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Home My WebLink About1984-062 Trust Deed - Darrow aka Hyatt (j) ~, \ FORM No. ",-ore,on trust Deed S'rl~ 'r ~ ~\ OC 84..20401 59 309 ~3? TRUST DEED cr.,~ ~. d,dO W' ~r.-/-"'")..., STEVENS.NES. LAW ~U.LI.HING #;0" PORTLAND, OR. 87204 ~e,.Ie:-. YD6 ( .:3 (gb6 ) THIS TRUST DEED, made this .u..uu.u~.~~.~u____..u.day of --....~~~~~~!:__.....u....u............u..u..., 19..~____., between ...! ~.~~.. ~E !:~~_ .~.~~.. .~~.~~~.. ~~ _~ ~~!: __~ ~~.!.! _ __.. _ _.. _ _._ __ _. _.. _. _ __ _.. _ __ _ _..._... _ _ _ _.. _... _. _.... _. _. _ _ _...... ._. _ _.. __....._.. _ _ __ _" _.. _. _. __ _. _.._.. _ _ _.. _ _ _ __ _ _. _. _...._. _ _ __. _ _. _.. ..... - ....... - .--.....-.. - .-- - - --.. - -.... _a. - __ - - __. - __ _......_ _. __ - _._ _. __.... - _......................... .................. ........ ........ ........ ............ .................................... ..............., as Grantor, -.Q r.~_t~.r_ - JJ ~.~~u J.n~\J. r.".IJ.~.~.. .QQm~~n ~.... _ u.... u. _ u. _ __..... _ u. ...u. _ u u _. __. _ __ _. __ __ _. u.. _. u u _.U u........ u __. ..... _ _.. u., as Trustee , and - -- - - - - - - - - -- - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - -- - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. - - - - - - - - - - - - - - - - - - - - -- - - - - -- - - - - -- - - - - -- - - - - -- - - - - - - - - - ---. -. - -- -- - - -- - - - - -- - - - - -. - - - - -- - - - - -- - - - - - - - - - - -- - - - - - - - - - - - - - -- ...Ib~. -C-t.:t.x..Q1:..A~IJ_!.oJJ~._ _ _..... _._._.. ...... __ _. _ _...... _.._ _............ ......... ....... ............ ........... _.. _. _. .......... _. ..... ..... ... ..... ...... _....... ....._ _.._ _... _..... __ _.._....., as Beneficiary, WITNESSETH: Grantor irrevocably .srants, barsains, sells and conveys to trustee in trust, with power of sale, the property in .......u..u..J-a.cJs~gn.uu__u..__uu..u....u.County, Oreson, described as: Lot 3, HUNSAKER'S ADDITION in the City of Ashland, Jac~son County, Oregone to~ether with all and sin~ular the tenements, hereditaments and appurtenances and all other ri~hts thereunto belon~in~ or in anywise now or hereafter appertainin~, and the rents, issues and profits thereof and all fixtures now or hereafter attached to or used in connec- tion with said real estate. FOR THE PURPOSE OF SECURING PERFORMANCE of each a~reement of ~rantor herein contained and payment of the sum of -- ------ -th-r-ee---thousand.--eigh.t--hu.ndrecl--t.\1t8nt.y~nine__do~lars_.and--eig.hty-~-nine--cents.~ff~~~~_~~~~_~ff~~~~~~___ ----~-~~-~-~-~~~-~~~-~-~~-~-~-~~-~-~-~-~-~-~~-~-~-~~-~-~-~-~-~-~~-~-~-~~-~~~~ll;r~:~ith interest thereon accordin~ to the terms of a promissory note of even date herewith, payable to beneficiary or order and made by ~rantor, the final payment of principal and interest hereof, if not sooner paid, to be due and payable ----------upQn_._$a.l~__.Qr___trOJ1s_f.~r________________, 19____ 000_______. The date of maturity of the debt secured by this instrurnen't is the date, stated above, on which the final installment of said note becomes due and payable. In the event the within described property, or any part thereof, or any interest therein is sold, a~reed to be sold, conveyed, assi~ned or alienated by the ~rantor without first having obtained the written consent or approval of the beneficiary, then,.tft;' the'befte#ieiary'e.' OJMHHt,.. aN. obIi,ations secured by this instrument, irrespective of the maturity dates expressed therein, or he,ein, shall become immediately due and payable. The above described real property is not currently used for agricultural, timber or grazing purposes. , To protect the security, 01 this trost deed, ~rantor a~rees: 1. To protect, prel)erve and maintain sai4 property in Aood condition and repair; not to remdve or' demolish any buildin~ or improvement thereon; not to commit or permit any waste 01 said propertf. 