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Home My WebLink About1986-056 Trust Deed - 340 A St.92-16463 MODIFICATION OF TRUST DEED Modification of trust deed dated this [,C'~C da.,y,, of ~ between John Fields, Paul H. Comstock and John K. Everitt (referred to below as "Grantor ), whose~ddress is 340 A STREET, ASHLAND, OR 97520; and the City of Ashland (referred to below as "Beneficiary"), whose address is 20 E. Main Street, Ashland, Oregon 97520. 1. TRUST DEED. Grantor and Beneficiary have entered into a trust deed dated May 16, 1986 (the "Deed of Trust") recorded in Jackson County, Oregon on May 19, 1986 as Document No. 86-08902 in the official records of Jackson County, Oregon. 2. REAL PROPERTY DESCRIPTION. The trust deed covers the following described real property ("the property"): Lots 1 through 12, inclusive, Block "B" of RAILROAD ADDITION to the City of Ashland, Jackson County, Oregon. The property or its address is commonly known as 340 A Street, Ashland, OR 9752O. 3. MODIFiCATiON. Gran{or and Beneficiary modify the trust deed as follows: 3.1. The addition of accrued interest to the principal amount of the underlying obligation for a total sum of $160,125.00. 3.2. The maturity date is revised to read April 1, 2007. .4. CONTINUING VALIDITY. Except as expressly modified above, the terms of the original trust deed shall remain unchanged and in full force and effect. Consent by Beneficiary to this Modification does not waive Beneficiary's right to require strict performance of the trust deed as changed above nor obligate Beneficiary to make any future modifications. Nothing in this Modification shall constitute a satisfaction of the promissory note or any addendum (the "note") secured by the trust deed. It is the intention of Beneficiary to retain as liable all parties to the trust deed and all parties, makers and endorsers to the note, including accommodation parties, unless a party is expressly released by Beneficiary in writing. Any maker or endorser, including accommodation makers, shall not be released by virtue of this Modification. If any person who signed the original trust deed does not sign this Modification, then all persons signing below acknowledge that this Modification is given conditionally, based on the representation to Beneficiary that the non-signing person consents to the changes and provisions of this Modification or otherwise will not be released by it. This waiver applies not only to any initial extension or modification but also to all such subsequent actions. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MODIFICATION OF DEED OF TRUST, AND EACH GRANTOR AGREES TO ITS TERMS. ~,~ , ~k~-',, State of Oregon County of Jackson / / Comstock . ' . 1-~ODIFICATION OF TRUST DEED (p:reat~trustmod.ded) PAUL H COMSTOCK ----'~//~/~JOHN K. EVERITT ,1992, by John Fields, Paul H. STATE OF OREGON, SS, County of ~/f~.?'t/_fu'~:::T~!/(~' ........ BE IT REMEMBERED, That on this /~/'¢-~'~/ day oi ..... 1¢1A¥ . , 19 92, before me, the undersigned, a Notary Public in and for said County and State, personally appeared the within named JO~ E~RITT known to me to be the identical individual ~ described in and who executed the within instrument and acknowledged to me that ~. executed the same ireely and voluntarily. IN TESTIMONY WHE~OF, I have hereunto set my hand and affixed .......... my of~ial seal the day and yea~ast, abo~e written. Not, al~-Pu-61ic for Oregon/ / / M~; chmmission expires'.~/ ~;',,//~,).,~y !~,,/ ~tate et Oregon, Count~ of' The~ithin instrument received and filed at~'. o ~ o'clock e~roea m ~ , ,, ~ ~ .... -,- .sun ~0un[y ~reE0n~~~~. ~_~ County Clerk ~?' ~'~'~~ ~ 0eou~ ' FORM NO. 2~ -- ACKHOWLEDGME~ STEVENS NE~S LAW PUB. CO,, PORTLAND. ORE, '86"0~902 The grantor covenan~ts and agrees to and with the beneficiar}, and those claiming under him, that he is law- full}, seized in fee sim. pie of said described real propert}, and has a valid, unencumbered title thereto except reservation ozwater rights. and that he will warrant and forever defend the same against all persons whomsoever. 