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HomeMy WebLinkAbout1986-066 Trust Deed - Shannon FORM No. 111-Oreaon Trust~eed SerieS-TRUST Dr-""", @ C \ \\rro(V\ oc ~"~NS-NESS LAW PIIBLISHING co., PORTLAND, OR. 97204 ~.oo ~ ~.q) THIS T RUST DEED, made this _uuu2.3_r_du_ uu uu_day of uuuuu_u_____Apr.i.l_u_u_uu___uuuu____, 19___8_6__, between - -- - - -- - - -. - - - - ~-- - - - --- - - - -- - - - - -- -- - - E a t.r_ ick_ _ Shan no_n_ _ __ __ _ _ __ __ _ _ __ _ _ _ _ __ _ .__ _ _ __ _ _ _... __ _. _ _ _ _ _._ _. ___ _.. _._ _ _ _ _ __ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ _ _ _ __ __ _ _ __ __ _ _ _ _ _ _ _ _ __ _ _ _ _ ___ - -- .-- - -- --- - - --- - - - - -- -- - - -- - - - --- - - - - Te:r:r_i_ - L-ynn_ --Shannon_ _ __ _ _ __ _ _ __ _ _ _ _._. _ .._ _.. ..._.. _ _._....._. _.._ _._...._ _ _ ..... _ ._.__. _ _.._ _._ __ _ _ _ _ __ _ _ __ __ _ _ __.. ___ _ ___ _ _... __ _ _ __ _ _ _ _ _, as Grantor, u.C.r-at~x:u-Ti-t-l-euulnsuranc_e_u_C_Qm};).any+uuan-uQregQJ)----C-Q.+:PQx:at.i_Q.Du, as Trustee, and 86-08514 TRUST DEED - -- - - -- - - - - -- - - - - -- - - -.. -- - -.. - -. - - -...-........ -......... -- -..... --........ --........ --.......... --...... --.........- -..... -- --.... --.. --.. -- --.. ---.... -- --.... -- --.... -- --... --........ --.... ------'- ----- -.. -- --.... -- --.... ---.. _.- --........ ---... -------- ---.... --.. -.. ---.........- -... . --- - - - -- - - - - -- - - - - -- -- - - .--- - - --- - - - -- C _it.y _ _ _Q_f _ _ __~_~h.l gD_d __ _ _ __.. _ ._._ _ _ _ _. ..... .._... .....~. .._.. .._...____. _ _ _. ___......___ _.._.... ___ ___ _ _ __ __ _____._ .__.. _ ,... _ _ ___ _._ _ _ _. _.._ _ ..__. _ _ _, as Beneficiary, WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee in. trust, with power of sale, the property in u-uu-u-J-a-Ck~Qnu____u____uuu_u_u.County, Oregon, described as: Lot 6, Block 50, SUMMIT ADDITION to the City of Ashland, Jackson County, Oregon. This instrument filed for record as an accomodation only. It has not been examined as to its execution or as to Ita effect upon the tale. Crater Title Insurance Co. together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto belongin~ 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 a~reement of ~rantor herein contained and payment of the sum of - - - - - - - _F_Q ll_r - - - _T_ho_llS _and _ -- E_i ght _ _ _R undr_e d_ _ -and_ _ _on 0_1_1_0_ Q u m_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ __. _ _ _ _ _ _ _ _ _ _ _ 00 _ _ _ _ _ _ __ _ ___ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ -- --u.----o---------------mh----n__u_________uh_h________Dollars, with interest thereon accordin~. to the terms of a promissory note of even date herewith, payable to beneficiary or order and made by ~rantor, the final payment of principal and interest hereof, if not sooner paid, to be due and payable --Up-OD----sale----or-h-transI_er_, 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, a~reed to be sold, conveyed, assi~ned or alienated by the ~rantor 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, ~rantor a~rees: 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 ~d and workmanlike manner any building or improvement which may be constructed, damaged or destroyed thereon, and pay when due all costs incurred there/or. 3. To comply with all laws, ordinances, ,regulations, covenants, condi- tions and restrictions allecting said property,. if the beneficiary so requests, to join in executing such linancing statf!ments pursuant to the Uniform Commer- cial Code as the beneficiary may require and to pay lor filing same in the proper public ollice 01'. olJices, as well as thff cost 01 all lien searches made by Ii ling ollicers or searching abncies 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 fire :~d a:::~~n~t~~~ ~~:a~t:n a$ _ ~_~_~_ ~~~tfn~~- tTU _ _~~~_~_u~~~~_ _ ~~__ ~_i_~_~, r;~U%~ ~~ companies acceptable to the benefiCIary, with loss payable to the latter; all policies 01 insurance shall be delivered to the beneficiary as soon as insured; if the grantor shall lail for any reason to procure any such insurance and to deliver said policies to the beneficiary at least lifteen days prior to the expira- tion 01 any policy of insurance now or hereafter placed on said buildings, the beneliciary may procure the same at grantor's expense. The amount collected under any lire or other insurance policy may be applied by beneli- ciary upon any indebtedness secured hereby and in . such order as beneliciary may determine, or at option 01 beneficiary the entire amount so collected, or any part thereol, may be released to grantor. Such application or release shall not cure or waive any default or notice 01 delault hereunder or invalidate any act done pursuant to such notice. 