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HomeMy WebLinkAbout1993 - Trust Deed - Holly Richard - 9304070558 PREPARED BY AND AFTER RECORDING MAIL T Great Western Bank P.O. Boa 1900 Northridge, CA 91328 p� SPACE ABOVE THIS LINE FOR RECORDER'S US= T DEED OF TRUST LOAN NO. 1. 600807 -3 (ADJUSTABLE INTEREST RATE) COUNTY CODE 017 LOAN AMOUNT SS7.600.00 OFFICE NUMBER: 142 THIS DEED OF TRUST made this 29th day of March, 1993 between RICHARD L. HOLLY A SINGLE PERSON r hrein called Trustor, whose address is P.O. BOX 964. SEAHURST WA 98062 CRC OF WASHINGTON, INC, herein called 'Trustee, whose address is 9301 Corbin Avenue, Suire 100, Northridge, CA 91324-2498 and GREAT WESTERN BANK, A FEDERAL SAVINGS RANK hw ein called Beteficiary. wheae address is 11201 S.E. 6TH STREET SUITE 110, B93- LEVUE. WA 90004 WITNESSETH: That Trustor irrevocably grants, translan, and assigner to Tr in trust, with power of safe, that real Property, property rights and i interest in KtNQ COurtly. Waelington, doecrrbed as: AS PER LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF KNOWN AS SCHEDULE e L 3. n 3 N 0, L� which has the address of: 4218 SOUTH 162ND STREET, SEATTLE, WA l81q INCLUDING all fixtures, buibinos, structures, 7 Is, appliances, isgt'. astd appurtenances now or hereafter constructed or placed thereon, including, but not limited to, all apparatus end eqt'. whether affixed to this land or building thereon or not affixed thereto, whether single units or centrally controlled, used to provide or supply air- cooling, air conditioning. Mat, gee, water, tight and power. refrigeration, ventilation, laundry. clothes dryirtp, dtshwashittg, garbage disposal or other services. waste vw* systems. antennas, pool equipment. window coverings, drapes and drapery rods, carpeting and floor coverings, awnings, twigas and owns, water Msters, attached cabinate. pumps, pipes, ranks. ere prevention, hie extinguishing rind CommgniCatiOM apparatus, vlevatom. ascalst ors, partitions. and off replacements and substitutions therefor and all proceeds thereof, and all of the above item we dectated to be "we dearrted to be tltwtgs afffxad to nod a part of the really for the purposes Ol this Dead of Trust. TOGETHER WITH all interest which Trustor now has or may hereafter acquire in or to said property and in and to: (a) All rents, issues, profits, royalties, togs. earnings and incomes therefrom and installments of money payable pursuant to any agreement for sale of said property or any part theneoY, (b) All easements, rights of way and other appurtenances thereto; (c) All shrubs, trees and dents: (d) All adjacent lards included in anctesure or occupied by buildings located partly on the above described property; la) All crops growing or to be grown on said property, (1) All water and water rights (whether or not appurtenant) and shares of stock pertaining to water or water rights, ownetship of which affects said property; (g) All claims, demands or causes of action of any kind, including proceeds of settlement of any such claim, demand ar cause of action of any kind, which Truster now has or may hereafter acquire, arising out of acquisition or ownership of the property, subject however to the right, power and authority given to and contorted upon Beneficiary by Paragmph 6 below. Trustee shelf have no duty to prosecute any such claim, demand or cause of action. (h) All minerals and mineral tights. For the purposes of this instrument, including alt provisions incorporated by reference herein, all of the foregoing described red property, property rights and interest shell he referred to a "the property. THIS DEED OF TRUST SECURES AN ADJUSTABLE RATE NOTE SEE PARAGRAPH 24. THIS DEED OF TRUST IS FOR THE PURPOSE OF SECURING THE FOLLOWING: A. Payment of the Loerr Amount above, with interest thereon, according to the temr of Promissory Note or Notes (her" aomt"ini referred to as 'the note') of even date herewith, made by Truster, payable to Beneficiary or order, and any and all modiflawtlorr end extension* or renewal* thereof (see Paragraph 241; B. Payment of such additional sumi, with tntar+st Sherwin es may be hereafter borrowed from Beneficiary by the then record owner or owners of tfe properly which are hereby secured and all axtensione, modifications and renewafe of such sdditlonal borrowlegs; btto or ttMel PAN I W"1 7" D1$TR4 VTIpN.