HomeMy WebLinkAbout1994 - Deed of Trust - Holly Richard / Great Western Bank - 94102416959410241695
PREPARED BY AND
AFTER RECORDING MAIL TO:
GREAT WESTERN BANK
P.O. BOX 1900
Nergoldge. CA 91329
9410241695
LOAN AMOUNT *79.200.00
Elf
SPACE ABOVE THIS LINE FOR RECORDER'S USE
DEED OF TRUST
(ADJUSTABLE INTEREST RATE)
THIS DEED OF TRUST, made this 176 day ef October. 1994
RICHARD HOLLY. A SINGLE PERSON.
COUNTY CODE: 017
OFFICE NUMBER: 142
LOAN NO.: 14293944
betwoen
heroin called 'Grantor,"
whose address is P.O. BOX 944. SEANURST. WA MOW
CRC OF WASHINGTON, INC., herein called "Ttuates," whose address 1. 9301 Corbin Avenue. Suits 100, Northridge. CA 11324441g end
GREAT WESTERN BANK. A FEDERAL SAVINGS SANK
• herein celled "Serieficiary,'
who.. add,... H 9411 CORM AVENUE. NORTHRIDGE. CA 11324
WITNESSETH: That Grantor irrevocably grants. transform. and assigns to Ttustee, in MAL with power of was, than real property, property rights and
interest in KING • County. Washington. deecrbed as:
THE SOUTH HALF OF TRACT 111. SUNNWIALE GARDENS, DIVISION ND. 1.
ACCORDING 70 799 PLAT THWIEOF. RECORDED IN VOLUME 2S OF MATS. PAWN
10.119019 COUNTY. WASHINGTON. Excerr THEIWPROM MAT PORTION
CONDEVINED Wf STATE OF WASHINGTON FOR HIGHWAY UNDIM MIS COUNT,
SUPERSOR COURT CAUSE NUIMIERII109011.
• Acts has the address of: 11429 - 47TH AVENUE SOUTH. TUKWILA. WA 99199
INCLUDING all fixtures, buildings, structures, Improvements, appaloosa, equipment and appurtenonces now or lateattar constructed or placed
thereon, including. but not limited to, all apparatus and equipment. whether affixed to the lend et building thereon or not slatted thereto, whether
single units Of centrally controlled, used to provide or supply siecociing. siewenditioning heat . lass, water, light and power. refligeration, ventilation.
laundry. cloth.. drying, dishwashing. garbage disposal Of other sweeps, waste vent oyeawne. allternot. pod equipment. window coverings, drapes
and drapery rods. carpeting and Row eavesings, awnings. ranges and owns, weer fasters. stoolted cabinets, pews, pipes. tanks, fire prevention,
Iwo extinguishing see communications apperous. elevators. escatinors. welders, end INDOWOOMOIIIII sod substitutions therefor end roweds
thereof. and all of the above Mons ore declared to be and are donned to be, things allied to and part of the rutty for the pwpoimis of this Deed of
Truet.
TOGETHER WITH all interest which Grantor now has or may hereafter acquits in 0, 40 said prowly end in and to:
le All tent.. issues, profits, royalties, toes, earnings and incomes thwefrorn and installments of money payable pursuant to any sarssiront for
sale of said property or any pan thereof:
lb) AU easements, rights of way end other appurtenances thereto;
le) All shrub*, trees and plants;
Id) All adjacent lands included in onclesure or occupied by buildings located panty an the sbove deocathad property;
lel All crops growing or to be grown in said property;
If/ All water and wow lights Whether or not appurtenant) and Worse of stock pertaining to *1111 11 welter rights, ownership of which gloat
sod property;
Igi AN creme, demands Of comes of action of any kind, including prows* of settlement of any such akin. demand et gauss of action of and
W kind. which Grantor now has to may hereafter acquire. awning out of sogiashisn ownoriMp of the property, saigint bayous, to the right.
power and euthwity Owen to and sergened upon lenoficiant by Paragraph 1 below. Trustee shall have no duty to pressoute any such
claim, demand or cause of bonen.
ih/ All mends and mineral tights.
.. For the purposes of this inetruntent. including all provisions in/untwisted by roloonee herein. all of the foregoing described real property. popery
• • rights and mount shag be referred to se 'the property.'