5. To keep said premises Iree Irom construction l~ens and to pay all taxes, assessments and other charges that may be levied or assessed upon or against said property before any part 01 such taxes, assessments and otheT charges become past due or delinquent and promptly deliver receipts therelor to beneficiary; should the grantor lail to make payment 01 any taxes, assess- ments insurance premiums, liens or other charges payable by grantor, either by di~ect payment or by providing beneficiary with lunds with which to make such payment, beneficiary 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 rishts arising Irom breach of any 01 the covenants hereof and lor such payments, wth interest as aloresaid, the prop- erty hereinbelore described, as well as the grantor, shall be bound to the same extent that they are bound for the payment 01 the obligation herein described, and all such payments shall be immediately d.ue and payable. ~ith- out notice and the nonpayment thereof shall, at the optIon 01 the benellclary, render all'sums secured by this trust deed immediately due and payable and constitute a breach of this trust deed. 6. To pay all costs, lees 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 enlorcing this obligation and trustee's and attorney's lees actually incurred. 7. To appear in and del end any action or proceeding purporting to allect tfle security rights or powers 01 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- cludins 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 beneficiary's or trustee's attor- ney's lees on such appeal. . I t is mutually a~reed that: 8. In the event that any portion or all of said property shall be taken under the risht 01 eminent domain or condemnation, beneliciary shall have the right, if it so elects, to require that all OT any portion 01 the monies payable as compensation lor 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 seetqed ,hereby.; and .grantor. ~rees,1Jj it, own expense, to take such actions and execute such instruments as shall' be necessary in obtaining such com- pensation, promptly upon beneliciary's request. 9. A t any time and Irom time to time upon written request 01 bene- ficiary, payment 01 its lees and presentation 01 this deed and the note lor endorsement (in case 01 lull reconveyances, lor cancellation), without allecting 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 allecting this deed or the lien or charge thereo/,. (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 of the truthfulness thereo/. Trustee's lees lor any of 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 regard to the adequacy 01 any security for the indebtedness hereby secured, enter upon and take. possession 01 said prop- erty or any part thereol, 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, including 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 01 said property, the collection 01 such rents, issues and profits, or the proceeds of fire and other insurance policies or compensation or awards lor any taking or damage of the property, and the application or release thereol as aloresaid, 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 of any indebtedness secured hereby or in his performance 01 any agreement hereunder, the beneliciary may declare all sums secured hereby immediately due and payable. In such an event the beneliciary at his election may proceed to foreclose this trust deed in equity as a mortgage or direct the trustee to foreclose 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 01 default and his election to sell the said described real property to satisfy the obligation secured hereby whereupon the trustee shall fix the time and place 01 sale, give notice thereof as then required by law and proceed to foreclose this trust deed in the manner pro.v.i~ed !