HomeMy WebLinkAbout1996-089 Trust Deed - CottleDO NOT DESTROY
~ DEED OF TRUST
WHEN PAID, SAID ORIGINAL NOTE, TOGETHER
WITH THE DEED OF TRUST SECURING SAME,
MUST BE SURRENDERED TO TRUSTEE FOR
CANCELLATION BEFORE RECONVEYANCE
WILL BE MADE.
City of Ashland
Granlor
R. C, Collie
390 Ashland Street
Beneficiary
After Recording Return to (Name, Address, Zipl:
Crater Title
FORM No. 881 - Oregon 11'ust Deed Series - TRUST DEED (Assig .... t Re~striGted) ......... COPYRIGHT 1994 ~V~-'-~SS LAW PUBLISHING CO ........... OR 97204
~ [~ TRUST DEED
.')6-19009
zms z vsz ....... ............. %fof ........ .................................................... .....
..... .......................................................
.............................................................................................................................................................................................. , as Grantor,
JOSE~I~-~ ~ ~~, INC.
LI~NG ~T
WI TNESSE TH:
Grantor irrevocably ~rants, bargains, sells and conveys to trustee in trust, with power of sale, the property in
Ja~son County, Ore,on described as' S~ ~IB~T A A~D
* ~I~IPS F~LY ~T as to ~ m~&d 1/2 znterest.
~is ~t ~ed s~ll stud as see~iW for the paint of the ~es ~ ruder ~d the
perforce of the obilgatio~ aris~g fr~ the Prossow Notes.A fail~e fr~ t~
t~, or at ~y t~ to ~11y perfo~ ~y of the obligations ~d acts req~red by the Payee
in e~ther of ~e notes, ~ich are eo~i~red a collective obilgation, shmll consti~te
grom~ for either or both of ~e Beneficiaries, at their joint or several ~ti~, to
&clare a foreclos~e of their sorrily lie~ a~si~ by reason of said ~st ~ed.
fo~efher wifh all cad singular the fenemeaf~, heredifameafs and appgrfenan~s a~d all other r~hfs fhereuafo belon~in~ or in anywise ~w
or heron/for appertainin~, and fhe rents, issues and protits thereof and all ti~fure~ now or herealter attached ~o or us~ in ¢on~cfion with
the pro~rfy.
~OR THE PURPOS~ OF SECURING PERFORMANCE o~ each a~reement of ~ranfor herein contained and payment o[ the sum
:.=== ~,._(~5.,0~0,.00) ..... Dollars, with intere, t thereon accordin~ to the terms of a promissory
note of even date herewith, payable to beneficiary or order and made by grantor, the final payment of principal and interest hereof,
not sooner paid, to be due and payable J_~a 10 ....................... ~2001
The date ot maturity oI the debt secured by this instrument is the date, stated above, on which the final installment of the ~ofe
~mes due and payable. Should the ~ranfor either agree to, attempt to, or actually sell, convey, or assign all (or any part) ot the prop-
erty or all (or any part) of grantor's interest in if without first obtalni~ the written consent or approval of the beneficiary, then. af the
beneiiciary's option*, all obligations secured by this instrument, irrespective of the maturity dates expressed therein, or herein, shall be-
come immediately due and payable. The exe~fion by grantor oI an earnest money agreement** doe~ ~of constitute a sale, conveyance or
assignment.
To protect the security of this trust deed, grantor agr~s:
1. To protect, preserve and maintain the property in g~ condition and repair; not to remove or demolish any building or
provemerit thereon; not to commit or permit any waste ot the property.
2. To complete or restore promptly and in ~ and habitable condition any building or improvement which may be constructed,
damaged or destroyed thereon, and pay when due all costs incurred therefor.
3. To comply with all laws, ordinances, regulations, covenants, conditions and re~tricfions affecting the property; if the beneficiary
~o requests, to join in exe~fin~ such financing statements pursuant to the Uniform Commercial C~e as the beneficiary may require and
fo pay tor filing same in the pro~r public oilice or otfi~s, as well as the cost of all lien searches made by Iiling ofifcers or searching
agencies as may be deemed desirable by the beneficiary.
