HomeMy WebLinkAbout1998 - Trust Deed - Lightell Juanita / Benevest Services - 98040315839804031583
07/22/98 WED 17:05 FAX 4257719499
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Beneficial Washington Inc.
19125 33rd Ave W Ste B
Lynnwood Wa 98036
LYNNWOOD
v.,LA(trIGL
FILED '( P WT TRUST DEED
This Trust Deed made
seperate estate
® BENEVEST SERVICES, INC., a Washington corporation
juanita lightell
as Trustee, whose address is 3006 NOrthup Wy #1'04 , City of Bellevue ,
County of Snohomish , State of Washington ; and
❑ BENEFICIAL WASHINGTON INC.,
IlCi BENEFICIAL WASHINGTON INC. d/b /a Beneficial Mortgage Co. of Washington,
a Delaware corporation qualified to do business in Idaho, Oregon and Washington, as Beneficiary, whose
address is 19125 33rd Ave W Ste B , City of Lynnwood ,
County of Snohomish , State of . Washington
Witnesseth: That Trustor conveys and warrants to Trustee, in trust, with power of sale, the real property
egg situated in the County of _Icing , State of Washington,
,C hereafter referred to as the "Property ", Assessor's Property Tax Parcel Account Number(s):
71ccIAO n41c,n4 and described, as follows:
It, . Lot , .4'and the North 1/3 of Lot 5,Robbins Spring Brook Addition to Riverton
according to the Plat thereof recorded in volume 16 of Plats,page 37,
records of King Cdunty,Washington.
April, 02 - , 19 98 , Q „ith Juanita Lightell,ae her?
Situate in the County of King,State of Washington
as Trustor;
the above described Property not being used principally for agricultural or farming purposes, together with all
buildings, fixtures, and improvements on the Property, and all water rights, rights of way, easements, rents,
issues, profits, income, tenements, hereditaments, privileges, and appurtenances thereunto belonging, now or
hereafter used or enjoyed with the Property, subject, however, to the right, power. and authority herein given to
and conferred on Beneficiary to collect and apply those rents, issues, and profits;
❑ If this box is checked, this Trust Deed is subject to a prior trust deed dated
19 , executed by
as trustor(s) to
, as trustee for the
benefit of , as beneficiary,
securing payment of a promissory note in the principal amount of 5 . That prior trust deed was filed
on , 19 with the Auditor of County, Washington, under Auditor's
File No. and recorded in Book , page
❑ Unless this box is checked, this Trust Deed secures a Credit Line Account Agreement ("Agreement")
which evidences a loan that is made for personal, family or household purposes.
For the purpose of securing: (1) a certain Credit LIne Account ('Account ") evidenced by a Credit Line Account
Agreement,_(•Agreement ") by which Beneficiary is obligated_ to make loans and advances up -to
$_.b13,000.00 , hereafter referred to as the "Credit Line;"
(2) performance of all agreements made by Trustor in this instrument; and (3) payment of all sums expended or
advanced by Beneficiary under or pursuant to the terns of this Trust Deed, as, herein provided; and
To protect the security of this Trust Deed, Trustor agrees:
1. To keep the Property in good condition and repair; not to remove or demolish any building erected on the
Property; to complete or restore promptly and in good and workmanlike manner any building that may be
constructed, damaged, or destroyed on the Property; to comply with all laws, covenants, and restrictions
affecting the Property; not to corrunit or permit waste of the Property; not to commit, suffer or permit any net
on the Property in violation of law; and to do all other acts which from the character or use of the Property may
be reasonably necessary.
RL 4 WA.20 /25/80, Ed. Dee, '96 Page 1 of 3
D4& 03(0
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07/22/98 WED 17:06 FAX 4257719499
at the option of Beneficiary and in accordance with the Agreement. Beneficiary, at its option, may pay the
scheduled monthly instalments on the prior trust deed and, to the extent of the amount so paid, become
subrogated to the rights of the beneficiary identified in the prior trust deed. All payments made by Beneficiary
on the loan secured by the prior trust deed shall be added to the Principal Balance on the Account with interest
at the Daily Periodic Rase in effect on the Account.
11. Should the Property be taken or damaged by reason of any public improvement or condemnation
proceeding, or damaged by fire or earthquake or in any other manner, Beneficiary . 'shall be entitled to all
compensation, awards, and other payments or relief therefor, and shall be entitled at its option to commence,
appear in and prosecute in its own name any action or proceedings, or to make any compromise or settlement,
in connection with such taking or damage. All such compensation, awards, damages, rights of action, and
proceeds, including the proceeds of any policies of fire and other insurance affecting the Property, are hereby
assigned to Beneficiary, which, after deducting therefrom all of its expenses, including attorneys' fees, may
apply the same on the Indebtedness. Truster agrees to execute such further assignments of any compensation,
award, damages, and rights• of action and proceeds as Beneficiary or Trustee may require.