• DrVkW Recording Caplr, %Mm Ahr Copy; "to Borrower COPY C. Payment, performance and discharge of every obligation, covenant and agreement of Trustor whether contained or incorporated by reference in IN* Deed o1 Trust, or contatnad in airy i— immant onw or harewher exacotail by Trustor in connection with the loan evidenced by the Note, including but not limited to any ignnxenb construction loon agreement, pledge agreement, security agreement, suc :.lemmlal agreement, assignment of Lessor'■ interest in lease*, modification agreement or assumption agreement; D Payment of ell sums of money with interest which may be pad out or advanced by, or may otherwise be due to Trustee or Beneficiary under any provision of this Deed of Trust; E. At Beneliciery's option, payment with interest thereon of any other present or future indebtedness or obligation of Trustor (or of any successor in interest to Trustor to the property( to Beneficiary, whether created directly or acquired by assignment, whether absolute of coilinuar whether due of not, whether otherwise secured or not, or whether existing at the time of the execution of this Deed of Trust or arising thereafter Exercise of such option shot) be evidenced by a notice in writing to Truatot of any successor in interest to Trustor To protect the Security of This Deed of Trust, Trustor Agra C 1 PRESERVATION OF THE PROPERTY Trustor tat %hall keep the hereby, without regard to the validity or legality of such assessments, property in good condition and repair, (b) shall not remove, demolish or liens or charges. to substantially allot any building, structure or improvement thereon, le) G. CLAIMS. DEMANDS AND ACTIONS. Trustor .hall (a) appear in and shall complete or restore Promptly and in good workmanlike any defend any action or proceeding Purporting 10 affect the security hereof budding which may be constructed damaged or destroyed thereon and or the rights or powers of Beneficiary or Trustee: Mt at the apt of will pay when due all claims for labor performed and material furnished Beneficiary. assign to Beneficiary to the extent of Beneticiary s mtafest, therefor Id) shall comply with the provisions of all insuranea poliexev any claims. demand• or causes of action of any kind, including any 1� covering and with all laws and regulations .ff.ctirg the property w award, court judgment or Proceed• of settlement of any such claim. requiring any alterations, repair• or improvements thereon, (al shag not demand or cause of action of any kind, which Truatot now has or may commit or surfer any waste thereon, (fl shall rmt commit of a w",it eny hereafter acquire arising out of acquisition or ownership Of the Progeny act upon the property in violation of any provision of eery irsurarroe Without tinting the generality of the foregoing, any such claim. demand policy or law or regulation, Ig) shall paint decorate cultivate, irrigate w cause of action arising nut of acquisition or ownership of the property 1-048, tumegete and prune the property, and thl consistent with the may include (i) any such injury or damage to the Property Or any use thereof, do all other acts which the character or use of this property structure or improvement situated thereon, w fail env claim or cause of may reasonably require. action in favor of Trustor which shall have &risen out of the uaneecnon 2. INSURANCE. Trustor shall, at Trus :ai s expanse, provide and financed in whole or in part by the making of The ban secured hereby. maintain in force at all tunes with respect to the property, fits, flood Tend w fiii) any claim or cause of action in favor of Trustor (except fat bodily other Types of insurance s• may be required by Benehory. AN of such injury) which arises a• a result of any neg4gent or imlpfOPar Insurance policies shall have a loss payable endorsement in favor of construction, installation or repair of the property, including The surface Be,mfieiary and shall be for a term and in form, content, anw—t, and or subsurface thereof, or of any building or structure thereon. with such insurance companies, ea may be satisfactory to 8enaficiery. Beneficiary may apply, use or release such maniac w received by it in Such policies shag be defivend to Beneficiary whether upon the making the serve manner as in Paragraph 2 provided for the proceeds of firs or of