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Home My WebLink About1985-079 Trust Deed - Allen ..~2~~~~.,~=Q.,-~_o!!.~.u~~ Oe~ Seri~s=-2.~l.!.~T .Or- -.'--- -.._. -_..~._._.. --."----...---.------ _..~-_._-_..~ LA-23884 OC 85.-.16278 oNS.NESS LAW PUBLISHING CO., PORTLANO. OR. 97204 ~.._- -"' _.~ ..- TRUST DEED 1/ ,,?- k,"""__, THIS TRUST DEED, made this ...u..2.~th.u.m..mday of ..U.h.....U....~.~g~~J..u..u.....u__...u.., 19.J?;L., between ......., ........ h.... u. Bar. b.a.r..a.. -. A.l.l. ~ D. - u.. u h........ U""", -..... _"" U.............. h.... h _........ _ __ _... __.. _'. _""""" _. u.. __....... _...,.. _, _..... _... u... _ u_ ~; G; ~~t;~,: _::: (QriiiD:~ _Dt ~ i - ~ ~ 114:i {ti ~: c:: ~;:np.irii::::::::: -:: :-:::: :::::: ::- _:.-~; u:r ;~;t ~~, u ~-,-,~ - - - . - - - . - - - - - ~ - - - - . - - - - - . . - - - -. . - - - - - - - . - - - - - . ------------------------.-------------------------------------------------------------------.- -----.-----------------.------.-----------------.-.------------ - ....u~.it.y.. Q.f A,shland - - -. - ~ - - - -- - -.- - -.- - - -. - -. - -. - - - - -- - ~ - - -- - - ~ - - ~ - - - -. -- -- - - -- -- - - -- -- - - ----- - -- -- - - -- -- - ----- - - -~ -- - ~ ---~ -- - - -- - - -- -- -- - - -- - - -- -- - - -- - - -- - - -- - - -- -. -- - - -- - - - - - J as Beneficiary, WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee In trust, with power of sale, the property In h.U.hJ.a.c.k.s'ouUUmhh..h.............County, Oregon, described as: Beginning at a point 16-2/3 feet Northerly of the southwesterly corner of Lot Eleven (11) of Block "P" of RAILROAD ADDITION to the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record; thence Northerly, along the west line of said Lot 11 and Lots 10 and 9 in said Block, a distance of 41-2/3 feet to a point 8-1/3 feet Northerly from the southwest corner of said Lot 9 and on the westerly line thereof; thence Easterly, parallel to the southerly line of said Lot 9 and 8-1/3 feet distant therefrom, to the easterly line of said Lot 9; thence Southerly, along the easterly line of said Lots 9, 10, and II, a distance of 41-2/3 feet to a point 8-1/3 feet Southerly from the southeast corner of said Lot 10; thence Westerly, parallel with the southerly line of said Lot 10 and 8-1/3 feet distant therefrom, to the point of beginning. together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter appertaining, and the rents, issues and profits thereof and all fixtures now or hereafter attached to or used in connec- tion with said real estate. FOR THE PURPOSE OF SECURING PERFORMANCE of each agreement of grantor herein contained and payment of the sum of Seven ThollSa.nd Three Hundred.urrl1i~t.y and ..ng/l00 . u ___Dollars, with interest thereon according to the terms of a promissory note of even date herewith, payable to beneficiary or order and made by grantor, the final payment of principal and interest hereof, if not sooner paid, to be due and payableUpo.D $aJ~.. ()r trClflS:E'.~:L, 19 The date of maturity of the debt secured by this instrument is the date, stated above, on which the final installment of said note becomes due and payable. In the event the within described property, or any part thereof, or any interest therein is sold, agreed to be sold, conveyed, assigned or alienated by the grantor without first having obtained the written consent or approval of the beneficiary. then, at the beneficiary's option, all obligations secured by this instrument, irrespective of the maturity dates expressed therein, or herein, shall become immediately due and payable. The above described real property is not currently used for agricultural, timber or grazing purposes. To protect the security of this trust deed, grantor agrees: 1. To protect, preserve and maintain said property in good condition and repair; not to remove or demolish any building or improvement thereon; not to commit or permit any waste 01 said property. 2. To complete or restore promptly and in good and workmanlike manner any building or improvement which may be constructed, damaged or destroyed thereon, and pay when due all costs incurred therelor. 