument ( "Note "). which provides for monthly payments, with the full debt, if not paid earlier, duc and payable on JUNE 1, 2027 . This Sccurity 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; (h) the payment of all other sums, with interest. advanced under paragraph 7 to protect the security of this Sccurity Instrument; and (c) the performance of Borrower's covenants and agreements undcr this Security Instrument and thc Note. For this purpose. Borrower irrevocably grants and conveys to Trustee. in trust. with power of sale. the following described property located in ' KING County, Washington: ATTACHMENT A N v7 w*� which has the address of 13223 40TH AVE S, 9'UEWILLA !Stmt. Cot Washington 98168 IZ,p C.del ( "Pmperty Address'): TOGETHER WITH all the improvements now or hereafter erected on the property. and all cas nests. appurtenances, and fixtures now or hereafter a pan or the property. All replacements and additions shall also he covered by this Security Instrument. All of the foregoing is referred to in this Socunty Instrument as the "Pry" • BORROWER COVENANTS flat Bnrrowcr is lawfully seised of the estate hereby conveyed and has the right to pant and convey the Property and that die Propeny is unencumbered, except for encumbnioces of record. Burrower warrants and will defend generally the tale to the Property against all claims and demands, subject to any encumbrances . of record, . THIS SECURITY INSTKUMI:. '.T comhincs unifonii "eb cflints for national use and nnn•unptorm covenants with limited variations by jurisdiction to constitute a uniform secunty insuumcnt coffering real properly. UN WOKM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Intt'reslz4 repayment and Late Charges. Borrower shall prampdy pay when duc the principal of and interest o,rt the debt evidenced by the Notc and any prepayment and late charges due under tie Notc. 2. Fund. for Taxes and Insurance. Subject to applicahk law of to a written waiver by Larder. Borrower shall fay to Lender on the day monthly payments are due wider the Notc. until the Note is paid m hill. a sum (- Funds ") for: (a) yauly taxc. and assessments which may attain priority over this Sourly Inwumcnt at a lien on the Property; (h) yearly kaschotd payments or ground rents on the Property, d any; (c) yearly hivard or property insurance premium.; (d) yearly flood insurance frcmiums. 11 any: (c) yearly nwnit:hye insurance prcmwms, if any; and (0 any sums payahk by Bonner to Lender, to accordance with the fafwi•ifrot oil pw.grapl_i H. m lieu 01 the payment of mortgage insurance premiums. These items arc called •L•.crtw Item.: Lends may, at any umc. collect and hold Funds in an amount not in exceed the maximum amount . tender fur a federally Waled Innngaf.c loan may require for tloorowa's escrow account under the Icdcral Real !Wale Settlement i'mc Mutes Act of 1974 a. amended from lime to time. 12 U.S.C. Section 2611 es .try CRESPA'). unless anther taw that applies to the Funds sets a Imo amount. If xi. Wide, may. at any time. collect and hold Fund. in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds duc on the halts 01 current data and reasonahk estIlnates of cxpenditutcs nl future tscrow items a otherwise In accordance with applicahk law 'Ihc Funds Shall he held in wi institutions whose deposits are insured by a Iederal agency. to uumentalny. IN entity IMO/ ding l.cndcf, d (.rodeo ps aic•h an 111%111111W is in any tides time IAlan imU.i� f Pao• 7 of a • total 30411110 • ' Z W. QQ EL JU 00 co CI W =' J f_. W J; • <L D. w;. Z 0. • Z = U.. .1— —. • ,W Z; uJ N; 0 1—: .Z Bank, Lender shall apply thc Funds to pay the Escrow hems. 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 thc 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 Lander in 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 thc Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds. showing credits and debits to the Funds and thc purpose .for which each debit to thc Funds was made. Thc 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 thc requirements of applicable law. If the amount of thc 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 Lcndcr the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no morc than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lcndcr 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 Properly, 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 undcr paragraphs 1 and 2 shall be apply: fast, to any prepayment charges duc under the Note; second, to amounts payable undcr paragraph 2; third, to interest due: fourth, to principal due; and last, to any late charges duc under the Note. 4. Charges; Liens. Borrower shall pay all taxes. assessments, charges. fins 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 thcsc obligations in thc manner provided in paragraph 2, or if not paid in 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 Lcndcr receipts evidencing thc payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower. (a) agrees in writing to the payment of thc obligation secured by the lien in a manner acceptable to Lender (b) contests in good faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the Lcndcr's opinion opciate to jircvent the cnforcement'of•thc lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the Iicn to this Security Instrument. If Lender determ;o.es that any pan of the Property is subject to a Iicn which may attain priority over this Security rel .v Instrument. Lcndcr may give Borrower a notice identifying thc Iicn. Borrower shall satisfy the Iicn or take one or more of thc actions set forth •:bove within 10 days of the giving of notice. `7 S. Hazard or Property Insurance. Borrower shall k cp the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage" and any other hazards, including floods or flooding. for which Lander requires insurance. This insurance shall be maintained in the amounts and for thc periods that Lender requires. The insurance carrier providing thc insurance shall be chosen by Borrower subject to Lender's approval which shall not he 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 Lander and shall include a standard mongagc clause. Lcndcr shall have die 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. Lcndcr may make proof of loss if not made promptly by Borrower. Unless Lcndcr and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properly damaged, if the restoration or repair is economically feasible mod InuIula Form 30441N10 ®• •SR(WA) tnMO%) Pip 1 of B P. NOW $' • Lender's security is not Icsscncd. If thc restoration or rcpair is not economically feasible or 1.enticr's security would be lessened, thc insurancc procccds shall be applied to thc sums sccurcd by this Security Instrument, whether or not thcn duc, with any excess paid to Borrowcr. If Borrower abandons thc Property, or does not answer within 30 days a noticc from Lcndcr that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the procccds to rcpair or rcstorc thc Properly or to pay N sums secured by this Security Instrument, whether or not thcn duc. Thc 30•day period will begin whcn the --1 noticc is given. Unless Lcndcr and Borrower otherwise agree in writing, any application of procccds to principal shall not CO extend or postpone the duc date of thc monthly payments referred to in paragraphs 1• and 2 or change thc amount of thc payments. If undcr paragraph 21 thc Property is acquired by Lender. Borrowcr's right to any 0 insurance policies and proceeds resulting from damage to the Properly prior to the acquisition shall pass to Lender to the extent of thc sums secured by this Security Instrument immediately prior to thc acquisition. Q3 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrowcr shall occupy. establish, and use the Property ac Borrower's principal residence within sixty days aftcr the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at Icast one year aftcr the date of occupancy, unless Lender otherwise agrees in writing. which conscnt shalt not bc unreasonably withheld, or unless extenuating circumstances exist which arc bcyond Borrowcr's control. Borrowcr shall not destroy, damage or impair thc Properly, allow the Property to deteriorate, or commit waste on tiro Properly. Borrower shall he in dcfault if any forfeiture action or proceeding, whether civil or criminal. is bcgun that in Lender's good faith judgment could result in forfeiture of the Propcny or othcrwis: materially impair the lien created by this Security Instrument or Lender's security interest. Borrowcr may cure such a default and rcinslatc, as providcd in paragraph 18. by causing thc action or proceeding to bc dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Properly or other material impairment of thc lien created by this Security Instrument or Lendcr's security interest. Borrower shall also bc in dcfault if Borrowcr, during the loan application process. gavc materially false or inaccurate information or statements to Lcndcr (or failed to provide Lender with any tnatcrial information) in connection with the loan cvidcnccd by the Note. including, hut not limited to. representations conccrning Borrower's occupancy of the Property as a principal residence. If this Security Instrumcnt is on a leasehold, Borrower shall comply with all the provisions of thc Icasc. If Born►wcr acquires fcc title to thc Properly. thc lcaschold 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 Icgal proceeding that may significantly affect Lender's rights in the Pmpcny (such as a proceeding in bankruptcy. probate. for condemnation or forfeiture or to enforce laws or regulations). thcn Lender may do and pay for whatcvcr is necessary to protect the value of the Propcny and Lender's rights : t the Properly. Lender's actions may include paying any sums sccurcd by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' f^cs and entering on the Property to makc repairs. Although Lcndcr may take action undcr this paragraph 7. Lcndcr does not have to do so. Any amounts disburscd by Lcndcr undcr this paragraph 7 shall became additional dcbt of Borrower secured by this Security Instrument. Unlcss Borrower and Lcndcr agree to other terms of paymcnt, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon noticc from Lcndcr to Borrowcr requesting paymcnt. It. Mortgage Insurance. If Lcndcr required mongagc insurancc as a condition of making the loan secured by this Security Instrument. Bo:.ower shall pay the premiums required