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Home My WebLink About2005-295 Trust Deed - Steele When Recorded Return Original to: Barbara Christensen. City Recorder 20 East Main Street, Ashland, Oregon 97520 Jackson County Official Records 2005-077185 R-TD Cnt=1 Stn=3 MORGAI~S!2121/2005 03:14:25 PM $20.00 $5 00 $11.00 Total:$36.00 III " " 111111 II 01164653200500771850040046 L Kathleen S Seckett, Count, Clerk for Jackson County, Oregon, certify that the instrument idl!'ntlfied herein was recorded In the Clerk rec ords. Kathleen ~;. Beckett - County Clerk TRUST DEED This trust deed is made on OeC(lmhfr cZ / , 2005, between Michael D. Steele, as Grantor(s), the City of Ashland, as Beneficiary, and Mike Franell, 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 describe!d 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 sE~cured by this instrument is 20 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, assi~lned 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 mferred 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 (SDCs Only) dated OeCl!m/:x:'" .21 ("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 PAGE 1-TRUST DEED 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. 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 a~lainst 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 dl3ed, Grantor shall defend the action at Grantor's expense. 6. Powers of Trustee. In addition to all powers of Trustee arising as a matte!r 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 lOr 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 anyone or more of the following rights and remedil3s: 9.1. The right to declare all sums secured by this trust deed immediatE~ly 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. PAGE 2-TRUST DEED 'I 9.4. Any other right or remedy provided in this deed, the Note or the Agreement. 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 del~d 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. -:;2VYt:~ M1cnael D. Steele STATE OF OREGON COUNTY OF JACKSON This instrument was acknowledged before me on Dc(!C'rnbcr .21, ~a7.3-by M,ehael 0 5I-ee/& ~~"':;Sil:'-~ _ OFFICIAL~EAL , . CAROLYN SCHWENDENER \ ./ NOTARY PUBLIC-OREGON COMMISSION NO, 390825 MY COMMISSION EXPIRES MAR. 20, 2009 ~~..., a;~) ~hra:fOd/nJi ) Nota ubhc for Oregon My commission expires: ~ - A' () 09 PAGE 3-TRUST DEED :? Commencing at the Northeast corner of the Southeast one-quarter (1/4) of Section 16 in Township 39 South, Range 1 East, Willarnette Meridian, Jackson County, Oregon; thence along the north line of said Southeast one-quarter (114) North 89058'04" West 25.00 feet to the Northeast corner of that tract ofland described in Instrument No. 95-19844, official records, Jackson County, Oregon for the POINT OF BEGINNING; thence continue along said north line, North 89058'04" West 20.00 feet; thence leaving said north line, South 00006'23" East 30.00 feet; thence South 89058'04" East 20.00 feet to the east line of that tract of land described in the aforesaid Instmment No. 95-19844; thence along the east line of said tract, North 00006'23" West 30.00 feet to the point of beginning. f\ fj ,1 EXHiBiT PAGE-L OF L 1-- v(