3. To comply with all laws, ordinances, regulations, covenants, condi- tions and restrictions affecting said property; il the beneficiary so requests, to join in executing such linancing statements pursuant to the Unilorm Commer- cial Code as the beneliciary may require and to pay lor liling same in the proper public office or offices, as well as the cost 01 all lien searches made by liling officers or searching agencies as may be deemed desirable by the beneliciary. 4. To provide and continuously maintain insurance on the buildings now or hereafter erected on the said premises against loss or damage by lire and such other hazards as the b~n~/iF.,iary.OIR.ay /rom time to time req,!ire, !n an amount not less than $H7 H. J .5UoH ,UHdP HHHHHH. ,wrItten In companies acceptable to the b'ene/iciary, with loss payable to the latter; all policies of insurance shall be delivered to the beneficiary as soon as insured; il the grantor shall lail lor any reason to procure any such insurance and to deliver said policies to the beneficiary at least lifteen days prior to the expira- tion of any policy 01 insurance now or hereafter placed on said buildings, the beneficiary may procure the same at grantor's expense. The amount collected under any fire or other insurance policy may be applied by benefi- ciary upon any indebtedness secured hereby and in such order as beneficiary may determine, or at option 01 beneliciary the entire amount so collected, or any part thereof, may be released to grantor. Such application or release shall not cure or waive any delault or notice 01 delault hereunder or invalidate any act done pursuant to such notice. 5. To keep said premises free /rom construction l'ens and to pay all taxes, assessments and other charges that may be levied or assessed upon or against said property belore any part 01 such taxes, assessments and other charges become past due or delinquent and promptly deliver receipts therelor to beneficiary; should the grantor lail to make payment of any taxes, assess- ments, insurance premiums, liens or other charges payable by grantor, either by direct payment or by providing beneliciary with lunds with which to make such payment, beneliciary may, at its option, make payment thereof, and the amount so paid, with interest at the rate set lorth in the note secured hereby, together with the obligations described in paragraphs 6 and 7 01 this trust deed, shall be added to and become a part 01 the debt secured by this trust deed, without waiver 01 any rights arising Irom breach 01 any 01 the covenants hereol and lor such payments, wth interest as aloresaid, the prop- erty hereinbefore described, as well as the grantor, shall be bound to the same extent that they are bound lor the payment of the obligation herein described, and all such payments shall be immediately due and payable with- out notice, and the nonpayment thereof shall, at the option of the beneficiary, render all sums secured by this trust deed immediately due and payable and constitute a breach 01 this trust deed. 6. To pay all costs, fees and expenses 01 this trust including the cost 01 title search as well as the other costs and expenses 01 the trustee incurred in connection with or in enforcing this obligation and trustee's and attorney's lees actually incurred. 7. To appear in and defend any action or proceeding purporting to affect the security rights or powers of beneficiary or trustee; and in any suit, action or proceeding in which the beneficiary or trustee may appear-, including any suit lor the loreclosure 01 this deed, to pay all costs and expenses, in- cluding evidence 01 title and the beneliciary's or trustee's attorney's lees; the amount 01 attorney's lees mentioned in this paragraph 7 in all cases shall be lixed by the trial court and in the event 01 an appeal Irom any judgment or decree 01 the trial court, grantor lurther agrees to pay such sum as the ap- pellate court shall adjudge reasonable as the beneliciary's or trustee's attor- ney's lees on such appeal. It is mutually agreed that: 8. In the event that any portion or all 01 said property shall be taken under the right 01 eminent domain or condemnation, beneliciary shall have the right, il it so elects, to require that all or any portion 01 the monies payable as compensation for such taking, which are in excess 01 the amount required to pay all reasonable costs, expenses and attorney's lees necessarily paid or incurred by grantor in such proceedings, shall be paid to beneliciary and applied by it lirst upon any reasonable costs and expenses and attorney's lees, both in the trial and appellate courts, necessarily paid or incurred by bene- liciary in such proceedings, and the balance applied upon the indebtedness secured hereby; and grantor agrees, at its own expense, to take such actions and execute such instruments as shall be necessary in obtaining such com- pensation, promptly upon beneficiary's request. 