12. At any time and from time to time on written request of Beneficiary, payment of its fees and presentation of
this Trust Deed and the Agreement for endorsement (in case of full reconveyance, or cancellation and
retention), without affecting the liability of any person for the payment of the Indebtedness, Trustee may (a)
consent to the making of any trap or plat of the Property; (b) join in granting any easement or creating any
restriction thereon; (c) join in any subordination or other agreement affecting this Trust Decd or the lien or
charge thereof; and (d) reconvey, without warranty, all or any part of the Property. In any reconveyance of the
Property, the grantee may be described as "the person or persons entitled thereto ", and the recitals therein of
any manors or facts shall be conclusive proof of the truthfulness thereof. Truster agrees to pay reasonable
Trustee's fees to Truster for any of the services mentioned in this paragraph and rendered by Trustee.
13. On any default by Trustor of the Indebtedness, Beneficiary, at any time and without notice, either in person
or by agent and without regard to the adequacy of any security for the Indebtedness, may enter on and take
possession of the Property. The entering on and taking possession of the Property shall not cure any default,
waive any Notice of Default or invalidate any act done pursuant to that Notice.
14. Beneficiary, at its option, may declare all sutras secured by this Trust Deed immediately due and payable. In
such event Beneficiary, at its election, may proceed to foreclose this Trust Deed in the manner provided by law
for mortgage foreclosures, or direct the Trustee to foreclose this Trust Deed by advertisement and sale. Trustee
shall proceed in accordance with law to sell the Property at public auction to the highest bidder, the purchase
price payable in lawful money of the United States at the rime of sale. Any person except Trustee may bid at the
sale. Trustee shall apply the proceeds of the sale as follows: (1) to the expenses of sale, including reasonable
fees of Trustee and Trustee's attorney; and (2) to the Indebtedness secured. Any surplus shall be distributed to
the persons entitled thereto.
15. For any reason permitted by law, Beneficiary, at any time, may appoint or cause to be appointed a
successor trustee who shall succeed to all the title, powers, duties and authority of either the Trustee named in
rhia Taut Deed or any current successor trustee.
C•13 16. This Trust Deed shall apply to, inure to the benefit of and bind all parties hereto, their heirs, legatees,
devisees, administrators, executors, successors, and assigns. All obligations of Tr_uster hereunder are joint and
several. In this Trust Deed, whenever the text so requires, the masculine gender includes the feminine and the
singular number includes the plural.
17. Trustee accepts this trust when this Trust Deed, duly executed and acknowledged, is made a public record
as provided by law. Trustee is not obligated to notify any parry under this Trust Deed of pending sale under any
other trust deed or of any action in which Truster, Beneficiary or Trustee shall be a party, unless that action is
brought by Trustee.
18. This Trust Deed shall be construed according to the laws of the State of Washington.
19. Truster covenants and agrees to and with Beneficiary and those claiming under it, that Truster is lawfully
seized in fee simple of the Property and has a valid unencumbered title and will warrant and forever defend the
same against all persons whomsoever.
In Wimess Whereof has signed and sealed this Trust Deed on the day and year first above written.
A domb
Witness
Witness
LYNNWOOD
ACKN
STATE OF ❑ IDAHO )
❑ OREGON ) ss.:
I WASHINGTON )
COUNTY OF Snohomish
On this d a y personally appeased b e f o r e inc T,is1ni r„ T, f ghr 1
and
n / n to me known to be the individual(s) described in and
who executed the within and foregoing instrument, and acknowledged that ,.she___ signed the same as
1-tor ntm free and voluntary act and deed, for the uses and purposes therein mentioned.
GIVEN under my hand and official seal this 2nd d o f April , 19 98
My commission expires c2/03 , yqa ml -8- 1? -
Notary Public in and for the Stara of ❑ daho
Cl Oren
n Washington
residing at t,t> o'D d in U 1 l Li. ..
RL 4 W4- 2025 /80, Ed. Dec. '96
Paso 3ot3
1 002
07/22/98 WED 17:06 FAX 4257719499
RL 4 WA- 20/25/80, Ed. Dec. '96 Page 2 of 3
LYNNWOOD 2003
If the Account secured by this Trust Deed is being obtained for the purpose of financing construction of
improvements on the Property, Trustor further agrees: (a) to begin construction promptly and pursue the same
with reasonable diligence to completion in accordance with plans and specifications satisfactory to Beneficiary,
and (b) to allow Beneficiary to inspect the Property at all times during construction.
2. To keep the structures located on the Property insured against fire and other physical hazards, name
Beneficiary as a loss payee and deliver to Beneficiary a loss payable endorsement. If insurance covering the
Property is cancelled or expires while the Account is outstanding and Trustors do not reinstate the coverage,
Beneficiary may obtain, at its option, hazard insurance coverage protecting Beneficiary's interest in the
Property. Trustors authorize Beneficiary, at its option, to obtain coverage oil the Property in an amount not
greater than the outstanding balance of principal and interest on the Account or, if known to be less, the
replacement value of the Property, in the event that Trustor fails to maintain the required hazard insurance or
fails to provide adequate proof of its existence. Trustors authorize Beneficiary to charge Trustors for the costs
of this insurance and add the insurance charges to the Principal Balance of the Account which will be assessed
interest at the Daily Periodic Rates in effect on the Account. The addition of these insurance charges to the
Account will be treated just like a cash advance and will result in the recalculation of the Scheduled Monthly
Payment as explained in the Agreement. The cost of Creditor Placed Hazard Insurance might be higher than
the cost of standard insutancc protecting the Property. The Creditor Placed Insurance will not insure the
contents of the Property or provide liability coverage. The insurance might not be the lowest cost coverage of its
type available and Trustors Agree that Beneficiary has no obligation to obtain the lowest cost coverage.