2. To complete or restore promptly and in good and workmanlike manner any buildin~ or improvement which may be constructed, dama~ed or deetroy_ ""''''''~'''''i'P'W when .due,l.ll{posts. i~urred there/or. 3. To comply with all laws, ordiriitnces, 're~ulations, covenants, condi- tions and restrictions allectin~ said property; il the beneliciary so requests, to join in executin~ such linancin~ statements pursuant to the Uni/orm Commer- cial Code as the beneliciary may require and to pay lor lilin~ same in the proper public ollice or ollices, as well as the cost 01 all lien searches made by lilin~ ollicers or searchin~ a~encies as may be deemed desirable by the bene/iciary. 4. To provide and continuously maintain insurance on the buildin~8 now or herealter erected on the, aaid premises a,ainst loss or dama~e by lire :~ a=~~t::~ ~:a~::n a;_~_~_~_jA'~~~__~~~__~~~_~___~~~~h~~__~~~_~' r=%~ ~h companies acceptable to the beneliciary, with loss payable to the latter; all policies 01 insurance shall be delivered to the beneliciary as soon as insured; il the ~rantor shall lail lor any reason to procure any such insurance and to deliver said policies to the beneliciary at least lilteen days prior to the expirar- tion 01 any policy 01 insurance now or herealter placed on said buildin,s, thebeneliciary may procure the same at ~rantor's expense. The amoUl1!t collected under any lire or other insurance policy may be applied by beneli- ciary upon any indebtedness secured hereby and in ,such order as beneliciary may determine, or at option 01 beneliciary the entire amount so collected, or any part thereol, may be released to 'ran tor. Such application or release shall not cure or waive any delault or notice 01 delault hereunder or invalidate any act done pursuant to such notice. 5. To keep said premises Iree Irom construction I~ens and to pay all taxes, alleSSments and other char~es that may be levied or assessed upon or a~ainst said property belore any part 01 such taxes, assessments and other char~es become past due or delinquent and promptly deliver receipts therelor to beneliciary; should the ~rantor lail to make payment 01 any taxes, assess- ments, insurance premiums, liens or other char~es payable by ~rantor, either by direct payment or by providinA bene/iciary with lunds with which to make such payment, beneliciary may, at its option, make payment thereo/, and the amount so paid, with interest at the rate set lorth in the note secured hereby, toAether with the obli,ations described in para~raphs 6 and 7 01 thi.s trust deed shall be added to and become a part 01 the debt secured by thlB trust deed without waiver 01 any ri,ht. ari.;n,' Irom breach 01 any 01 th~ covenant. ' hereol and lor such payments, wth interest as aloresaid, the proA- erty hereinbelore described, as well as the ~antor,shall be bound to the same extent that they are bound lor the payment 01 the obli~ation hereih described and all such payments shall be immediately due and payable with- out not~ and the nonpayment thereot shall, at the option 01 the beneliciary, render all' sums secured by this trust deed immediately due and payable and constitute a breach 01 this trust deed. 6. To pay all cost., lees and expenses 01 this trust includin~ the cost 01 title selU'ch as well as the other costs and expenses 01 the truetee incurred in connection with or in enlorcin~ this obligation and trustee's and attorney' B lees actually incurred. 