9. At any time and Irom time to time upon written request 01 bene- ficiary, payment of its lees and presentation 01 this d.eed ane! the note !or endorsement (in case 01 lull reconveyances, lor cancellatIOn), wIthout affecting the liability 01 any person lor the payment 01 the indebtedness, trustee may (a) consent to the making 01 any map or plat 01 said property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination or other agreement affecting this deed or the lien or char{J,e thereof; (d) reconvey, without warranty, all or any part of the property. The grantee in any reconveyance may be described as the "person or persons legally entitled thereto," and the recitals there:n of any matters or lacts shall be conclusive prool 01 the truthfulness thereo/. Trustee's lees lor any 01 the services mentioned in this paragraph shall be not less than $5. 10. Upon any delault by grantor hereunder, beneficiary may at any time without notice, either in person, by agent or by a receiver to be ap- pointed by a court, and without reRard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession 01 said prop- erty or any part thereof, in its Own name sue or otherwise collect the rents, issues and profits, including those past due and unpaid, and apply the same. less costs and expenses 01 operation and collection, includinR reasonable attor- ney's lees upon any indebtedness secured hereby, and in such order as bene- liciary may determine. 11. The entering upon and taking possession of said property, the collection 01 such rents, issues and profits, or the proceeds of fire and other insurance policies or compensation Or awards for any taking or damage of the property, and the application or release thereol as aforesaid, shall not cure or waive any default or notice 01 default hereunder or invalidate any act done pursuant to such notice. 12. Upon delault by grantor in payment 01 any indebtedness secured hereby or in his perlormance 01 any agreement hereunder, the beneficiary may declare all sums secured hereby immediately due and payable. In such an event the beneficiary at his election may proceed to foreclose this trust deed in equity as a mortgage or direct the trustee to loreclose this trust deed by advertisement and sale. In the latter event the beneficiary or the trustee shall execute and cause to be recorded his written notice of default and his election to sell the said described real property to satisfy the obligation secured hereby whereupon the trustee shall lix the time and place of sale. {J,ive notice thereof as then required by law and proceed to loreclose this trust deed in the manner provided in ORS 86.735 to 86.795. 13. After the trustee has commenced loreclosure by advertisement and sale, and at any time prior to 5 days belore the date the trustee conducts the sale, the grantor or any other person so privileged by ORS 86.753, may cure the delault or delau;ts. Ii the delault consists 01 a lailure to pay, when due, sums secured by the trust deed, the delault may be cured by paying the entire amount due at the time 01 the cure other than such portion as would not then be due had no delault occurred. Any other delault that is capable 01 being cured may be cured by tendering the perlormance required under the obligation or trust deed. In any case, in addition to curing the delault or defaults, the person effecting the cure shall pay to the beneficiary all costs and expenses actually incurred in enlorcing the obligation 01 the trust deed together with trustee's and attorney's lees not exceeding the amounts provided by law. 14. Otherwise, the sale shall be held on the date and at the time and place designated in t~e notice 01 sale or the time to which said sale may ?