4. To provide and continuously maintain insurance on the buildings now or hereafter erected on the pro~rfy.against lo~s or
damage by fire and such other hazards as the beneficiary may from time to time require, in an amount not less than $ ~ ,.
written in companies acceptable fo the beneficiary, with loss payable to the latter; all policies of insuran~ shall be delivered fo the bene-
ficiary as soon as insured; if the grantor shall tail tor any reason to procure any such insurance and fo deliver the policies to the beneiiciary
at least fifteen days prior to the expiration of any policy of in,rance now or hereafter placed on the buildings, the beneficiary may pro-
cure the sa~ at grantor's expense. The amount collected under any fire or other insurance policy may be applied by beneficiary upon
any indebtedness ~red hereby and in such order as beneficiary may determine, or at option of beneficiary the entire amount so collected,
or any part thereof, may be released fo grantor. Such application or release shall not cure or waive any default or notice of default here-
under or invalidate any act done pursuant to such notice.
5. To keep the property free from construction liens and fo pay all taxes, assessments and other charges that may be levied or
a~sessed upon or against the property betore any part of ~ch taxes, assessments and other charges become past due or delinquent and
promptly deliver receipts therefor to beneficiary; ~hould the grantor fail to make payment of any taxes, assessments, insurance premiums,
liens or other charges payable by grantor, either by direct payment or by provldin~ beneficiary with funds with which to make such pay-
ment, beneficiary may, at its option, make payment thereof, and the amount so paid, with interest at the rate set forth in the note
secured hereby, together with the obligations described in paragraphs 6 and 7 of this trust deed, shall be added to and become a part of
the debt secured by this trust deed, without waiver of any rights arisin~ from breach of any ot the covenants hereof and for such payments,
with interest as aioresald, the property hereinbefore described, as well as the grantor, shall be bound to the same extent that they are
bound for the payment of the obligation herein described, and all such payments shall be immediately due and payable without notice,
and the nonpayment thereof shall. at the option of the beneficiary, render all sums secured by this trust deed immediately due and pay-
able and constitute a breach of this trust deed.
6. To pay all costs, tees and ex~nses oI this trust including the cost of rifle search as well as the other costs and expenses of the
trustee incurred in connection with or in enforcin~ this obligation and trustee's and attorney's fees actually incurred.
7. To appear in and defend any action or proceeding purporting to affect the sorrily rights or powers of beneficiary or trustee;
and in any suit, action or proceeding in which the beneficiary or trust~ may ap~ar, including an~ suit for the foreclosure of this deed,
to pay all costs and expenses, including evidence of lille and the beneliciary's or frusfee's attorney's tees; the amount ot attorney's tees
mentioned in this paragraph 7 in all cases shall be fixed by the trial court and in the event of an appeal trom any judgment or decree of
the trial court, grantor further agrees to pay ~ch sum as the appellate court shall adjudge reasonable as the beneliciary's or trustee's at-
torney's fees on such appeal.
It is mutually agreed that:
8. In the event that any portion or all oI the pro~rfy shall be taken under the right oI eminent domain or condemnation, bene-
ficiary shall have the right, if it so elects, to require that all or any portion of the monies payable as compensation for such taking,
NOTE: The Trust Deed Act provides that the trustee hereunder must be either an afiorney, who is an active member of the Oregon State Bar, a bank, trust company
or savings and loan a~ociation authorized to do business under the la~ of Oregon or the United States, a title insurance company authorized to insure title to real
propeffy of this state, i~ subsidiaries, ~iliates, agents or branches, the United States or any agency thereof, or an escrow agent licensed under ORS 6~.~5 to 696.585.
*WARNING: 12 USC 1~1j-3 regulates and may prohibit exemise of this option.
**The publisher sugges~ that such an agreement address the i~ue ~ obtaining beneficia~'s consent in complete detail.
STATE OF OREGON,
TRUST DEED ss.
Co. tr ......... ...............................
I ~erHiy that the within Jnstru-
........ day ...................................,19 ........,
.......................
..................
Record of .....~ ................~ Couaty.
W~ess my ha~d apd seal of
Co~aty
NAME TITLE
By ..................................................· Deputy
which are in excess of the amount required to pay all reasonable costs, expenses and attorney's fees necessarily paid or incurred by grantor
in such proceedings, shall be paid to beneficiary and applied by it first upon any reasonable costs and expenses and attorney's fees, both
in the trial and appellate courts, necessarily paid or incurred by beneficiary in such proceedings, and the balance applied upon the indebted-
floss secllred hereh?,' ~nd ~rantor 8~rees, at its own expense, to tatl'e such actions and execute such instruments as shall be necessar3.
in obtaining such compensation, promptly upon beneficlary's request.