to maintain the mongagc insurance in effect. If. for any reason, the mortgage insurance coverage required by Lender lapses or senses to he in effect. Borrower shall pay thc premiums required to obtain coverage substantially equivalent to thc monguge insurance previously in effect, at u cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect. from an alternate mongagc insurer approved by Lender. If substantially equivalent monguge insurance coverage is not avallablc, Borrower shall pay to !.ender each ©49R(WA) (9701) Inaluals Pep 4 of 8 ' Form 7049 9/90 9705252123 month a sum equal to one- twelfth of the yearly mortgage insurance premium being paid by Iorrowcr when the insurancc covcragc lapsed or ceased to bc in effect. Lcndcr will accept, use and retain these payments as a loss rcscrvc in licit of mortgagc insurancc. Loss reserve payments may no longer be required, at thc option of Lender, if mortgage insurance covcragc (in the amount and for thc period that Lender rcquircs) providcd by an insurcr approvcd by Lcndcr again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss rcscrve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrowcr and Lender or applicable law. - . 9. Inspection. Lcndcr or its agent may make rcasonabtc entries upon and inspections of the Property. Lender shall give Borrower noticc at thc time of or prior to an inspection specifying reasonable cause for the inspc lion. 10. Condemnation. Thc proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Propeay. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lcndcr. In the event of a total taking of the Property, thc proceeds shall bc applied to thc sums sccurcd by this Security Instrument, whether or not then due. with any excess paid to Borrower. In the event of a partial Wring of the Property in which the fair market value of the Pmperty immediately before the taking is equal to or greater than the amount of thc sums secured by this Security Instrumc►it immediately before thc taking. unless Borrowcr and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by C.a following fraction: (a) the total amount of the sums sccurcd immcdiatcly before the taking, dividcd by (b) thc fair market value of the Property immediately bcforc the taking. Any balance shall be paid to Borrowcr. In thc event of a partial taking of the Property in which thc fair markct value of the Property immcdiatcly bcforc thc taking is kss than thc amount of thc sums secured immcdiatcly bcforc the taking, unless Borrower and Lcndcr otherwise agrcc in writing or unless applicablc law otherwise provides, the proceeds shall bc applied to thc sums sccurcd by this Security Instrument whether or not thc sums are then duc. If the Properly is abandoned by Borrower, or if, after notice by Lender to Borrower that thc condcmnor offcrs to make an award or sctdc a claim for damages. Borrowcr fails to respond to Lender within 30 days aftcr thc date thc notice is given. Lender is authorized to collect and apply the proceeds, at its option. either to rcstoration or rcpair of the Pmpeny or to the sums sccurcd by this Sccurity Instrument, whcthcr or not then Unless Lender and Borrower otherwise agree in writing, any application of procccds to principal shall not extend or postponc the due date of the monthly paymcnts referred to in paragraphs 1 and 2 or change the amount of such paymcnts. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for paymcnt or modification of amortization of the sums secured by this Sccurity instrument grantcd by Lender to any succcssor in interest of Borrower shall not operate to release the liability of the original Borrowcr or Borrower's successors in interest. Lcndcr shall not bc required to commence proceedings against any successor in interest or refuse to extend time for paymcnt or otherwise modify amortization of the sums sccurcd by this Sccurity instrument by raison of any demand made by the original Borrower or Borrower's succcssors in intcrcst. Any forbearance by Lcndcr in exercising any right or remedy shall not be a waivcr of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Cosigners. The covcnants and agreements of this Security Instrument shall '.ind and benefit thc succcssors and assigns of Lcndcr and Borrower, subject to the provisions of paragraph 17. Borrower's covcnants and agreements shall he joint and several. Any Borrower who cosigns this Sccur''y Instrument hut does not execute the Note: (a) is co-signing this Sccurity Instrument only to mongugc, grant and convey that Borrower's interest in the Pmpeny under the terms of this Security Instrument; (h) is not personully obligated to pay the sums secured by this Security Instrument; and (c) ugrecs shut Lender and any other horrowcr may agrcc to cxtcnd, modify, forbear or ®y SR(WA) (9701) Pap 5 al e Initials Form 3049 9/90 • • • *?" makc any accommodations with regard to the terms of this Security Instrument or the Now without that Borrower's consent. 