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, household or agricultural purposes (,see Important Notice below), (,b) for an organization, or (even if grantor is a natural person) are for business or commercial purposes other than agricultural purposes. This deed applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, execu- tors, 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 fonstruing this deed and whenever the context so requires, the masculine gender includes the feminine and the neuter, and the singular number includes the plural. IN WITNESS WHEREOF, said grantor has hereunto set .~and ~e da}, ~ind ye,~first above written. not applicable; if warranty (a) is applicable and the beneficiary is a creditor "JO. FIELD' as such word is defined in the Truth-in-Lending Act and Regulation Z, the beneficiary MUST comply with the Act and Regulation by making required disclosures; for this purpose, if this instrument is to be a FIRST lien to finance - ~/.~1,.., ~ _~[/,~/,~f '~'/-~"'"~~------'-~ the purchase of a dwelling, use Stevens-Ness Form No. 1305 or equivalent; if this instrument is NOT to be a first lien, or is not to finance the purchase ,j, of a dwelling use Stevens-Ness Form No. 1306, or equivalent. If compliance --30~/N--':'~I~?ff~V~E~'~T with the Act is not required, disregard this notice. (If the signer of the above is a corporation, use the form of acknowledgment opposite.) STATE OF OREGON, ) County of _Jack~cn Personally appeared the above named ~0HN FIELDS, PAUL H. CONSTOCK r~ STATE OF OREGON, County of .............. ) ~s. Personally appeared ..... and ............. who, each being first duly sworn, did say that the tormer is the ...... president and that the latter is the ...... secretary of ...................... a corporation, and that the seal affixed to the foregoing instrument is the corporate seal of said corporation and that the instrument was signed and seale~ in behalf of said corporation by authority of its board of directors; and each of them acknowledged said instrument to be its voluntary act BeforeT~. Notary Public for Oregon My commission expires: (,OFFICIAL SEAL) REQUEST FOR FULL RECONVEYANCE To be used only when obligations have been paid. TO: ......................... , Trustee The undersigned is the legal owner and holder o! all indebtedness secured by the foregoing trust deed. AIl sums secured by said 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 oi said trust deed or pursuant to statute, to cancel all evidences of indebtedness secured by said trust deed (i~vhich are delivered to you herewith together with said trust deed) and to reconvey, without warranty, to the parties designated by the terms ot said trust deed the estate now held bytyou under the same. Mail reconveyance and documents ~o · Beneticiary 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. TRUST DEED (FORM No. 881) STEVENS-NESS LAW PUB, CO., pORTLAND, ORE. Grantor Beneficiary AFTER RECORDING RETURN TO SPACe RESERVED For RECORDER'S USE STATE OF OREGON, ~$$. Jackson County, O~egon Recozded OFFICIAL RECORDS I:$/ IdAY 191986 KATHLEEN S. BECKETT ~LERK and~ORDER ly ~d of ty June 13, 1991 roml '?hanks for .you ~uick resconse ~n su~qyiag copies of the ';A" gtreet conveTancas which vrere in 7our files. One docu~ent that we could not locate a~,~here in the City's files was the deed Drior to the Trust Deed. Jim 01son was able to get this co~M from the County. You m~ht ~ant to f~le i~ w~th the Trust Deed. Also, Jill might 'want a co~y for the v~ o~ ~ ~.an..