HomeMy WebLinkAbout2005-217 Affd. Housing Docs - Senn
When Recorded Return Original to:
Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
PROMISSORY NOTE
SECURED BY DEED OF TRUST
Ashland, Oregon, tD / l~
f
For value received, I promise to pay to the order of the City of Ashland, Ore~lon, ("City"),
at City Hall or such other place as the City may designate, the principal sum of Five
Thousand Seven Hundred Forty Seven dollars and sixty four cents ($S747.f54), plus
accrued interest, upon the terms and conditions set forth below.
$5747.64
,200S
1. AFFORDABLE HOUSING AGREEMENT. This obligation is secured by a Trust Deed
and is subject to all the terms and conditions of such Trust Deed. This obligation is
given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING RESALE
RESTRICTION COVENANT" and is subject to all the terms and conditions of such
covenant (further referred to in this note as "the Covenant"). The promisor shall have
the right to prepay all or any portion of the unpaid principal of this note without penalty.
However, any payments shall be applied first to accumulated interest and then to
principal.
2. INTEREST. The unpaid principal balance of this note shall bear simple interest at the
rate of six percent (6.0%) per year from the date of this note until paid.
3. REPAYMENT.
3.1 . During the first 20 years after this note is executed, no payments of E~ither
principal or interest shall be due or payable so long as I continue to own and occupy the
home as my primary residence, and so long as I am not in violation of any of the terms
of this note or the trust deed securing it. As set forth in the Covenant, I may also make a
qualified transfer of the home to an eligible buyer who shall assume this notE~ without
violating the terms of this note.
3.2 . During the first 20 years after this note is executed, the total amount of the
principal and accrued interest shall become immediately due and payable in full upon
my transfer of the home to any person or entity other than an eligible buyer as defined
in the Covenant or to an otherwise eligible buyer who does not assume this note and
the trust deed securing it and agree to comply with all of its terms, or whenever I cease
to occupy the home as my primary residence, or whenever I am in default for failure to
comply with any of the terms of this note or the trust deed. At the end of 20 years
following the date of execution of this note, if I am at that time the owner and occupier of
the home and am not in default under any terms of this note or the trust deed, this note
and my obligation to pay the principal and accrued interest shall be cancelled and
forgiven by the City.
PAGE 1 of 2-Promissory Note (Rev'd 9/05)
4. BINDING EFFECT: JOINT AND SEVERAL OBLIGATIONS. This note and its terms
shall be binding upon my heirs, executors, administrators, personal representatives,
successors, and assigns. Throughout this note, the terms "I," "me," and "my'" refer
individually and collectively to all persons who sign this note, and all persons signing
this note shall be jointly and severally liable for its obligations.
5. ATTORNEY FEES AND COSTS. If either party is required to initiate legal
proceedings to enforce its rights under this Covenant, the prevailing party in such action
shall be entitled to an award of reasonable attorneys' fees and costs in addibon to any
other recovery under this Covenant.
6. SEVERABILITY; GOVERNING LAW. If any provision of this note is or becomes
inconsistent with any applicable present or future law, rule or regulation, such provision
will be deemed rescinded or modified in order to comply with the relevant law rule or
regulation, and all other provisions of this note shall continue in full force and effect.
This note shall be governed by and interpreted under the laws of the State o1f Oregon.
7. NO WAIVER. Failure by the City to require strict performance of any term of this note,
including the extension of any payment or acceptance of any part of a paymEmt, shall
not affect the City's rights or be considered a waiver by the City of the strict performance
of all conditions of this note. No waiver by the City of any default shall be considered a
waiver of any subsequent default or a waiver of this paragraph.
EXECUTED this __ day of
,2005
NOTICE TO BUYER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING
RESALES AND ASSUMPTIONS.