6 •
THIS DEED OF TRUST SECURES AN ADJUSTABLE RATE Non - SEE PARAGRAPH 24.
THIS DEED OF TRUST IS FOR THE PURPOSE Of SECURING THE FOU.DWING:
A. powvant of the Loon amount ago" with lowest those% ocsenling to the toons el • Priniesery New sr Notes fhwein senores Wetted to
as "the note/ of even dal, herewith, mode by Granter. payeblo to Donalioitay oder. and Oaf and oR modleollatene and setterisions Of fOrffofolo
thereof few Pasogroh 241:
B. Payment of such additiond sums with iMorset Mown es nvo b. hersefter basswood from Illaneficiary by the then resard owner or owners of
the property which as hereby 000wtod wed 01 ortenesene, modlecations and noneweis at mush addltional bervevoinee;
west flu* 07441
DEED OF TRUST - PAGE 1
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C. Payment, performance and discharge of wary oblgstion, covenant and •p•ament of Grantor whether contained or incorporated by reference in
this Dead of Trust, or contained in any instrument now or hereafter executed by Grantor in connection vhth the loon evidenced by the Note, including
but not limited to any assignment. construction Roan agreement, pledge agreement, security agreement, supplemental agreement, assignment of
Lessor's interest in leases, modification agreement or assumption agreement;
D. Payment of ell sums of money with interest which may be paid .,ut or advanced by, or may of rose be due to Trustee or Beneficiary under
any provision of this Deed of Trust;
E. At Beneficiary's option, payment with interest thereon of any other present or future indebtedness or obligation of Grantor for of any successor
in interest to Grantor to the property) to Beneficiary, wMther crested directly or acquired by assiginnent, whether absolute or contingent. whether
due or not, whether otherwise secured or not, or whether existing at the time of the eu.jcution of this Deed of Trot or arising thresher. Exercise of
such option shall be evidenced by • notice in writing to Grantor or any succeswr in interest to Grantor.
o protect IM Todd. Security of This Deed of Tr. Grantor Agrees:
VT
1. PRESERVATION OF THE PR PERTY. Grantor (o) shall keep the secured hereby, without regard to the validity a legality of such
property in good condition and repair, (b) shell not remove, demolish or assessments, liens a charges.
it' substantially substantially alter any budding, structure or improvement thereon, (c)
S. GAMS, DEMANDS AND ACTIONS. Grants shag NI eppae m
wshall complete or restore promptly and in good workmanlike tremor any and defend any action or proceeding purporting to affect the security
building which may be constructed, damaged or destroyed thereon and hereof a the rights or powers of Beneficiary or Trustee; (b) et the
Cwill pay when due all claims for labor performed and materiel furnished option of Bensficiery, assign to Beneficiary, to the extent of
theelor. Idl shall comply with the provisions of all insurance precise Beneficiary's interest, any claims, demeds or causes of action of any
hem covering and with all laws and regulations affecting the property or kind, including any award. court judgment or proceeds of settlement of
00 requiring any alteration*, repairs Of i tproveenta thereon, le) she not any such dose, danced Of cause of action of any kind, which Grantor
commit or sutler any waste thereon. If) shall not commit or "offer any now has Of may hereafter acquire arising out of acquisition or
act upon the property in v'.l•tion of any provision of any insurance ownership of the property: Without limiting the generality of the
policy or law or regulation. (g) shall paint, decorate, cultivate, img•te, foregoing. any such claim, demand or cause of action Meng out of
fertilize. fumigate and prune the property. and (h) consistent with the acquisition or ownership of the property may include m arty such injury
use thereof, do ell other sets which the character or um of the property or damage to the property or any structure or improvement situated
may reasonably require. thereon, or fi) any claim or cause of action in fervor of Grantor which
2. INSURANCE. Grantor shall, at Grantor's mimeo, provide and shall have arisen out of the transaction financed in whole or in pat by
maintain in force •t all ties with respect to the property, fin, flood and the making of the loon secured hereby, or (ail any claim or cause of
other types of insu,ance es may be required by )den•lidery. AM of such action in favor of Granter (except for bodily injury) which Mee se a
insurance missies shall have • loos payable endorsement in favor of result of any negligent or improper construction. retaliation or repair of
Beneficiary and shell be for • term end in form, content, amount, and ill property, including .he surface or subsurface thereof, or of any
with such insurance companies. as may be satisfactory to Beneficiary. building or amebae thereon. Serwfieiery may apply, use or teen. such
Such policies shag be delivered to Beneficiary whether upon the making mortise so remixed by it in the same manner as in Paragraph 2 provided
of this Deed of Trust or at a subsequent the during the temp of the for the proceeds of fin or other insurance.