~p~~ ~~/lJ~ .to. 86~!J.5.." ..' " - 'l3:''''Alt~r' the t~u~tee has commenced foreclosure by advertisement and sale,' B11d. at a~y time pribr to 5'''days belore the date the~trustee conducts the sale,~ th'b grantor or any other person so priviJe~ by 045 86.753, may cure thedelauJt~t;'r delaU;ts. Ii the df!fault cfliri,ia.i8 ~,ol ~'IJ ,'ui/ure to pay, when due, sumt s~ured. bY'.the trust. ideM., the ct~li6n ma"y be ~,red by paying the entir,e amount due at the' time oj. the cure other than s h portion as would no~ then be due had no default.. occurred. ~,~X other dela t that is capable 01 belnj cured may be cured by tendering the performance.:. required under the obli~tion or trust deed. !n any case, in addition to cti,Ting the delault or dela$/ts, the person ellectlng the cure shall pay to the "'eneliciary all costs andexpen~es ac~all,r..~'Jcu!'!ed",.iJ~.fIlI.pr~..tlt..:oh'!~lttidft 01 the trust c!eed to~et~with. trulte~ ~ "aiiCt atforney s fees 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 the notice 01 sale or the time to which said sale may be postponed as provided by law. The trustee may sell said property either in one parcel or in separate parcels and shall sell the parcel or parcels at auction to the hi~hest bidder lor cash, payable at the time 01 sale. Trustee shall deliver to the purchaser its deed in lorm as required by law conveyin~ th~ property ~ so~d, but without any covenant or warranty, express or im- pl1ed. The recItals In the deed 01 any matters 01 lact shall be conclusive prool 01 the truthlulness thereo/. Any person, excludin~ the trustee, but including the ~rantor and beneliciary, may purchase at the sale. 15. When trustee sells pursuant to the powers provided herein, trustee shall apply the proceeds 01 sale to payment 01 (1) the expenses 01 sale, in- c/udin~ 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 their interests may appear in the order 01 their priority and (4) the surplus, if 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 trustee herein named or appointed hereunder. Each such appointment anc! substitution shall b.e made by written instrument executed by beneliciary, which, when recorded In the mortgage records 01 the county or counties in whic~, ~he property is s#u~t~d, shall be conclusive prool 01 proper appointment 01 thtf SUcceSsor trustee. ' 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 notify any party hereto 01 pending sale under any other deed 01 trust or of any action or proceeding in which grantor, bene/iciary 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. II III 86-08a14 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 Contract of Sale, including the terms and provisions thereof, between Randall W. Hoff, as seller, and Patrick Shannon and Terri Lynn Shannon, husband and wife, as purchasers, w~_ich Contr~c~ is not of rec?rd, but is disclosed ~y Memorandum of Land Sale. ~n.tr.~ct, .~ated Sept8t'llber 2, 1982,~e~<?rd_~_~!ptemb!r 3, 1982, ~s Document No. 82_-~27~~!. Qffici_al ~~C?..._ds c;>f _,~~~I<~~I'J County,Oregon and that they will warrant and forever defend the same against all persons whomsoever. The grantor warrants that the proceed. 01 the loan repreaented by the above deecribed. note and this trust deed are: (a)* primarily for grantor'. personal, family, household or agricultural purposes (see Important Notice below), (~~fJ(~~~ft~~i~<<~~~~~~ft~~~~ft~jlIft1!ft~~ ~1tft. This deed applies to, inures to the benefit 01 and binds all parties hereto, their heir., legatees, devisees, administrators, execu- tors personal representatives, successors and assi,ns. The term beneficiary shall mean the holder and owner, includi~ p/ed,ee, of the contract secured' hereby, whether or not named as a beneliciary herein. In~nstrui~ this deed and whenever the contezt so requires, the masculine ,ender includes the leminine and the neuter, and the sin,ull4r number includes the plural. IN WITNESS WHEREOF, said grantor has hereunto set his hand the day and year first above written. * IMPORTANT NOTICE: Del"', by lining out, whichever _rranty (a) or (b) I, X ~e<<. St.....,,~ not applicable; If warranty (a) I. applicable