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HomeMy WebLinkAbout1985-084 Trust Deed - Wayburn .~ FOIM No. Il1-oregon Trult Deed S.rlM-T~. oc 85.-01274 ~- s<1'1S!j TRUST DEED t. ~ 7 '.00 .~VEN.-NE.S LAW PUBLISHING co., PORTLAND, OR. 87204'; .. J-.-IE. 1f"1I ~c!'Ot.\ ~ THIS TRUST DEED, made this -------~--------1-4_th___day of -------___Januar_y_____________________________, 198_5_____, between - - - - - -- - - -- -. ~_i:l:l :t_g_W__ --~ -!- - - - ~ ~Y9_Y._~J)__ _ _g n g _ _ _ J~ l_!_a_ _ _ _C_!_ __ _ r QW. ~_l_l_:: W _gyQ !-!~_D_ _ _ _ _ __ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ __ _ _. _ _ _ _ _ _ _ _ _ _ _ __ __ _ _ __ __ _ _ __ _ _ _ _ ___ - -.--- --- ---.---- - - -- -- -- - --- - - - - -- - - - - - - -- - - - - - - --- - -- - - -- - - -- -- --- - -- - - -- - - -- - - - - - - -- - - -- - - - - - - -- - - -- - - - .- -- - - .--.. - ---.. - -. --.. -- --- --. --- -.. --- - .--- -- -.- ---. --..- - ---- - - - - -- - - -- -- - - -- - - -- - - -- - - -.-- -- - - -- - - - - -, as Grantors --- -- -- --- ----.- ---u--~x:~t-~-~----T-it-l~-uJ-D-~-U-:r-a-I.l-Q~---C-Q-mp-a-Oy- __ __ ______ __uu__n__________u______________., as Trustee, and - -- - - -- - - - -.- - - - - - - - - - - -.. - - - -- - - - - - - - - - - -- - - - - - - - - - - -. - - - - -- - - - - -- - - - - - - - - - - -- - - - - - - - - - - -- - -. - -- - - - - --. - - - -- - - -- - - - - -. - - - - - - - - - - -. - - - - - - - - - tit _ _ _ _ _ _ __ _ _. _ __ _ _. _ _. _ _ _ _ __ _ _ _ _. _ _ _ _ _ '. _ _ _ _.._ _ _ _ _ _ _ _ _ _ _ _ _ _. _ _ _ _ _ _ _ _ _ _ _ __ - --- - - - -- -- -.--- -- - -- -- - - -- -- - - -- - - - - -- - - - - __Th~_ _ __ C_!_t y_ _ _ Q f _ _ _A~_h l.a.o_g_..... ._.___..__ _ _ _________._ _ __ __ _ _ ______.___ _ _______ __ __.__ _ _. _____.'__ ____ _ _ _____.. __ _ _ __ _ _ __ _ _ __ _ _ __ _ _._ _ _ _ _ _, as Beneficiary, WITNESSE,TH: Grantor irrevocably .jrants, barjains, sells and conveys to trustee in trust, with power of sale,. the property in -----J.aC.ks-OD_______________________________County, Orejon. dtJtXtljiIKX<< for the Contract Purchasers' interest in the real property described as: chains East and North of Government Lot 4 in Willamette Meridian in 000 23' West 291.3 feet to the South thence West 50 feet; thence South 000 feet to the place of beginning. Beginning 6.08 west corner 1 Ea~t of the North Oregon; East ,50 West 178 feet fro! the South- in Township 39 South, Range County, Oregon; thence line of Iowa Street, in Ashland, 23' East 291.3 feet; thence 00 23' Section 9 Jackson 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 fix.tures 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 !-- - - - -- _f9_U.r_ _ __t_ b_Q_us.an.d_ --e-ig_ht____bu_nd_r_ed_!_~_~__~ _~_!_~_~_~_~_ ~_~_~_~_~_~_~_ ~ _~_~. '!!._~_ ~_~_~_~_~.'!!._~_ ~_~_~_~_~_'!!._~_ ~_~_~___ .__~_~_~_~_~_~.~~_1!_~_~_~_~_~_~_~_~_~_~_~_~_~~.~_~_~_~-~-~-~-~-~-~-~~-~-Bollars, with interest thereon according to the terms of a promissory ::e :::o:e:~;~et~;';'-::~' :;a:;;le~~~~II_;l;_:;'+.:~~_:~~f~~, ~~..~i=I__~Yment of principal and interest hereof, it ']'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, 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 dqe and payable. The above .ctescribed 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 pel condition .and repaqi not to remove or d-.olfJla any bp.ildinA or improvement thereon; not to cortJmit or permit any waste 01 said "..operty. 1. !: To complete .or reatore proGllJlb 'iIIffd in Pd and workmanlike manner a~y buildin. or improvement wlliOll may be constructed, damaAed or destroyed 'thereon, and pay when due all co8fs incut'red therefor. 3. To comply with all laws, oramances, re.ulations, covenants, condi- tion. and. restrictions allecti"" saidP'OpeFtYiil the beneficiary so requests, to join . in~m, sadl Imancln. statements pursuant to tli&-' Uniform Commer- ci.1 Code' as the beneliciary may require and to pay lor filinA same in the proper public oflice or ollices, as well as the cost 01 al1 lien searches made by lilin.. oflicers or searchinA a.ncies as may be deemed desirable by the beneliciar~ . 