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Home My WebLink About1997-050 Trust Deed - Gross _ It)' J. ,n Q c , cD ,. " 97-18372 FIRST PAGE RECORDING REQUIREMENTS PER ORS 205.234 NAME OF TRANSACTION: Trust deed NAME OF PARTIES: Grantor: Arnold I. Gross Grantee: City of Ashland, Oregon DOCUMENT TO BE RETURNED TO: 1- Barbara M. Christensen, City Recorder, 20 East Main, Ashland, OR 97520 TRUE AND ACTUAL CONSIDERATION: $230.00 UNTIL A CHANGE IS REQUESTED, SEND TAX Grantor at 272 W. Hersey Street, Ashland, Oregon 97520 STATEMENTS TO: ()VO ,{)O //:0 This trust deed is made on May 9, 1997, between Arnold I. Gross, as Grantor, the City of Ashland, 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 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 on the attached Exhibit A (the "Property"): 2. The Note. Beneficiary has agreed to defer a planning fee and to make a loan to Grantor for the amount of the fee 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".) 3. Obligations Secured. This Trust Deed secures the following, collectively referred to as the "loan obligations": 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; 4. Possession. Grantor agrees to pay the Note in accordance with their terms. Until default occurs, Grantor shall remain in possession and control of the property and subject to 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'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, 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 Grantqr under this instrument, the Note, Beneficiary shall execute and deliver to Trustee a request for full reconveyance. 8. Default. Grantor shall be deemed to be in default if Grantor fail to perform any of the obligations imposed by this deed, the Note. 1- TRUST DEED (p:ogr...\g.....t.dedl 97-18372 9. Remedies. On the occurrence of any event of default and at any time thereafter, Beneficiary may exercise anyone 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 deed, the Note. 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: 1 0.1. 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 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. GRANTOR: N~ if ~ STATE OF OREGON COUNTY OF JACKSON This instrument was acknowledged before me on 11Vi..-0j, cl, I 717 by (l~()-.t.. ,( .fl. 7~Q-/ {J , _OFFICIAL SEAL .. SONJA N AKE AN ... .. NOTARY PUBLIC -~EGON . ... COMMISSION NO 032163 MY COMMISSION EXPIRES APR. 6, 1008 "/J~~~ 'J1. tiiu~~ No ry P Ie for Oregon I / My commission expires: 1- &; - '1 f ?/ 2- TRUST DEED (p:og....\groa-t.ded) 97-18372 EXHIBIT A Beginning at a point North 63045' West 972.5 feet and North 25035' East 60.0 feet from a point situate 422.5 feet North and 675.0 feet West of the northwest corner of Donation Land Claim No. 42 in Township 39 South, Range 1 East of the Willamette Meridian in Jackson County, Oregon; thence North 63045' West 80.0 feet; thence North 25035' East 200.0 feet, more or less, to the southerly right of way line of the Oregon and California Railroad; thence Southeasterly along said right of way line 100.0 feet more or less, to a point North 25035' East from the point of beginning; thence South 25035' West 150.0 feet more or less, to the point of beginning. ]/