>e postponed as p.rovlded by law. The trustee may sell said property either In o~e parcel or-. In sep~rate parcels and shall sell the parcel or- parcels at auctIOn to the hIghest bIdder lor cash, payable at the time 01 sale. Trustee shall deliver to the purchaser its deed in lorm as required by law conveying th,! proper-ty ~o so~d, but without any covenant or warranty, express or- im- plIed. The recItals In the deed 01 any matters 01 lact shall be conclusive prool 01 the truthlulness th'!r.eol. Any person, excluding the trustee, but including the grantor and benefICIary, may purchase at the sale. 15. When trustee sells pursuant to the powers provided herein, trustee shall. apply the procee?s 01 sale to payment 01 (1) the expenses 01 sale, in- cluding the compensatIOn 01 the trustee and a reasonable charge by trustee's attorney, (2) to the obligation secured by the trust deed, (3) to all persons having recorded liens subsequent to the interest 01 the trustee in the trust deed as ~heir interests may appear in the order 01 their priority and (4) the surplus, II any, to the grantor or to his successor in interest entitled to such surplus. 16. Beneliciary may Irom time to time appoint a successor or succes- sors to any trustee named herein or to any successor trustee appointed here- under. Upon such appointment, and without conveyance to the successor trustee, the latter shall be vested with all title, powers and duties conlerred upon any .tru~tee herein named or apP?inted. hereunder. Each such appointment an~ substItutIOn shall b.e made by WrItten Instrument executed by beneficiary, wh!ch, when record,!d .In the mortgage record~ 01 the county or counties in :l:~~ :~~c~;~cire~~~s:~e~'tuated, shall be conclusIve prool 01 proper appointment 17. Trustee accepts this trust when this deed, duly executed and acknowledged is made a public record as provided by law. Trustee is not obligated to notily any party hereto 01 pending sale under any other deed 01 trust or 01 any action or proceeding in which grantor, beneficiary or trustee shall be a party unless such action or proceeding is brought by trustee. NOTE: The Trust Deed Act provides that the trustee hereunder must be either an attorney, who is an active member of the Oregon State Bar, a bank, trust company or savings and loan association authorized to do business under the laws of Oregon or the United States, a title insurance company authorized to insure title to real property of this state, its subsidiaries, affiliates, agents or branches, the United States or any agency thereof, or an escrow agent licensed under ORS 696.505 to 696.585. / - 85--16278 The grantor covenants and agrees to and with the beneficiary and those claiming under him, that he is law- fully seized in fee simple of said described real property and has a valid, unencumbered title thereto This Trust Deed is inferior to a Trust Deed, executed by Barbara Allen and Howard A. Stucky, to Lawyers Title Insurance Corporation, Trustee for the benefit of MARGARET G. RAMSAY, dated March 11, 1982 and recorded March 16, 1982, as No. 82-03804 of the Official Records of Jackson County, Oregon~ to secure payment of the sum of $40,000.00 and that she 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), 6t>xx~IX~t>>HJ{OOXOtXJM(O{U~~{It~K<<XFICK~iQN~~tKt4~M!~~1{iXl~~ei~xtJILiR~~ ~~~ 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 h~reby, whether 0: T}ot named as a beneficiary he~ein. In lonstruin,g 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 his hand the day and year first above written. * IMPORTANT NOTICE: Delete, by lining out, whichever warranty (a) or (b) is /-:-')(~., ../ .. .-(';;[:~~~~:~:':_>~H_ not applicable; if warranty (a) is applicable and the beneficiary is a creditor 1~f~.~.;.>t:-d~-Ct._i..;;~.~?..:(. ________H_. 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 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 of a dwelling use Stevens-Ness Form No. 1306, Or equivalent. If compliance with the Act is not required, disregard this notice. ~- ..I~ (If the signer of the above is a corporation, use the form of acknowledgment opposite.) - -. - - - - - - - - - - - - - -.. - - - - -j"A N t - . DAVIS -.. -.... - -. - - -..... _:.. ... -. - -. - - - - - - - - -- NOTARY PUBLIC - OREGON My Commission Expires_ STATE OF OREGON, ) County of ___ _Jq._GJq3QXL ---3 ss. .)