4. : To provide and continuously maintain insurance on the buildin,. now or herealter erected on the said premise8a.inst 1088 or damaAe by lire and such other hazards as the W9fwiarX }(lay from time to time require, in an amount not less than ,-----~-~U-U-..-U_U-----.--------.--oo-----------.------, written in companies acceptable to the bene/iciary, with loss payable to the latter; all policies 01 insurance shall be delivered to the beneficiary as soon as insured; il the Arantor shall lail lor any reason to procure any such insurance and to deliver i.. policies to the beneficiary at least lifteen days prior to the expira- tion of y policy 01 insurance now or herealter placed on said buildings, the bene' . ry may procure the same at grantor's expense. The amount col1ected nder any lire or other insurance policy may be applied by benefi- ciary upon any indebtedness secured hereby and in . such order as beneliciary may determine, or at option 01 bene/iciary the entire amount so collected, or any parttJaereof, may be released to .rantor. Such application or release shal1 not cure (i)r waive any delault or notice of delault hereunder or invalidate any act done pursuant to such notice. 5. . To keep said premises free from construction l:ens and to pay all taxes, ......ments and other charAes that may be levied or assessed upon or against _d property belore any part 01 such taxes, assessments and other charges ~me past due or delinquent and promptly deliver receipts theretor to beneficiary,' should the Arantor fail to make payment of any taxes, assess- ments, in.urance premiums, liens or other charges payable by Arantor, either by direct. payment or by providinA beneliciary with lunds with which to make such-payment, beneliciary may, at its option, make payment thereof, and the ~unt so paid, with interest at the rate set forth in the note secured hereby. tqAether with the obligations described in paraAraphs 6 and 7 01 this trust deed, shall be added to and become a part 01 the debt secured by this trust dee4, without w.iver 01 any ri~hts arisin~ Irom breach 01 any of the covenant.tf. hereol and lor such payments, wth interest as a/oresaid, the prop- erty here' elore described, as well as the Arantor, shal1 be bound to the same ext nt that they are bound lor the payment of the obli.ation herein described, I and all such payments shall be immediately due and payable with- out notk~, and the nonpayment thereol shall, at tbe option 01 the bene/iciary, render alll sums secured by this trust deed immediately due and payable and constitute ia breach 01 this trust deed. 6 _ I To pay all costa, lees and expenses 01 this trust including the cost 01 title ""ch as well as the other coat. and expen... 01 the truatee incurred in connection with or in enlorcing this obliAation and trustee's and attorney's lees actuatly incurred. 7. . To appear in and delend any action or proceedinA purporting to allect thel security rights or powers. 01 beneficiary or trustee; and in any suit, action or proceedinA in which the ~eneficiary or trustee may appear, includi!1g any suit 'or the. 10reclO8UJ'e ot thIS .deed, to pay al1 costs and expense., In- cluding etidence 01 title and the. beneliciary's or. trustee's attorney's I"s; th, amount Of attorney's. lees mentioned in this paraAraph 7 in all cases shall be lixed by he trial court and in the event 01 an appeal from any judlment or decree 01. the tri.1 court, Arantor further aArees to pay such sum as the ap- pel1ate ~rt shall adjudge reasonable as the beneliciary's or trustee's attor- ney's lees. on such. appeal. . I t is mutually _ a,,.eed that: 8. In the event that any portion or all 01 said property shall be taken under the ri.ht of eminent domain or condemnation, benelICiary shal1 have the right, il. it so elects, to require that all or any portion of. the monies payable as compensation lor such taking, which are in excess of the amount required to pay al1 reasonable costs, expenses and attorney's lees necessarily paid or incurred by .rantor 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 aecured hereby; and .rantor agrees, at its own expense, to take such actio.. and e%eeute such instruments as shall be necessary in obtaining such com- pel1llJtion, promptly upon beneliciary's request. 