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Home My WebLink About1998-013 Trust Deed - Lauer .)~--00~4~ TRUST DEED This trust deed is _ ~.~t, , 199 , between Elizabeth Lauer, as ~rantor, the City of Ashland, political subdivision of the State of Oregon, 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 hereby 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 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, more particularly described as follows (the "Property"): Lot Seven (7) in ASHLAND PARKVIEW SUBDIVISION in the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record. (Code 5-1, Account #1-85795-2, Map #391E10BC, Tax Lot #5407.) 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 evidenced by a promissory note dated August 4, 1997. (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 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 August 4, 1997 ("the Agreement") entered into by Grantor and Beneficiary. The term "loan obligations" 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 (Continued) the terms of the Agreement, Grantor shall be free to operate and manage the Property, and receive the proceeds of operation. 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' 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 trust deed or the interest of the Beneficiary under this trust 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 of 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 trust deed, the Note or the Agreement. (Uon~Xnued) 10. Application of the Proceeds. In the event the Trustee exercises the power of sale conferred by this trust deed, the Trustee shall apply the proceeds of 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 trust deed, on transfer of Grantor's interest, and subject to the provisions of applicable law with respect to successor trustees, this trust deed shall be binding on and inure to the benefit of the parties, their successors and assigns. ~ -E1/~beth ~au~r State of Oregon, County of Jackson ) ss. This instrument was acknowledged before me on, J~, '~~ 1999 by Elizabeth Lauer. Notary Public ~o~. Oregon My commission ,~_Fires: NOTARY PUBLIC- COMMI OREGON $81ON NO.037 3acl son County, Oregon Recorded OFFICIAL RECORDS FEB, 12 1998 COUNTY CLERK 98-05343 FULL RECONVEYANCE WITHOUT WAI'VF.R OF DEBT The undersigned trustee or successor trustee under that certain trust deed dated August 4, 1997, executed and delivered by ELIZABETH LAUER, as Grantor, and recorded on September 24, 1997 in the Official Records of Jackson County, as Instrument No. 9?-3§6?4, conveying real property situated in said county as described therein, having received from the beneficiary under said trust deed a written request to reconvey WITHOUT WAIVER OF DEBT, reciting that the obligation secured by said trust deed has not been fully paid and performed, hereby does grant, bargain, sell and convey, but without any warranty, express or implied, to the person or persons legally entitled thereto, all of the estate held by the undersigned in and to said described premises by virtue of said trust deed. IN WITNESS WHEREOF, the undersigned trustee has caused his name to be signed hereunder. Dated this ~~ ~ , 199%/ . STATE OF OREGON ) ) ss COUNTY OF JACKSON ) This~nstrument was acknowledged before me on J~~ ~-, 199~, by Paul Nolte. Notary Public for Oregon 9~ ~ B~ ARBARA M, C ~FI ISI'ENSEN ~ After recording return to: Jackson County Title Attn: Jim Parish Re: 75820 3aclcson County, Oregon Recorded OFFICIAL RECORDS F[8 12 1998 JACKSON COUNTY TITLE DIVISION OF OREGON TITLE INSURANCE COMPANY 502 WEST MAIN - P.O. BOX 218 MEDFORD, OREGON 97501 TEL:(541)??9-2811/FAX:(541)?72-6079 February 12, 1998 City of Ashland 20 East Main Street Ashland OR 97520 Attn: Paul Nolte, Esq. Re: Elizabeth Lauer/1218 Rose Lane Our No. 75820 Dear Mr. Nolte: Enclosed for your file is the original recorded trust deed given by Elizabeth Lauer to the City, recorded February 12, 1998 as No. 98-05342, given to replace a prior trust deed between the parties recorded as No. 97-35674. Also enclosed is a copy of the recorded reconveyance (without waiver of debt) recorded as No. 98-05343, which reconveys that prior trust deed. We want to thank you and the City for your help in resolving this problem. We appreciated your responsiveness and cooperation. If you have any questions, please do not hesitate to give me a call. Yours truly, A. James Parish Title Operations Manager