\:tJg:tJ~.t___29L , 19__$5 Personally appeared the above named .l3q.XQCira.. Al1-en STATE OF OREGON, County oL , 19__ _._)ss. Personally appeared and ___who, each being first duly sworn, did say that the former is the.. president and that the latter is the__ secretary of (OFFICIAL SEAL) 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 sealed in behalf of said corporation by authority of its board of directors; and each of them acknowledged said instrument to be its voluntary act and deed. Before me: and acknowledged the foregoing instru- ment to be__ ______b.eX'___ voluntary act and deed. Notary Pu 'for Oregon My commission expires: (2- -2-. 1 - 8' 1 Notary Public for Oregon (OFFICIAL SEAL) My commission expires: REQUEST FOR FULL RECONVEYANCE To be used only when obligations have been paid. TO: _. __, Trustee The undersigned is the legal owner and holder of all indebtedness secured by the foregoing trust deed, All 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 of said trust deed or pursuant to statute, to cancel all evidences of indebtedness secured by said trust deed (which are delivered to you herewith together with said trust deed) and to reconvey, without warranty, to the parties designated by the terms of said trust deed the estate now held byfyou under the same. Mail reconveyance and documents to DATED: _ , 19__ Beneficiary Do not lose or destroy this Trust Deed OR THE NOTE which it lecures. Both must be delivered to the trustee for cancellation before reconveyance will be made. TRUST DEED STATE OF OREGON, 'l.~.~ (FORM No. 881) STEVENS-NESS LAW PUB. CO.. PORTLAND. ORE. Grantor SPACE RESERVED FOR RECORDER'S USE Jackson County, Oregon Recorded OFFICIAL RECORDS 1/:~5 SEP 2 4 19B5 A,M~ KATHLEEN S.BECKETT C~~ and RECORDER i BJ;~ /4.-: l ~ty Beneficiary AFTER RECORDING RETURN TO .:l- CONSENT TO TRUST DEED FOR AND IN CONSIDERATION OF a Deferred Payment Housing Rehab- ilitation Promissory Note signed by the loan recipient Barbara Allen in favor of the City of Ashland, a political subdivision of the State of Oregon, and of the repairs to be mad~ with,the proceeds of such loan to property located at . >{; {If S. S/z feL'I uI {(/y. ,;, ..(;2.{) Ashland, Oregon, THE UNDERSIGNED, as/sellers un er a land sale contract wherein the above loan recipient(s) is the buyer, HERE- BY CONSENT(S) to the recording of a Trust Deed against the loan recipients interest in said property according to the terms and conditions of' that Trust Deed. If the loan recipient fails to keep the payments current under the contract, THE UNDERSIGNED HEREBY AGREES to give prompt written Ilotice of any nonpayment or late payment to the Housing Rehabilitation Division, City Hall, Ashl~nd, Oregon 97520 prior to beginning any suit or action for foreclosure of the loan recipient's interest in said property, and FURTHER AGREE(S) to permit the City of Ash- land to bring current any such payments within 30 days of de- liverv of notice. This consent to Trust Deed in no way permits that D~ed to encumber the interest of THE UNDERSIGNED in said property. It is for the purpose of waiving any provision in the above identified land sale contract which may prohibit the loan recipient from creating or permitting to be created a lien against the loan recipient's interest in the property. . Jna~vt.P.X ~T-- STATE OF OREGON ) ) ss. COUNTY OF JACKSON) ~ Personally qppeared be '1984 I the above named and acknowledged the foregoing voluntary act and deed. . ~~~ \ N t ry PUbli~for orego~!:'!J My Commission Expires: ~-1-gb fORM No. 90S-SUBORDINATION AGREEMENT. S"EVE_N:~..NES5 LAW PUBLISHING CO., PORTLAND, OR. 117204 1N I(~l ~:.JI 'l :. THIS AGREEMENT, Made and entered into this__ day oL Febr.uary.__, 19..8]__~/ by and between CITY OF ASHLAND __....._......__....__.__...........___....... ___...____.... __.______) hereinafter called the first party, and JACKSON COUNIY.EEDERAL.dSAVI NGS.AND.LOANASSOC IATION__ d....