9. A t any time and Irom time to time upon written request of bene- liciary, payment of its lees and presentation 01 this deed and_ the note lor endorsement (in case of full reconveyances, for cancel1ation), without allecting the liability 01 any person lor the payment 01 the indebtedness, trustee may (a) consent to the makinA of any map or plat of said property,' (b) join in granting any easement or creating any restriction thereon,. (c) join in any subordination or other aAreement alfectinA this deed or the lien or charge thereol,' (d) reconvey, without warranty, all or any part of the property. The Arantee in any reconveyance may be described as the "person or persons legally entitled thereto," and the recitals therein of any matters or facts shal1 be conclusive proof of the truthlulness thereol. Trustee's fees lor any of the services mentioned in this paragraph shal1 be not less than $5. 10. Upon any default by grantor hereunder, beneliciary 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 lor the indebtedness hereby secured, enter upon and take possession of said prop- erty or any part thereof, in its own name sue or otherwise collect the rents, issues and profits, includinA those past due and unpaid, and apply the same, less costs and expenses 01 operation and collection, including reasonable at tor- ney'~ fees upon any indebtedness secured hereby, and in such order as bene- ficiary may determine. 11. The entering upon and taking possession 01 said property, the col1ection of such rents, issues and prolits, or the proceeds 01 lire and other insurance policies or compensation or awards for any taking or damage 01 the property, and the application or release thereol as aloresaid, shall not cure or waive any delault or notice of delault hereunder or invalidate any act done pursuant to such notice. 11. Upon delault by grantor in payment 01 any indebtedness secured hereby or in his performance 01 any agreement hereunder, the beneficiary may declare al1 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 mortgaAe or direct the trustee to foreclose this trust deed by advertisement and sale. In the latter event the beneliciary or the trustee shall execute and cause to be recorded his written notice 01 delault and his election to sel1 the said described real property to satisly the obligation secured hereby. whereupon the trustee shall lix the time and place 01 sale, give notice thereol as then required by law and proceed to foreclose 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 privileAed by ORS 86.753, may cure the de/ault or delaults. If the delault consists 01 a failure to pay, when due, sums secured by the trust deed, the delault may be cured by payinA 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 de/ault that is capable 01 beinA cured my be cured by tenderinA the performance required under the obligation or trust deed. In any case, in addition to curing the delault or defaults, the person effecting the cure shal1 pay to the beneliciary all costs and expenses actuaJ1y incurred in enforcinA 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 desiAnated in the notice of 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 shal1 sell the parcel or parcels at auction to the hiAhest bidder lor cash, payable at the time 01 sale. Trustee shal1 deliver to the purchaser its deed in form as required by law conveying thepr~perty 80 sold, but without any covenant or warranty, express or im- plied. The recitals in the deed of any matters of fact shal1 be conclusive prool 01 the truthfulness