Signature:
Signature:
+f~
PAGE 2 of 2-Promissory Note (Rev'd 2004)
46r.2G5L{-(j
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Jackson County Official Records 2005-067579
~;,~~ Stn=6 HELMANC~1/03/2005 02:10:00 PM
$4000 $5 00 $1100 Total:$56.00
[11111111I1111111111111111 1111' I
01154362200500675790080082
When Recorded Return Original to:
Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
L Kathleen S Beckett, County' Clerk for Jackson County Oregon,
certify that the instrument identified t,erein was recorded in the Clerk
records.
Kathleen S. Beckett - County Clerk
CITY OF ASHLAND AFFORDABLl . .___.n_
RESALE RESTRICTION COVENANT
Owner(s): Jeremy T. Senn Property Address: 892 Faith Ave.
and Carolyn J. Senn Assessors MaD: Lot 1 of the 2001 Siskiyou Subdivision
Maximum Purchase Price:
as of June 1, 2005: $146,744.00
Agreement date: October 20, Date of Purchase:
2005
Name of development: 2001 Siskiyou Subdivision. RVCDC Self-Help Project
Covenant Agreement entered into on the date specified above by the City of Ashland
("City") and Individual Owner ("Owner") named above regarding certain improved real
property located at the property address specified above ("the home").
RECITALS:
A. The home referred to in this covenant agreement is described mor,e fully on
the attached Exhibit A.
B. Sale or rental of the home is subject to certain restrictions which require that
the home be sold to an eligible low or moderate-income household, or rented to an
eligible low-income household, pursuant to the City's Affordable Housing Program
("Program"). The Owner shall transfer or rent the home only to an eligible household
where the purchaser or renter intends to live in the home as a primary residelnce.
C. The resale or rental restrictions were imposed on these homes whlEm Rogue
Valley Community Development Corporation proposed to build nine affordable
town homes in conjunction with a Community Development Block Grant awarded by the
City to purchase the property at 2001 Siskiyou Blvd for that purpose. The Owner
understands that signing this Covenant Agreement and complying with its terms are
necessary to permit the City to fulfill its affordable housing goals. Upon transfer of
ownership the home the buyer's income and the price shall be submitted to the
Planning Division as well as a written certification, as provided in paragraph 4, signed
by the proposed buyer stipulating that they understand and agree to the provisions of
this Resale Restriction Agreement. The purchase of the units shall remain affordable to
households earning 80% or less the Area Median Income for a period of not less than
20 years. The Resale Restriction Covenant, and any subsequent buyer Assumption
Agreements, are to be recorded in the deed records.
!
PAGE 1-RESALE RESTRICTION COVENANT
G ,eomm-devHOUSING,Hous'ng Projects\Siskiyou 2001SDC Deferral_.rvcdc-2001 SiskiYOU
City and Owner agree:
1 Deferment of Systems DeveloDment Charaes (SDCs). City will defer thE~ payment
of SDCs owed by you and due on the home. You will execute a promissory note
payable to City in a principal amount equal to the total cost of the SDCs that have been
deferred. The note and the obligations under this Agreement will be secured by a trust
deed on the home.
2. OccuDancv Reauirement. Owner agrees and acknowledges that the City's
acceptance of Owner's participation in the Program and sale of the home is conditioned
upon occupancy of the home only by qualified low or moderate-income households.
Rental of the home is conditioned upon occupancy of the home only by a qualified low-
income household. For purposes of this agreement, occupancy includes renting of the
home by the Owner to others provided the renting household is qualified under the
City's affordable rental program income limits and the rental costs do not exceed the
limits established under the rental program.
3. Transfer of Home. Except as provided in paragraph 4, Owner agrees to "transfer"
the home consistent with this agreement and the provisions of the version of Ashland
City Council Resolution 93-39 in effect on the date of signing this Covenant Agreement,
or the System Development Charges shall be paid in full as contained in section 4.3.
3.1. Definition of transfer. To "transfer" the home means any sale,
assignment or transfer, whether voluntary or involuntary, of any interest in the
home, including, but not limited to, a fee simple interest, a co-tenancy interest, a
survivorship interest, a life estate, a leasehold interest, any right to possession
under a rental agreement, or an interest evidenced by a mortgage, trust deed or
land sale contract in which possession of the home is transferred and Owner
retains title.