and the beneficiary I. a creditor __u_____u_ _________u______________________~-----., ----------------------------------.... a. .uch word is defined in the Truth-In-Lendlng Act and Regulation I, the " · . beneficiary MUST comply with the Ad and Regulation by making required disclo.ures; for this purpo.., If this In.trument Is to be a FIRST lien to finance --- ---------------------------------------------- the purcha.. of a dwelling, u.. stevens-Ne.s Form No. 1305 or equivalent; if thl. instrument i. NOT to be a fint nen, or i. not to finance the purcha.. of a dwelling use stevens-Ne.. Form No. 1306, or equivalent. If compliance with the Act I. not required, dl.....ard this notice. . . - - -~- - - - - -; - - - .-:::.-:::--. ;",-~":....,:;,~.. --- (If the ligner of the above il a corporation, ule the form of acknowledgment oPPolite.) JANE OA VIS NOTARY PUBLIC - OREGON My Commission f~~., ST AT E OF ORE N, oun y 0 00_00___.:00___000.00_______ 00_ - - -- - - -- -- - - - - 00 00- - _ __00 _ __ __ _______ _____ __ __ _ _ _ __ __ _ _ _ _ _ __ _ _, 19___ _ 00 _ 00 00 __ _ __. Personally appeared - - - __ __ __ __ 0000 __ _ 00_ 00000000_ _n _ _ _ _ _ _ _ __ _ _ _00 _ 0000_ _ _ _ ___ _ ___ _u _ _ _ _ 00 _ _ _ _ _ _and --- -- - - --- -- --- ----- 00-------------00-00-----00- _ ___ ____ ___ ____00___________00_____ ________00___ who, each bein, first duly sworn, did say that the former is the--_m________u__u______oo_uuuu____n________m___m president and that the latter is the_oo___oo___m____u____u____uuu_______u__u_______u_______m__ secretary of -- ----__ _ 00_ __ _ _____ _ _ _______ _____ __ _ __ 00 __ __ __n __ _ _ _ _00 ___ __________ _ _ _ _ __ _ _____________ __ 00 00 _ _ _ _ _ _ _ _ _ _ _ _ _ __0 _00______00_____) SSe STATE OF OREGON, ) ) SSe County 01 ______Jackson____oouunuuuu__) _________Ap_r_i_l__ __2_3_______________00_____ _ ______a' 19_____8_6 _. Personally appeared the above named______h________________ _ _ __ _ _ _ _ _P_a t r_i ck _ _ _ S_han n_o_n _ _ 000_ __ _ ___ _ __ _ __ _ _00___ ___ 00 _ _ _ _ _ _ __ __00 . ___ _ _ _ ___T_e r_r i____Lynn___ _S hanno n_ ___ _ __ _ _u_ __ ___ __ _ _ _ ___ __ _ ___ ________m____________nooh_and acknowled'ed the fore~oing instru- ment to be--m_ootheir___________voluntary act and deed. Bef - _00 _ ______ _ _ -_ 00 _ 00____ __ 00 _ _ _ _ _ -_ _ _ -- _ __ _ __ _ ___ _ _ _ _ _ _ _ _ _ _ _ _ 00 _ __ _ _ _ _ _ __ _ _ _ 00_ _ _ _ ___ _ __ __ _ _ 00 ___ _ _ _ _____ 00 __ _ __ _ 00 _ _ _ _ _ _ n _ _ _ _ _ _ _ _ _ _00' a corporation, and that the seal affized to the foregoing instrument is the corporate seal 01 said corporation and that the instrument was si,ned and sealed in behalf of said corporation by authority of its board of directors; and each of them acknowled,ed said instrument to be its voluntary act and deed. Before me: (OFFICIAL SEAL) N otlU'Y Public lor Orelon (OFFICIAL SEAL) My commission ezpires: 12 / 2 7 / 8 7 My commission ezpires: IEQUEST FOI FULL IECONVEY ANCE I. be uHCI only when ...n,atlonl have ....n paid. TO: - - - - 00 00 00"'_ - __ 00 _ __ - _ _ _ ___ _ _ _ ___ __ _ _ __ _ _ _ _ _ _ _ _ 00_ _ n_ _ _ __ _ _ __ _ ____ 00 _ _ _____ __ _ _ _ _ __ _ _00 _ __ _____ __ __ _, Trustee The undersi,ned is the le,al owner and holder. 01 all indebtedness secured by the fore'oi~ trust deed. All sums secured by said trust deed have been fully paid and satislied. You hereby are directed, on payment to you 01 any sums owin, to you under the terms of said trust deed or pursuant to statute, to cancel all evidences 01 indebtedness aecured 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 --_-_-00---------000-----'-00---00-_0000__________00_________00________00____________00___________________. DATED: _ ___ - _.. ______ _ _00 _ u_ _ _ _ __00 _______00____ _ _ _______ ________ _u____ _ _ ___ _ _, 19____________. Beneficiary ~ n".I... er..,-_trey. tIIll Trutt DMcl.OI THE NOlI ,*,,'.11 ..o;,el. I.th mUlt be delivered t. the trultee f.r cancellation before reconveyance will be made. TRUST DEED Grantor SPACE "KM"V- FOR RECORD.".. U/ J~ ~,.o..- Becozdecl omcw. IICOID8 ~1IAY .141986.# & U-.aN s. B~.. -*.6.. ,-C:..-ze* . Q~ ,..... , }- r..' ~ L.. d.y , ........, ~ ~.... an -r-u- (FORM No. 111) STEVENS-NESS LAW PUB. co., PORTLAND. ORE. ..........., Beneliciary zfy. I ~oI AFTER RECORDING RETURN TO ll~~.