thereol. Any person, excluding the trustee, but including the Arantor and beneliciary, may purchase at the sale. 15. When trustee sel1s pursuant to the powers provided . herein, trustee shall apply the proceeds 01 sale to payment 01 (1) the expenses 01 sale, in- cludin. the compensation 01 the trustee .nd a reasonable char. by trustee's attorney, (2) to the obliAation secured by the trust deed, (3) to all persons having recorded liens subsequent to the interest of the trustee in the trust dee4 as their interests may appear in the order 01 their priority and (4) the surplus, if any, to the AI'antor or to his successor in interest entitled to such surplus. 16. Beneliciary may Irom time to time appoint a successor or succes- 80rs 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 al1 title, powers and duties conferred upon any trustee herein named or appointed hereunder. Each such appointment and substitution shal1 be made by written instrument executed by beneliciary, which, when recorded in the mortAage records 01 the county or counties in which the property is situated, shaJJ be conclusive proof 01 proper appointment 01 tlte successor trustee. 17. Trustee accepts this trust when this deed, duly executed and acknowledAed is made a public record as provided by law. Trustee is not obli.ated to notify any party hereto of pendinA sale under any other deed of trust or 01 any action or proceeding in which grantor, beneficiary or trustee shall be a party unless such act!on or proceedinA is brouAht by trustee. NOTE: The Trust Deed Ad provides that the trustee hereunder must be either an attomey~ 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 ins~re 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. f"!: ~ .--: ' f "1.i' ~" . .', .,.{ The srantor covenants and agrees to and with the beneficiary and those claiminA under him, that he is law- fully seized in lee simple 01 said described real property and has a valid, unencumbered title thereto: t his Trust Deed is inferior to a Contract of Sale, including the terms and provisions therof, between Hazel A. Spencer, as seller, and william L. Wayburn and Julia c. Po~ell-Wayburn, husband and wife, as purchasers, which Contract is not of record, but is disclosed by Memorandum of Land Sale Contract dated December 28, 1979, recorded January 10, 1980, as Document No. 80-00621, Official Records of Jackson County, Oregon: and that they will warrant and forever defend the same against all persons whomsoever. The 'rantOf' warrants that the proceeds 01 .the 10lltl rep~ted by the above deecribed note and this trust deed ....: (.)* pt'imari/y.'<< ,ranJor'. per.onal, lamily, hoaaehold or. .,rica~tural purpoaes (_ Import..t Notice below), ti_tDK~X'JI9l90(""~~tC4HI}8{~t(__X4ItI>>IIJt}fJlj(JUflNltuiK ThI. deed .""lie. to, inu,.. to the benelit 01 and bind. all partie. hereto, their heir., le,.t.., devi...., admiaiatr.tor., ueca- tors, personal repreaentatives, 8Uccessors and llUi'fttJ. The term beneliciary ,h.ll mMn the holder and owner, incladi", pled,.., 01 the contract secured hereby, whet'-,.. or not named as . beneliciary herein. In~nstrui~ this deed and whenever the contezt so requires, the maaculine ,.nIIe,. includes the leminine and the neater, and the ai~ul.. number include. the plural. IN WITNESS WHEREOF, said ~antor has hereunto set his hand the day and year first above written. ~~::c.~~~::::::::::::::::::-:::::::::: · IMPORTANT NOTICE: De...., Ity lining out, whichever warranty (a) or (b) I. not appIIcaItIe, If wamlntyCa) It .ppllc.... and the beneficiary I. . creditor a. such word I. "Inecl In the Truth-ln-l.endlnl Act and Regulation Z, the .....fIcI." MUST COMply with .... Ad and _..u""'" by......... ,..,lrecI cllsclo...., for thl. pu......., If thl. Instrument Is to ... a FlIST II.nto flnanc. .... purchase of a eIw.lllng, use Stwens-Nes. Form No. 1305 orequlval.nt, If this Instrument .. NOT to be a lint II.n, or I. not to finance the purchase of a dwelll,. u.. Steven........ Forlll No. 1306, or ....lvaIent. If COMpliance with .... Act I. not ....uIrH, dl.....rdlhl. notice. IIf .... IIJIII.' of .... above il a corporation, .... the form of acknowled.....nt opposite.) STATE OF OREGON, ) ) lIS. County 01 ----~_____u_________u_____________) ------------------- ,len'aJ'Y--14--------------------___, 19-.85.-____. Peraona11y appeared the above named________________________ ::::::::::::~;t:~~z;.=~:~~l~:t:;~:::::::::::::::: ---------------------------___and acknowled~ the lore~oi~ instru- ment to be---ootlBiru----_____________voluntary act and deed. Bel e .- -- -- - - - -- - - - - - - - - - - ----- - - --- - -- - - __a - __ - - __ - ___ - - - __ ____ __ __ - ____ ___ - - - - ___ __a __ - - - ____ - __ STATE OF OREGON, County 01----------__________________________________________________) _. ------- ------ - - ----- --------------------------- - - ---- --- - - -___, 19___ ____ ____~____. PersoM1ly appeared - - - ------- ------__ ______ __________ _ _ __ _ _ _ ___ __ ________ _ _ _____ _____ _ ___ ___ _ __ -_and - -- - - - - ---- - - -- ----- ------ ---- -- ------ --- -----00 - --- --- - - - - - -- ---- ---____________ _ _ __ __ _ _ ___ ___ _ wlao, each bei~ lirst duly sworn, did say that the lormer is the____________________________________________________________ president and t~t the latter is the----____u______________________________________________u____________ secretary 01. --------- ------ -------------- ------------- _ -________ _ _ _ ________________ _ _ _ ________________________ _ _ _ _ _ _ _ _ __ __00 -- -- ------- - - -- ----------- --- - - - ---------- - -- - -- - -- - - - - -- - --- - - - --- -- - - -- - - - --- -- - --- - - ----- - - ---- - - - ---------- -- - - -- ------ - - - - - - -- -- --, a corporation, and that the aeal .llized to the lore~i,., instrument i. the corporate seal 01 said corporation and that the instrument was si~ned and sealed in behall 01 said corporation by authority 01 its board 01 directors; and each 01 them aclcnow1ed~ said instrument to be its voluntary act and deed. Belore me: - -...... -- ---- --....... ---...................... ------- ------- -- ------...... --- - -- ..--- - --......-.. -------...-... -- - ------...--....---- Notary Public lor Ore.,n My commi~on eZpUea: (OFFICIAL SEAL) IEQUEST POI FULL IECONVEY ANCE T. ... ..... eft" when ...n........ have ...... palcl. TO: - --. - -- -- ~ --. - -. -- - - - - ---. _ ------ -- __ _ _ --__ _ _ --__ ___ ___________ __ _____ ________ __ _______ ___ _________, Trust.. The underai,ned is the le~al owner and holder, 01 all indebtedneaa NCured by the IoreFi~ trust deed. All sums aecured by said trust deed have been fully paid and ..tislied. yoCil'_byare directed, on payment to you 01 any sums owi~ to you under the terms of said trust deed or pursuant to st.tute, to cancel-a1~;'evidenees 01 indebtedness secured by said trust deed (whicla are delivered to you herewith tGletMr with said trust deed) and to reconvey, without w.ranty, to the parties desi~natecl by the ter~s 01 said trust deed the eatate now held byfyou uncler the same. Mail reconveyance and documents! to -----------_____________________________________00____________________________________________________00__. DATED: - ---- _.. ___u_ - -__ - - __ __ - 00-- ________ ______ _ 00_____________ _00_____ _ ___ _ _, 19___00_______0 - -... -.. - --- -.. - - --.. - - .. - -.. - - -- -- - - - -.. -- - --..- - -- ----.. _.. ---- --..-... -- - --- -- -------... -- _..- - _.. - -- - -- -.... - - - --.. -.. ---....... --- - - - - -- - ----- --..- .. --- - - ..---------...... -.. - ------ ...-------.. ------------------- ...----- ---..... - ----- -.. --- --... - -......- - -... -... - - - - - -...... -- -..... -... -.. -.. - -- --.... - -........ Beneficiary De n.t .... or cI..t,., thl. Tru.t DHtI 01 THE NOTE wltlch It "CVNI. ..... InUIt ... ".lIvereel t. .... trustee 'or c..c.llation ...,.... reconv.,..c. will be IIICICI.. TRUST DEED (FORM No. lilt STEvaNS-Nass LAW PUB. CO.. PORTLAND. ORE. Grantor Beneliciary AFTER RECORDING RETURN TO STATE OF OREGON, ~.....