__' hereinafter called the second party; WIT N E SSE T H : Oll or about August 26 , 1985 _ , BARBARA ALLEN . beinR. the owner of the foJlowinR. described property in Jack son County, Oregon to-wit: Beginning at a point 16-2/3 feet Northerly of the southwesterly corner of Lot Eleven (11) of Block lip" of RAILROAD ADDITION to the City of Ashland, Jackson County, Oregon, according to the official plat thereof, now of record; thence Northerly, along the west line of said Lot 11 and Lots 10 and 9 in said Block, a distance of 41-2/3 feet to a point 8-1/3 feet Northerly from the southwest corner of said Lot 9 and on the westerly line thereof; thence Easterly, parallel to the southerly line of said Lot 9 and 8-1/3 feet distant therefrom, to the easterly line of said Lot 9; thence Southerly, along the easterly line of said Lots 9, 10 and 11, a distance of 41-2/3 feet to a point 8-1/3 feet Southerly from the southeast corner of said Lot 10; thence Westerly, parallel with the southerly line of said Lot 10 and 8-1/3 feet distant therefrom, to the point of beginning. executed and delivered to the first party his certain__ TRUST Dt.~D. \,\'h;'::\!,1 I' 1rlq FJI'_ fl' 1':, ',I' \J;,I'( c 't)'~r \11.': ',I}) (herein called the first party's lien) on said described propcrty ~ ;, -Recorded all ppp_ pSep_temb_e_r___.24~b.' 19 u 85, ill tIle ;; g ~~ Oregon, in book/reel/"iolume No..__ Elt pElge 01 rfIlcfrpfi!rp N o._8.5_~.1_62_7_8( indicate Wllicll); ,,- g'2 I-Filed on ............. .......__... . ... ....,19. .. ., in the cffice of the . -- . . .. --.. .of &,- .. _'" ..... County, Oregon, where it h(>[l[s tllp do( ument/fee/file/insfrument/microfilm No. ~.~ ~ ... ............... __(indicate which); ~~ -Created by a security agreement, notice of ..vhich was given by the filing on___ ...., 19. " g Secretary of State .. o ~ I a financing statement in the office of the Oregon Department of Motor Vehicle'; where It bears file No. ...<: c i and in the office of the __........____ _.of _.__" County, Oregon, ?~' f : ~.~ ~ l where it bears the document/fee/file/instrunlf'nt/microfilm No_ (indicate which). RcfNcnce to the document so recorded or filed herl'hy i" IlIade. The first party lws 1I('\'t'f sold or assit5,fwrJ his said lien and at all times since the date thereof has been and nmv is the owner and holder thereof and the deht thereby secured. The second party is about to loan the sum of $42".609.00__ .to the present owner of the property abO\fe describf"ci, with interf'st thereon at a rate not exceeding 8 ~5 .. ~~) per annum, said loan to be"ccured by the said pn;sent OWl1t.'r's ____.TRU.S.l..DEID_ ._____...___.__ . ---- . .--- {hereinafter called the to secure the :,urn of $7,,330.00. ,which lien ..vas --Deed Records of j ack-son County, theu'of or as dOClII1lcnt/fcl/l/iJy/jirj1jttY1IfT/'W , of (Sture n:-"':.J:e ;,C'l 10 bc g:VC'l, \Vhe"h(,r f--;.o~t9':;C)l:J ~rl;5~ J(:'cJ, (ontru_t, ':,t',.urify C:':;;~_C!T,en: )r 0lherwi~(i 't1'il }f. ~ . '.;ccond party's lien) upor: saiel property and to he repaid within not more than 30 . from Its date years To induce the second party to make the loan Imd mentioned, the first part}' heretofore has agn.ed and con. sented to subordinate first party's said lien to the hen about to be taken by the second party as above set forth NOlV, THEREFORE, for \'(du~' rcceived and for the purpose of inducing the <;('cond party to make the loan aforesaid, the first party, for hi111"t'/f, his pcr."ol1(ll representatives (or successors) <Hid n~sigTls, hereby covenants, consents nnd n4re(''''~ to and ....,ith the second {li/rty, his p('rsonnl representatives (or successors) and assigns, that the sa:J first part..,',,- hen fJfr ~aid dt':>l ribccl property is (1llc1 ~ll~lll always he .<:ubject amI su/)orclinate to the lieTl nbout to be delivered to the second pnrtv, as aforesaid, (11](1 that 's(('unc! party'.;,' said lien in all r('speds shall he first, prior and superiol' to that of the fir<.,t partv; provided alPNlYs, however, that if :-;econd purty's said lien is not duly filed or recorded ur ,In appropriate financing statenlt'nt thereon cI{lI~/ filed within dn.v<; nit,'f the c!nte hereof, this sub. ordination agrd!l1Cnt shall be null and void nnd of no forct' or effect. It is expre~..;Jy understood tine] agrf'ecl that nothing herein contained shall be construed to ('haIl!