this Deed of Trust or at a subsequent rime during the term of the other insurance. note. Trustor shall also deliver at such times evidence that the tug B DEFENDING TRUST Notrmthstanding the pr of Paragraph premium for any such policy has boon paid. Beneficiary at its option, may retain possession of the anginal policy or may release it to the S. Beneficiary or Trustee may (a) commence end prosecute or appear in PDmmeacron Of the Trustor t1 the Benehcnery retains pommation of such and defend any action or proceeding purporting to affect the security polrc;m el least thirty (30) days before the exgriwtton of any such hereof w th rights or powers of Bench any at Trustee. lb) pay. insurance policy, a policy or policies renewing, extending or replacing purchase contest or compromise any encumbrance. charge or lien such expiring insurance shall be dehvered by Tmetw to Be•mdrfaary. It which in the judgment of either appear to be prior of tvpenor hereto; any such insurance policy is not to dalveted to Beneficiary or in the and to) in exercising any such right incur any liability and expand event any such insurance policy to cancelled whether the Beneficiary whatever amounts either deems reawnaWy necessary, including cost of has in its possession the policies or not and m rainet ftenrsnt or evidence of title and ramonabfo attorneys fees. replacement policy rs received prior to temminstbn d ineu sn,o, 7 PROTECTION OF SECURITY By BE?tEF1MRY OR TRUSTEE. Beneficiary• without notice to or demand upon Trustee riay tbut shag Should Trustor tail to make any payment or do any act provided in ttws not be obligated tot obtain such xnsurence with such c r D of Trust, then Beneficiary or Trustee, but without c,tAil suart w to Beneficiary may deem •etisfactory, and pay the th r fee, and do and without notice to or demand upon Twalcr, and without the amount of any premium so paid shat ba chirped to and promptly Trustor or as the option of Banefitxery, may be added to the parym Trustor hem any obligation hO/eaf, may make any such paid by T payment or do airy such act in such and to such extent a indebtedness sacutad hereby. either, deems nacescary to Protect the hereof Banefioery w In the event Beneficiary obtains any such miampnca policy. TnMOr. Trustee re authorized to enter upon the propsny al any time for such for two own benefit and for the protection Of this equity interest i n the purpose. property. hereby request• and euthonrom Ba mliiciary, but welhout R REIMBURSEMENT Trustor drag pay rely *yon demwd all liability on the grew of Bsreficrsry for toil— w to do, to obtain such costs, trim or expenses mourned and ou—s expanded at advanced under policy for such Term and m such torte content asd srrtoum and a th the terms of this Deed of Trutt by Beneficiry of Trustee, with interest such insurance c. 'es s• may bo astistactory tO Beneficiary. Should thereon at a rate equal to the rate provided fw in the Note secured any policy thus obtained by Beneficiary thareaftw be cancsaed. Trustor hat•by, and the obligation of Truatot to pay such sums and interest as .hell pay to Benefe any owned pr on owed policy and a afroamaid shall be secured hereby, It Beneficiary as Trustee shag make reasonable charge fw its services in obtaining such p&►cy. such w expend such mums. Trustee shag pay a service charge Nrether Trustee nor Beneficiary shag be Fels for the c in sn ornament equal to ten per cant 110X1 of the payment mode or the of any insurance monies or for env i of any insufer or sun expended. Truafor acknowledges that it would be extremely assurance underwriter The right to any unearned prsneuips under said difficult or imprecticabla to determine Beneficiary's or Trustee a actual insurance polices is hereby assigned and at" pans to The pis eh•se, of d repotting from any such advance rid that This service charge the property conveyed at my Tnustea s sale held or to the grantee of a is a reasonable estimate of those eha:ges. deed in tiau of loreclo om it such a camreysoce is nude. Any past of all S. LEASEHOLD ESTATES. It the security for This Deed Ot Trust is e of the amount collected under env fin or other insurance policy may be le —shoal estate. Trustor shag not modify or tftmxinete the lame or applied by Beneficiary upon any indebtedness **cured by this Dead of leaves creating the leasehold estate• and