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Home My WebLink About1995-062 Promissory Note - SwansonPROMISSORY NOTE $360,000.00 Medford, Oregon MAY 31, 1995 · 1995 I/WE, JOINTLY AND SEVERALLY, PROMISE T0 PAY T0 THE ORDER OF VALDOMAR J. SWANSON and JANICE M. SWANSON, husband and wife, or the survivor AT PLACE DESIGNATED BY BENEFICIARY, THE SUM OF THREE HUNDRED SIXTY THOUSAND & N0/100 ..... DOLLARS, WITH INTEREST THEREON AT THE RATE OF 8 PERCENT PER ANNUM FROM MAY 31s% 1995 UNTIL PAID, PRINCIPAL AND INTEREST PAYABLE IN MONTHLY INSTALLMENTS OF NOT LESS THAN $3,011.21 IN ANY ONE PAYMENT; EACH PAYMENT AS MADE SHALL BE APPLIED FIRST TO ACCUMULATED INTEREST AND THE BALANCE TO PRINCIPAL; THE FIRST PAYMENT IS TO BE MADE ON THE 1st DAY OF JULY· 1995· AND A LIKE PAYMENT ON THE SAME DAY OF EACH MONTH THEREAFTER, UNTIL MAY 30, 2015, WHEN THE WHOLE UNPAID BALANCE HEREOF· IF ANY, SHALL BECOME DUE AND PAYABLE; IF ANY OF SAID INSTALLMENTS IS NOT SO PAID, THE WHOLE SUM OF BOTH PRINCIPAL AND INTEREST TO BECOME IMMEDIATELY DUE AND COLLECTIBLE AT THE OPTION OF THE HOLDER OF THIS NOTE. MAKER SHALL MAKE NO PREPAYMENTS. IF THIS NOTE IS PLACED IN THE HANDS OF AN ATTORNEY FOR COLLECTION, I/WE PROMISE AND AGREE TO PAY HOLDER'S REASONABLE ATTORNEY'S FEES AND COLLECTION COSTS OF THE HOLDER HEREOF· AND IF SUIT OR ACTION IS FILED HEREON, ALSO PROMISE TO PAY (1) HOLDER'S REASONABLE ATTORNEY'S FEES TO BE FIXED BY THE TRIAL COURT AND (2) IF ANY APPEAL IS TAKEN FROM ANY DECISION OF THE TRIAL COURT· SUCH FURTHER SUM AS MAY BE FIXED BY THE APPELLATE COURT, AS THE HOLDER'S REASONABLE ATTORNEY'S FEES IN THE APPELLATE COURT. THIS NOTE IS SECURED BY A DEED OF TRUST 0F EVEN DATE HEREWITH WHICH CONTAINS A CONSENT CLAUSE. CITY 0~SHLA~ND, a municipal _ By: : THIS TRUST DEED, made this 3 1 day of ..............~J~y_ ............................................19..9._5. .....between ................................................................................................................................................................................................ as Grantor, ...~0 .~. _~.~....~.._~R~...T~.~.~...q.._~_.~ .................................................................................................... as Trustee, and ...................................................................................................................................................................................... , as Beneficiary, WI TNESSE TH: Grantor irrevocably grants, bargains, sells and conveys to trustee in trust, with power of sale, the property in .... ~.C.~,QD. .................................. County, Oregon, described as: SEE EXHIBIT "A" ATTACHED HERETO /%ND MADE A PART HEREOF l iLn the event the property which is tt~ security for this d~-'"~'c]_-~ of t~ust is transferred or ~,i without t3~ writ-t~n consent of the beneficiary hereunder, which oonsent shall not be ' ', unreasc~ably wi~d. together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter appertalning, and the rents, issues and profits thereof and all fixtures now or hereafter attached to or used in conn~ctlon with the property. FOR THE PURPOSE OF SECURING PERFORMANCE ot each agreement ot grantor herein contained and payment of the sum ot . .mnm. Zp 0o ($360,000.00) ................... Dollars, with interest thereon according 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, if not sooner paid, to be due and payable..~M~y ~.t.. ~.Q.~.5 ......... ~. The date of maturity of the debt secured by this instrument is the date, stated above, on which the final installment o! the note becomes due and payable. To protect the security of this trust deed, grantor agrees: I. To protect, preserve and maintain the property in good condition and repair; not to remove or demolish any building or im- provement thereon,' not to commit or permit any waste of the property. 2. To complete or restore promptly and in good 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 wlth all laws, ordinances, regulations, covenants. conditions and restrictions allacting the property; it the beneficiary so requests, to join in executing such financing statements pursuant to the Uniform Commercial Code as the beneficiary may require and to pay for filing same in the proper public office or offices, as well as the cost o! all lien searches made by filing officers or searching agencies as may b~ deemed desirable by the beneficiary. 4. To provide and continuously maintain insurance on the buildings now or hereafter erected on the property against~1oss or damage by fire and such other hazards as the beneficiary may from time to time require, in an amount not less than $~r~,~.. ..V.~LI.