rota. Grams shalt also deliver at such tirhas evidence that the full S. DEFENDING TRUST. Notwithstanding the poveiam of Paragraph
premium to any such policy has been paid. Beneficiary, •t is option. 5 Beneficiary on Trustee may MI commence end prommuto or appear can
may retain possession of the original policy or may release it to the
possession of the Grantor. If the Beneficiary retains possession of such end defend any action a proceeding purporting to effect the security
policies, at Nast thirty 1301 days before the expiration of any such
hereof a the rights or powers of Beneficiary a Trusted its) pay,
insurance policy, • policy or policies renewing. extending or replacing purchase. contest Or compromise any wrnewrdbr•rnte. chaps or fen
such expiting insurance shell be delivered by Grata to Beneficiary. II which in the IIIRTnen1 of either WPM to bo prior of superior Mho;
any such insurance policy is not so delivered to Beneficiary or in the end (c) in exercising any such right, incur any liability and expend
event any such ineworce policy is cancelled, whether the Beneficiary whitener anaw.n either deems reasonably necessary. including cost of
has in its possession the policies or net, ad no reinstatement or evidence of title and reasanabe attorneys' fem.
replacement policy le received prior to termination of ineurence. 7. PROTECTION OF SECURITY IM SBSBACIMY OR TRUSTEE.
Beneficiary, without notice to or darned upon Grantor may (but shall Should Grantor fed to make any payment or do wry act provided in the
not be obligated to) obtain such insurance with such company es Deed of Trust. then Beneficiary or Thome. but without obigation so to
Beneficiary may deem satisfactory. and pay the premium therefor. and do, and without notice to or demand upon Grams, and without
the amount of any premium so paid shall be charged to and promptly releasing Grata from any obligation hereof, may make any such
paid by Grantor or. et the option of Beneficiary, may be added to the payment or do any such an in such mariner ier and to such extent as
indebtedness @.cured hereby either deems necessary to protect the mouthy hereof. Beneficiary or
In the even) Beneficiary obtain' any such insurance policy, Grantor, Trustee is authorized to in upon the property st any time for such
for his own benefit end for the protmtion of this equity interest in the purpose. _
property. hereby requests and ash ime Beneficiary, but without S. REINISURSEMENT. Grantor shall pay inmediataly upon demand ail
liability on the part of Beneficiary for faun se to do. to obtain such costa, fees or expenmes incurred and sums expended or advanced under
policy for such term and in such form. rt'tet and amount and with the terms of this Deed of Trust by Beneficiary or Trustee, with interest
such insurance companies as may be eatiefash, ry to Beneficiary. Should thereon at • me equal to the rn• provided for in the Note assured
any precy this obtained by B/aVfidery detente. be cancelled. Grantor hereby, and the obligation of Testator to pay such sums and interest as
shat pay to Beneficiary any eared premiums .:n said pokey and • aforesaid .hi be secured hereby. if Beneficiary or Trustee shall make
raesonable charge for its services in obtaining such pJicy. such payment or expand such suns. Grantor shall pay a sense charge
Neither Truste. nor Beneh.7ary shall be responsible td..• the collection in an amount equal to ten per cat 110 %) of the payment made or the
of any insurance monies or for any insolvency of an* insurer or "urn expended. Grantor acknowledges that it would be extremely
insurance underwriter. The right to any d ;sea lid premiums 'under said difficult or impracticable to determine B.neficiery s or Trustee's actual
insurer: • policies is hereby asaign.d e:dd shell pass to the pt releaser of damages tawhing from any such advance and that this service charge
the property conveyed at any Trustee's sale held or to the grantee of • is • reasonable mends of those charges.