13. t.oan Charges. If the loan sccurcd by this Sccurity Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the intexst or othcr loan charges collected or to he collected in connection with the Man exceed thc permitted limits, then: (a) any such loan charge shall he reduced by thc amount necessary to rcducc the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will he refunded to Borrower. Lender may chcosc to make this refund by reducing the principal owcd undcr the Note or by making a diroct payment to Borrower. If a rcfund reclines principal, the reduction will he treated as a partial nrcpuymcnt without any prepayment charge under thc Note. 14. Notices. Any notice to Borrower provided for in this Security Instrumcnt shall he given by delivering it or by mailing it by first class mail unless applicablc law rcquircs use of another method. Thc notice shall be directed to thc Property Addrcss or any othcr address Borrower designates by notice to Lender. Any noticc to Lender shall be givcn by first class mail to Lender's addrcss stated hcrcin or any othcr address Lender designates by notice to Borrower. Any notice provided for in this Sccurity Instrument shall be deemed to have been givcn to Borrower or Lender when givcn as provided in this paragrnph. 15. Governing Law; Severability. This Security Instrument shall be govcmcd by federal law and thc law of the jurisdiction in which thc Property is located. In the cvcnl that any provision or clause of this Security Instrumcnt or the Note conflicts with applicablc law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be givcn cffc: t without the conflicting provision. To this end the provisions of this Sccurity Instrument and thc Notc arc declared to bc severable. 16. Borrower's Copy. Borrowcr shall be givcn onc conformed copy of the Note and of this Security Instrument. 17. Transfer or the Property or a Beneficial Interest in Borrower. If all or any part of thc Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrowcr is not a natural person) without Lender's prior written consent. Lcndcr may. at its option, rcquirc immcdiatc payment in full of all sums secured by this Security Instrument. However, this option shall not bc exercised by Lender if exercise is prohibited by federal law as of thc date of this Security Instrumcnt. If Lcndcr exercises this option. Lcndcr shall give Borrower notice of acceleration. Thc notice shall provide a period of not lass than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums sccurcd by this ,Sccurity Intrumcnt If Borrowcr fails to pay .ahcsc.sums prior to thc expiration or this period, Lcndcr may invoke any rcmcdics permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrowcr mots certain conditions, Borrowcr shall have thc 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 applicablc law may spccify for reinstatcmcnl) hcforc sale of the Property pursuant to any power or sale contained in this Security Instrument; or (b) cntry of a judgment enforcing this Security Instrument. Thosc conditions arc that Borrower: (a) pays Lcndcr all sums which then wo.dd be due undcr this Security instrument and the Notc as if no acceleration had occurred: (b) cures any default or any other covenants or agreements; (c) pays all expenses incurred in cnforcing this Sccurity Instrument, including, but not limited tn. rcasonahic attorneys' fees; and (d) takes such action as Lcndcr may reasonably rcquirc to nssurc that the lien of this Security Instrument, Lcndcr's rights in thc Property and Borrower's obligation to pay thc sums sccurcd by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. llowever. this right to reinstate shall not apply in the case of acceleration under paragraph 17. 19. Sale of Note.; Change of Loan Servicer. The Non. or a partial intcrcst in thc Notc (together with this Security Instrument) may bc sold onc or morc times without prior notice to Borrowcr. A sale may result in a change in thc entity (known as thc "Loan Scrviccr ") that collects monthly payments due tinder the Note and this Security Instrument. There also muy he onc or morc changes of the Loan Scrviccr unrelated to u sale of the Note. If there is a change of thc Loan Scrviccr, Borrower will bc givcn written noucc of the change in accordance with paragraph 14 above and applicable law. The notice will state thc name and addrcss of thc new Loan Scrviccr and Um address to which payments should he made. Thc notice will also contain any other tnlorination required by applicable law. t®0111(WA) 07011 Page 6 0l Fora+ 3041 11110 20. Ilarardous 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 sentence.. shall not apply to the presence, use. or storage on :lie Property of small quantities of Hazardous Substances U:., arc generally recognized to he appro riatc to nunital residential uses and to maintcnano of the Property. Borrower sh 1 + v 1 r written notice of any investigation, claim. demand, lawsuit or other action by any po w en "n • + • gg ency or private party involving the Property and any I tar uduus Substance or Lnv(ronn enial la a h h mower has actual knowledge. If Borrower learns, or is notified by any gove nmentltl'or'rcgutntetr'.0 st •ty that -any removal or. otter mediation of any Hazardous Substance affecting the Property s. , Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. M used in this paragraph 20, "Hararddus Substances" arc those substances defined as toxic or hazardous substances by Environmental Law and•Uhalb!lowing substances: gasoline, kerosene, otter flammable or toxic petroleum products, toxic pesticides and herbicides. volatile solvents. inatcrials containing aabcstos or formaldehyde, and radioactive materials. As used in this paragraph 20, Environmental law" means federal laws and laws of the jurisdiction where die 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. I.ender shall give notice to Burrower 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 Ls given to Borrower, by which the d& :gull 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 tale of the Properly at public auction al a date out 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 :curt 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. it the default is not cured on or before the date specified in the notice, Lender, at its option, may require tit 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 ..1 entitled to collect all expenses incurred in pursuing the reniedics provided in this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If !.ender Invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of an event of derhult and of Lender's election to cause the Properly to he sold. Trustee and Lender shall take such action' regarding notice of sale and shall give such notices to Burrower and to other persons as applicable law may require. After the time required by applicable law and after publication of the notice of sale, Trustee, without demand on Borrower, shall sell the Prnperty 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• and in any order Trustee determines. Trustee may postpone sale of the Properly for u period or periods permitted by applicable law by pubic announcement at the lime and place fixed in the notice of sale. I.ender or its designee may purchase the Property at any sale. Trustee shall deliver to the purchaser Trustee's deed conveying Mc Properly 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 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) tiny excess to the person or persons legally entitled to It or In the clerk of the superior court of the county in which the sale took place. 22. Iteconveyance. Upon payment of all sums secured by this Security Instrument. !.ender shall request Trustee In rcrouvcy the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall rccunvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pay any recordation COW. 23. Substitute Trustee. In accordance with applicable law, Lender may from time to time appoint a successor trustee, to any Trustee appointed hcrcunt er who has ceased to act. Without conveyance of the Properly, the successor uustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law. 24. Use of Properly. The Property is not used principally for agricultural or farming punmses. Inhtholi ' • •eft(WA) (0701) lingo 7 01 U Faith 3041 1110 \, • N N aD CV j Oi 2S. Riders to this Security Instrument. I1' one or more riders arc executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall he incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the ridcr(s) were a part of this Security Instrument. . (Chock applicable box(es)) Adjustable Rate Eider Graduated Payment Ridcr Balloon Ridcr VA Ridcr M Condominium Ridcr Planned Unit Development Ridcr Rate Improvement Ridcr Other(s) /specify) ® 1-4 Family Ridcr Biweekly Payment Ridcr Second Home Ridcr BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any ridcr(s) executed by Borrower and recorded) th it. Witnesses: Ry: 7 `� f�GwY— (Seal) SECURE CAPITAL INVESTMENTS 12, LLC GARY 8 GP.EER, Manager -Borrower (Seal) (Seal) •Borrower •Borrower (Seal) (Seal) •Uonower •Borrower (Scat) (Seal) •Ilorrower •Borrower STATE OF WASHINGTON } ss: County of King On this day personally appeared before me Cary B. Greer, personally known to be the Manager of Secure. Capital Investments 12, L.L.C., a Washington limited liability company, and is to me known to be the individual described in and who executed the within and foregoing instrument. and acknowledged that he signed the same as his free and voluntary act and deal, for the uses and purposes therein mentioned. GIVEN under my hand and official seal this 27th day of May , 199 4230•911(WA) (9701) 3 Not Public in and for the State of Washington, tel • •• .1 Enumclaw My Appointment Expires on 9 -15 -00 134(10 6019 rates 3045 9/90 Z = H; W: lY� 6 .0 C U) CD- W= 1- .N L Li 0' Q. =a W Z Z • i-0` Z 2 U cp• u'O W Z: Z LEGAL DESCRIPTION ATTACHMENT "A" 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, described as follows: Beginning at a point on the east line of said tract which is 290.2 feet north from the southeast corner of said tract; thence north along said east line to the northeast corner of said tract; thence west along the north line of said tract, 380 feet; thence south parallel with the east line of said tract, 145.14 feet, more or less, to a line which is parallel to the south line of said tract and which line intersects the point of beginning; thence east along said parallel line, 380 feet, more or less, to point of beginning; EXCEPT portion deeded to King C•.unty for road purposes by deed recorded March 4, 1964, under Recording Number 5706313. z le 6 UO N om. WI: fA lL ,W O: J LL4 =• 0; _. Z W W` U • U :;O N —: = Wi Z; 'Llj COL Z h • i' z ■ F z. U- . 