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HomeMy WebLinkAbout2015 - Deed of Trust - JK Monarch / Nelson & Carver / Work Construction - 20151006000481s When recorded return to: Work Construction, LLC 8525 152nd Ave NE Redmond, WA 98053 1111111111111111 20151006000481 NELSON & CARVE OT 75.00 PAGE -001 OF 003 10/08/2015 10:40 KING COUNTY, WA DEED OF TRUST (For Use in the State of Washington Only) THIS DEED OF TRUST, made this 2 Z day of .S� f--`4.444/6".. , 20 / r , between JK MONARCH LLC, a Washington limited liability company, as GRANTOR, whose address is P.O. Box 188, Puyallup, Washington 98371; NELSON & CARVER, P.S., a Washington Legal Services Professional Corporation, as TRUSTEE, whose address is P.O. Box 217, Puyallup, Washington 98371 and WORK CONSTRUCTION, LLC, as BENEFICIARY, whose address is 8525 152nd Ave. NE., Redmond, WA 98053. 20151006000481.001 Cr DEC 1 2015 eLrtliittJ �a ens WITNESSETH: Grantor(s) hereby bargain(s), sell(s) and convey(s) to Trustee in trust, with power of sale, the following described real property in King County, Washington: That portion of Government Lot 1 and the S. Foster donation land claim located in Section 15, Township 23 North, Range 4 East, W.M., in King County, Washington, Tying easterly of the east margin of 48'h Avenue South (Macadam Road also known as State Aid Road No. 1), and lying westerly of the west margin of Primary State Highway No. 1, and lying southeasterly of the southeast margin of South 138th Street (Adolph Baker County Road), and lying southerly of a line distant southerly 110 feet, measured at right angles, from the southerly line of said South 138th Street. Tax Parcel Number: 1523049072 which real property is not used principally for agricultural or farming purposes, together with all the tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the rents, issues and profits thereof. This Deed of Trust is a first position lien on the above described property. This deed is for the purpose of securing performance of each agreement of grantor herein contained, and payment and performance of that contract between Grantor and Beneficiary to a maximum liability of THREE HUNDRED SEVENTY FIVE THOUSAND AND NO/100 DOLLARS (5375,000.00), with interest, in accordance with the terms of the construction contract of even date herewith payable to Beneficiary, and made by JK Monarch, LLC and all renewals, modifications and extensions thereof. Beneficiary shall request the Trustee to make partial reconveyances of this Deed of Trust on a lot by lot basis upon the sale of the above described property or a portion thereof for the amount of all net seller's proceeds of such sale with the payments applied first to the principal due under the contract and when the principal due is paid in full, then applied to the accrued interest under the contract. To protect the security of this Deed of Trust, Grantor(s) covenant(s) and agree(s): 1. To keep the property in good condition and repair; to permit no waste thereof; to complete any building, structure or improvement being built or about to be built thereon; to restore promptly any building structure or improvement LPB 22 20151006000481.002 thereon which may be damaged or destroyed; and to comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the property. 2. To pay before delinquent all lawful taxes and assessments upon the property; to keep the property free and clear of all other charges, liens or encumbrances impairing the security of this Deed of Trust. 3. To keep all buildings now or hereafter erected on the property described herein continuously insured against Toss by fire or other hazards in an amount not less than the total debt secured by this Deed of Tnrst. All policies shall be held by the Beneficiary, and be in such companies as the Beneficiary may approve and have loss payable first to the Beneficiary, as its interest may appear, and then to the Grantor(s). The amount collected under any insurance policy may be applied upon any indebtedness hereby secured in such order as the Beneficiary shall determine. Such application by the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Deed of Trust In the event of foreclosure, all rights of the Grantor(s) in insurance policies then in force shall pass to the purchaser at the foreclosure sale. 4. To defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and to pay all costs and expenses, including cost of title search and attorney's fees in a reasonable amount, in any such action or proceeding, and in any suit brought by Beneficiary to foreclose this Deed of Trust. 5. To pay all costs, fees and expenses in connection with this Deed of Trust, including the expenses of the Trustee incurred in enforcing the obligation secured hereby and Trustee's and attorney's fees actually incurred, as provided by statute. 