HomeMy WebLinkAbout1993-014 Trust Deed-Pugh/Cusick93-21S42
TRUST DEED
This trust deed is made on June 22, 1993, between Lance K.
Pugh, Elizabeth Ann Pugh and Tim Cusick, as Grantor, the City of
Ashland, Oregon, as Beneficiary, and Paul Nolte, an active member
of the Oregon State Bar as Trustee.
Grantor conveys to Trustee in trust the property described
in the attached Exhibit A, located in the City of Ashland,
Jackson County, Oregon and commonly known as "the old Armory"
with all appurtenances, and all existing or subsequently erected
or affixed improvements or fixtures which shall be referred to in
this trust deed collectively as the property.
This deed secures the following, collectively referred to as
the "Obligations":
(A) The payment and performance of all covenants and
obligations in this trust deed, in the City of Ashland Grant
Agreement dated June 15, 1993, between the City of Ashland and
Lance K. Pugh, Elizabeth Ann Pugh and Tim cusick (further
referred to in this deed as the "Agreement", and in all other
security agreements, notes, agreements, and undertakings now
existing or hereafter executed by Grantor with or for the benefit
of Beneficiary; and
(B) The payment and performance of any and all other
indebtedness and obligations of Grantor to Beneficiary of any
nature whatsoever, whether direct or indirect, primary or
secondary, joint or several, liquidated or unliquidated, whenever
and however arising, and whether or not reflected in a written
agreement or instrument;
and is given and accepted on the following terms:
1. Grantor agrees to performs all of the Obligations 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 Contract, Grantor shall be free to operate and
manage the property and receive the proceeds of operation.
2. 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.
3. 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.
4. 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
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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.
5. If Grantor performs all of the Obligations imposed on Grantor
under this instrument and the Agreement, Beneficiary shall
execute and deliver to Trustee a request for full reconveyance.
6. Grantor shall be deemed to be in default if Grantor fails to
perform any of the obligations imposed by this instrument or the
Agreement.
7. 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:
7.1. The right to declare all sums secured hereby
immediately due and payable.
7.2. The right to foreclose by notice and sale by
Trustee or by judicial foreclosure, in either case in
accordance with applicable law.
7.3. 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 obligation. 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
obligation by a substantial amount.
7.4. Any other right or remedy provided in this deed
or the Agreement.
8. 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:
8.1. To the expense of the sale, including reasonable
attorney fees,
8.2. To the loan obligation secured by this Trust
Deed, and
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93-21542
8.3. The surplus, if any, to the persons entitled
thereto.
9. 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.
10. 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, i
Elizabeth_..Ann pUgh
~im Cusick
STATE OF OREGON
COUNTY OF JACKSON
This instrument was acknowledged before me on ~;~ ~2.. /~9~ by
Lance Ko Pugh, Elizabeth Ann Pugh and T~ Cusick.
_
OmC~A~ S~A~ Noyary~blic for Oregon
~ NANCY ~ S[OC0~ ~ My' comm~sion expires:
PAGE 3-TRUST DEED (p:agre~\anmtrst.dcd)
93-21542
Lot One (1) in Block Twenty (20)
Ashland, Jackson County, Oregon,
thereof, now of record.
of CHITWOOD TRACT in the City of
according to the official plat
(Code 5-1, Account #1-6569-7, Map 9391E9BA, Tax Lot ~14500)
Ja6,so. County, Oregon
Reca'ded
OffICIAL RECORDS
~';~ JUL 0 1199S
KATHLEFN S. BECKETT