0 CO =` J LL W O' LL <. 22 d �w _,. Z� I- O: Z I- :0 0 =U• . LL O, LU 00 . Z' O z... secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) I3onpwer agrees that each tenant of the Properly shall pay all Rents due and unpaid to Lender or Lender's agents. upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorneys' fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a e7 receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as N security. CO If the Rents of the Property are nut sufficient to cover the costs of taking control of and managing the Property, and of collecting the Rents any funds expended by Lender for such C purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Uniform Covenant 7. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. I lowever, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. 1. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. ©.47U team Pals ! e14 Form 3t79/t1� •' 1 RETURN TO: INTERWEST BANK P 0 Box 1649 Oak Harbor, WA 98277 LOAN N 9770512194 ADJUSTABLE RATE RIDER (Federal Cost of Funds Index —Rate Caps) TIIIS ADJUSTABLE RATE RIDER is made this 23RD day of . MAY 19 97 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Dead of Trust or Security Deed (the "Security Instrument ") of the same date given by the undersigned (the "burrower ") m secure Borrower's Adjustable Rate Note (the "Note ") to INTERWEST BANK, A WASHINGTON CORPORATION (the "Lender ") of the same date and covering the property described in the Security Instrument and .4 Invited at: ;1 CC, 13223 40TH AVE S, TUKWILLA, WASHINGTON 98168 [Property Address] TIIE NOTE CONTAINS PROVISIONS ALLOWING FOR CIIANGES IN THE INTEREST RATE AND THE MONTIII,Y PAYMENT. THE NOTE LIMITS TIII: AMOUNT TIIE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. 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 MONTHLY PAYMENT CIIANCFS The Note provides for an initial interest rate of 8.250 % . The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of DECEMBER 1997 and on that day every sIx months thereafter. Each date on which my interest rate could change is called a "Change Date ". (b) The Index Beginning with the first Change Date, my interest rate will he based on an Index. The "Index" is the Federal Cost oI Funds Index published monthly by the Federal Home Loan Mortgage Corporation. If the Index is no longer amiable, the Note Ilolder will choose a new index that is based upon comparable information. The Note !folder will give me notice of 1:is choice. (C) Calculation of Changes Before each Change Date, the Note l lolder will calculate my new Interest rate by adding TURF% AND ONE HALF (lttrlenlage p011115 ( 3. 500 %) to the Current Index. The Nate !Inkier will then round the result of this addition 10 the nearest one - eighth of one percentage point (0.125'%). Subject 10 the limits stated in Section 4(1)) helow, this rounded amount will he my new interest rote until the next Change Dale. The Nile 1 (older will then determine :he amount of the monthly payment that would he sulllclenl to repay the unpaid principal I um expected to owe at the Change Date In fiat on the maturity date at my new interest rate itt substantially equal paytnentr. The result of Ibis calculation will he the new amount of my monthly payment. 15.276 I.I.• (10/.11/96) (huge 1 of 2 ... _ Rlm�R..... . Mr,AN .Y-t esItt 9�FS37lYRya: �pRit. AIWgV! WOVA:',M,VM.t Z Q • Hw CZ 2 00 to o L11 =. J I-; co w 0: J we �_ ? 1- 0, Z H: j' 0 ,„. 0 1—' w W. 1- U:;. - 0. w Z 0= 0 ~' z' .• (13) Limits on Interest Rate Changes The interest rate 1 am required to pay at the first Change Date will not he greater than 9.250 % or less than 7.250 %. Thereafter, my interest rate will never he increased or decreased on any single Change Date by more than ONE ( 1.000 ) percentage point(s) from the rate of interest I have been paying for the preceding SIX months. My interest rate will never he greater than 13.250 %. (F) Effective Date of Changes My new Interest rate will become effective on each Change Date. 1 will pay the amount of my new monthly payment beginning on the Ant monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Cltanges The Note Holder will deliver or snail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include inforntation required by law to be given me and also the title and telephone number of a person who will answer any question 1 may have regarding the notice. B. TRANSFER OF TIIE PROPERTY OR A BENEFICIAL INTERFST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest In Borrower. If all or any part of the Properly 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 In full of all sums secured by this Security Instrument. however, this option shall not be exercised by Lender. If exercise prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender infomiation required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee: and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law. Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lr7'ler also may require the transferee to sign an assumption cl agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made In the Note and in this Security Instrument. Borrower will continue to be obligated :