9. At any time and £rom time to time upon ~.rltten request o£ beneficiary. payment of its fees and presentation of this deed and
the note for endorsement (in case of full reconveyances. for cancellation), without affecting the liability of any person for the payment of
the indebtedness, trustee may (a) consent to the making o! any map or plat of the property; (b) join in granting any easement or creat-
ing any restriction thereon; (c) join in any subordination or other agreement affecting this deed or the lien or charge thereof; (d)
reconvey, without warranty. all or any part of the property. The grantee in any reconveyance may be described as the "person or persons
legally entitled thereto." and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustee's
fees for any of the services mentioned in this paragraph shall be not less than $5.
10. Upon any default by grantor hereunder, beneficiary may at any time without notice, either in person, by agent or by a receiver
to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take
possession of the property or any part thereof, in its own name sue or otherwise collect the rents, issues and profits, including those past
due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees upon any
indebtedness secured hereby, and in such order as beneficiary may determine.
11. The entering upon and taking possession of the property, the collection of such rents, issues and profits, or the proceeds of fire
and other insurance policies or compensation or awards for any taking or damage of the property, and the application or release thereof as
aIoresald, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
12. Upon default by grantor in payment of any indebtedness secured hereby or in grantor's performance of any agreement hereunder, time
being of the essence with respect to such payment and/or performance, the beneficiary may declare all sums secured hereby immediately
due and payable. In such an event the beneficiary may elect to proceed to foreclose this trust deed in equity as a mortgage or direct the
trustee to foreclose this trust deed by advertisement and sale, or may direct the trustee to pursue any other right or remedy, either at
law or in equity, which the beneficiary may have. In the event the beneficiary elects to foreclose by advertisement and sale, the bene-
ficiary or the trustee shall execute and cause to be recorded a written notice of default and election to sell the property to satisfy the obliga-
tion secured hereby whereupon the trustee shall fix the time and place of sale, give notice thereof as then required by law and proceed
to foreclose this trust deed in the manner provided in ORS 86.735 to 86.795.
13. After the trustee has commenced foreclosure by advertisement and sale. and at any time prior to 5 days before the date the
trustee conducts the sale. the grantor or any other person so privileged by ORS 86.753, may cure the default or defaults. If the default
consists of a failure to pay, when due. sums secured by the trust deed, the default may be cured by paying the entire amount due at the
time of the cure other than such portion as would not then be due had no default occurred. Any other default that is capable of being
cured may be cured by tendering the performance required under the obligation or trust deed. In any case, in addition to curing the de-
fault or defaults, the person eriecling the cure shall pay to the beneficiary all costs and expenses actually incurred in enforcing
the obligation of the trust deed together with trustee's and attorney's fees not exceeding the amounts provided by law.
14. Otherwise. the sale shall be held on the date and at the time and place designated in the notice of sale or the time to which
the sale may be postponed as provided by law. The trustee may sell the property either in one parcel or in separate parcels and shall sell
the parcel or parcels at auction to the highest bidder for cash, payable at the time of sale. Trustee shall deliver to the purchaser its deed
in form as required by law conveying the property so sold. but without any covenant or warranty, express or implied. The recitals in the
deed of any matters of fact shall be conclusive proof of the truthfulness thereof. Any person, excluding the trustee, but including the
grantor and beneficiary. may purchase at the sale.
15. When trustee sells pursuant to the powers provided herein. trustee shall apply the proceeds of sale to payment of (1) the ex-
penses of sale, including the compensation of the trustee and a reasonable charge by trustee's attorney, (2) to the obligation secured by
the trust deed, (3) to all persons having recorded liens subsequent to the interest of the trustee in the trust deed as their interests may
appear in the order of their priority and (4) the surplus, if any, to the grantor or to any successor in interest entitled to such surplus.
16. ~eneficiary may from time to time appoint a successor or successors to any trustee named herein or to any successor trustee
appointed hereunder. Upon such appointment, and without conveyance to the successor trustee, the latter shall be vested with all title,
powers and duties conferred upon any trustee herein named or appointed hereunder. Each such appointment and substitution shall be
made by written instrument executed by beneficiary, which, when recorded in the mortgage records of the county or counties in which the
property is situated, shall be conclusive proof of proper appointment of the successor trustee.
17. Trustee accepts this trust when this deed, duly executed and acknowledged, is made a public record as provided by law. Trustee
is not obligated to notify any party hereto of pending sale under any other deed of trust or of any action or proceeding in which grantor,
beneficiary or trustee shall be a party unless such action or proceeding is bronght by trustee.
