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HomeMy WebLinkAboutL_TitleReport_250723_v1.pdfInstrument Number: 20250630000027 Document:DT Rec: $314.50 Page-1 of 11 Record Date:6/30/2025 8:41 AM Electronically Recorded King County, WA RETURN ADDRESS: Craft3 1336 NW Flanders St, PMB 229 Portland, OR 97209 DEED OF TRUST DATE: 6/27/2025 Reference # (if applicable): 28785 Grantor(s): 1. 200 SW 41st LLC Grantee(s) 1. Craft3 Future Fund 2. Old Republic Title LTD, Trustee Additional on page Legal Description: Lot 6, BURLINGTON NORTHERN, A BINDING SITE PLAN, according to the plat thereof recorded June 30, 1992 in Volume 161 of Plats, pages 8 through 11 under Recording No. 9206302696, records of King County, Washington. SITUATE in the County of King, State of Washington Additional on page _ Assessor's Tax Parcel ID#: 125360-0050-08 THIS DEED OF TRUST is dated 6/27/2025, among 200 SW 41st LLC , a Washington limited liability company, whose address is 200 SW 41st St, Renton, WA 98057 ("Grantor"); Craft3 Future Fund, whose mailing address is 1336 NW Flanders St, PMB 229, Portland, OR 97209 (referred to below sometimes as "Company" and sometimes as "Beneficiary"); and Old Republic Title LTD, whose mailing address is 601 Union St, Suite 1501, Seattle, WA 98101, (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable consideration, Grantor conveys to Trustee intrust with power of sale, right of entry and possession and for the benefit of Company as Beneficiary, all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property" and sometimes as "Musharakah Old Republic Title 26-20036 Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-2 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 2 Asset") located in King County, State of Washington: Lot 6, BURLINGTON NORTHERN, A BINDING SITE PLAN, according to the plat thereof recorded June 30, 1992 in Volume 161 of Plats, pages 8 through 11 under Recording No. 9206302696, records of King County, Washington. SITUATE in the County of King, State of Washington The Real Property or its address is commonly known as 200 SW 41st St, Renton, WA 98057. The Real Property tax identification number is 125360-0050-08. CROSS-COLLATERALIZATION. This Deed of Trust secures all obligations, responsibilities, and liabilities, of Grantor or Customer to Company, as well as all claims by Company against Grantor and Customer, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Agreement or Related Documents, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor or Customer may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to pay such amounts may be or hereafter may become otherwise unenforceable. Grantor hereby assigns as security to Company, all of Grantor's right, title, and interest in and to all leases, Rents, and profits of the Property. This assignment is recorded in accordance with RCW 65.08.070; the lien created by this assignment is intended to be specific, perfected and choate upon the recording of this Deed of Trust. Company grants to Grantor a license to collect the Rents and profits, which license may be revoked at Company's option and shall be automatically revoked upon acceleration of all or part of the Payments, individually and collectively, that Grantor is to make to Company pursuant to the Agreement. In addition, Grantor grants to Company a Uniform Commercial Code security interest in the Personal Property and Rents. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE GRANTOR'S OR CUSTOMER'S (A) PAYMENTS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THIS DEED OF TRUST. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF GRANTOR'S OR CUSTOMER'S OBLIGATIONS UNDER THAT CERTAIN MUSHARAKAH AGREEMENT AND RELATED DOCUMENTS BETWEEN GRANTOR OR CUSTOMER AND COMPANY OF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE MUSHARAKAH AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO BE AN EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Deed of Trust is executed at Grantor's request and not at the request of Company; (b) Grantor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property to the fullest extent consistent with its right, title, and interest in such Property as determined pursuant to the Agreement; and (c) the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not result in a violation of any law, regulation, court or other decree or order applicable to Grantor. GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti -deficiency" law, or any other law which may prevent Company from bringing any action against Grantor, including a claim for deficiency to the extent Company is otherwise entitled to a claim for deficiency, before or after Company's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale. PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Customer and Grantor shall pay to Company all Payments secured by this Deed of Trust as each and all become due, and Customer and Grantor shall strictly perform all of its respective obligations under the Agreement, this Deed of Trust, and the Related Documents. POSSESSION AND MAINTENANCE OF THE PROPERTY. Subject to the terms and conditions of the Agreement, Grantor agrees that Grantor's possession and use of the Property also shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property (this privilege is a license from Company to Grantor automatically revoked upon default). The following provisions relate to the use of the Property or to other limitations on the Property. The Real Property is not used principally for agricultural purposes. Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Company's prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Company's prior written consent. As a condition to the removal of any Improvements, Company may require Grantor to make arrangements satisfactory to Company to replace such Improvements with Improvements of at least equal value. Company's Right to Enter. Company and Company's agents and representatives may enter upon the Real Property at all reasonable times to attend to Company's interests and to inspect the Real Property for purposes of Grantors compliance with the terms and conditions of this Deed of Trust. Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-3 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 3 Compliance with Governmental Requirements. Grantor shall promptly comply, and shall promptly cause compliance by all agents, tenants or other persons or entities of every nature whatsoever who rent, lease or otherwise use or occupy the Property in any manner, with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Company in writing prior to doing so and so long as, in Company's sole opinion, Company's interests in the Property are not jeopardized. Company may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Company, to protect Company's interest. Dutyto Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY COMPANY. Company may, at Company's option, (A) declare immediately due and payable all sums secured by this Deed of Trust or (B) impose such other conditions as Company deems appropriate, upon the sale or transfer of any kind, without Company's prior written consent, of all or any part of Grantor's share of the Real Property under the Agreement, or any right, title or interest Grantor has or may acquire in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease -option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Grantor is a corporation, partnership or limited liability company, transfer also includes any restructuring of the legal entity (whether by merger, division or otherwise) or any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may be, of such Grantor. However, this option shall not be exercised by Company if such exercise is prohibited by federal law or by Washington law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust: Tax and Lien Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including water and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the Company's right, title or interest in the Property pursuant to the Agreement or interest of Company under this Deed of Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this Deed of Trust. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Company's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Company, deposit with Company cash or a sufficient corporate surety bond or other security satisfactory to Company in an amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Company and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Company as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Company satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Company at anytime a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Company at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Company furnish to Company advance assurances satisfactory to Company that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property area part of this Deed of Trust. Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Company. Grantor shall also procure and maintain comprehensive general liability insurance in such coverage amounts as Company may request with Trustee and Company being named as additional insureds in such liability insurance policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business interruption, and boiler insurance, as Company may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Company and issued by a company or companies reasonably acceptable to Company. Grantor, upon request of Company, will deliver to Company from time to time the policies or certificates of insurance in form satisfactory to Company, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Company. Each insurance policy also shall include an endorsement providing that coverage in favor of Company will not be impaired in anyway by any act, omission or default of Grantor or any other person. Should the Real Property be located in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Company that the Property is located in a special flood hazard area, for the full unpaid principal balance of the indebtedness and any prior liens on the property securing the indebtedness, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Company, and to maintain such insurance for the term of the indebtedness. Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-4 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 4 Application of Proceeds. Grantor shall promptly notify Company of any loss or damage to the Property. Company may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Company's security is impaired, Company may, at Company's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Company elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Company. Company shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Company has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Company under this Deed of Trust, i.e., outstanding Rent and Musharakah shares , and the remainder, if any, shall be distributed between AI Mandi Society of Washington and Craft3 Future Fund according to membership unit ratio in the 200 SW 41st LLC at that time. Grantor's Report on Insurance. Upon request of Company, however not more than once a year, Grantor shall furnish to Company a report on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Grantor shall, upon request of Company, have an independent appraiser satisfactory to Company determine the cash value replacement cost of the Property. COMPANY'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Company's right, title, or interest in the Property or if Grantor fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Deed of Trust or any Related Documents, Company on Grantor's behalf may (but shall not be obligated to) take any action that Company deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid by Company for such purposes will be added to and become a part of the Payments and, at Company's or Customer's option, will (A) be payable on demand; (B) be added to the balance of the remaining Payments and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Payments under the Agreement; or (C) be treated as an additional lump sum payment which will be due and payable with the last scheduled Payment to be made in accordance with the Agreement. The Deed of Trust also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Company may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances other than (i) as qualified and limited to its share and corresponding right, title and interest in the Real Property under the Agreement and exclusive of Company's ownership, title and right in and to the Real Property under such Agreement and (ii) those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Company in connection with this Deed of Trust, and (b) having consulted with counsel and advisers of its choosing, including without limitation, persons duly empowered to approve and certify this Deed of Trust, the Agreement, and all Related Documents and the overall undertaking of acquiring the Property as being fully compliant with Islamic law, Grantor has the full right, power, and authority to execute and deliver this Deed of Trust to Company. Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property, including without limitation Company's share of such ownership, right, title and interest in the Property, against the lawful claims of all other persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Trustee or Company under this Deed of Trust, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Company shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Company's own choice, and Grantor will deliver, or cause to be delivered, to Company such instruments as Company may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Deed of Trust shall survive the execution and delivery of this Deed of Trust, shall be continuing in nature, and shall remain in full force and effect until such time as Grantor's purchase of Company's Musharakah Share and all Payments have been made in full in accordance with the Agreement. CONDEMNATION. The following provisions relating to condemnation proceedings area part of this Deed of Trust: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Company in writing, and Grantor shall promptly take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Company shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice all at Grantor's expense, and Grantor will deliver or cause to be delivered to Company such instruments and documentation as may be requested by Company from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation, Company may at its election require that all or any portion of the net proceeds of the award be applied to the Payments by Grantor to Company or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-5 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 5 incurred by Trustee or Company in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust: Current Taxes, Fees and Charges. Upon request by Company, Grantor shall execute such documents in addition to this Deed of Trust and take whatever other action is requested by Company to perfect and continue Company's lien on the Real Property. Grantor shall reimburse Company for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon all or any part of the Payments or other obligations and liabilities of Grantor or Customer to Company under the Agreement, which are secured by this Deed of Trust; (2) a specific tax on Grantor or Customer which Grantor or Customer is authorized or required to deduct from Payments secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Company or its assignee; and (4) a specific tax on all or any portion of the Payments made by Grantor or Customer. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default, and Company may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with Company cash or a sufficient surety bond or other security satisfactory to Company. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Company shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Company, Grantor shall take whatever action is requested by Company to perfect and continue Company's security interest in the Rents and Personal Property. in addition to recording this Deed of Trust in the real property records, Company may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Deed of Trust as a financing statement. Grantor shall reimburse Company for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Company and make it available to Company within three (3) days after receipt of written demand from Company to the extent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Company (secured party) from which information concerning the security interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Deed of Trust. FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this Deed of Trust: Further Assurances. At any time, and from time to time, upon request of Company, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Company or to Company's designee, and when requested by Company, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and in such offices and places as Company may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Company, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Grantor's and Customer's obligations under the Agreement, this Deed of Trust, and the Related Documents, and (2) the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Company agrees to the contrary in writing, Grantor shall reimburse Company for all costs and expenses incurred in connection with the matters referred to in this paragraph. Attorney -in -Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Company may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Company as Grantor's attomey-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Company's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Customer or Grantor makes all of the Payments when due, and Grantor otherwise performs all the obligations, responsibilities and liabilities imposed upon Grantor under this Deed of Trust, the Agreement, and the Related Documents, Company shall execute and deliver to Trustee a request for full reconveyance and shall execute and deliver to Grantor suitable statements of termination of any statement on file evidencing Company's security interest in the Rents and the Personal Property. Any reconveyance fee shall be paid by Grantor, if permitted by applicable law. The grantee in any reconveyance may be described as the "person or persons legally entitled thereto", and the recitals in the reconveyance of any matters or facts shall be conclusive proof of the truthfulness of any such matters or facts. EVENTS OF DEFAULT. Each of the following, at Company's option, shall constitute an Event of Default under this Deed of Trust: Payment Default. Customer fails to make any Payment when due under the Agreement. Other Defaults. Customer or Grantor fails to comply with or to perform any other term, obligation, covenant or condition Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-6 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 6 contained in this Deed of Trust, the Agreement, or any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Company and Customer or Grantor. Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Agreement or any of the Related Documents. Default on Other Payments. Failure of Grantor within the time required by this Deed of Trust to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Default in Favor of Third Parties, Should Customer or any Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Customers or any Grantors property or its ability to make the Payments as required under the Agreement, or Customer's or any Grantor's ability to satisfy or perform its obligations and liabilities under this Deed of Trust, the Agreement, or any of the Related Documents. False Statements. Any warranty, representation or statement made or furnished to Company by Customer or Grantor or on Customer's or Grantor's behalf under this Deed of Trust, the Agreement, or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. Defective Collateral ization. This Deed of Trust, the Agreement, or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The dissolution or termination of Customer's or Grantors existence as a lawful organization, the insolvency of Customer or Grantor, the appointment of a receiver for any part of Customer's or Grantors property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Customer or Grantor. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Customer or Grantor or by any governmental agency against any property securing the Agreement, including without limitation, the Payments, or any Related Documents. This includes a garnishment of any of Customer's or Grantor's accounts. However, this Event of Default shall not apply if there is a good faith dispute by Customer or Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Customer or Grantor gives Company written notice of the creditor or forfeiture proceeding and deposits with Company monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Company, in its sole discretion, as being an adequate reserve or bond for the dispute. Breach of Other Agreement. Any breach by Customer or Grantor under the terms of any other agreement between Customer or Grantor and Company that is not remedied within any grace period provided therein, including without limitation any agreement concerning any other obligation of Customer or Grantor to Company, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the obligations or liabilities under the Agreement, including without limitation, making the Payments to Company, or any Related Documents or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Payments or performance of the Agreement or Related Documents. Adverse Change. A material adverse change occurs in Customer's or Grantor's financial condition, or Company believes the prospect of Customer or Grantor making the Payments as required or its performance under the Agreement or Related Documents is impaired. Insecurity. Company in good faith believes itself insecure in its receiving Customer's or Grantor's full and timely performance of its obligations and liabilities owed to Company under the Agreement, including without limitation, receiving each and every Payment, and under the Related Documents. Right to Cure. If any default, other than a default in payment, is curable and if Grantor has not been given a notice of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if Grantor, after Company sends written notice to Customer or Grantor demanding cure of such default: (1) cures the default within twelve (12) days; or (2) if the cure requires more than twelve (12) days, immediately initiates steps which Company deems in Company's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at anytime thereafter, Trustee or Company may exercise any one or more of the following rights and remedies: Election of Remedies. Election by Company to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Grantor under this Deed of Trust, after Grantor's failure to perform, shall not affect Company's right to declare a default and exercise its remedies. Accelerate Payments. Company shall have the right at its option to declare the Payments in their entirety immediately due and payable. Foreclosure. With respect to all or any part of the Real Property, the Trustee shall have the right to exercise its power of sale and to foreclose by notice and sale, and Company shall have the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law. UCC Remedies. With respect to all or any part of the Personal Property, Company shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Company shall have the right, without notice to Customer or Grantor to take possession of and manage Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-7 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 7 the Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Company's costs, against the Payments. In furtherance of this right, Company may require any tenant or other user of the Property to make payments of rent or use fees directly to Company. If the Rents are collected by Company, then Grantor irrevocably designates Company as Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Company in response to Company's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Company may exercise its rights under this subparagraph either in person, by agent, or through a receiver. Appoint Receiver. Company shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding or pending foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Company's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the value of the obligations or liabilities of Customer or Grantor to Company under this Deed of Trust, the Agreement or Related Documents, including without limitation, the value of the unpaid Payments, by a substantial amount. Employment by Company shall not disqualify a person from serving as a receiver. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Company otherwise becomes entitled to possession of the Property upon default of Customer or Grantor, Grantor shall become a tenant at sufferance of Company or the purchaser of the Property and shall, at Company's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Company. Other Remedies. Trustee or Company shall have any other right or remedy provided in this Deed of Trust, the Agreement or any Related Documents available at law or in equity. Notice of Sale. Company shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. Sale of the Property. To the extent permitted by applicable law, Customer or Grantor hereby waive any and all rights to have the Property marshalled. In exercising its rights and remedies, the Trustee or Company shall be free to sell all or any part of the Property together or separately, in one sale or by separate sales. Company shall be entitled to bid at any public sale on all or any portion of the Property. Customer or Grantor voluntarily and knowingly waive any rights they may have to participate in, halt, limit, modify, or restrict in any way the Trustee's or Company's right to sell all or any part of the Property as described in this paragraph, and nothing herein or in the Agreement or any Related Document is intended to confer or shall be interpreted as conferring any such rights on or in Customer or Grantor. Customer or Grantor's sole and exclusive recourse in the event of such sale is to receive those net proceeds, if any, from the sale or sales that remain after all sale -related expenses have been paid in full and all amounts equal to the Payments have been made in full to Grantor. Attorneys' Fees; Expenses. If Company institutes any suit or action to enforce any of the terms of this Deed of Trust, the Agreement or any Related Documents, Company shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Company incurs that in Company's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Payments and be due and payable on demand. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Company's attorneys' fees and Company's legal expenses, whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post -judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums provided by law. Rights of Trustee. Trustee shall have all of the rights and duties of Company asset forth in this section. POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee (pursuant to Company's instructions) are part of this Deed of Trust: Powers of Trustee. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to take the following actions with respect to the Property upon the written request of Company and Grantor: (a) join in preparing and filing a map or plat of the Real Property, including the dedication of streets or other rights to the public; (b) join in granting any easement or creating any restriction on the Real Property; and (c) join in any subordination or other agreement affecting this Deed of Trust or the interest of Company under this Deed of Trust. Obligations to Notify. Trustee shall not be obligated to notify any other party of a pending sale under any other trust deed or lien, or of any action or proceeding in which Grantor, Company, or Trustee shall be a party, unless required by applicable law, or unless the action or proceeding is brought by Trustee. Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth above, with respect to all or any part of the Property, the Trustee shall have the right to foreclose by notice and sale, and Company shall have the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law. Successor Trustee. Company, at Company's option, may from time to time appoint a successor Trustee to any Trustee appointed under this Deed of Trust by an instrument executed and acknowledged by Company and recorded in the office of the recorder of King County, State of Washington. The instrument shall contain, in addition to all other matters required Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-8 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 8 by state law, the names of the original Company, Trustee, and Grantor, the book and page or the Auditor's File Number where this Deed of Trust is recorded, and the name and address of the successor trustee, and the instrument shall be executed and acknowledged by Company or its successors in interest. The successor trustee, without conveyance of the Property, shall succeed to all the title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for substitution of Trustee shall govern to the exclusion of all other provisions for substitution. NOTICES. Subject to applicable law, and except for notice required or allowed bylaw to be given in another manner, any notice required to be given under this Deed of Trust, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust shall be sent to Company's address, as shown near the beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Grantor agrees to keep Company informed at all times of Grantor's current address. Subject to applicable law, and except for notice required or allowed by law to be given in another manner, if there is more than one Grantor, any notice given by Company to any Grantor is deemed to be notice given to all Grantors. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions area part of this Deed of Trust: Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Company, upon request, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Company shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the Property. Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define the provisions of this Deed of Trust. Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at any time held by or for the benefit of Company in any capacity, without the written consent of Company. Choice of Venue. If there is a lawsuit, Grantor agrees upon Company's request to submit to the jurisdiction of the courts of King County, State of Washington. Joint and Several Liability. All obligations of Customer or Grantor under this Deed of Trust shall be joint and several, and all references to Grantor shall mean each and every Grantor and all references to Customer shall mean each and everyCustomer. This means that each Grantor signing below is responsible for all obligations in this Deed of Trust. No Waiver by Company. Company shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing and signed by Company. No delay or omission on the part of Company in exercising any right shall operate as a waiver of such right or any other right. A waiver by Company of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Company's right otherwise to demand strict compliance with that provision or any other provision of this Deed of Trust. No prior waiver by Company, nor any course of dealing between Company and Grantor, shall constitute a waiver of any of Company's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Company is required under this Deed of Trust, the granting of such consent by Company in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Company. Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of any other provision of this Deed of Trust. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest, this Deed of Trust shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Grantor, Company, without notice to Grantor, may deal with Grantor's successors with reference to this Deed of Trust and performance under the Agreement or the Related Documents, including without limitation, the Payments by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the Agreement or Related Documents. Time is of the Essence. Time is of the essence in the performance of this Deed of Trust. Waive Jury. All parties to this Deed of Trust hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party. Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Washington as to all obligations and liabilities secured by this Deed of Trust. DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-9 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 9 the context may require. Words and terms not otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code: Agreement. The word "Agreement" means the Musharakah Agreement dated 6/27/2025 between Customer and Company. Beneficiary. The word "Beneficiary" means Craft3 Future Fund, and its successors and assigns. Customer. The word "Customer" means Islamic Center of Puget Sound and includes all co-signers and co -makers signing the Musharakah Agreement, Monthly Payment Agreement, Undertaking to Purchase Musharakah Shares and Related Documents and all their successors and assigns. Company. The word "Company" means Craft3 Future Fund, its successors and assigns. Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Grantor, Company, and Trustee, and includes without limitation all assignment and security interest provisions relating to the Personal Property and Rents. Default. The word "Default" means the Default set forth in this Deed of Trust in the section titled "Default". Event of Default. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of default section of this Deed of Trust. Grantor. The word "Grantor" means 200 SW 41st LLC. Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Payments and Customer's or Grantor's performance of its obligations and liabilities under the Agreement and Related Documents. Guaranty. The word "Guaranty" means the guaranty from Guarantor to Company, including without limitation a guaranty of all or part of the Agreement. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Payments. The word "Payments" means the amounts, whether individually or collectively, that are set forth in the Agreement dated 6/27/2025 between Customer and Company, and represent the payments that Customer is obligated to make to Company in order to purchase Company's Musharakah Share of the Musharakah Asset, which is the Property and as of the date of the Agreement totals $3,050,000, together with all renewals of, extensions of, modifications of, consolidations of, and substitutions for the Agreement. Payments also include other amounts, costs and expenses payable to Company under the Agreement or Related Documents, including without limitation, dividends pursuant to the Operating Agreement which are to be distributed to Company in connection with Customer's possession and use of the Property and any amounts expended or advanced by Company to discharge Customer's obligations or expenses incurred by Trustee or Company to enforce Customer's obligations under this Deed of Trust. Specifically, without limitation, Payments includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Deed of Trust. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all issues and profits thereon and proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. However, should the Real Property be located in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Personal Property is limited to only those items specifically covered (currently or hereafter) by Coverage A of the standard flood insurance policy issued in accordance with the National Flood Insurance Program or under equivalent coverage similarly issued by a private insurer to satisfy the National Flood Insurance Act (as amended). Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Deed of Trust. Related Documents. The words "Related Documents" mean all security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Agreement, including without limitation, the Business Agreement, the Purchase Undertaking, the Monthly Payment Agreement, the Property Leases between Customer and Grantor dated 6/27/2025 ("Leases"); provided, that guaranties and environmental indemnity agreements are not "Related Documents" and are not secured by this Deed of Trust. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. Trustee. The word "Trustee" means Old Republic Title LTD, whose mailing address is 601 Union St, Suite 1501, Seattle, WA 98101 and any substitute or successor trustees. Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-10 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 Page 10 GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: 200 SW 41st LLC By: Al Mandi Society of Washi ton, its Managing Member By: Muha d Q ni, t ember Name: Title: Managing Member LIMITED LIABILITY COMPANY ACKNOWLEDGMENT STATE OF WASHINGTON COUNTY OF I KA) On this 241h day of t4Ae , 201S�, before me, the undersigned Notary Public, personally appeared and known to me to be the authorized agent for 200 SW 41st LLC that executed the within and foregoing instrument and acknowledged said instrument to be the free and voluntary act and deed of 200 SW 41st LLC, duly authorized by 200 SW 41st LLC through its board of directors or otherwise, for the uses and purposes therein mentioned, and on oath stated that he or she is authorized I o execute is said instrument and in fact executed this said instrument on behalf of 200 SW 41st LLC. BY - -- ate? 4ks-;df4C &Y I(FZ Ar N ry Public inand for the State of GVA My commission expires 62 �YO i`;�%. 130r' Ql's®Nu � mbed .�� `�i��iF OF IW A?� ����. Instrument Number: 20250630000027 Document:DT Rec: $314.50 Page-11 of 11 Record Date:6/30/2025 8:41 AM King County, WA Financing no. 28785 To: REQUEST FOR FULL RECONVEYANCE Trustee Page 11 The undersigned is the legal owner and holder of all indebtedness secured by this Deed of Trust. You are hereby requested, upon payment of ail sums owing to you, to reconvey without warranty, to the persons entitled thereto, the right, title and interest now held by you under the Deed of Trust. Date: Beneficiary: By: