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HomeMy WebLinkAbout1998-104 Trust Deed -Great OaksFQR~ No. 881 --TRUST DEED (Assignment Restricted). .s 98 37343 COPYRIGHT 1996 STEVENS-NESS L~W PUBLISHING CO., PORT[.AND1 OR 97204 TRUST DEED 641 NEPENTHE RD ASHLAND OR 97520 Grantor's Name and Address _ C% Ty _ _O_ _F'__ _A_S_ _H_ _ _~ CITY HALL ASHLAND OR 97520 Benenciary's Name and Address After recording, return to (Name, Address, Zip): 21 SO-_ 2___I',~__._S_T_ ASHLAND _OR___9__Tfi2Q ....................... SPACE RESERVED FOR RECORDER'S USE STATE OF OREGON, County of .................... / } ss. I certify that the withi~nstrurnent was recei~ for record o~/~he .... day of ........ '-'-NX ....... / .... , 19_ __, at ........... o'clo'~_-~-.M., and recorded in book/reel/volumc,~. ........... on page ............. /~nd/o'~s fee / file / ins tru- ment/microfi~dn / recept io n~,,~ ..... , Record of / .......... of'~d County. Witn§ss my hand and seal'~ County affixed. NAME TITLE By ....................... , Deputy. THIS TRUST DEED, made this ......... .1.Q..t..h. .......... day of ............. .../~....q~....s...t_ ....................................... 19.._9_.8__ .... between .___G____RF~._..T._.O.Ag;.___S_ .... b_,_.L..,_.C_ ....... _.a._n_....O_.r___eg_o.._n.___E__2..n_q~._'._t___e..d..___L. j..a..b..%_]:_i__.t_y.. __C_....oEqp. __ __o~. y_ ............................................................................ ............................................................................................................................................................................................ , as Grantor, ~.~..~RD..~.C~...N.~.T.~.T~.L~..~.%N.~$..U.."R/~.....C.E.~C.~.~...~.A~...~ ...........................................................................................................as Trustee, and . _ C I.T.Y.....~E...A$..H.....~....a.~....r~...n...i..c...~p~.a..Z.....q.~...r~...~.r..a...t..i. ~8 ................................................................................................................ ................................................................................................................................................................................ , as Beneficlary, WI TNESSE TH: Grantor irrevocably grants, bargains, sells and conveys to trustee in trust, with power of sale, the property in . __.J__AC.K_S_QN .................................... County, Oregon, described as: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto belonging or in anywlse now or hereafter appertalning, and the rents, issues and profits thereof and all fixtures now or hereafter attached to or used in connection with the property. FOR THE PURPOSE OF SECURING PERFORMANCE of each agreement of grantor herein contained and payment of the sumS :~ DUE UNDER THAT.CERTAIN AG~I~ DATED AUGUST 10, !998_BET~EE_N GP, EAT OAKS L.L.C. AND BENEFICIARY ' '~t the security of this trust deed, grantor agrees: l. 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 with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the property; if 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 of all lien searches made by filing officers 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 property against loss 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 to the beneficiary, with loss payable to the latter; all policies of 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 beneficiary at least fifteen days prior to the expiration of any policy of insurance now or hereafter placed on the buildings, the beneficiary may pro- cure the same at grantor's expense. The amount collected under any fire or other insurance policy may be applied by beneficiary upon any indebtedness secured 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 to 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 trom construction liens 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 beneticlary; should 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 providing beneficiary with tunds 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 torth in the note secured hereby, together with the obligations described in paragraphs 6 and 7 o! this trust deed, shall be added to and become a part of the debt secured by this trust deed, without waiver of any rights arising Item breach of any of the covenants hereof and for such payments, with interest as aforesaid, 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 oI this trust deed. 6. To pay all costs, fees and expenses of this trust including the cost o£ title search as well as the other costs and expenses of the trustee incurred in connection with or in enforcing this obligation and trustee's and attorney's fees actually incurred. 7. To appear in and defend any action or proceeding purporting to aftect the security rights or powers of beneHciary or trustee; and in an}' suit, action or proceeding in which the beneticiary or trustee a~ay appear, including any suit for the foreclosure ot this deed or any suit or action related to this instrument, including but not limited to its validity and/or enforceabillty, to pay all costs and ex- penses, including evidence of title and the benetlciary's or trustee's attort~y fees; the amount of attorney fees mentioned in this para- graph 7 in all cases shall be fixed by the trial court and in the. event o! an appeal from any judgment or decree of the trial court, grantor further agrees to pay such sum at the appellate court shall adjudge reasonable as the beneHciary's or trustee's attorney fees on such appeal. It is mutually agreed that: 8. In the event that any portion or all of the property shall be taken under the right of eminent domain or condemnation, bene- ficiary shall have the right, it 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 attorney, who is an active member of the Oregon State Bar, a bank~ trust company or savings and loan association authorized to do business under the laws of Oregon or the United States, a title insurance company authorized to insure title to real property of this state, its subsidiaries, affiliates, agents or branches, the United States or any agency thereof, or an escrow agent licensed under ORS 696.505 to 696.585. *WARNING: 12 USC 1701j-3 regulates and may prohibit exercise of this option. **The publisher suggests that such an agreement address the issue of obtaining beneficiary's consent in complete detail. 98 37343 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- ness secured hereby; and grantor agrees, at its own expense, to take such actions and execute such instruments as shall be necessary in obtaining such compensation, promptly upon beneficiary's request. 9. At any time and from time to time upon written request of beneficiary, paymenf 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 of 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; reconvey, without warrant),, 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 at 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 collectlon, 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 applicatlon or release thereof as aforesaid. shall not cure or waive any default or notice of defauIt 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 toreclose 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 loreclose 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 fhe 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 toreclosure 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 detaults. 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 effectlng 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 obligatlon 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. Beneficiary 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 brought by trustee. The grantor covenants and agrees to and with the beneficiary and the beneficiary's successor in interest that the grantor is lawfully seized in fee simple of the real property and has a valid, unencumbered title thereto, except as may be set forth in an addendum or exhibit attached hereto, and that the grantor will warrant and forever defend the same against all persons whomsoever. WARNING: Unless grantor provides beneficiary with evidence of insurance coverage as required by the con- tract or loan agreement between them, beneficiary may purchase insurance at grantor's expense to protect bene- ficiary's interest. This insurance may. but need not, also protect grantor' s interest. If the collateral becomes damaged~ the coverage purchased by beneficiary may not pay any claim made by or against grantor. Grantor may later cancel the coverage by providing evidence that grantor has obtained property coverage elsewhere. Grantor is responsible for the cost of any insurance coverage purchased by beneficiary, ~'hich cost may be added to grantor's contract or loan balance. If it is so added, the interest rate on the underlying contract or loan will apply to it. The effective date of coverage may be the date grantor's prior coverage lapsed or the date grantor failed to provide proof of coverage. The coverage beneficiary purchases may be considerably more expensive than insurance grantor might otherwise obtain alone and may not satisfy any need for property damage coverage or any mandatory liability insurance re- quirements imposed by applicable law. The grantor warrants that the proceeds of the loan represented by the above described note and this trust deed are: (a)* primarily for grantor'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 at 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 corp~ratlons and to individuals. IN WITNESS 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 ._G__~E_A___T~_..O___~___~.~.____L_.___L_...__C.'~.._,._.D_~/7._.~.____[~__ n__c~__c~_~__~~ ..... not applicable; if warranty (o) is applicable and the beneficiary is a creditor as such word is defined in the Truth-in-Lending Act and Regulation Z, the MOUNTAIN IV~ADO~S, L.L.C., by its Manager, beneficiary MUST comply with the Act and Regulation by making required -H])Lf~--ASS.C~{-A~S-;-'-~NC-: ........ ,,~ ........-a disclosures; for this purpose use Stevens-Ness Form No. 1319, or equivalent. ~~.~.~.. I~"F.~ If compliance with the Act is not required, disregard this notice. [ l~'~'~'~l~' ~ , '~d'~1%'~'--H'i-I I'7" Pf~'~ i-~'t .................................... STATE OF OREGON, County or ~a~k,~Dn- ...................................... )ss. This instrument was acknowledged before me on ........................................................19 ........, This instrument was acknowledged before me on ......... ...~._ .~._.S_~_._1_2_, __.]:9__9_8 .........79 ...... by ......__1~. _d__a_Zin_a ..Hill ............................................................................................... as .........P_reai~ant ............................:::'r::~:_'._-.~-_ ___-~__ ....................................._..~____~ .................................... ) ~ O F F t C~¢t(.q~, A[-_ aZ:L.% ;T,~ aocza-~e s ..... A.~g. ............... _~_. _.,. _/,~-=_.:.:: .........: ......./...._.~,._.:: ...........~ ..................... PATR,CIA GRAY · , ,~ } ~ COMM!oS,ON N0.___ ~1)[~1~_ ____ (~) Notary Public for Oregon My cdmmjgsibn expires couM : E . 1 (_./ - ~.~~ ;:.-~: .=~l~l~~R CONVEY NCE (T6 be used only when obligations have been p~.} TO: ..... Trustee "x The undersigned is the legal owner and holder of all indebtedness secured by the toregoln~-ru~deed. All sums secured by the trust deed have been fully paid and satisfied. You hereby are directed, on payment to you of any sums owing to you under the terms of the trust deed or pursuant to statute, to cancel all evidences at indebtedness secured by the trust deed (which are delivered to you herewith together with the trust deed) and to reconvey, without warranty, to the parties designated by the terms of the trust deed the estate now held by you under the same. Mail reconveyance and documents to 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. Beneficiary 98 3?343 81694 EXHIBIT A Commencing at the southeast corner of Donation Land Claim No. 41 in Township 39 South, Range 1 East, of the Willamette Meridian in Jackson County, Oregon; thence along the ~ast line of said Claim, North 00003'33" East, 2230.16 feet; thence North 89056'27" West, 30.00 feet to the north line of that tract described in Volume 196, page 465, Jackson County Deed Records and the initial point of beginning; thence along said north line, South 89°58'11" West (record West), 525.00 feet; thence South 00003'33" West (record South), 415.00 feet; thence North 89°58'11" East (record East), 525.00 feet to the west line of North Mount Avenue; thence along said west line, North 00003'33" East, 415.00 feet to the initial point of beginning. (Code 5-01, Account #1-5067-9, Map #391E04DB, Tax Lot #100) Jackson County, Oregon Recorded OFFICIAL RECORDS AUG 13 l§B8 COUNTY CLERK CITY OF ASHLAND C ITY HALL ASHLAND, OREGON 97520 NOTICE OF TRANSMITTAL TO: BARBARA CHRISTENSEN CITY RECORDER DATE: PROJECT: JOB NO.: SUBJECT: AUGUST 17, 1998 GREAT OAKS SUBDIVISION TRUST DEED THE FOLLOWING ITEMS ARE BEING SENT TO YOU: Original trust deed from Great Oaks LLC to the City of Ashland. This deed is in lieu of the required security deposit to insure completion of all infrastructure improvements. The trust will be terminated at the completion of the subdivision improvements. ENCLOSED UNDER SEPARATE COVER REMARKS: Please file this documents. COPIES TO: Paula Brown Paul Nolte Department of Public Works Engineering Department By: Jim Olson Title: Assistant City Engineer (G:Dawn\Great Oaks trust deed NOT.wpd)