deed in kw of foreclosure if such • enemy/nee is made. Any ion or all S. LEASEHOLD ESTATES. 11 the security for this Deed of Trust is •
of the amount collected under any fine or other insurance policy may be leasehold estate. Grantor shall not modify or terminate the Is or
applied by Beneficiary upon any indebtedness secured by this Deed of leases cresting the Ieaahold estate. and Mall comply with all of the
Trust at such time and in the menus: and amount as Beneficiary may covenants and conditions required of the Lessee or his successor in
detemine, or at the option of Bere.Sciary. without reduc ;p 1M interest to be performed under the lease or lessee cresting said
indebtedness secured hereby, may either be used to retiree, restore or leasehold estate, including, but not limited to, paying when due rent and
reconstruct the property to • condition sadat.uc1ory to Bere'iciery or be other charges imposed upon such Lessee.
released to Grantor. Any •ppecation. tree or Pleas shad not out Of 10. ESCROW IMPOUND) ACCOUNT. Grantor shat pay to
waive any default or notice of default hereunder nr inwidate shy •et Bernfioiary, ff Sonaicisy chi so Bernard, in addition to any other
done pursuant to Duch notice. Grata chi pay Beneficiary inspection payment required h ,,under, mommy Mmiimsow fa the purpose of
lees and other Crete resulting from or connected with the camety foes creating and msint•ining • soft to povidw powwow when was of env
to which such inuurame relates. taxed ancurobrersoes. aetossrente. leasehold payment, relating to the
3. LFE ACCIDENT OR HEALTH BMLRIANCE. If Grantor chi assign property, premiums for any pearls of insurance insuring the property,
or d@ever • policy of life, accident or Meath Mwivaoe to Beneficiary as the Manta or the Non. mere specifically referred to in ParearePhe 2. 3.
lusher snootily hereunder, then if Grants foils to pay any premium 4. and S. Grantor ohs duliver praryrify to bnwiciay i bills and
thereon. Beneficiary shalt be entitled, but not obligated, to pay any such nodose does,. Said i staimwnte chi be In such amounts as
premium. Any amount eo Paid shall be charged to and promptly paid by Beiwioiwy Nei asanete hen time to tins to bo noessary to provide
Grantor a. at the option of Sesfioie y, may be added to the sufficient monies in Maid fund to pay such tame. encumbrances.
indebtedness secured hereby. •mesementw, leasehc d payments and premiums when they became
4. TAXES AND ENCUMSRANCES. Grams shell pay (a) at least dus and chi be payable cons meetly with de inelear wt under the
twenty (201 days before delinquency. all general and asocial taxes and rote. 11 the amount, paid to bneiday under the provisions of the
esseseente now or hereafter affecting the property, including any p•regreph are insuffecient to pour such taxes, •seseansrt., leasehold
assessments on appurtenant water stock; 01 when due, ell medal memento and pamwums as they become due. Orator Mall pay to
assessments for public improvements without permitting any Beneficiary promptly upon demand the amount of the deficiency.
amprov.ment bond to issue for any spatial aaeeseent: (cl on depend In the wet of default of any obligation hereby seamed, then shy
of Beneficiary. all encumbrances, charges and Mars on the property a funds in the poeesesion of Seneficisy wide the provisions of Me
any part thereof, which ere or may be prior or eupenor hereto; kl) when paragraph may, eo the option at Beneficiary, be applied upon any
due, all tees end chargas incidental to ownsrehip, occupancy or indebtedness moored hereby.
beneficial use of the property, and le) if the property includes • 11. FSIANCIAL STATONS ITS. Within thirty (30) drys •her written
condomireum, community apartment or pert of • planned development. deneend by S n fidary abut not more frequently then •e niunually),
all payments required of the owner thereof under any declaration of Orator chi defter to Beneficiary verified )herald eta smv ts,
coveents or condition. or restrictions pertaining to such project. prepared In wiosdance with acceptable asoounting practices, la such
Should Grantor fail to make any payment under this Paagr.ph 4, annual or other period as Beneficiary may designed Such financial
Censliciary may, but shall not tut obigated to, make such Payment and statements shah Meade bermes sheets, operating stneems, and
any amount so paid shall be charged to and promptly paid by Grimm statements of minces and application of funds. In addition, Grantor
'Nor, •t et, option of Benefhciery, ehM be added to the indebtedness shall deliver to Beneficiary on delme nd, copies of M teams, agreements.