7. To ap'pear in and de/end any action or proceedin~ purporting to allect the secur.ty ri,hts or powers 01 beneliciary or trustee; and in any suit, action or proceedin~ in which the ,!eneliciary or trustee may appear, includi~~ any suit lor the loreclosure 01 th.s deed, to pay all costs and expenses, m- cludin~ evidence 01 title and the beneliciary's or trustee's attorney's lees,' the amount 01 attorney's lees mentioned in this para~raph 7 in all cases shall be lixed by the trial court and in the event 01 an' appeal lrom any judgment 01" decree 01' the trial court, ,rantor lurther .'rees to pay such sum as the ap- pellate court shall adjud~e reasonable as the beneliciary's or trustee's attor- ney's lees on auch appeal. . 1 t is mutually qreed that: 8. In the event that any portion or all 01 said property shall be talcen under the ri~ht 01 eminent domain or condemnation, bene/.ciary shall have th~ ri~ht il it so elects, to require that all or any portion 01 the monies payable as ~mpensation lor such takin" which are in excess 01 the amount requir~ to pay all reasonable costs, expenses and attorney's lees necessarily paid 01" incurred by ~rantor in such proceedin~s, shall be paid to beneliciary and applied by it lirst upon any reasonab/~ costs and expenses and attorney's lees, both in the trial and appellate courts, necessarily paid or incurred by ben~ liciary in such proceedin,s, and the balance applied upon the indebtedness rc.~rfJ!l,lae.re~y; ~~r~r .~rees, at its ,own~~..., to, t~!" suc:IJ actio.. anil e%~te sucl1" instruments as shall be necessary .n obta.mn~ such com-' pensation, promptly upon bene/iciary's request. 9. A t any time and Irom time to time upon written request 01 bene- liciary, payment 01 its lees and presentation 01 this deed and the note 10' endorsement (in case 01 lull reconveyances, lor cancellation), without allectin~ tile liability 01 any person lor the payment 01 the indebtedness, trustee may (a) consent to the making 01 any map or plat 01 said property; (b) join in ~rantin~ any easement or creating any restriction thereon,. (c) join in any subordination or other a~reement allectin~ this deed or the lien or charge thereol; (d) reconvey, without warranty, all or any part 01 the property. The ,rantee in any reconveyance may be described as the "person or persons le~ally entitled thereto," and the recitals therein 01 any matters or lacts shall be conclusive prool 01 the truthlu/ness thereol. Trustee's lees lor any 01 the services mentioned in this paragraph shall be not less than $5. 10. ,Upon any delault by ~rantor hereunder, beneliciary may at any time without notice, either in person, by agent or by a receiver to be ap- pointed by a court, and without regard to the adequacy 01 any security lor the indebtedness hereby secured, enter upon and take. possession 01 said prop- erty' or any part thereol, in its own name sue or otherwise collect the rents, issues and prolits, includin~ those past due and unpaid, and apply the same, less costs and expenses 01 operation and collection, including reasonable attor- ney's lees upon any indebtedness secured hereby, and in such order as bene- ficiary may determine. . 11. The enterin~. upon and tak!n~ possession 01 said property, the collectIon 01 such rents, .ssues and prol.ts, or the proceeds 01 lIre and other insurance policies or compensation or awards lor any taking or damage 01 the property, and the application or release thereol as aloresaid, shall not cure or waive anydelault or notice 01 delault hereunder or invalidate any act done pursuant to such notice. 