shag comply with all of the Trust at such time riot in The manner end amount as Bsne6cil" may covenants and conditions required of the Lessee or his successor in determne• or at the option of Beneficiary without reducing the interest to W Performed under the lease or teases creating said rndabtectims secured hereby, may either be used to replace, restore or lewehold estate, inc urdirg, but not limited to, Paying when due rent and reconstruct the property to a condition satisfactory to Bsreficisry w be *her charges, unposed upon such Losses. released to Trustor Any application, use at tMesee shelf not cure or 10. ESCROW JIMPOUNDI ACCOUNT Trustor shall pay to Beneficiary. waive any default or notice of default hereunder w imralidats my act if Berefrusry shalt so demand in addition to any other payment required done "pursuant to such nonce, Trustor shall pay Beneficiary i T hereunder, monthly installments for the purpose of creating and fees and other costs resulting from or connected with the casualty, loins maintaining a fund to provide payment when due of any taxes. to which such insurance reform encumbrances. sommaments, leasehold payments relating to the 3. LIFE. ACCIDENT OR HEALTH INSURANCE. N Trustor shop assign property, premiums for any policies of imuranea insuring the property, or dalnvet a policy of life, accident or health insurancn to Beneficiary, as the Trustor or the loan, more specifically referred to in Paragraphs 2, 3, further security hersunder, then it Trustor fails to pay any premium 4, and 9. Tivator shall deliver promptly to Beneficiary all bills and thwoun, Beneficiary *had be entitled, but not obligated, to pay any such notices thereof. Said inatallenents shall be in such amounts a• premium. Any amount so paid shall be charged to and promptly paid by Beneficiary shad estimate tram time to time to be necessary to provide Trustor or at the option of Beneficiary. may be added to the sufficient more" in said fund To pay such tfaorm, encumbrances• indebtedness secured hereby Msessmenta, lemehofd payments and pramiumm when they become O. TAXES AND ENCUMBRANCES. Trustor .hell pay (a) at least due and shall be payable concurrently with the installment under the twenty ;201 days before delinquency. alt general and special taxes and note. If the amounts paid to Beneficiary under the provisions of this esses.rnents now or hereafter affecting the property. including any paragraph are insufficient to pay such taxes, assessments, lemehold assessments on appurtenant water stock; lot when due, all special payments and premium. as they become due. Trustor shall pay to assessment. for public .mptovemenis without permitting any Beneficiary promptly upon demand the amount of the deficiency. improvement bond to issue for eny special assessment;, tot on demand to the event of default of any obligation hereby secured, then any of Beneficiary. alt encumbrance. charges and ban. on the property Or funds in the possession at Beneficiary under the provisions of this any part thereof, which era or may be pr at sufrenor hereto; (it) when paragraph may at the option of Beneficiary be applied upon any due, all fees and chsrga. �rvvfen•al o•fyntnttP, occupancy at indebtedness secured hereby- of tna omat••yl rte •f xrvt o .ncfVj.. 11 FINANCIAL STATEMENTS. Within thirty 130) days after written GuMl4mihum, commarsry 40 —e•+: n of (Jtnnrl svN•,pmtM demand Ly Benefirm•ty (but not more frequently then a.m annually), dl D.' nt. rar+w rYl "t •rt r .•.•,f ,m. a.r '7M. vanarx Ter Trwevn short deliver to B.— ficxary verified financial statements, i'.vnnants corda" er,n Gr'.yr ;r parpw♦d in acrwdance with acceptable accounting practices, tar such Shrw;d Trustor f♦rl r wyt a.-1 Via/• -.rte ,•r. rn. Pv✓ysGn a ♦rvsrtt •,r other p.-4 ea BaMhGMy may designate. Such financial Bnnsf•cr.r, may. Mat sad r.. •JN yt! MA.T G +l•••%M ant %taM✓nem. .hag a✓kAq "onca ahean, operating statement., and an ana',nr Teo (,&I sh.e i r7.ri ✓d v- *c Garl •.r T ^—v' v o-ar M .f airs, +s ant 6(4,61to..rn of hulls. Ire adddmn, Trustor BniVrn•, .•qt .t wv). 