3.2. Assumption reauirement. This Covenant Agreement shall apply to
and bind any purchaser or transferee in an exempt or qualified transfE~r (see
paragraph 4). Such purchaser or transferee (other than a renting household
qualified under the City's affordable rental program) shall assume Owner's duties
and obligations under this Covenant Agreement in writing, or sign an agreement
substantially similar to this Covenant Agreement, prior to the transfer of the
home. If the purchaser or transferee fails to assume this Covenant A~lreement or
execute and deliver a substantially similar agreement to the City prior to the sale
or transfer, then the sale or transfer shall be considered void and the City may
enforce any of its remedies as contained in section 4.2.7 below.
Recording of the covenant agreement in the official records of Jackson
County, Oregon, shall be a condition of the City's approval of the proposed
transfer. Owner agrees to pay a reasonable assumption fee to the City and to
reimburse the City for its expenses incurred in administering its rights and
PAGE 2-RESALE RESTRICTION COVENANT
G ,comrn-dev,HOUSINGHo~si'~~ PmjEJ:t::, S!sklvcu__~OI,:l'SDC Dc!erra 1'/CJC-,21 SISk.I}'OlJ
2-
obligations in connection with any transfer under this Covenant AgreElment.
Upon the close of any transfer, Owner agrees to provide the City with copies of
the recorded trust deed, final sales contract, settlement statement, escrow
instructions, and any other documents prepared or used in connection with the
transaction.
4. ExemDt . Qualified. and Permitted Transfers. Notwithstanding paragraph 3 above,
if a transfer is either an "exempt transfer" a "qualified transfer" ,or a "permitted transfer
requiring repayment of System Development Charges", as provided in this paragraph,
such transfer shall not be considered a violation of this agreement.
4.1. Exempt transfer. An "exempt transfer" is:
4.1 .1. A transfer by Owner of a home being rented to a low-income
household under the Program to a transferee who will continue to rent the home
under the Program
4.1.2. A taking of title by a surviving joint tenant; a court-ordere!d transfer
of title to a spouse as part of a dissolution proceeding; an acquisition of title, or of
any interest in the title, in conjunction with marriage; an acquisition of title, or of
any interest in the title, either by intestacy under Oregon Revised Statutes
chapter 112 or by will or devise. If title is taken as described in this paragraph,
and the home is being rented to a low-income household under the Program, the
transfer is only exempt if the transferee will continue to rent the home under the
Program.
4.1.3. A refinancing of the existing purchase money first mortglage or trust
deed encumbering the home by securing a new first mortgage or trust deed on
the home in an amount that does not exceed the then present affordalble
housing purchase price as determined by the version of Ashland City Council
Resolution number 93-39 in effect on the date of signing this covenant, plus
applicable loan fees and closing costs. An exempt transfer also includes a home
equity loan secured by a third mortgage or trust deed on the home, which shall
be subordinate to this note and the trust deed securing it, provided that the
proceeds of such home equity loan shall only be used for improvements to the
home, including landscaping.
4.2. Qualified transfer. A "qualified transfer" is a transfer to an 131igible
buyer under the Program for a sales price that does not exceed the affordable
housing purchase price as determined by the version of Ashland City Council
Resolution 93-39 in effect on the date of signing this Covenant Agreement. A
qualified transfer shall include the rental of the home to an eligible household as
determined by the version of Ashland City Council Resolution number 93-39 in
effect on the date of signing this Covenant Agreement. At least 30 days prior to
the transfer, Owner shall provide the following information to the City:
4.2.1. The name, address and telephone number of the proposed buyer
or renter( s);
')
PAGE 3-RESALE RESTRICTION COVENANT
G \comm-dev\HOUSING\Hous!ng ProJects\Siskiyou 2001 SDC Deferral_rvcdc-2Ci01 SISkiYOU
4.2.2. A financial statement signed by the proposed buyer and his or her
spouse, if any, in a form acceptable by the City and accompanied by such
supporting documentation as requested by the City. Use of the property, as a
rental, requires all members of the rental household provide income verification
documentation to the City to qualify as an eligible renter. The financial
information shall be used by the City to determine the income eligibility of the
proposed buyer. To be an eligible buyer under the Program, a buyer shall certify
that he or she will occupy the home as his or her principal home. The buyer and
all other members of the buyer's household shall meet the income guidelines
established from time to time by the City for participation in its afforda:ble housing
program.
