HomeMy WebLinkAbout1996-213 Trust Deed - BlankinTRUST DEED
This trust deed is made on /~,~.;[ 7,5 1996, between ROSA T. BLANKIN
, as Grantor(s), the City of
Ashland, as Beneficiary, and Paul Nolte, an active member of the Oregon State Bar as
Trustee.
1. Conveyance by Grantor. For good and valuable consideration, receipt of which is
acknowledged, and for the purpose of securing the loan obligations described in
Section 3 below, Grantor irrevocably grants, bargains, sells, conveys, assigns, and
transfers to Trustee in trust for the benefit and security of the Beneficiary, with power
of sale and right of entry and possession, all of Grantor's right, title, and interest in and
to the real property located in Jackson County, State of Oregon, and more particularly
described in the attached Exhibit A (the "Property").
2. The Note. Beneficiary has offered to defer the systems development charges due
on the Property and to make a loan to Grantor for the amount of the charges which
loan is to be evidenced by a promissory note of the same date as this trust deed.
(The promissory note as modified, supplemented, extended, renewed, or replaced
from time to time is referred to below as the "Note".) The date of maturity of the debt
secured by this instrument is 20 years from the date of the Note. In the event the
Property, or any part of, or interest in, the Property is sold, agreed to be sold,
conveyed, assigned or alienated by the Grantor without complying with the terms of
the Note or the Agreement described below, then, at the Beneficiary's option, all
obligations secured by this instrument, irrespective of the maturity dates expressed
above or in the Note, shall immediately become due and payable.
3. Obligations Secured. This trust deed secures the following, collectively referred
to as the "loan obligations":
3.1. The payment of all indebtedness, including but not limited to principal and
interest, and the performance of all covenants and obligations of Grantor under the
Note, whether such payment and performance is now due or becomes due in the
future;
3.2. The payment and performance of all covenants and obligations in the City
of Ashland Affordable Housing Resale Restriction Agreement (SDCs Only) dated
z~lz 51 q~, ,, ("the Agreement") entered into by Grantor and Beneficiary. The term
"1oah oDligations as used in this trust deed shall mean all amounts payable to
Beneficiary under the terms of the Note and the Agreement.
4. Possession. Grantor agrees to pay the Note and the Agreement in accordance
with their terms. Until default occurs, Grantor shall remain in possession and control
of the property and subject to the terms of the Agreement, Grantor shall be free to
operate and manage the property and receive the proceeds of operation.
PAGE 1-TRUST DEED {p:planning\aff-trst4.d~d)
~7-31273
5. Warranty of title. Grantor warrants that Grantor holds merchantable title to the
property in fee simple or that Grantor holds a vendee's interest in the property under a
conditional sales contract. Grantor warrants and will defend Grantor's title against the
lawful claims of all persons. In the event any action or proceeding is commenced that
questions Grantor's title or the interest of Beneficiary or Trustee under this deed,
Grantor shall defend the action at Grantor's expense.
6. Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,
Trustee shall have the power to take the following action with respect to the property
on the request of Beneficiary and Grantor: (a) joining in the dedication of roads or
other rights in the public; (b) joining in granting any easement or creating any
restriction on the property; (c) joining in any subordination or other agreement
affecting this deed or the interest of Beneficiary under this deed; or (d) selling the
property or any part thereof. Trustee shall not be obligated to notify any other party of
a pending sale under any other deed or trust or lien, or of any action or proceeding in
which Grantor, Beneficiary, or Trustee shall be a party, unless the action or
proceeding is brought by Trustee.
7. Deed of Reconveyance. If Grantor pays all of the loan obligations when due and
otherwise performs all of the obligations imposed on Grantor under this instrument, the
Note and the Agreement, Beneficiary shall execute and deliver to Trustee a request for
full reconveyance.
8. Default. Grantor shall be deemed to be in default if Grantor fails to perform any of
the obligations imposed by this deed, the Note or the Agreement.
9. Remedies. On the occurrence of any event of default and at any time thereafter,
Beneficiary may exercise any one or more of the following rights and remedies:
9.1. The right to declare all sums secured by this trust deed immediately due
and payable.
9.2. The right to foreclose by notice and sale by Trustee or by judicial
foreclosure, in either case in accordance with applicable law.