Beneficiary or an affiliated company might receive some benefit (i.e., commission, service fee, expense
reimbursement, etc.) from the placement of this insurance and Trustors will be charged for the full cost of the
premium without reduction for any such benefit. If at any time after Beneficiary has obtained this insurance,
Trustors provide adequate proof that they have subsequently purchased the required coverage, Beneficiary will
cancel the coverage Beneficiary obtained and credit any unearned premiums to the Account.
3. Trustor warrants that (I) the Property has not been used in the past and is not presently used for hazardous
and /or toxic waste, (2) Property complies with all federal, state and local environmental laws regarding hazardous
and/or toxic waste, (3) asbestos has not been usai as a building material on any building erected on the Property in
the past, (4) the Property is not presently used for asbestos storage and (5) the Trustor complies with all federal,
state, and local laws, as well as regulations, regarding the use and storage of asbestos. -
Trustor covenants and agrees to comply with all federal, state, and local environmental laws in the maintenance
and use of the Property.
Trustor warrants that neither the Property nor the loan proceeds were or will be used in illegal drug activity,
and the Property is not subject to seizure by any governmental authority because of any illegal drug activity.
Beneficiary may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Beneficiary shall give Trustomotice prior to any such inspection specifying reasonable cause therefore
related to the Beneficiary interest in the Property.
4. To deliver to, pay for and maintain with Beneficiary until the indebtedness secured by this Trust Deed
(Indebtedness) is paid in full, such evidence of title as Beneficiary may require, including abstracts of title or
policies of title insurance and any extensions or renewals thereof or supplements thereto. ,_ - _ _ ..
- �'S. - To appear'in and defend any action or proceeding purporting to affect the security hereof, the title to the
Property, or the rights or powers of Beneficiary or Trustee: Should Beneficiary or Trustee elect to also appear
in or defend any such action or proceeding, Trustor shall pay all costs and expenses, including cost of evidence
of title and attorneys' fees in a reasonable sum incurred by Beneficiary or Trustee.
6. To pay, at least ten (10) days before delinquency, all taxes and assessments affecting the Property, to pay
when due all encumbrances, charges, and liens with interest on the Property or any part thereof that at any time
appear to be prior or superior to this Trust Deed and pay all costs, fees, and expenses of this Trust.
7. Should Trustor fail to make any payment-or do any act provided for in this Trust Deed, then Beneficiary or
Trustee, without obligation so to do, without notice to or demand on Trustor and without releasing Trustor
from any obligation under the Agreement, may (a) make or do the same In such manner and to such extent as
either inay deem necessary to protect the security, Beneficiary or Trustee being authorized to enter on the
Property for such purposes; (b) commence, appear in, and defend any action or proceeding purporting to affect
the security or the rights or powers of Beneficiary or Trustee; and (c) pay, purchase, contest or compromise
any encumbrance, charge or lien, which in the judgment of either appears to be prior or superior to this Trust
Deed. In exercising any of the above enumerated powers whereby lia ib ]ity is incurred, Trustee or Beneficiary
shall expend whatever amounts in the absolute discretion of either Beneficiary or Trustee may deem necessary,
including cost of evidence of title; and employ counsel and pay the reasonable fees of counsel. On presentation
to Trustee of art affidavit signed by Beneficiary setting forth facts showing a default by Trustor under this
paragraph, Trustee is authorized to accept as true and conclusive all facts and statements therein, and to act on
that affidavit as provided in this Trust Deed.
8. To pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with
interest from date of expenditure at the Daily Periodic Rate in effect on the Account until the Account is paid in
full. Should Trustor fail to pay these amounts, Beneficiary may add these amounts to the Principal Balance and
charge interest at the Daily Periodic Rate in effect on the Account. The repayment of all such sums shall be
secured by this Trust Deed.
9. If Trustor voluntarily sells or conveys the Property, in whole part; Or any in that Property or by
some act or means Trustor is divested of title to the Property without obtaining the written consent of
Beneficiary, then Beneficiary, at its option, may declare the unpaid balance of the Indebtedness immediately
due and payable. This option shall not apply if (1) the sale of the Property is permitted because the purchaser's
creditworthiness is satisfactory to Beneficiary and (2) that purchaser, prior to the sale, has executed a written
assumption agreement containing terms prescribed by Beneficiary, including; if required,' an increase in the
rate of interest payable under the Agreement.
10. Trustor will pay end keep current the monthly instalments on the prior trust deed and to prevent any default
thereunder. Trustor further agrees that should any default be made in any instalment of principal or any interest
on the prior trust deed, or should any suit be commenced or other action taken to foreclose the prior trust deed,
then the amount secured by this Trust Deed shall become and be due and payable in full at any time thereafter,