1 a ♦ellwt- r W.red %r.tis lean— P.anatvtert r.n d—nd, "4ate rat .0 hiaaes, au'- ft"rm, .as* a t rarer till r vouchers, receipts and other documents supporting any of the items under the Iowa of Washington. The receipt and application by *hewn in such atatamnnts. Trustor shall keep and maintain a full and Beneficiary of such income pursuant hereto after execution and delivery orcuralo rat of books and records showing ell the matters above of notice of default at during the pendency of a Trustee a •ale xpnahad, and shall permit Beneficiary of any time to inspect and audit proceeding hernundet shell not cure any breech of default, nor effect all Tivator's books of account, records, and papers relating to any of said Rate proceeding or any sale made pursuant thereto, but such the foregoing matters. to the event any such audit is caused to be made income, less all costa of operation and maintenance, when received by by Beneficiary by reason of the failure of Trustor to comply with any of Beneficiary, shell be applied in reduction of the entire indebtedness from the foregoing provisions, then Trustor chef! pay to Beneficiary upon time to time secured hereby. Trustor shall not to any manner obstruct or demand Lill expenses incurred by Beneficiary in connection with such interfere with any of Beneficiary right* under Ihis Paragraph 17 In the —dnT event Beneficimy sets under the provisions of this Paragraph 17 None of the provisions of this Paragraph 1I shall be applicable so Trustor shall pay a service charge in an amount actual to five percent long as the property is residential in nature and designed for occupancy IS of all income collected by Beneficiary. Trustor acknowledge, that by less then five (5) families, it would be extremely difficult or impracticable to determine 12. DAMAGE TO OR CONDEMNATION OF PROPERTY Any award of Beneficiary's stud costs of collecting the income and that this service damages or compensation for injury to, or in connection with env charge is a reasonable estimate of those costs, condemnation for public use of the property or any part thereof, or any 18. TRUSTEE AUTHORIZED. Upon written request of Beneficiary and _1'roceade of any settlement with respect to a condemnation whether or presentation of this Deed of Trust and the Note secured hereby for of eminent domain proceedings have been instituted, shall be and is endorsement, and without affecting the liability of any person for 41 hereby assigned by Trustor and shill be paid to Beneficiary, who malt payment of the indebtedness secuted hereby. Trustee may la) reconvey apply, use or release the amount thereof in the same I as nn any part of the property, (b) execute the title sheet of any map plat or Paragraph 2 provided for the proceeds of fire or other insulates. record of survey thereof; (c) join in granting any easement thereon; or 13. BENEFICIARY'S CONSENT REQUIRED. Beneficiary may declare all fill pin in any agreement modifying the terms hereof or subordinating sums secured hereby immediately due and pey"o within 30 day* aftet the lien w charge hereof. Trustor shell pay to Beneficiary and Trustee a such declaration except as expressly Gmifed by few, if Truster, without reasonable service charge for any such action. ('7 Beneficiary prior written consent: (el sons, conveys, contracts to *e&, 19. RECONVEYANCE. Upon written request of Beneficiary and upon LTI Phonates or further encumbers all or any part oI th property; at (bi surrender of this Dead of Trust and the Note secured hereby to Trustee leases all or any part of the property for a form, together with sad for retention, eved upon payment of in toes. Trustee shall. recorwey, exaruseble options, Of S Years or more; or (c) suffers the eitte of any without wansnty, who property then held hereunder The recital. in such interest in the secured property to be divested, wheth t voirntomay of recontveyance, of sMr marten of feet shall be conclusive proof of the involuntarily; or Idl change. or permits to be charged the chracfor er truth thereof. The yance grantee in such recorwe may be described es Lisa of the property; yr (a) is a partnership and any of the g~.I the person or persona legally entitled thereto- Five 15) years otter the partners interests we transferred or assigned, whether Trohnotafrhy, a date of such re.:omeyance, Trustee may destroy the Deed of Trust and uivoluntnly; or 1t) it a corporation with fewer than IOC stoet)wMan at Note, without ti"ty. The data of execution of this Dead of Twat and mores, than 10% of it. Notwithstanding anything set forth herein. Trustee may, in its capital stock is