4.2.3. A copy of the proposed sales agreement or rental agreement and
all related documents, which set forth the terms of the transfer;
4.2.4. A written certification signed by the proposed buyer or renter(s) and
Owner in a form acceptable to the City stating that:
4.2.5. The transfer shall be closed in accordance with the terms of the
sales agreement or rental agreement and other documents submitted and
approved by the City;
4.2.6. Neither the proposed buyer nor any other party has paid or will pay
to Owner or for Owner's benefit, and Owner has not received nor will Owner
receive from the proposed buyer, renter(s), or any other party, either directly or
indirectly or for Owner's benefit, money or any other consideration in addition to
what is set forth in the sales agreement and related documents;
4.2.7. In the event that a transfer is made in violation of the terms of this
agreement, or that false or misleading statements are made in any documents or
certifications submitted to the City, the City shall have the right to file a legal
action to force the parties to terminate or rescind the sales agreemen1t, or rental
agreement, or to declare the sale void notwithstanding the fact that the sale may
have closed and become final as between the buyer and Owner.
4.3 Permitted Transfer requiring repayment of System Development
Charges. A "Permitted Transfer requiring repayment of System Development
Charges" is a transfer for a sales price that exceeds the limits established by the
version of Ashland's City Council Resolution 93-39 in effect on the date of
signing this covenant, but is less than or equal to the maximum purchase price
limit established in the Rogue Valley Community Development Corporation
Lease Agreement. Owner shall not transfer this Home to a household whose
estimated payments for principal, interest, taxes, and insurance exceE~d 30% of
the household gross monthly income for a period of not less than 20 years.
In the event the home is transferred for any amount greater than the maximum
purchase price limit set forth in the version of 93-39 in effect at the si~lning of the
Covenant, the Owner agrees to pay the amount due on the promissory note, plus
L(
PAGE 4-RESALE RESTRICTION COVENANT
Glcomm-devIHOUSING\Hous ng Projects\SlsklYou 2001 'SDC DeferraUvcdc-200 1 SIskiYOU
accrued interest.
5. Notification to City of Transfer is Reauired. Prior to transfer of the horne, Owner
agrees to notify City in writing of such proposed transfer. If the proposed transferee is a
qualified transferee or a permitted transfer requiring repayment of System DEwelopment
Charges, the notice and information provided must comply with paragraph 4.2. For any
other transfer the notice shall state the street address of the home, full name or names
of the proposed transferee(s), the address and telephone number at which the
proposed transferee(s) are to be contacted. The notice shall be given at least 30 days
prior to the transfer and shall be delivered as provided in paragraph 9.
6. Priority and Effectiveness of this Covenant Aareement. This Covenant
Agreement, or a memorandum of this agreement, shall be filed for recordation in the
County Clerk deed records, Jackson County, Oregon prior to any sale, convHyance,
transfer or other disposition of the home, or of any estate or interest in the home, by
Owner. The Covenant Agreement shall have priority over any subsequent sale,
conveyance, transfer, lease or other disposition or encumbrance of the homE~, or of any
estate or interest in the home.
7. Term of Aareement. The restrictions contained in this Covenant AgreemEmt shall
continue for a period of 20 years from the date of this Covenant Agreement.
8. Survival of Aareement Upon Transfer. The City's rights under this Covenant
Agreement shall survive any transfer of the home by Owner.