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vouchers, receipts and other documents supporting any of the items
shown in such statements. Grantor shall keep and maintain * full and
accurate eel of books and records showing sit the matters above
specified, and shall permit Beneficiary at any time to inspect end audit
all Grantor's books of account, records, and papers relating to any of
the foregoing matters. In the went any such audit is caused to be made
by Beneficiary by reason of the failure of Grantor to comply with any of
the foregoing- provisions, then Grantor shell pay to Beneficiary upon
demand ell expanses incurred by Beneficiary in connection with such
audit.
None of the provisions of this Paragraph 11 shah be applicable so
long as the property is residential in nature and designed eon occupancy
by lass than live 15) families,
12. DAMAGE TO OR CONDEMNATION OF PROPERTY. Any award of
damage or compensation for injury to, or in connection with any
condemnation for pubic use of the prop.ny or any part thereof, or any
proceeds of any settlement with respect to • condemnation whether of
not eminent domain proceedings have been instituted. shall be and is
hereby assigned by Grantor and shell be paid to Beneficiary, who may
._Y. use or rel=esa the amount thereof in the saw manner as in
Paragraph 2 provided for the proceeds of fire or other insurance.
13. BENEFICIARY'S CONSENT REQUIRED. Beneficiary may dacha a1
SUMS secured hereby immediately due and payable within 30 days after
such declaration except as expressly limited by law, if Grantor, without
Beneficiary's prior written consent: 1.) sells, conveys, contracts to asp,
alienates or Iunher encumbers eel or any part of the property; or Ib)
leases all or any part of the property for . term, together with all
exercisable options. of 5 yews or more; or lc) suffers the tiffs or any
interest in the secured property to be divested, whether voluntarily or
involuntarily; or Id) changes Of permits to be charged the character or
use of the property; or (e) is • panneraftip end ern of the general
partners' interests ere terslerred or assigned, whether voluntarily or
umdunterily; a 01 is • corporation with fewer then 100 atockhofdere at
the dots of execution of this Deof of, Tout and mac then 10% of it.
capita stock is sold. transferred or assigned during . 12•month period.
14. ASSUMABUTY. Grantor (nay transfer the property undo the
following conditions: Is) The nap barewa (Transferee) must apply
u with the Beneficiary to assume the loin secured hereby by following the
(l./) Beneficiary's applcation procedure. (b) Beneficiary must approve
i Transferee's creditworthiness in writing using the Beneficiary's
vol standards abating on the date the Twofer** applies to .stains the
er loan. le) Transferee must spree to .assns all the Lot obligations by
N signing the Beneficiary's assumption paper.. 1.1) Transferee must pay an
Lai assumption fee of one percent 11 %) of the principal owed at the time of
,4 the assumption. unless limited by applicable oats law. Beneficiary
w reserves the right to adjust the ntwerdrexan interest rate. minimum
Cr) interest rate or the rate differential applicable to the loan on the date of
such sale or transfer or the date the loan obligation is assumed.
1S. NO WAIVER. Trustee or Beneficiary, by accepting payment of any
sum secured hereby *her its due date, or by making payment or taking
any action which, under the provisions hereof either Trustee or
Beneficiary s entitled but not obkgoed to make or take, or by
forbearing from enforcing any of its fights, shah not be deemed to have
waived its nght to require payment from or action by Grant*, and to
declare • default for Grantor's failure to do so.
In the went either Trustee or Beneficiary should .preeely waive any
npht. under any provision. of this Deed of Trot. such waiver she' not
be deemed a Waiver Of any rights Trustee or Beneficiary may have
subsequently to require payment from or action by Grantor rid to
declare . default far Grantor's failure to do so.
1S. ASSIGNMENT. Grantor hereby absolutely and unconditionally
assigns and transfers to B.nelicisry during the continuance of these
trusts, all gents, issues. profits. royalties. tolls. earning= and inane of
the property secluding those .rising by reason of any oil. gel or mineral
lease thereof, end all installments of money payable pursuant to any
connect of sale or lease relating to the property Of any pan theme
IMrein.ttet refereed to collectively es 'moans'). t•g•tof with the
right. power and authority to collect and retain ON such income ea It
becomes due and payable. All income received by Beneficiary through
the exercise of the foregoing assignment, lees all expenses, (including
reasonable looney.' Nee) incurred by Beneficiary in collecting such
income shall be applied by Beneficiary on any indebtedness secured by
the Deed of Trust at such time and in the maser end amount es
Beneficiary ray determine. Without limiting the generality of the
foregoing, such application may incla,te payment of periodic
inetallnams of principal and interest, of reduction of the principal
balance or reimbursenont to Beneficiary as provided in Paragraph S.