sold, transferred or assigned during a 12 -month period, discretion, deliver said Note or Dead of Trust or both to the person 18. AS 1MABRJTY Trustor may transfer the property under th entitled thereto. following conditions: le) The new borrower (Transferee) must apply 20. FEES. Trustor shall pay to Beneficiary the amount as With the Beneficiary to assume the faro secured hereby by following the may frog, Lime to time be permitted by low f« furnishing in connection Beneficiary s application procedure. (b) Barefieiary must approve with the obligations secured hereby each statement pursuant to any Tran,steree s creditworthiness in writing using the B.ry(Wiafye statute at the limo then in fore*. Additionally. Truster shall pay standards existing on the date the Transferee applies, to esennrs the BsnehowV's and Trustee s fee*, char pet and expenseis for any other loan. Jet Transferee must agree to assume o8 ow Joan obigatide by statement. infomerion or services furnished by Beneficiary or Trustee in mgrvng the Seroficiary's assumption papers. Id) Tr.ryferse must pay an .bon with the obligations secured hereby. Said services may assumption fee at one percent 0%) of the principal owed K the time of utckde, but she& not be limited to, the prncessirg by Seoefiury or the assumption, unless limited by applicable *tats lava. Sers(eiary Trustee. or bolts of assumptions. substitutions, modifications. reserves the right to adjust the tin intarast its, extensions, renewals, subordinatiere, rescissions, changes of owner, interest rate er the rote dilfefentid eppieaNe to this lose, on fly dart of recordation of map, plat or reseed of survey, grantit of easemarin, and such sale or transfer or the date the loan otiNgeosn is sersaryd. full and partial rec tee., and the obtaining by Beneficiary of any 16. NO WAIVER, Trustee or Beneficiary, by nt. of any policies of insurance, pursuant to any of the provisions contained in tint sum .*cured hereby alter its due data, or by making er talkirp Deed of Trust. any action which, under the provisions hereof sitlna Twat" a, 21 SALE BY TRUSTEE. Upon default by Trustor in payment of any Beneficiary is entitled but nos o: ....1 to matte a take, as by indebted.:,za. or polo of only obligation secured by chi. Deed o1 t rbeanng from enforcing any of its rights, sham rot be dens to have Trust, ;;enefncisry, in addition to any other remedy available to warved its right to require payment from er action by Twases and to Br .niciery, may hm-A* the power of *sta premed in five Dead of Trust declare a default for Trustor'. failure to do so. by delivairg to Trustee, a written notice of default. After the lapse of In the event sititct Trustee or Beneficiary should expressly wows arty such time ea may be required by taw and after giving all nuch norices as rights under any provisions of this Dead of Trust, such weever eta& rot may be required by law. Trustee, without demand on Trustor, may seo be deemed o waiver of any right. Trustee er Beryfrc(ary tt+sy have the r subsequently to require pe p o de either ea a whets or in n to t to parcels, and se, such order qu yntyrtt from er scoop by Tnrstee oral to wit rryy detarrnins DY pubic *ruction to the highest biddy for cash in declare a default for Trustor's failure to do w. )awful money of the United State*, payable at time Of *ale, or for who 18 ASSIGNMENT Trustor hereby obsdutdy and ,voonamY aquivalernt of cash, as so determined by Trustee in its sole discretion. If aswgns and transfers to Beneficiary during the .1 these the nndebled —air secured hereunder rs additionally secured by rest trusts, an rents, issues, profits, royalties, tome, saning* and of which h not subject to This Deed of Treat, Trustee may sell the property including these *rising by reason of any oil, gas of tni eaol any property to given a security for Trustor'. obligation, which it is Tease whereof, and ep installments of ntotey payee pursuant to an y suUotized to sip, ether in Whyte er in separate parcels and in such contract of we or tests relating to the prop*" m any part dome, order as it may detainees. [hereinafter refetrad to conectively as ineono'1, togeUyt with the Trusts. may postpone "a of am or any portion of the property by, tight, power and wthonty to collect and retain aff ouch se, it pubic srwlouncem*nt of the time and place fixed for