} 88. tument l.... flay , , ...-..., ~ ~....._ on tinltro- I r----...---, t-F. _01 I I SPA<X .... P"OR RECOIIMIt". Jackson County, Oregon Recorded OmCIAL RECORDS 9 ~ 3tJ J AN 2 8 1J85 R. Me ~XATHLE.EN S. BECKETT _c:~~~ : TITLE peputy . r-\ ...-...... CONSENT TO TRUST DEED FOR AND IN CONSIDERATioN OF a Deferred Payment Housing Rehab- ilitation Promissory Note signed by the loan recipient ~Jnli" J>qwelJ-tinc;1 Wj:llia~ Wayburn . in favor of the City of Ashland, .a political sub:ivision of the State of Oregon, and of the. repairs to be made with the proceeds of such loan to . property located at 620 Iowa Street , Ashl.and, Oregon, THE UNDERSIGNED, as sellers under a land sale 'contract wherein the above loan recipient ( s) is the buyer, HERE- BYCONSENT(S) to the recording of a Trust Deed against the 10$n rec.ipients interest in said property according to the terms and condi.tions of that Trust Deed.lf the loan recipient fails to keep the payments current under the contract, THE UNDERSIGNED HER~BY. AGREES .tOgiveprompt written notice of any nonpayment or l$tepaymentto the. Housing ~ehabilitation Pivision., Ci.ty Hall, Ashland, Oregon 97520 prior to beginning any suitor action for foreclosure of the loan recipient's interest in said property, and FURTHERAGREE(S) to permit the City of Ash- land to bring current any such payments within 30 days of de- livery of notice. This consent to Trust Deed in no way permits that Deed to encumber the interest of THE UNDERSIGNED in said property. It is for the purpose of waiving any provision in the above identifi~d land sale contractw~ich may prohibit the loan recipient from creating or permitting to be created a. lien against the loan recipient's . interest in the property. a.t~~j.~ ,~~<>~/ STATE OF OREGON ) ) SSe COUNTY OF JACKSON) Personally appeared - before m.eon the 2{ ~y Of~u..-A&..'1 1985, the above named .. AL...,C,E S. ATft~~A S and acknowledged the foregoing instrument to be his/her/their voluntary act and deed. . ... '~~.}.-Notary li for Oregon My Conunission Expires: 12.- -27-&, JANE DAVIS' NOTARY PUBLIC. -- ORE'GON My Commiss;op Expires -I ,r--,- , PROMISSORY NOTE . LOqn Amount:.. $4 Rn n n n Loan Number OB2-HDM Date: 1 11 4 I ~.I:) Ashland, Oregon FOR VALUE RECEIVED pursuant to a Defer~ed Payment Loan from the City of Ashland, the undersigned jointly and severally promise(s) to pay t.o the order of the City of Ashland, a political subdivision of the Sta~e of Oregon, or it's successors, the $\1In of - F(\11 r .. 1-11nll ~ ~nne ighthnnd,:-~d * ** * * * * * * *** * * * * *." * * ** * * * *.* *do lIars. ($< 4A noon .). -.. '. THIS NOTE s.hall become due an_d payable .upon any actual or attempt- edtransfer,voluntary or involuntary, including by operation of law or death of the undersigned, of any interest in that certain real property identified and described.il1 the Trust Deed securing this indebtedness. When death of the undersigned causes transfer of the prop.erty to a surviving spouse , t.he above previous shall not apply and ~the rights and responsibi,lities of this Note shall transfer with the property to the surviving spouse. Saidpaymen.t shall be.made in lawful money of the United States of America at the office of the Ashland Housing Rehabilitation Program"f 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 pay- ment ofpenalties,discoun:t or premiums. Payment of less than the full suin owing shall not' be accepted. If suitor action is instituted by the City of Ashland to recover o.n .this.Note,the' prevailing party agrees to pay..to the losing party all costs of such collection, including reaso.nable attorney's 'fees -and court costs at trial and on appeal. IN WITNESS WHEREOF, THIS NOTE AND TRUST DEED SECURING THE NOTE, HAV8BEEN DULY EXECUTED BY THE UNDERSIGNED, AS OF THE D.ATE B.ELOW WRITTEN. ~~nature: l{!fA u: I ( te r ~~fZ-*-f:~ i, · (.signature) · ... _, 1- /'Y-tfS -( date)