9. Notices. Except as otherwise specified in this Covenant Agreement, all notices
required to be sent pursuant to this Covenant Agreement shall be made by personal
delivery or by deposit in the United States mail, first class postage prepaid, and shall be
deemed to have been delivered and received on the date of personal delivery or five
days after deposit in the mail, if sent to the following addresses:
City:
Affordable Housing Coordinator
City of Ashland
20 E. Main Street
Ashland, Oregon 97520
OWNER:
Jeremy T. Senn and Carolyn J. Senn
892 Faith Ave.
Ashland, Oregon 97520
The addresses above may be changed by notice given pursuant to this para!~raph.
10. Waiver. No condition of this agreement or of the note or trust deed shall be deemed
waived unless expressly waived in writing by City.
PAGE 5-RESALE RESTRICTION COVENANT
G Icomm-dev'HOUSING'Houslng Projects\SlsklYou 2001 ISDC Deferral~r/cdc-2CI01 SISKIVOU
)
11. Amendment This Covenant Agreement may be amended upon mutual agreement
in writing signed by the City of Ashland and the Owner or the Owner's successor in
interest.
12. Default. A default shall occur if Owner fails to perform or observe any of the
provisions of this Covenant Agreement. If any default occurs, City may, at its option,
require Owner to rescind any sale or rental, or the City may seek specific performance
of this Covenant Agreement by suit in equity. The remedies provided above shall be
nonexclusive and in addition to any other remedies provided by law.
13. Bindina Effect. Throughout this Covenant Agreement, the terms "Owner" refer
individually and collectively to all persons who sign this Agreement and all pHrsons
signing this Covenant Agreement shall be jointly and severally liable for its obligations.
14. Attorneys' fees. If either party is required to initiate legal proceedings to enforce its
rights under this Covenant Agreement, the prevailing party in such action shall be
entitled to an award of reasonable attorneys' fees and costs in addition to any other
recovery under this Agreement.
~
PAGE 6-RESALE RESTRICTION COVENANT
G Icomm-dev'HOUSINGHouslrlg ProJects Siskiyou 2001 ,SDC Deferral rJcdc-2UU1 S,skIYOL
OWNERS:
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State of Oregon
County of Jackson
OFF!CIAL SEAL
PATRICIA GRAY
NOTARY PUBLIC-OREGON
COMMISS!ON NO. 379449
MY COMMiSSION EXPIRES JUNE 27, 2008
.",,-~
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,2005,
This instrument was acknowledged before me on
by J.e~ J, San () and
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State of Oregon
County of Jackson
1
This i~~umen! was acknJ~wledged befor~ ~~ on " 4'C;t~---i'L/ ,:) I
by ./J-{ )/~rj )!A.<.h~ as C~I (lAJ]r.-OU;2t:~
Ashland, Oregon.
,2005,
of the City of
OFFICIAL SEAL
SONJA N AKERMAN
NOTARY PUBLIC. OREGON .,
COMMISSION NO. 355829 .
MY COMMISSION EXPIRES APRIL 6. 2006'
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/'-/II/;;l?L-' IL, 0UU U"7-L.L-:;/J
Notary' blic for Oregon
My commission expires: </. t;' - ti'(,
PAGE 7-RESALE RESTRICTION COVENANT
G \comm-dev'HOUSING\Housing ProJects'Slsklyou_201l1 .SDC Deferral_r'.'cdc-2(}(J1 SlsklYOLl
1
Se!l' 19 05 09:59a
Neath.mer Surv.~ i nc. I nc. (541) 732 -1382
p.2
EXHIBIT "A "
All that certain real property located in the Northeast One-quarter of Section 15,
Township 39 South, Range 1 East, Willarnette Meridian, Jackson County, Oregon, the
exterior boundary being more particularly described as follows:
Lot 1 of 2001 SISKIYOU SUBDIVISION, filed for record the 14th day of September
2005, and recorded in Volume 31 of Plats at Page 47 of the Records of Jackson County,
Oregon, and filed as Survey Number 18889, in the office of the Jackson County
Surveyor.