9.3. The right in connection with any legal proceedings to have a receiver
appointed to take possession of any or all of the property, with the power to
protect and preserve the property and to use the property preceding
foreclosure or sale and apply the proceeds, over and above costs of the
receivership, against the loan obligations. The receiver may serve without bond
if permitted by law. Beneficiary's right to the appointment of a receiver shall
exist whether or not apparent value of the property exceeds the loan obligations
by a substantial amount.
9.'4. Any other right or remedy provided in this deed, the Note or the
Agreement.
PAGE 2-TRUST DEED (p:planning\aff-trst4.ded)
10. Application of proceeds. In the event the Trustee exercises the power of sale
conferred by this trust deed, the Trustee shall apply the proceeds of the sale in the
following order:
10.1. To the expense of the sale, including reasonable attorney fees,
10.2. To the loan obligations secured by this trust deed, and
10.3. The surplus, if any, to the persons entitled thereto.
11. Waiver. A waiver by either party of a breach of a provision of this agreement
shall not constitute a waiver of or prejudice the party's right otherwise to demand strict
compliance with that provision or any other provision. Election by Beneficiary to
pursue any remedy shall not exclude pursuit of any other remedy, and an election to
make expenditures or take action to perform an obligation of Grantor under this deed
after failure of the Grantor to perform shall not affect Beneficiary's right to declare a
default and exercise its remedies under this trust deed or the Contract.
12. Trust Deed Binding on Successors and Assigns. Subject to the limitations
stated in this deed on transfer of Grantor's interest, and subject to the provisions of
applicable law with respect to successor trustees, this deed shall be binding on and
inure to the benefit of the parties, their successors and assigns.
13. Subordination. Grantor and Beneficiary acknowledge and agree that this Deed
of Trust is subject and subordinate in all respects to the liens, terms, covenants and
conditions of the Deed of Trust in favor of Bank of America ("First Deed of Trust") and
to all advances heretofore made or which may hereafter be made pursuant to the First
Deed of Trust including all sums advanced for the purpose of (a) protecting or further
securing the lien of the First Deed of Trust or for any other purpose expressly
permitted by the First Deed of Trust or (b) construction renovating, repairing,
furnishing, fixturing or equipping the Property. The terms and provisions of the First
Deed of Trust are paramount and controlling, and they supersede any other terms and
provisions hereof in conflict therewith. In the event of a foreclosure or deed in lieu of
foreclosure of the First Deed of Trust, any provisions herein or any provisions in any
other collateral agreement restricting the use of the Property to low or moderate
income households or otherwise restricting the Grantor's ability to sell the Property
shall have no further force or effect on subsequent owners or purchaser of the
Property. Any person, including his successors or assigns (other than the Grantor or
a related entity of the Grantor), receiving title to the Property through a foreclosure or
deed in lieu of foreclosure of the First Deed of Trust shall receive title to the Property
free and clear from such restrictions.
Further, if the property is transferred as a result of deed in lieu of foreclosure
pursuant to the First Deed of Trust the lien of this Deed of Trust shall automatically
terminate upon transfer of the property pursuant to the foreclosure or deed in lieu of
foreclosure provided that (i) the Beneficiary has been given written notice of a default
under the First Deed of Trust and (ii) the Beneficiary shall not have cured the default
PAGE 3-TRUST DEED {p:plannino\aff-trst4.ded)
under the First Deed of Trust, or diligently pursued curing the default as determined by
the beneficiary under the First Deed of Trust within the 60-day period provided in such
notice to the Beneficiary.
STATE OF OREGON
COUNTY OF JACKSON
This instrument was acknowledged before me on ,/~/~r. ~"~ '~/ by
?~ OFFICIAL S6A5 ' ~
NANCY E SLOCUM ~
NOTARY PUBLIC- OREGON Not~ Publ¢~ for Oregon
COMMiSSiON NO. 04S~53 My commis'~on expires: ~--/~ ~'C
~ CoMM,ssm, [x.,~s S~T. ~L ~999
PAGE 4-TRUST DEED (p:plannino\aff-trst4.d~d)
EXHIBIT "A"
Lot 5 of the ASHLAND PARKVIEW SUBDIVISION, a Planned Community
Development, in the City of Ashland, Jackson County, Oregon, according to
the official plat thereof, now of record.
Map #391E10BC, Tax Lot 5404
1209 Orchid Street
Jackson County,, Oregon
Recorded
OFFICIAL RECORDS
AU~ 2 1 1997
.11: ~ ?~
¢/