~ , written in companies acceptable to the beneficiary, with loss payable to the latter; all policies ot insurance shall be delivered to the bene- ficiary as soon as insured,' if the grantor shall fail for any reason to procure any such insurance and to deliver the policies to the beneticiary at least titteen days prior to the expiration o! any policy of insurance now or hereafter placed or~ the buildings, the beneficiary may pro- cure the same at ~rantor's expense. The amount collected under -ny fire or other insurance policy may be applied by beneticiary upon any indebtedness secured hereby and in such order as beneticiary may determine, or at option of beneticlary the entire amount so collected, or any part thereof, may be released to grantor. Such application or release shall not cure or waive any default or notic~ ot detault here- under or invalidate any act done pursuant to such notice. 5. To keep the property free trom construction fiens and to pay all taxes, assessments and other charges that may be levied or assessed upon or against the property before any part of such taxes. assessments and other charges become past due or delinquent and promptly deliver receipts therefor to beneficiary; should the ~rantor tall to make payment of any taxes, assessments, insurance premiums, liens or other charges payable by grantor, either by direct payment or by providing beneticlary with funds with which to make such pay- ment, beneficiary may, at its option, make payment thereoff, ancl the amount ~o paid, with interest at the rate set torth in the note secured hereby, together with the obligations described in paragraphs ~ and 7 ot this trust deed, shall be added to and become a part ot the debt secured by this trust deed, without waiver of any rights arising from breach of any of the covenants hereof and for ~uch payments, with interest as aforesaid, the property hereinbefore de~cribed, 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 ot this trust deed. 6. To pay all costs, fees and expenses of this trust including the cost of title search as well as the other cost~ and expenses o! the trustee incurred in connection with or in entorclng this obligatlon and trustee's and attorney's tees actually incurred. 7. To appear in and detend any action or proceeding purporting to atfect the security rights or powers of beneficiary or truste~; and in any suit, action or proceeding in which the beneficiary or trustee may appear, including any suit for the foreclosure ot this deed, to pay all costs and expenses, including evidence of title and the beneticiary's or trustee's attorney's fees; the amount ot attorney's tees mentioned in this paragraph 7 in all c~ses s~all be fixed by the trial court and in the event ot an appeal from any judgment or decree of the trial court. grantor further agrees to pay such sum as the appellate court shall adjudge reasonable as the beneticiary's or trustee'x at- torney's fees on such appeal. It is mutually agreed that: 8. In the event that any portion or all of the property ~hall be taken under the right o! eminent domain or condemnation, bene- ficiary shall have the right, if it so elects, to require that all or any portion o! the monies payable as compensation for such taking, NOTE: The Trust Deed Act provides that hhe trustee hereunder must be either an attorney, who is an active member of the Oregon State Bar, a bank, lrust company or savings and loan association authorized to do business under the laws of Oregon or the United States, a title insurance company autho- rized to insure title lo real property of this state, ifs subsidiaries, affiliates, agents or branches, the United States or any agency thereof, or an escrow agent licensed under ORS 696.505 to 696.585. TRUST DEED CITY OF ASHLAND 20 N MAIN ST ASHLAND OR 97520 Grantor V~ & JANICE SWANSON ---3-7-5,--~ OT ~T--.G~.-~-~-fi-§-~.~ ~-h.~.f~ ............................. '--K§ I4.~'~//f ~ ......0R'"~752~ ..................................... After I~eco~ding I~emrn to [Name. Address, Zip): JACKSON COUNTY TITLE DIVISION '"'5/JY ..................................7, ................... ...... ejT 0- .....................: ........................... SPACE RESERVED FOR RECOROER'S USE STATE OF OREGON, County oi ...........................................~ ss. I certify that the within instrument was receibed tor record on the .......... day of .............~... .................~ .............., 19 .........at ................. O~O~k ...../~4r., and recorded in book/reel/volu~..~ ........... on page ........................ an~3~ or as~tee/iile/instru- ment/mi f,35/r ceptio .................. Record oi/_..~ ............... 7" o£ said County. Witness my hand and seal County affixed. NAME TITLE ................................................... Deputy !)5-~4482 LP-63668 EXHIBIT A Lot Five (5) of WIMER SUBDIVISION to the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record. EXCEPTING THEREFROM that portion of said Lot 5 lying West of a line which is 191.0 feet North 89°53' West of and which line bears North 0°31' West parallel with, the west line of Scenic Drive in said City, as conveyed to the City of Ashland, by deed recorded in Volume 488 page 21 of the Deed Records of Jackson County, Oregon. (Code 5-1, Account #1-5714-2, Map #391E5DB, Tax Lot #2400) Jackson County, Oregon Recorded OFFICIAL RECORDS I AY 3 1 1 )5 M KATHLEEN S. BECKETT .~ERK and RECORDER , /