~ Department files on the wro~erty sale. cc: Brian Jill ~RRANTY DEED THE CITY OF ASHLAND, a municipal corporation, hereinafter referred to as 'Grantor', conveys and warrants unto JOHN K. EVERITT, PAUL H. COMS~"~)CK, and JC~N FIELDS, tenants in partnership, all that real property situated in Jackson County, State of Oregon and described as: Lots 1 through 12, inclusive, Block 'B' of ~AILROAD ADDITION to the City of Ashland, Jackson County, OR. Grantor covenants that it is the owner of the above- described property free of all encumbrances except reservation of all water rights and privileges upon or in any manner connected with the land under which the Addition is situated as set forth in the Plat and Dedication recorded May 4, 1888 in Volume 16, Pa~e 2, of Jackson County, Oregon, Deed Records. The true and actual consideration for this transfer is $179,500.00. This instrument will not allow use of the property described in this instrument in violation of applicable land use laws and regulations. Before signing or accepting this instrument, the person acquiring the fee title to the property should check with the appropriate city or county planning department to verify approved uses. .1! This~D~ed is signed by authority of the City Council of Grantor this ~.~V~y of May, 1986. CITY OF ASHLAND By: -1- WAi~ANTY DEED DAVIS, AJN~WOIITH. PtNNOC~ DAVIS · GJLSTRAP~ P.C. Ill 3T ' [~ i' STATE OF OREGON ) COUNTY OF JACKSO~ ) t /~n t~el ~ay Of May, ]~986. p~reonalLy appei~ted ~~r, .~. and/.. /~~ the ~i~./l~ln/,-(- .[~0( ~ fi;st' ~-i~9 s~;n, stated that this Deed was voluntarily signed and sealed on ~half of said ~t~zation by authority of its City C~ncil. ~fo;e =e:~N°ta~-~b~~ Mail Tax Statements to: 600 A~hland Lane Ashland, OR 97520 --2-- Warranty De~d DAVIS. AJNSWORTK. IqNNOCJ~. D~¥1S & GILSTIIAP. P.e. ½ruder No. 4210 ~iAME AND A~RESS OF AGENCY ~ S[NGMASTER INSURANCE AGENCY, ~ 343 East Main St. Ashland, OR 97520 INC. COMPANY Orion- The Fire and Casualty Co. of Conno Ef!echve 12:01 a m May 1, .t9 E,~pires X~-.)~ 12:01 am ¢~ Noon 6-1 ,19 86 ~_~ Thru b~nder ~s issued to extend coverage in the above named company per expiring policy # __ John Fields, John Everitt and Paul Comstock a Partnership 272 Gresham St. Ashland, OR 97520 iDescription ot Operation/Vehicles/Property Package - Lessors Risk L Type and Location of Property 340 A St., Ashland, OR 97520 Ashland, 0R 97520 34O A St., [] Scheduled Form Type o! Insurance Comprehensive Form [] Premises/Operations ;X~ Products/Completed Operations Other (:.p.~s;'y Pe~son Personal Injury L:abihty ~X~ Non-owned L_F~ Hired Co m, prehen sire-Deductible $ Coiic~,on-DeducUble $ Medical Payments $ Umnsured M,:)tor ~st $ NO Fautt (specify): Other (specify~ Coverage/Perils/Forms iAmt of Insurance Ded. ! co,os All Risk - Building All Risk - Building ~84,000 120,000 Coverage/Forms tBodily Injury Pro,serty Damage Limits of Liability !Bodily !niur,/ & J !.°rooertv D~m~c.:. ';tl,O00,O00 Combined i Persona! Injury _Limits o__f _L!ability Bodily Iniury/Each Person) $ ,,. Bom / Injury (Each Accidentl $ Property Damage $ Bod~ '! injury & Property Damage Combined 1,00d 90 1,001 90 Aggregate 551,000,000 i;;!i $ 1,000,000 L_. ','.Q;q/,EF~S COMPENSATION -- Statutory L~m,,ts Ispecify states beio~'d EMPLQ'r'EFNS LIABILITY -- Limit $ SPECIAL CONDITIONS/OTHER COVERAGES NAME AND ADCqE%SQF ~ M.)~TGAGEE 61ty of Ashland Business Office Ashland, OR 97520 LOSS PAYEE ADD L INStJRE O LOAN NUMBER ACORD 75 ! 11/77-c) Signature ot~thorized Representat,ve Date Ill If "Jill" $152,500.00 Ashland, Oregon DATE THE UNDERSIGNED PROMISE TO PAY to the order of The City of Ashland atAsh]and £itv_H~ll__ , Ashland, Oregon, the sum of $152,500.00 with interes~ thereon at the rate of ten percent (10%) per annum from May 1, 1986 until paid. Said sum shall be payable in monthly installments of not less than $1,300.00 with interest included in the minimum payments above required. The first payment shall be made on the 1st day of November, 1986, and a like payment on the 1st day of every month thereafter until the whole sum, principal and interest, has been paid in full. If not sooner paid, the undersigned shall make payment in full no later than May 1, 1991. If any installment is not paid when due, the whole sum of principal and interest shall become immediately due and collectible at the option of the holder of this Note following 10 days written notice. In the event of litigation concerning this note, the prevailing party shall be entitled to an award of reasonable attorneys fees at trial and on appeal. This Note was prepared on behalf of the undersigned. J~N FIELDS 'PAUL H. ~O~STOCK /~OHN K. EVERITT