such sale, and from becomes due and payable- Am income received by Bensfiday through linty to tints thereafter may postpone such rate by public an nouncement .Io The exercise of the foregoing assignment. lass air fasek+ deg K the time fixed by Me preceding postponeme Following ode, reasonable attorneys fees) incurred by Beneficiary in colacMg each Trustee .hall deliver to the purchaser its deed conveying the property so intone than be applied by Beneficiary on any ipd*b secured by sold, but without .ray covenant w warranty, express or implied. The this Deed of Trust at such time and in the and Be focital in such deed of any matters of fact shall be prima facia evidence BaneScnary may determine. Without limiting the generality at the of such compfianeo and conclusive evidence thereof in two, of bone loregwng, such appncation may include of peetodre lido putchaser* and encumbrancera for vs;... Any poison, except installment. of principal and interest, or reduction of the prwicgaf Trustee, may purchase at such sets- Alter deducting alJ cost., fees and balance or reimbursement to Beneficiary as provided in Paragraph e. exbensee of Trustee and of this trust, including cost of evidence of title The foregoing assignment is intended as an ossigmeel to take .04ct in connection with the ode and reasonable attorneys' fees, Trustee shall only upon a default by Trustor in any of Trustor s obligations under this apply the proceeds of sale to payment, tint, of all sum. expended under Deed of Trust, and Trustor accordingly reserves the right. prior to arty the term. of This Deed of Trust, not then repaid, with accrued interest such default, to cD"Oct end retain all such inters as it l duo K 1ha rate specified in the note secured by this Deed of Trust, and then and payable. of off other Bums secured by thio Dead of Trust, and it there be any 17 DEFAULT BY TRUSTOR. Upon default by Touter in of proceeds remaining, lets the clerk's filing fee, shall be deposited arty indebtadnes* secured, or in the pert.. .s of any obligation together with a copy of the recorded notice of sole with the clerk of the secured hereby, Beneficiary may, without notico rd ine.p*edv* of Superior Court of the county in which the sale took place. whether nonce of default has been delivered to Truett. wW without 22. WAIVER OF STATUTE OF LIMITATIONS, Truttot hereby waive., regard to the adequacy of the security 1w the hdabledoess secured to the fullest extent permissible by low, the statute of limitations as a hereby. either personally or by attorney or agent, without bringing any dston" to any demand or obligation secured by this Deed of Trust. action or proceeding, without entering into possession of the prapony, 21, SUBSTITUTION OF TRUSTEE. Beneficiary may nominate in or by receiver wo be eppownted by court: (et enter into possession and writing a successor Trustee upon the resignation, incapacity, disability, held, occupy, possess and enjoy the property. III) make, sanest, or death of the Trustee. the successor Trustee shall, without entorce, modify or terminswe leases; Ic) obtain and elect fen.ne; Of set conveyance, succeed to all the title, e►tete, right., powers and duties of or muddy rents; let Is", receive and comics all or any part of the roots, the predecessor Trust**. wsues, profit, royolue►. logs, earnings, iactam. and Installments 24, ADJUSTABLE MORTGAGE LOAN. The note it-cured by this Deed (herein.tter nolsrrad to collectively as l iocomi 1 Be it b.comap du* and of Trust contains provision. which may result in increaser; in the payable. After paving such ...Is of maintenance end operation of the interest rate, in Iho rrrnMhly insfanmools, and M the unpaid principal property Be it in its jnadpment may deem proper, Beneticiary may apply balsnos, Re1*rence Is hereby made to the Promissory Noe lot the ifs balance upon the entire )ndebledness then *.cured hereby. Th. *pocifla proviolono relating to such inore..... n occnptenca of such income shall not constitute a waive, of any other 26, U8E OF PROPERTY The Property Is not used prinoipally for right wh ch Trustee or Beneficiary may have under this Dared of Trust of .greoulturd at Farming purpose.. MIT OF TAM Mot. Loan No. 1.000907 -3 28. HAZARDOUS SUBSTANCES. Tru'tnr .ball wt cause or gamut the 28. GENERAL PROVISIONS br..nnca, lose, disp000l, storage, or release