The grantor covenants and agrees to and with the beneficiary and the beneliclary's successor in interest that the grantor is lawfully
seized in fee simple of the real property and has a valid, unencumbered title thereto
and that the grantor will warrant and forever defend the same against all persons whomsoever.
The grantor warrants fhat the proceeds of the loan represented by the above described note and this trust deed are:
(a)* primarily for grunter's personal. family or household purposes (see Important Notice below),
(b) for an organization. or (even if grantor is a natural person.) are for business or commercial purposes.
This deed applies to. inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors,
personal representatives, successors and assigns. The term beneficiary shall mean the holder and owner, including pledgee, of the contract
secured hereby, whether or not named as a beneficiary herein.
In construing this trust deed. it is understood that the grantor, trustee and/or beneficiary may each be more than one person; that
if the context so requires. the singular shall be taken to mean and include the plural, and that generally all grammatical changes shall be
made, assumed and implied to make the provisions hereof apply equally to corporations and to individuals.
IN ~IT1VESS WHEREOF, the grantor has executed this instrument the day and year first above written.
* IMPORTANT NOTICE: Delete, by lining out, whichever warranty (a) or (b) is
not applicable; if warranty In) is applicable and the beneficiary is a creditor
as such word is defined in the Truth-in-Lending Act and Regulation Z, the
beneficiary MUST comply with the Act and Regulation by making required
disclosures; for this purpose use Stevens-Ness Form No. 1319, or equivalent.
If compliance with the Act is not required, disregard this notice.
This instrument was acknowledged before me on ....................................................... ,19 .........
by .This, i~strument was pckno~l~dRed,beiore me on ........... ~_..~.__Xf2 ........ 19
REQUEST FOR FULL RECONVEYANCE {To be used only when obligations have been pald. J
TO: . . , Trustee
The undersigned is the legal owner and holder of all indebfedness secured by the foregoing trust deed. All sums secured by the
deed have been fully paid and satisfied. You hereby are directS, on paymen~ ~o you of any sums owing to you under the ierms of ihe
trust deed or pursuant to statu~e, to cancel all evidences of indebtedness secured by the trusi deed (which are delivered ~o you herewith
together with the trusi deed) and to reconvey, without warranty, ~o the parties designated by ihe terms of the ~rust deed the estate now
held by you under ~he same. Mail reconveyance and d~menls ~o
DATED: ........ 19
Do not lose or destroy this Trust Deed OR THE NOTE which it secures.
Both must be delivered to the trustee for cancellation before
reconveyance will be made.
Beneticiary
96-19009
EXHIBIT A
Beginning at a point on the North line of the Northwest Quarter of Section 16, Township 39 South, Range
1 East, Willamette Meridian, Jackson County, Oregon, which point bears South 89° 47' West, 693.06 feet
from the Northeast corner thereof; thence South 89° 47' West, 490.94 feet; thence South, 489.17 feet, to
the Northeasterly line of the City of Ashland Ditch; thence along said Northeasterly line of ditch as
follows; South 23° 00' East, 105.5 feet; South 69° 00' East, 48.00 feet; North 46o 00' East, 330.0 feet; East,
115.0 feet; South 63° 00' East, 59.4 feet; thence leaving said Northeasterlyline of ditch, North, 402.1 feet,
to the point of beginning. EXCEPTING THEREFROM that parcel of land sold under Contract of Sale
to LeRoy Story and Muriel R. Story, husband and wife, being more particularly described as follows:
Beginning at a point on the North line of the Northwest Quarter of Section 16, Township 39 South, Range
1 East, Willamette Meridian, Jackson County, Oregon, which point bears South 89' 47' West, 693.06 feet
from the Northeast corner thereof; thence South, 190.0 feet; thence South 89° 47' West, 77.0 feet; thence
North, 190.0 feet, to said North line of the Northwest Quarter; thence North 89° 47' East, along said North
line, 77.0 feet, to the point of beginning. ALSO, EXCEPTING THEREFROM a parcel of land conveyed
to Richard C. Cottie and Elizabeth Ann Cottle, husband and wife by Warranty Deed recorded in Volume
500, Page 409, Jackson County, Oregon, Deed Records, and as reconveyed to said parties by Correction
Deed recorded in Volume 507, Page 58, said Deed Records.
Recorded
OFFICIAL RFCORDS