~e, alter or im.. pair the fir::,t party's <;aid lien, except as hcrein(lbo\'t' expressly set forth. In COlhtTuing this ~ubordination agreement and where the context so requires, the singulo.r includes the plural; the mascultne includes the femininE> and the neuter, and all grammatical changes ~hall be s/!f)plied to cause thi:; agrecmE>nt to apply to corporations clS wel! as to indi~'iduClr". IN WITNESS WHEREOF, thf" undersigm'd has hereunto set his hand c1l1c1 seal; if the undersigned is a cor- poration, it has caused its corporate name to he sr'4ned and its corporate senl to be affixed llercunto by its officers duly authorized tllt:"reunto by order of its board of directors, all on this, the day and year first abo."c written, CJTV. OF.A.S.HL.AND.. .__ .__ rA ( f/ .{-' <:;-.., /" / .,' . '"\.. . .' . -~ y - .--( _/ ~ . ,... . ,----- ~. /" .." - .-. '-, ~'+-- .BY..--- .<:..---.---.--.-r~ ...;.~-- . .__c.:________ .. .-.- BY.:.___ __ .__..__. ' STATE OF OREGON, 1 ss. Count y of ... ....... --...... P..... --.............. ........ ---.... -- J This instrument was acknowledged before me on .. .~J~/:.~.>...w.!?..... (:> I ...,19.(/., by ............__.. ..... ,t..' 0:.:::.:..... ..u. uo. ... ... ...u.u.. .... .u. u.. u. .u........ ......u uU .. .... .~~~.~ ;.~~(~ ~.~ . *?~. >I('uuuuuu uu... uu.' (SEAL) Notary Public for Oregon '... I I J . -....., My commission expires .'-:{.. .-:":.. (t,: ..tt..C..:... .................. STffTE OF OREGON, } County of ........... ............... ................ ..... .... ........ ss. This instrument was acknowledged before me on __.. ................................, 19........, by....... .... as ...... NAME OF CORPor,ATE OFFICE OR AGENT. PARH.ER. -:-PUSTEE. ETC. of ...... ............. ........... ...... .... __.. __...... .......... __.... ........ __........... NAME OF CORPORATION. PARTNERSHIP. iRUST. ETC. (SEAL) Notary Public for Oregon My commission expires ...___.. TO (DON'T USE THIS SPACE; RESERVED FOR RECORDING LABEL IN COUN. TIES WHERE USED.) ST~~:t~~ ~.~.EGO~:.....__..__.........___ } 55. I certify that the within instru- ment was received for record on the ..... day of. ........,19... at ... o'clock. .M., and recorded in book/reel/volume No. ........, on page ................. or as fee/file/instru- nwnt/ microfilm/ reception No. . Record of .......... . of said County. W j tness my hand and seal of County affixed. SUBORDINA TION AGREEMENT AFTER RECORDING RETURN TO NAME TITl.E By.. __.. __ __... __ ...__....' ..Deputy PROMISSORY NOTE Borrower's Name Barbara Allen Loan No. 279 HD-I Property Address 56 Third Street, Ashland Loan Amount $7,330.00 Date 8/26/85 Ashland, Oregon FOR VALUE RECEIVED pursuant to a Deferred Payment Loan from the of Ashland, the undersigned jointly and severally promise(s) to to the order of the City of Ashland, a political subdivision of State of Oregon, or it's successors, the sum of ($ 7,330.00 Seven Thousand Three Hundred Thirty and no/lOO City pay the dollars. THIS NOTE shall become due and payable upon any actual or attempted transfer, voluntary or involuntary, including by operation of law or death of the undersigned, of any interest in that certain real pro- perty identified and described in the Trust Deed securing this indebt- edness. When death of the undersigned causes transfer of the property to a surviving spouse, the above previous shall not apply and the rights and responsibilities of this Note shall transfer with the pro- perty to the surviving spouse. Said payment shall be made in lawful money of the United States of America at the office of the Ashland Housing Rehabilitation Program, Ashland, Oregon, or at such other places as shall be designated by the City of Ashland. The undersigned reserves the right to repay at any time all of the principal amount of this Note in a single payment without the payment of penalties, discount or premiums. Payment of less than the full sum owing shall not be accepted. If suit or action is instituted by the City of Ashland to recover on this Note, the prevailing party agrees to pay to the losing party all costs of such collection, including reasonable attorney's fees and court costs at trial and on appeal. IN WITNESS WHEREOF, THIS NOTE AND TRUST DEED SECURING THE NOTE, HAVE BEEN DULY EXECUTED BY THE UNDERSIGNED, AS OF THE DATE BELOW WRITTEN. .- I / ~// (~.... -'\. //'-.~' //j ./, /---t /.. , /:&'/~~ \,' //j'_~lcd-Lf:L- U / ~~___- , V . '-...--~._// Slgnature .94 Lis- .' / Date Signature Date "I' f