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Home My WebLink About1996-211 Trust Deed - Del Rio97-31272 TRUST DEED (FannieMae) on 0,..~-~ ~ That,rust deed is made ~ 199.4~, between Diana M. Del Rio DIANA M. DELRIO ,asGrantor(s),theCityof 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 benefrt and secur'~y 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 20 years from the date of the Note. !n 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 el! covenants and obligations of Grantor under the Note, whether such payment a.".-J peSofinance 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 (SDCs Only) dated i -~2 - 9'~.- ("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 1-TRUST DEED 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 prooerty or any p,,~xt thereof. Trustee she!! ~aot be oblig.med to not~ e.%v other pa,.~; c~ 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 Isw. 9.3. The dght 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 dght 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. PAGE 2-TRUST DEED 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 an:;; 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 th~. 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. 13. Subordination. Grantor and Beneficiary acknowledge and agree that this Deed of Trust is subject and subordinate in all respects to the liens, terms, covenants and conditions of the Deed of Trust in favor of Bank of America ("First Deed of Trust") and to all advances heretofore made or which may hereafter be made pursuant to the First Deed of Trust including all sums advanced for the purpose of (a) protecting or further securing the lien of the First Deed of Trust or for any other purpose expressly permitted by the First Deed of Trust or (b) construction renovating, repairing, furnishing, fixturing or equipping the Property. The terms and provisions of the First Deed of Trust are paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. !n the event of a forec!osure or deed in lieu of foceciosure of the First Deed of Trust, any provisions herein or any provisions in any other collateral agreement restricting the use of the Property to low or moderate income households or otherwise restricting the Grantor's ability to sell the Property shall have no further force or effect on subsequent owners or purchaser of the Property. Any person, including his successors or assigns (other than the Grantor or a related entity of the Grantor), receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the First Deed of Trust shall receive title to the Property free and clear from such restrictions. Further, if the property is transferred as a result of deed in lieu of foreclosure pursuant to the First Deed of Trust the lien of this Deed of Trust shall automatically terminate upon transfer of the property pursuant to the foreclosure or deed in lieu of foreclosure provided that (i) the Beneficiary has been given written notice of a default under the First Deed of Trust and (ii) the Beneficiary shall not have cured the default PAGE 3-TRUST DEED under the First Deed of Trust, or diligently pursued curing the default as determined by the beneficiary under the First Deed of Trust within the 60-day period provided in such notice to the Beneficiary. STATE OF OREGON COUNTY OF JACKSON '[~instru, ment was acknowledged before me on /~414~Jf~y,,~. RfCby Notaw Public for Oregon My commission expires: ~ ~ % ~ ~ PAGE 4-TRUST DEED EXHIBIT "A" Lot 13 of the ASHLAND PARKVIEW SUBDIVISION, a Planned Community Development, in the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record. Map//391E10BC, Tax Lot 5413 1278 Rose Lane Jackson County, Oregon Recorded OFFICIAL RECORDS AUG ~ 1 1997 _ C~~O 0NTY CLERK