HomeMy WebLinkAbout2011-296 Trust Deed - Snowberry Brook LLC C Recorded Electronically
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When Recorded Return Original to: CountyL rn-c c. ck-N
Barbara Christensen, City Recorder Date ll•4—I l Time c2:01
20 East Main Street,Ashland, Oregon 97520 Simpllf;le.com 800.460.5657
TRUST DEED
This trust deed is made on October 18, 2010, between Snowberry Brook LLC as
Grantor(s), the City of Ashland, as Beneficiary, and Richard Appicello, an active
member of the Oregon State Bar as Trustee. QS
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 charges 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 secured by
this instrument is 30 years from the date of the Note. In the event the Property, or any
part of, or interest in; the Property is sold, agreed to be sold, conveyed, assigned or
alienated by the Grantor without complying with the terms of the Note or the Agreement
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 referred 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 the City of
Ashland Affordable Housing Resale Restriction Agreement dated October 18,2010
("the Agreement") entered into by Grantor and Beneficiary. The term "loan obligations"
as used in this trust deed shall mean all amounts payable to Beneficiary under the
terms of the Note and the Agreement.
4. Possession. Grantor agrees to pay the Note and the Agreement 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.
Page I 1 This Instrument filed for record as an
I accommodation only. It has not been
examined as to It's effect upon the title.
First American Title Co.
Y
Jackson County Official Records 2011-034363
�IW �tlG� .ace�/VI R
Stn=7 MANCUSTL 11/04/2011 02:01:52 PM
When Recorded Return Original to: $25.00$10.00$5.00$11.00$15.00$3.00 $69.00
Barbara Christensen,City Recorder
20 East Main Street,Ashland,Oregon 97520 L Christine waiter,county Clerk for Jackson county,Oregon,certify
mat me Instrument identified herein was recorded In me cleric
reeores. Christine Walker•County Clerk
TRUST DEED
This trust deed is made on October 18, 2010, between Snowberry Brook LLC as
Grantor(s), the City of Ashland, as Beneficiary, and Richard Appicello, an active
member of the Oregon State Bar as Trustee. Qs
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 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 charges 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 secured by
this instrument is 30 years from the date of the Note. In the event the Property, or any
part of, or interest in; the Property is sold, agreed to be sold, conveyed, assigned or
alienated by the Grantor without complying with the terms of the Note or the Agreement
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 referred 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 the City of
Ashland Affordable Housing Resale Restriction Agreement dated October 18.2010
("the Agreement") entered into by Grantor and Beneficiary. The term "loan obligations"
as used in this trust deed shall mean all amounts payable to Beneficiary under the
terms of the.Note and the Agreement.
4. Possession. Grantor agrees to pay the Note and the Agreement 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.
Page I 1 This instrument feed for record as an
I accommodation only. It has not been
examined as to It's effect upon the title.
First American Title Co.
Y
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 Grantor under this instrument, the
Note and the Agreement, 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 Agreement.
9. Remedies. On the occurrence of any event of default and at any time thereafter,
Beneficiary may exercise any one 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 or the Agreement.
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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 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.
SIGNATURE PAGE FOLLOWS
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SNOWBERRY BROOK LLC
By: Housing Authority of Jackson County,
its Managing Member
By: �Ie
Scott Foster, Executive Director
STATE OF OREGON
COUNTY OF JACKSON
This instrument was acknowledged before me on // - / —I/ by
'a0 wi he hoWoP /4) 1 M0-i o
as VVl��tagtn�a WlC1��v1 0� �w ybo �7G-eK� au .
NotaW Public for Oregon
My commission expires:
OF SEAL
ON NA O'GR
DADY
� qq NOTARY PUBLIC-OREGON
.✓ COMMISSION NO. 432730
MY
COMM
ISSION EXPIRES SEPT. 20, 2012
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EXHIBIT A
LEGAL DESCRIPTION
PARCEL 2 AS SHOWN ON PARTITION PLAT FILED IN THE OFFICE OF THE JACKSON
COUNTY OREGON SURVEYOR AS NO. 20468 AND RECORDED AS PARTITION PLAT
NO. P-27-2009 OF "RECORD OF PARTITION PLATS" IN JACKSON COUNTY, OREGON.
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