6. Should Grantor(s) fail to pay when due any taxes, assessments, insurance premiums, liens, encumbrances or other charges against the property hereinabove described, Beneficiary may pay the same, and the amount so paid, with interest at the rate set forth in the note secured hereby, shall be added to and become a part of the debt secured in this Deed of Trust. IT IS MUTUALLY AGREED THAT: 1. In the event any portion of the property is taken or damaged in an eminent domain proceeding, the entire amount of the award or such portion as may be necessary to fully satisfy the obligation secured hereby, shall be paid to Beneficiary to be applied to said obligation. 2. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right to require prompt payment when due of all other sums so secured or to declare default for failure to so pay. 3. The Trustee shall reconvey all or any part of the property covered by this Deed of Trust to the person entitled thereto on written request of the Grantor(s) and the Beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the Beneficiary or the person entitled thereto. 4. Upon default by Grantor(s) in the payment of any indebtedness secured hereby or in the performance of any agreement contained herein, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. in such event and upon written request of Beneficiary, Trustee shall sell the trust property, in accordance with the Deed of Trust Act of the State of Washington, at public auction to the highest bidder. Any person except Trustee may bid at Trustee's sale. Trustee shall apply the proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable Trustee's fee and attomey's fee; (2) to the obligation secured by this Deed of Trust; and (3) the surplus, if any, shall be distributed to the persons entitled thereto. 5. Trustee shall deliver to the purchaser at the sale its deed, without warranty, which shall convey to the purchaser the interest in the property which Grantor(s) had or had the power to convey at the time of his/her/their execution of this Deed of Trust, and such as he/she/they may have acquired thereafter, Trustee's Deed shall recite the facts showing that the sale was conducted in compliance with all the requirements of law and of this Deed of Trust, which recital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchaser and encumbrancers for value. 6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State of Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be foreclosed as a mortgage. 7. In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary may appoint in writing a successor trustee, and upon the recording of such appointment in the mortgage records of the county in which this Deed of Trust is recorded, the successor trustee shall be vested with all powers of the original trustee. The trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of an action or proceeding in which Grantor(s), Trustee or Beneficiary shall be a party unless such action or proceeding is brought by the Trustee. LPB 22 20151006000481.003 8. This Deed of trust applies to, inures to the benefit of, and is binding not only on the parties hereto, but on hislherhheir heirs, devisees, legatees, administrators, executors and assigns. The term Beneficiary shall mean the holder and owner of the note secured hereby, whether or not named as Beneficiary herein. STATE OF WASHINGTON ) ss. County of Pierce JK MONARCH LLC A Washington Limited Liability Company By: J than ' els, xecutive Manager I certify that I know or have satisfactory evidence that Jonathan K. Bartels is the person who appeared before me, and said person acknfiyAklagetttlt tt he signed this instrument, on oath stated that he was authorized to execute the instrument and ac�Q�C��g�i ,Executive Manager of JK MONARCH LLC to be the free and voluntary act of such party for tbt� o J� do, this instrument. Dated this this13iity$Q -i 20t1 ? —► • = L. _ it". .,►%✓•- PUBl.1- ' Notary Public in and for the State of Washington residing at ff i la /kr My Commission expires: 50.J -4i. REQUEST FOR FULL RECONVEYANCE Do not record. To be used only when note has been paid. TO: TRUSTEE: The undersigned is the legal owner and holder of the note and all other indebtedness secured by the within Deed of Trust. Said note. together with all other indebtedness secured by said Deed of Trust, has been fully paid and satisfied; and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel said note above mentioned, and all other evidences of indebtedness secured by said Deed of Trust delivered to you herewith, together with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you thereunder. Dated , 20 LPB 22