The foregoing assignment is intended as en assignment to take effect
only upon • Moult by Grantor in any of Grern*,'s obligations under this
Deed of Trust, and Grantor accordingly reserves the right. poor to eny
such default to collect and titen .' such income as it becomes due
and payable.
17. DEFAULT BY GIIANTOR. Upon default by Gram*, in payment of
any indebtedness secured, or in the performance of any obligation
secured hereby. Beneficioy ray. without notice eel irrespective of
whether notice of d.taun has been debased to Inlet= end without
hoard to tM adequacy of the eecwity f*, the indebtedness secured
hereby. either personally of by attorney of .gent. without bringing any
*coon or proceeding, without entering into poaassion of the moony,
Of by receiver to be appointed by • court: fa) enter into possession end
hold, occupy. possess and enjoy the property (b) make, cancel,
enforce. modify of termrrts leases; Icl obtain and eject tenants; Id) set
or modify rents; Ie) take, receive and collect all ot any pert of the rents,
.sues, profits, royalties, tolls, earnings, income and installments
IMneinelter retend to collectively es 'income ") se it becomes due and
payable. After paying such costs of maintenance and operation of the
property se it in its judgment may deem proper, Beneficiary may apply
the balance upon the entire indebtedness tan secured hereby. The
eccept.nce of such income shell not constitute • waiver of any other
tight which 'rust.. or Beneficiary may have undo the Deed of Trust Of
e
under the Taws of Washington. TN receipt and application by
Beneficiary of such income pursuant hereto after execution and delivery
of notice of default or during the pendency of a Trustee'. sale
proceeding hereunder shall not cure any breach or default. nor affect
said sale proceeding or any sale made pursuant thereto, but such
income, less eel costs of °petition and maintenance, when recay..' by
Beneficiary, shall be applied in reduction of the entire indebtedness from
tines to time secured hereby. Grantor shall not in any manner obstruct
of interfere with any of Beneficiary's rights under this Paragraph 17. In
the event Beneficiary acts under the provisions of this Puagreph 17,
Grantor shah pay a service charge in an amount equal to live percent
15%) of a1 income collected by Beneficiary. Grantor acknowledges that
it would be extremely difficult or impracticable to determine
Beneficiary's actual costs of collecting the income and that this service
chops is • reasonable estimate of those costs.
15. TRtiiSfEE AUTHORIZED. Upon written request of Beneficiary and
presentation of this Deed of Trust and the Note secured hereby for
endorsement, and without affecting the Nobility of any person for
payment of the indebtedness secured hereby, Trustee may (.) reconvey
any past of the property; lb) execute the title sheet of any map, plat of
record of survey thereof; (c) join in panting any easement thereon; or
(d) join in any agnertent modifying the gems hereof or subordinating
the lien or °hope hereof. Gornto shell pay to Beneficiary and Trustee a
reasonable service chugs for any such =thin.
19. RECONVEYANCE. Upon wnn.n request of Beneficiary end upon
sunder of this Dead of Trust and the Note secured hereby to Trustee
for retention, and upon payment of ice leas, Trustee shall r.conr.y,
without warranty, the property then hsid he►sunder. The recitals in such
/.conveyance of any matters of fact shall be conclusive proof of the
truth thereof. TM gram= in such reasn eyence may be described as
'the person of persons legs ty entitled thereto.' Five 15) years alter the
date of such rasonveyencs, Trustee may destroy the Deed of Trust and
Nose, without liability.
Notwithstanding anything set forth herein, Trustee may, m
discretion, deliver said Note or Dead of Trust of both to the person
entitled thereto.