12. Upon del~ult by ~rantor in payment 01 any indebtedness secured hereby or in his performance 01 any agreement hereunder, the beneliciary may declare all sums secured hereby immediately due and payable. In such an event the beneliciary at his election may proceed to loreclose this trust deed in equity as a mort~ag~ or direct the trustee to loreclose this trust deed by advertisement and sale. In the latter event the beneliciary or the trustee shall execute and cause to be recorded his written notice 01 delault and his election to sell the said described real property to satisly the obligation secured hereby. whereupon the trustee shall lix the time and place 01 sale, give notice thereol as then required by law and proceed to loreclose this trust deed in the manner provided in ORS 86.735 to 86.795. 13. Alter the trustee has commenced loreclosure by advertisement and sale, and at any time prior to 5 days belore the date the trustee conducts the sale, the ~rantor or any other person so privile~ed by ORS 86.753, may cure the delault or delaults. 11 the de/ault consists 01 a lailure to pay, when due, sums secured by the trust deed, the delault may be cured by paying the entire amount due at the time 01 the cure other than such portion as would not then be due had no delault occurred. Any other delault that is capable 01 bein~ cured my be cured by tenderin~ the perlormance required under the obli~ation or trust deed. In any case, in addition to curin~ the delault or delaults, the person ellecting the cure shall pay to the beneliciary all costs and expenses actually incurred in enlorcin~ the obligation 01 the trust deed to~ether with trustee's and attorney's lees not exceeding the amounts provided by law.' 14. Otherwise, the sale shall be held on the date and at the time and place desi,nated in the notice 01 sale or the time to which said sale may be postponed as provided by law. The trustee may sell said property either in one parcel or in separate parcels and shall sell the parcel or parcels at auction to the hi~hest bidder lor cash, payable at the time 01 sale. Trustee shall deliver to the purchaser its deed in lorm as required by law conveying the property so sold, but without any covenant or warranty, express or im- plied. The recitals in the deed 01 any matters 01 lact shall be conclusive prool 01 the truthlulness tllereo/. Any person, excludin~ the trustee, but including the grantor and beneliciary, may purchase at the SlJ/e. 15. When trustee sells pursuant to the powers provided herein, trustee shall apply the proceeds 01 sale to payment 01 (1) the expenses 01 sale, in- cludin~the compensation 01 the trustee and a reasonable charge by trustee's attorney, (2) to the obliAation secured by the trust deed, (3) to all persons havin, recorded liens subsequent to the interest 01 the trustee in the trust deed as their interest~ may appear in the order 01 their priority and (4) the surplus, if any, to the Atantor or to his successor in interest entitled to such surplus. 16. Bene/iciaty may Irom time to time appoint a successor or succes- sors to any trustee named herein or to any successor trustee appointed here- under. Upon such appointment, and without conveyance to the successor trustee, the latter shall be vested with all title, powers and duties conlerred upon any trustee herein named or appointed hereunder. Each such appointment and substitution shall be made by written instrument executed by beneliciary, which, when recorded in the rnort'a~e records 01 the county or counties in which the property is situated, shall be conclusive prool 01 proper appointment ,01 the succeS801" liUst.. t, ,~ 17. Trustee accepts this trust when this, deed, duly executed and acknowled~ed is made a public record as provided by law. Trustee is not obli~ated to notily a~y party hereto 01 pendin, sale under any other deed 01 trust or 01 any action or proceeding in which ~rantor, beneliciary or trustee shall be a party unless such action or proceeding is brou,ht by trustee. '.' NOTE: The Trust