~..". i By...... ................. ... ..._ ... ........ .........:-deputy ~ :~" II ~. c..-.-..., ... \., . . PROMISSORY NOTE Borrower' s Name Terri/Patrick Shannon Loan No. .056 HD-M Property Address' 464 Iowa Street, Ashland Loan Amount S4 . 800. 00 Date 4-22-86 Ashland, Oregon FOR VALU.E RECEIVED pursuant to a Deferred Payment Loan from the' City of Ashland, the u.nd.ersigned jointly and severally promise (s) to pay to the order of the City of Ashland, a political subdivision of the State of 'Oregon, or it's successors, the sum of ($4.800.00 ) . Fofir Thousarid Eiaht Hundred and no/lOa 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 thi~ indebt- edness. When death of the undersigned causes transfer of the property to a surviving spouse, the above previous shall not apply arid the rightsan~ responsibilities of this Note shall transfer with the pro- perty t.o the surviving spouse. Said payment 'shall be made in lawful money of the Unit'ed States of America at, the office of the Ashland Housing Rehabil~tation Program, Ashland, Oregon, or at such other places a& shall be designated by the City of Ashland. The unders1gned reserves the right to repay at any time .all of the principal amo.unt of this Note in a single payment without the payment of penalties, discount or premiums. Payment of less than the full ~um owing shall no~ be accepteQ. If suit or action is instituted by the City of A~hland to recover on this Note, the prevailing party agrees to pay t,o the losing party all costs of such collection, including reasonable attorney's fee~ and c~urt'costs at trial and on appeal. IN WITNESS WHEREOF, THIS NOTE AND TRUST DEED SECURING THE NOTE, HAVE BEEN DULY EX~CUTED BY THE UNDERSIGNED, AS OF THE DATE BELOW WRITTEN.. i>< .la:IJ,~ S~ IfIFY.t Signature q-Z1- ~~ Date )< L~~ If ' ~"",.I ~ Date II .~ CONSENT TO TRUST DEED FOR AND IN CONSIDERATION OF a Deferred Payment Housing Rehab- ilitation Promissory Note signed by the loan recipient Terri Lynn and patrick Shannon in favor of the City of Ashland, a political subdivision of the state of Oregon, and of the repairs to be made with the proceeds of such loan to property located at 464 Iowa Street, Ashland, Oregon, THE UNDERSIGNED, as sellers under a land sale contract wherein the above loan recipient (s,) is the buyer, HEREBY CONSENT ( S) to the recording of a Trust Deed against t.he loan recipient's interest in said property according to the terms and conditions of that Trust Deed. If the loan recipient fails 'to keep the paymentscur'rent under the contract, THE UNDERSIGNED. HEREBY AGREES to give prompt written notice of any nonpayment or late payment to the HO'using Rehabilitation Divi- sion, City Hall, Ashland, 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 Ashland to bring current. any such payments within 30 days of delivery of notice. This Consent to Trust Deed in no way per- mits that Deed to encumbe'r 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. " ~"" - I L. f ~ D 'c)~ V,. QIIl. Desmond ------n II ~. - .... CONSENT TO TRUST DEED FOR AND IN CONSIDERATION OF a Deferred Payment Housing Rehab- ilitation Promissory Note signed by the loan recipient Terri Lynn and Patrick Shannon in favor of the City of Ashland, a political subdivision of the State of Oregon, and of the repairs to be made with the proceeds Of such lo~n to property located at 464 Iowa Street Ashland, Oregon, THE UNDERSIGNED, as sellers ~nder a land sale contract wherein the above loan recipient(s) is the buyer, HEREBY CONSENT(S) to the recording of a Trust Deed against the loan recipient's interest in said p~operty 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 notice of any nonpayment or late payment to the Housing Rehabilitation Divi- sion, City Hall, Ashland, Oregon 97520 prior to b~ginning any suit or action for foreclosure of the loan recipient's interest in said property, and FURTHER AGREE(S) to permit the City of Ashland to bring current any such payments within 30 days of delivery of notice. This Consent to Trust Deed in no way per- mits that Deed 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 ~ lien against the l~an recipient's interest in the property. ~1~ Louis Kula II II