20. FEU. Grantor shall pay to Beneficiary the maximum amount es
may from the to time be permitted by law for furnishing in connection
with the obligations secured hereby each statement pursuant to any
stouts at the time then in face. Additionally. Groner shall pay
Beneficiary's and Trustee's fees, charges and .sprees for any other
statement. information a =micas furnished by Beneficiary a Trustee in
connection with the obligations sewed hereby. Said services may
include, but shall not be Nrnited to, the procsaaing by Beneficiary or
Trustee. or both, of aswnptias, wintitutiats, modifications,
extensions, renews/0, .ubordinetiar, nsrasaiana, charges of owner.
recordation of map, plat or record of survey. grams of easorems..nd
hull end partial rmconwy.neas. and the obtaining by Beneficiary of any
policies of insurance pursuant to any of the provisions contained in this
Deed of Trust.
21. SALE BY TRUSTEE. Upon default by Grantor in payment of any
indebtedness, or performance of any obligation secursd.by this Deed of
Truer. Beneficiary. in addition to any other remedy evaileble to
Beneficiary. may invoke the power of sale panted in this Deed of Trust
by delivering to Tnutee a written notice of default. After 1M taps. of
such time as msy be required by law and after giving al such notices as
may be required by law, Tousles, without demand on Grantor, may sell
the property. niter as a whole or in.eparna percale, and in such order
as it may determine by public auction to the highest bidder to cash in
lawful money of the United States. payable at time of sale, of for the
equivalent of cash, as so determined by Tnstee In its sole discretion. 11
the indebtedness secured hereunder ie additionally secured by real
property which le not subject to this Deed of Trust, Tout= may sell
any pnopsry so given es .sc tity for Grantor's obligaton, which it is
wmhotasd *0 .., Other 1n whole in =poets prone and in such
order as It may dNNerminOther a
Trustee may postpone sale of all et any portion of the pop•ny by
pub= announcement et the time end pleas fixed la such *ale, and from
the to time thresher may postpone such sale by public announcement
at the time fixed by the preceding postponement. Following sale,
Trustee shall deliver to the purchaser its deed conveying the peop•oty so
sold. but without any covenant of warranty, express a implied. TM
recital in such deed of any natters of fact shall be pnims face evidence
of such compliance end conclusive evidence thereel in lever of bone
fide purcheeats all .numb t.ncer. far vela.. Any person, *inept
Trustee, may purchase st .11011 sale. After deducting all costs. 1.es end
exam= of Townes and of this lost. including cost of evidence el title
in connection with the sale and reasonable Mtonsye' leas, Tousles shall
apply the proceeds of sale 1. peynsnt, frost, of all eats eipended under
the tens of this Deed of Tent, not then repaid, with accrued interest
at the tate specified in the rote secured by this Dead of Tout. and then
of all other sums =cased by the Deed of Trust. end if thane be any
proceeds rexnsidng. le.s the clerk's Ming lee, shall be deepened
together with • copy of the recorded notice of sale with the clerk of the
Snpenio Court of the °aunty In which the eel* look plea..
22. WAIVE% of *TATVTE OF LM ITATlONS. Orman hereby waves,
to the huN.et extent permissible by law. the .tow. of Nmitstions as •
deferse to any demand et obligation =cured by this Deed of Trust.
23. SUBSTITUTION OF TRUSTEE. Benefide y may narinate in
writing • success*, Tnut.s upon the resignation. incapacity. disebibty.
of death of the 'Quotes. The successor Trustee shell, without
conv.yeno., suco..d to all the title, estate, right., powers and duties of
the predecease Teats*.
24. ADJUSTABLE MONTI/ACM LOAN. TM note secured by this Deed
of Twat contains provisions which may nab in increases in the
interest roe. In the monthly inclement., and in the unpaid principal
balance. Ml genre is hereby mad= to the Promissory Note 1*, the
.pacific provisions relating to hatch increases.
25, USE OF PROPERTY. The Properly is not used pnncp.Ny for
epricultwal a farming purposes.
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2S. HAZARDOUS SUBSTANCES. Granter shall not cause or permit
the presence, us., disposal, storage, of &aaas of any Hat•nioua
Substances on or in the Property. Granter shell not do, nor Mow anyone
else to do. anything effecting the Property that ie in violation of any
Environmental Law. TM preceding two eercanew shoe not apply to the
presence, use. of storage on the Property nt smM quantities e1
Harmonious Substances that ere gsregMy recognized to be appropriate to
normal residential ue e and to maintenance of the Property.