Prepared By: Neathamer Surveying, Inc.
3126 State Street, Suite 200
PO Box 1584
Medford, Oregon 97501
Phone: (541) 732-2869
FAX: (541) 732-1382
REGISTERE[~
PROFESSIONAL
LAND SURVEYOR
~."
OREGON ;]
JULY 12, 2005
LOGAN MILES
65452
RENEWAL: DEC. 31.~~
Date: September 19, 2005
f
~
Jackson County Official Records 2005-067578
R-TD
Cnt=1 Stn=6 HELMANC[~ 1/03/200502:10:00 PM
$2000 $5 00 $1100 Total:$36.00
111111111111111111
011:54360200500675780040049
..
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Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
I. K~thleen S Beckett, County Clerk for Jackson County, Oregon,
certify that the instrument Identified herein was recorded in the Clerk
records.
Kathleen S Beckett - County Clerk
TRUST DEED
This trust deed is made on ID / d..--S- , 2005, between Jeremv T. Sonn and
Carolvn J. Senn, as Grantor(s)! the City of Ashland, as Beneficiary, and Mike Franell.
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 changes 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 sE!cured by
this instrument is 20 years from the date of the Note. In the event the Proper1~y, or any
part of, or interest in, the Property is sold, agreed to be sold, conveyed, assi~lned or
alienated by the Grantor without complying with the terms of the Note or the Covenant
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 roferred 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 he Ci'~ o"t
Ashland Affordable Housing Resale Restriction Covenant dated yD z 0.::> ("the
Covenant") entered into by Grantor and Beneficiary. The term "loan 0 Iigati ns" as used
in this trust deed shall mean all amounts payable to Beneficiary under the terms of the
Note and the Covenant.
4. Possession. Grantor agrees to pay the Note and the Covenant in accordance with
PAGE 1-TRUST DEED
I
their terms. Until default occurs, Grantor shall remain in possession and control of the
property and subject to the terms of the Covenant, 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 dEled,
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, BHneficiary,
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 Covenant, 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 Covenant.
9. Remedies. On the occurrence of any event of default and at any time thenaafter,
Beneficiary may exercise anyone or more of the following rights and remediE~s:
9.1. The right to declare all sums secured by this trust deed immediate~ly 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.
PAGE 2-TRUST DEED
z
9.4. Any other right or remedy provided in this deed, the Note or the Covenant.
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 deHd 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.
~~
'~J~
STATE OF OREGON
COUNTY OF JACKSON
OFFICIAL SEAL
PATRICIA GRAY
NOTARY PUBLIC-OREGON
COMMISSION NO. 379449
MY COMMiSSION EXf'IRES JUNE 27, 2008
fO(1.-S-/0S by
---;
PAGE 3-TRUST DEED
)
Sep 19 05 09:59a
Neathamer Surve~ i nc. I nc. (541) 732 -1382
p.2
EXHIBIT "A "
All that certain real property located in the Northeast One-quarter of Section 15,
Tovmship 39 South, Range 1 East, Willamette Meridian, Jackson County, Oregon, the
exterior boundary being more particularly described as follows:
Lot 1 of 2001 SISKIYOU SUBDIVISION, filed for record the 14th day of September
2005, and recorded in Volume 31 of Plats at Page 47 of the Records of Jackson County,
Oregon, and filed as Survey Number 18889, in the office of the Jackson County
Surveyor.
Prepared By: Neathamer Surveying, Inc.
3126 State Street, Suite 200
PO Box 1584
Medford, Oregon 97501
Phone: (541) 732-2869
FAX: (541) 732-1382
REGISTEREr~
PROFESSIONAL
LAND SURVEYOR
~',;
OREGON ~
JULY 12, 2005
LOGAN MILES
65452
RENEWAL: DEC. 31.~~
Date: September 19, 2005
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