PROMISSORY NOTE LAW OFFICES OF DAVIS, AINSWORTH, PINNOCK. DAVIS & GILSTRAP. P. C. 515 EAST MAIN STREET ASHLAND, OREGON 97520 (503) 482-31 ~ I ADDENDUM FOLLOWING is an Addendum to that certain promissory note of May 16, 1986, executed by JOHN FIELDS, PAUL H. COMSTOCK, and JOHN K. EVERITT in favor of the City of Ashland in connection with the purchase of certain real property on "A" Street in said City. In consideration of the mutual covenants contained herein, the parties do hereby agree to the following modification of the payment terms of said indebtedness. It is acknowledged that the unpaid principal balance is $160,125.00. Interest is paid through March 1, 1992. Commencing April 1, 1992, and no later than the 1st of every month thereafter, the undersigned payors shall pay to the payee the sum of not less than $1,721.71. Ail other terms of said note shall remain in full force and effect. The trust deed executed on the same date, as security for said indebtedness, shall also remain in full force and effect except that the final payoff date is extended to APRIL 1, 2007. JoH~ FIELDS PAUL H. COMSTOCK ,.:JOHN K. EVERITT CITY OF ASHLAND City Adminii~°r Ill l[ Iff 7' [ SINGHASTER INSURANCE AGENCY, 343 East Hain Ashland, OR 97520 INC o 4211 COMPANY Orion - The Fire and Casual t_y_Coo of Conn. Effective 12:01 ar~ __May l, .t9 86 Expires X__X] ~2,0t ~r~ _~ N~oo 6-1 .t9 86 ~This binder ~$ issued to extend coverage in the above named company per expiring pohc¥ ~, John Fields, John Everitt and Paul Comstock a Partnership Description of Operation/Vehicles/Property Package - Lessors Risk 346 A. Scheduled Form Type and Location of Property St., Ashland, OR 975~0 ',All Type of Insurance Comprehensive Form Coverage/Perils/Forms Risk ~ Building Amt of Insurance 300,000 i1,000i Coverage/Forms Limits of Liability lEach Occurrence Bodily Injury Aggregate [] Premises/Operations ] Products/Comp!eted Operabons L_U Contractual Q~her (specify below) Med. Pay. $ Pe, s 1,000 Personal Injury r~n r--q F"% L_J Liability LX~ Non-o¢,ned _.. H~red ~ Corn prehen sive-Ded:.mtibie $ _; Cotiision-Deductible $ r--: ',~; Medical Payments ~ Uninsured Motorist $ ~_., No Fault (specify): ~ Other (specify): x! A Comb ned ~ Personal injury Limits of Liability Bodily injury (Each Person) Boddy injury (Each Accident) Property Damage Bod~hi Injury & Property Damage Combined $1,000 $ S S $ $1,000, L_; WORKERS' CQLIPENS~,T!ON - St.dutory L~rT:~tS (specify states below) . EMPLOYERS LIABILITY -- Lin,t $ SPECIAL CONDITIONS/OTHER COVERAGES NAME AND ADD'nESS OF TX ',~ q' ,A,U~ k City of Ashland Business Office Ashland, OR 97520 ',~ LOSS PAYEE L~J ADD L iNSURED LOAN NUMBER ACORD 75 tl 1/77-c) S~fgnature of Authorized Represe~tahve Date SAM B. DAVIS-OF COUNSEL SIDNEY E. AINSWORTH DONALD M. PINNOCK JACK DAVIS DAVID V. GILSTRAP THOMAS M. SHERIDAN lAW OFFICES DAVIS, AINSWORTH, PINNOCK, D.vis & OI~.ST~r, P.C. SIS EAST MAIN STR~-ET ASHLAND, OREGON 97520 June 3, 19 86 TELEPHONE AREA CODE 503 Bob Nelson City of Ashland Ashland City Hall Ashland, OR 97520 Re: "A" Street Property Sale File No. 86-190 Dear Mr. Nelson: In connection with the above transaction, I enclose the City's recorded trust deed and the promissory note executed by the buyers, a copy of the insurance binders, a copy of the City's closing statement, and a check in the sum of $15,285.75 representing the City's proceeds of sale. It was recommended that you set up a payment book which will pass between the payors and the City regarding the payments on the promissory note. Yours truty-~ DAVIS AINSWO JACK S JD/jlh Encl. cc: Ron Salter VENDOR: THE CITY OF ASHLAND PURCHASER: JOHN FIELDS, PAUL H. COMSTOCK and JOHN K. EVERITT DEBIT CREDIT PURCHASE PRICE PURCHASE MONEY TRUST DEED TITLE INSURANCE POLICY BROKER' S COMMISSION RECORDING FEES TRUST DEED TO VENDOR CLOSING COSTS (Total $578.50) $152,500.00 645.00 10,770.00 10.00 289.25 $179,500.00 BALANCE TO BE PAID TO VENDOR: 15 285.75 TOTALS: $179,500.00 $179,500.00 APPROVED: CITY OF ASHLAND DAVIS. AINSWORTH. PINNOGK. DAVIS 8: GILSTRAP. P. C. ASHLAND, OREGON 9?520 (503) 482-31 '1 1