of env Hazardous A. The term Trustor shall mean all parties executing this peed of Substances un or on the Property Trustor shall not do, not allow anyone T...1 es Trustor, their rsapeurve heirs, IOgete" 'devisee', ,dew w do, anytlang affecting the Property that is in violation of any odrtimstrators, executors, successors in interest and ensigns, provided Env,iotenenlal Law The preceding two sentences shall not apply to the that Baneliciery shall not be obligated to give any notice required o preannca, use, or alorege on the Property of small quantities of hereunder to any Ttter other than as shown on the face page normal Hazardous Substances lhnt ors generally recognized to be appropriate to normal iesidenhal uses and to mtantenarice of the Property. B. The term 'Beneficiary shed mean the owner and holder of (including Tntator shall promptly give Beneficiary written notice of any s, pledgee) of the note secured hereby, whether or not nomad as investigation, claim, demand, lawsuit or other action by any Beneficiary herein. governmental or regulatory agency of private petty inviihnng the Property C. Every provision of the Deed of Trust imposing upon Trustot An aid any Hazardous Substance or Environmental Lew of which Truator obligation to perform an act, or embodying an agreement by Truator to he. Actual knowledge. If Trustor learns, or is notified by env perform an act, 'hall be construed as obligating Tmator to pay all costs governments] or regulatory authority, that any removal or other And expenses relating thereto. temediation of any Hazardous Substance effecting the Property is necessary. Trustor shall promptly take all necessary remedial actions in D. In the event any provision hereof shall be declared invalid or accordenc,a with Emrirorxnemal Law, unenforceable through a final judgment in a court having competent As used in this Paragraph 28, Hazardous Substances are those jurisdiction, the validity or enforceability of any of ins remaining terms substances defined ae toxic or hazardous substances by Environmental hereof shad not be thereby impaired- Law end the following substances_ geso6ne. kerosene, other flammable E in this Deed of Taut, wherever the context so requires, the or toxic petroleum products, toxic pesticides and herbicides, volatile i getden includes t h e Ismirins and neuter, he singular number solvents, materials containing asbestos or formaldehyde. and rtdioacbve includes the plural and viee versa, and if more than one person is named materials. As used in this Paragraph 28. 'Environmental Law trialoos as Trustor, the obligations of Trustor shall be the joint end several lederal laws and laws of the jurisdiction where the Property is located ins of each person_ that rstete to health, safety or erwironmental protection. 27 OCCUPANCY AGREEMENT If Trustor was required to execute Art F Captions and paragraph headings used herein e.a for convenience Occupancy Agreement as a condition for obta ring the loan secured by GNV And are nor part of this agreement and sban not be used in IN Security Instrument, the terms of the Occupancy Agreement, construing it. including the provisions which make c violation of its terms an event of default under this Security Instrument. are incorporated herein by this, reference. The undersigned Trustor(a) raquestla) that a copy of arty notice required frreurrdm be moiled to each Truator neared on the face page hereof. At ibe address set 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 Signature of Trustor 00 i .L1 �Rlfl RO L. HOLLY I E'7 S STATE OF WASHINGTON. County as: On thrs ­3 L u day of .L ttiC l before me the undersigned, a Notery Pubic, in and for the Stets of Weshirgton, duly cormissiynvd and sworn Sy appeared {„L111Zwt L Ito kron w to ms to be the individualfal da.cribed in and who executed the foregoing itwtrumeM. seal acknow)sdged to me that �1 signed and sealed the said instrument as 1 �ANfsOSS� vdunt_V act end dead, f th uses and purposes therein mentioned_ WITNESS my heed and official "al atfl s p this ceraficKe above wrinert My Comras. ion expires: Y or Z No`ta4l�i+blie }t and for the State of Washington residing at; WA sassaNS h exscut d by a Corpapiion or a Armefsbfp, the appropriate farm of Acknowledgement must be tread. D cc O LL z p 2 O Q O 2 K [c {L o W 0 O C1 cc O f1 u J in W 1- ptzD w inter teat'