Deed Ad provides that the trustee hereunder must be either an attorney, who ~s an active m~mbe~ of the Oregon State B~r, a ~nk, tru~t company or savings and loan association authorized to do business under the laws of Oregon or the United States, a t.tle Insurance company authorized to Insure t.tle 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. ,)Jj'" 11 J The Arantor covenants and aArees to and with tM beneficiary and those claiminA under him, that he is law- fully seized in fee simple 01 said described real property and has a valid, unencumbered title thereto This Trust Deed is inferior to a Trust Deed, including the terms and provisions thereof, dated June 13, 1979, recorded June 15, 1979, as Document No. 79~12283, Official Records of Jackson County, Oregon, given to secure payment of a note, wit interest thereon. Grantods): David L. Compton' & Meredith K. Compton; Trustee: Mountain Title Insurance Company; Benefici~r~_:~~ckson_County _ Federal Savin"s and.. L~n Asso~i~~_~()_F'l-'-__ c:s__~Q!"~rMJ()n.___Amount..:"S30,OOO.00. A Contract 0(5818, including the terms and provisions thereof, between David L. Compton and Meredith K. Compton, as sellers, and Tays Darrow, as purcheser, which Contract is not of record, but is di:sclosed by Memorandum of Land Sale Contra dated August 10,1981, recorded August 11,1981, 'as Docu.nt No. 81-15141, Official Records of Jackson Co., Oregon. The ,rantor warrant. tlrat the proceeds 01 the lOIIIl re",...,.ted by the above deecribed 11018 atttl.. this tmat deed ....: (a)* ",.itnlUily lor ;ant<<'a pereonal, lamily, laouaelaold or. .;ialltaral purpoees, (.. Important Notice below), (W)lIl"".7r r ~......f"'lt i'"n r~IJ ti.. _..,.... ~ _ _..~~iNJuIl~..M.n&....... ,.......,. _11M ...,.......,...MMI. ..... This deed appliea to, inu,... to the benelit 01 and binds all parti.. hereto, thei, heir., le,.t.., deviseea, IItlministrator., eaecu- tor., perllOl1lJl repreaentativea, ..ccessors. and asaJ,na. The term beneliciary shall mean the holder and owner, includi~ pled,.., 01 the contract aecured hereby, w~theror not named as a beneliciary hefein. In~nstrui~ this deed and whenever the conteat so requires, the maacali.. ~er inclades the leminine and the ...,tw~ attd the a&a,ul.number incl.... the plural. . · 'MPORTANT NOTICE: De,,,,, Ity IlnIni HI, whichever wa......., (a) or ,(b) I. not applicable; If we......., (a) I. .....cabIe and the beneficiary I. a cNclllor as such woJd I. defined In the Truth-In-Lendlng Act and -egulatlon ~, the ......ficla;, MUST COMply with .... Ad _cI Regulation Ity ........ "",ulreel dlsclo......; for thl. pu"o.., If this Instruntent I. .. lie a FIIST ..... to finance .... purcha.. of a dwel'lng, u.. Stev.....Ne.. Form No. 1305 or Mlu.".lent; Ifthl. Instrument I. NOT to he a lint 'len, or I. not to finance .... _ha.. of a dwelling u.. Stwen....... Fo..... No. 1306, Or equivalent. If c....pllance with .... Act I. not .....ul..., dl.....nIlhl. notice. IN WITNESS WHEREOF, said grantor has hereunto set his hand the day and year lirst above written. X----~-- .--:D~--------- _____n__.________ .............................................. ----........................... --...... ............... ...,- .................. --.................................................................... ......... ......................................................... (If the .i...., of the above i. a corporation, .... the form of acknowledgment opposite.) STATE OF OREGON, ) ) as. County 01 -----~~-~~~-~~--______u_nnu__u_____h___) __uuu_uu,_~_:_~_~_~~____n____u____u_____ _ _______, 19 _____~_ __. Personally appeared the above named______________n________ I ~~~_ _ _~ _t::'_ f..QW_ _ _ __ _ _ _ _ __ _ _ __ _ _ _ _ __ __ _ ___ __ _ _ 00 _ _ _ _ ______ _ ___ __ _ _ 00 _ _ ____ __ __ _ _ _ _ __ __ _ __ ___ STATE OF OREGON, County of__u________uuu______________________________u__________) ss. -- -------- ---- -________u______________________ _ _ ____ ___ _ _ n _ _, 19 __u__ ________ __. Persollll11y appeared - - - __ --- --________ ----_________00 _ __ _ ___ ____ __ __ ___00 _ _ u_________ __ _ _ __ __ _ _ --and - - - -- - - ---- - - -- __n - ---- --- ----- ---- - - ----.