Grantor shoe promptly give Ben•fidery written notice of arty
invsetigatbn, claim, demand. lawsuit or ether action by any
govenrnsntal or regulatory agency or privets party involving the Property
end any Hazardous Substance or Environmental Law of which Granter
J . actual knowledge. 1! Grantor Kane. at is notified by any
Cljowrrmental of regulatory authority, that any remove' or other
pmedistion of any Nefarious Substares affecting the Property 1
.q.cessary. Greco. shoe promptly take M necaseay remedial actions in
sccordancs with Environmental Law.
tb.
As us ed in this Paageph 26. 'Hasardou a Substances' ero Use tanees defined es toidc cc hazardous substance. by Environrnennl
w and the fallowing substances: gasoline, kerosene, other 1la enable
toxic petroleum products, tonic pesticides end herbicides. volatile
solvents. materials containing aabestes at mnsi
lodahyds.. d radioactive
winsearials. As used in this Paragraph 2% 'Enwemental Law' nyers
federal laws and laws of the jurisdiction whore the Property is located
that relate to health, safety et environmental protection.
27. OCCUPANCY ACPESIENT. M Grantee was required to execute an
Occupancy Agreement as • condition lee obtaining the ban secured by
this Security hwtnrmwnt, the tams of the Occupancy Agreement,
including the provisions which marks • violation of Me terms an event of
default under this Security Instrument. an Mncerper t.d herein by. this
refarann.
•
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Loan Ito.: 1.25754.7
28. GENERAL PROVISIONS
A. The terra 'Grantor' shoe m•w+ M parties executing this Deed of
Trust es Oran*. their respective MM. legatees. devisees,
adn..nistrarors, executers. suceeesere In intent and seeign., provided
that Beneficiary shall not b. obligated to give any notice required
Mteundw to wry Chanter ether then ea shown en the face pegs Ieteof.
B. The tens 'MnMeiery' shall mean the owner and holder 'including
• pledges) of the :one secured hanky, whether or not mined se
Beneficiary herein.
C. Every provision of the Deed of Tnset imposing upon Grantor an
obligation to perform an act. or embodying an agnwnsnt by Granter to
p.Aonn an act, shell bs construed as obligating Granter to pay el costs
and wtpoeee relating thereto.
O. In the event any provision Meet had be declwd invalid of
unerferee•b• through • lines judgement in • cowl Awing competent
jurisdiction. the v.dity or enforceability of any of the remaining terms
Mewl shall not be thereby impaired.
E. In thin Deed of Tnwt. wherever the context es requires. the
masculine g.eda includes the feminine and neuter, the *neuter number
includes the plum' and vice verso. and N mete than one person is named
as Granter. the obligations s of Grantor shoe be the joint and several
obligations el each mien.
F. Captions and warmth hesdinge used herein are for convenience
only and ere not part of this sgreenwnt end shall not be used in
construing it.
The und.nigred Grantor's' request's) that a copy of any notice requited Mnwndw be muted to each Gramm named an the face pegs hereof, at
the address Nt forth thereon.
NOTICE TO BORROWER: THIS DOCUMENT CONTAINS PROVISIONS FOR AN ADJUSTABLE INTEREST RATE AND CONTAINS PROVISIONS
WHICH MAY REQUIRE A BALLOON PAYMENT AT MATURITY.
L. HOLLY 148-4_
Signature of Granter
STATE OF WASHINGTON.
County ea: King
On this 20th din of October b.fam has the uM•nign.d, • Notary Public, in and for the
Stets of Washington, duly commissioned and sworn, personally appeared Richard L. Holly
known to n• to be the indiridualls) described in and who executed the foregoing instrument .and acknowledged to me that he
• • and mated the said inetnanont as h has and voluntary act and deed, for the uses and pwpoase Mersin mentioned.
7 WITNESS my had and official seal affixed the day and yew in this certificate above wrinan.
• My Commission expires: July
!OTA3.8 L. SMALL
STATE OF WASHINGTON
NOTARY-•- PUBLIC
If CIIBB1 ONES 7-•-•
Notary Public in and lot the State of Washington residing at:
Kent
N aractn d by • Contoraion or • ArenweAlp, the appnopda• fang of Acknowlorbpeniwit mart be used
DEED OF TRUST
GREAT
WESTERN
C'�TiJ
izra
000 04 nerar • PAM 4
signed