---__ _. ___ n_ - - - - ___ - _____ __00 ______ ___ _ _ ____ _ _ _ __ ____ who, each bei~ lirst duly sworn, did say t"t the lormer i. theu--------h-m_____uu_u_u__uu_______u___u_____m_ president and that the la'ter i. the-------uu----__uuu______u__u__________nn__u_______nn___u_ sect'etary 01 ------------- -- --------____ __ ______00 ________ ______ 00 __ ___.___________ __ __ _n_____ ______ ____ 00 __ n _ _ _ _ _ _ _ _ _ _ _ __. ---___________U___h____m__and acknowledlled the fore~oi~ instru- ment to be________mber________m________ oluntary act and deed. Be - --- ----.-- -- n _____00 ------- --- 00_ ----___ ____ n_ 00 _ ---- _ _ _ __ _ _ n -- __ _ _ _ _ _ _ _ ___ _ _ _ ___ _ _ _ ___ __ _ ___ _ _ _ ________'__ ___ _ _ _ _ __ n__ _ _ _ _ _ _ _ _ __ 00' a corporation, and that the seal alli%ed to the lore.,i~ instrument i. the corwrate seal 01 said corAOration and that the instrument was si~ned and sealed in behalf of said corporation by authority 01 its board 01 director.,. and each 01 them acknowled.d said instrument to be its voluntary act and deed. Bel.e me: (OFFICIAL SEAL) "" My commiaeion eapiru: Notary Public lor Oregon , 2 -2-1- g, My QOmmiaion eapir..: .. -......... --..."".... - -_...... --...... --.......... ..---- -- ----------- -. -_.... --.... --.......... ---..... -- --- -- ---.. -- --- ------------- (OFFICIAL SEAL) JANE DAVIS NOTARY PUBLIC - OREGON My Commission Expires IEQUIST '01 'ULL IICONVEY ANCE T. 1M ...... only ...... ...n........ have ...... paltl. : --------- ~---. - ---- - - - --.---... -- -- -- - ----------.-.- ----------- -- .-------.---- -----.---------- -----, Trustee The undersi,ned i. the le,al owner and holder of all indebtedn... aecured by the 'loreFi~ trust deed. All suma IleCUred by said trust deed have been lally'paid and ..ti.lied. You hereby are directed, on payment to you of any sums owillM to you under the terms of said trust deed or pursuant to .tatute, to cancel all evidences 01 indebted,... NCUred by said tru.t deed (whicla are delivered to you herewith t~ther with Mid trust deed) and to reconvey, without warranty, to the parties desi,nated by the ter~ of said trust deed the e.tate now held byfyou under the same. Mail reconveyance and document. to ----.----u------u--_______n_.______________________________u_00_______________________000_______00____.. DATED: __u - - - ,.._u____ - -__ -_ - ____ _____00_______ _ ______u______ _ ____h_ _ ____ __, 19_________00_. -............ ---..... -... --.... - -....... -.. -- ---....... ------ --.. --.. ..--... -- -----.. ...---.... -- -- - ------- ------... -.. - --- -----..... ...--.. - - .....- - - - --- -- - --- --- --- -- -- --- -.... -----------.. - - - ---------- ---- --------- ----------- ------- --- - - - ---- - - - --- ----- - --.. -.......... - - - - - - - ---........ -- - -.... -- -...... -- -....- Beneliciary D. ...t I... ., tI...,.y this Trust DeecI 01 THE NOTE which It s.cures. I.th MUlt 1M ".Uvereel t. the truste. f., c..eellallon W.re reconv.yance will ... made. TRUST DEED STATE OF OREGON, ~S8. (FORM No. 111>> STEVENS-NESS LAW PUB. co.. PORTLAND. ORE. Grantor SPACE RESERVED FOR RECORDER.S USE Jacbon County, Oregon Beaorded OFFICIAL Deoms /d5( DEe 2 0 Ii84 AM. KA~LEEN s. BECKETT ~~%BDEB ., .D.puty Beneliciary AFTER RECORDING RETURN TO ----n ......,--- ---"', ~, PROMISSORY NOTE Loan Amount: $382.9.89 Loan Number 002 HD-M Date: 1'1/19/84 Ashland, Oregon FOR V~LUE RECEIVED pursuant to a Deferred Payment Loan from the City of Ashland, the undersigned jointly and severally promise(s) to pay to the order of the City of Ashland, apolitical subdivision of the State of Oregon, or it's successors, the sum of three thousand, eight hundred twenty-nine dollars & eighty-nine cents****<tollars. ($ 382 9. e 9 ) · THIS NOTE shall become. due and payable upon any act'ual or attempt- ed transfer, voluntary or involuntary, including by operation of law or death of the undersigned, of any interest in that certain real property identified and described in the Trust Deed securing this indebtedness. When death of the undersigned causes transfer of the property to a surviving spouse, the above previous shall not apply and the rights and responsibilities of this Note shall transfer with the property to the surviving spouse. Said payment shall be made in lawful money of the United States of America at the office of the Ashland Housing Rehabilitation Program, Ashland, Oregon# or at such other places as shall be designated by the City of Ashl,and. The undersigned reserves the right to repay at any time all of the principal amount of this Note in a single payment without the pay- ment of penalties, discount or premiums. Payment of less than the full sum owing shall not be accepted. If suitor actio.n is instituted by the City of Ashland to recover on this Note, the prevailing party agrees to pay to the losing part~ .all costs of such collection, including reasonable att6rney's fees and court costs at trial and on appeal. IN WITNESS WHEREOF, THIS NOTE AND TRUST DEED SEqURING THE NOTE, HAVE. BEEN DULY EXECUTED BY THE UNDERSIGNED, AS OF THE DATE B.ELOW WRITTEN. x \n~~ .~(l~) (uignat -e) \\ - J..,-:: ~'t (date) (signature) (date) ~ ~'---- PROMISSORY NOTE Loan Amount: $3529.89 Loan Number 002 HD-M Date: 10/11/84 Ashland, Ore:gon FOR VALUE RECEIVED pursuant to a, Deferred Payment Loan from the City of Ashland, the undersigned jointly .and severally promise(s) to pay to the order of the City of Ashland, apolitical subdivi$ion of the State of Oregon, or it's successors, the ~um OfthrAA ~~011~and five hundred twenty-nine dollars & eighty-nine cents*****..tta... ' ($ 3529.89 ). THIS NOTE sha.llbecome due and playable upon any actual or attempt- edtransfer, voluntary or involuntary, including by operation of law or death of the undersigned, of any interest in that certain real property identified .and desrcribed in the Trust Deed securing this indebtedness. When death of the undersigned causes transfer of the property toa surviving ~pouse, the above previous shall not apply and the rights and reslponsibilities of this Note shall transfer with the property to the surviving spouse. Said payment shall be made in lawful money of the United Statels of America at the office of the Ashland Housing Rehabilitation Program, Ashland, Oregon, or at such other places as shall be designated by the City of Ashland. The undersigned reserves the right to repay at any time all of the principal amount of this Note in a single payment without the pay- ment of penalties, discount or premiums. Payment o..f less than the full s'urn owing shall n'otbe accepted. " ',,-., If suit or action is instituted by the City of Ashland to recover on this Note, the prevailing party agrees to pay to the losing party all costs of such collection, including reasonable attorney's fees and court costs at trial and on appeal. '. IN WIT.NESSWHEREOF i THIS NOTE AND TRUST DEED SECURING THE NOTE, HAVE BEEN DULY EXECUTED BY THE UNDERSIGNED, AS OF THE DATE BELOW WRITTEN. ~ t.._~~ ~i9 .ure) ~ (date) (signature) (date) U~~~J eff( l ll"lct S ti\- ~ ---r1