HomeMy WebLinkAboutD 20180316001315 CHICAGO TITLE NCS
REF# 13 3 13 5=-06
When recorded return to:
City
City Clerk Clerk
of Renton WI II lI I III ILII III liii I
1055 South Grady Way
Renton, WA 98057-3232 20180316001315
DEED OF TRUST Rec:$81.00
3/16/2018 3:25 PM
KING COUNTY,WA
DEED OF TRUST Assessor's Property Parcel/Tax Account
Number: 7227802040
Reference Number(s) of Documents assigned or released: N/A
Grantor(s): Grantee(s):
1. Housing Authority of the City of 1. City of Renton, a Washington municipal
Renton, a Washington municipal corporation
corporation
LEGAL DESCRIPTION:
LOT 1 OF CITY OF RENTON SHORT PLAT NO. LUA 16-000960, RECORDED IN VOLUME 364 OF
PLATS, PAGES 70-71, UNDER KING COUNTY RECORDING NO. 20170519900004, SITUATED IN
CITY OF RENTON, KING COUNTY, WASHINGTON.
DEED OF TRUST
THIS DEED OF TRUST, made this l day of qi/'Y
between Housing Authority of the City of Renton, a Washingto municipal corporation, having
its office at 2900 NE 10th Street, Renton,WA 98056 ("Grantor"), First American Title Company,
having its office at 818 Stewart Street, Suite 800, Seattle, WA 98101 ("Trustee"), and the City
of Renton, a Washington municipal corporation, having its office at 1055 South Grady Way,
Renton, Washington 98057 ("Beneficiary").
WITNESSETH: Grantor hereby bargains, sells, and conveys to Trustee in trust, with power of
sale, the following described real property in King County, Washington:
LOT 1 OF CITY OF RENTON SHORT PLAT NO. LUA 16-000960, RECORDED IN
VOLUME 364 OF PLATS, PAGES 70-71, UNDER KING COUNTY RECORDING NO.
Page 1 of 7
20170519900004, SITUATED IN CITY OF RENTON, KING COUNTY,
WASHINGTON.
Tax Parcel Number(s): 7227802040
which real property is not used principally for agricultural or farming purposes, together with
all the tenements, hereditaments, and appurtenances now or hereafter thereunto belonging
or in any wise appertaining, and the rents, issues, and profits thereof.
This Deed of Trust is for the purpose of securing performance of each agreement of Grantor
contained in this Deed of Trust, and payment of the sum of Eight Hundred Thousand and
No/100ths Dollars ($800,000.00) with interest, in accordance with the terms of a promissory
note of even date herewith, payable to Beneficiary or order, and made by Grantor, and all
renewals, modifications, and extensions thereof, and also such further sums as may be
advanced or loaned by Beneficiary to Grantor, or any of Grantor's successors or assigns,
together with interest thereon at such rate as shall be agreed upon.
DUE DATE: The entire balance of the promissory note secured by this Deed of Trust,together
with any and all interest accrued thereon, shall be due and payable in full on December 15,
2022.
To protect the security of this Deed of Trust, Grantor covenants and agrees:
1. To keep the property in good condition and repair; to permit no waste thereof; to
complete any building, structure, or improvement being built or about to be built thereon;
to restore promptly any building, structure, or improvement thereon which may be
damaged or destroyed; and to comply with all laws, ordinances, regulations, covenants,
conditions, and restrictions affecting the property.
2. To pay before delinquent all lawful taxes and assessments upon the property; to keep the
property free and clear of all other charges, liens, or encumbrances impairing the security
of this Deed of Trust.
3. To keep all buildings now or hereafter erected on the property described herein
continuously insured against loss by fire or other hazards in an amount not less than the
total debt secured by this Deed of Trust. All policies shall be held by the Beneficiary, and
be in such companies as the Beneficiary may approve and have loss payable first to the
Beneficiary, as its interest may appear, and then to the Grantor. The amount collected
under any insurance policy may be applied upon any indebtedness hereby secured in such
order as the Beneficiary shall determine. Such application by the Beneficiary shall not
Page 2 of 7
cause discontinuance of any proceedings to foreclose this Deed of Trust. In the event of
foreclosure, all rights of the Grantor in insurance policies then in force shall pass to the
purchaser at the foreclosure sale.
4. To defend any action or proceeding purporting to affect the security hereof or the rights
or powers of Beneficiary or Trustee, and to pay all costs and expenses, including cost of
title search and attorney's fees in a reasonable amount, in any such action or proceeding,
and in any suit brought by Beneficiary to foreclose this Deed of Trust.
5. To pay all costs, fees, and expenses in connection with this Deed of Trust, including the
expenses of the Trustee incurred in enforcing the obligation secured hereby and Trustee's
and attorney's fees actually incurred, as provided by statute.
6. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens,
encumbrances, or other charges against the property hereinabove described, Beneficiary
may pay the same, and the amount so paid, with interest at the rate set forth in the note
secured hereby, shall be added to and become a part of the debt secured in this Deed of
Trust.
7. DUE ON SALE: The property described in this security instrument may not be sold or
transferred without the Beneficiary's consent. Upon breach of this provision, Beneficiary
may declare all sums due under the note and Deed of Trust immediately due and payable,
unless prohibite by applicable law.
ra or initials Beneficiary initials
8. NO FURTHER ENCUMBRANCES: As an express condition of Beneficiary making the loan
secured by this Deed of Trust, Grantor shall not further encumber, pledge, mortgage,
hypothecate, place any lien, charge or claim upon, or otherwise give as security the
property or any interest therein nor cause or allow by operation of law the encumbrance
of the Trust Estate or any interest therein without the written consent of a Beneficiary
even though such encumbrance may be junior to the encumbrance created by this Deed
of Trust. Encumbrance of the property contrary to the provisions of this provision shall
constitute a default and Beneficiary may, at Beneficiary's option, declare the entire
balance of principal and interest immediately due and payable, whether the same be
created by Grantor or an unaffiliated third party asserting a judgment lien, mechanic's or
materialmen's lien or any other type of encumbrance or title defect.
Page 3 of 7
rI Q
�Gra Pr.r. initials Beneficiary initials
IT IS MUTUALLY AGREED THAT:
1. In the event any portion of the property is taken or damaged in an eminent domain
proceeding, the entire amount of the award or such portion as may be necessary to fully
satisfy the obligation secured by this Deed of Trust shall be paid to Beneficiary to be
applied to said obligation.
2. By accepting payment of any sum secured by this Deed of Trust after its due date,
Beneficiary does not waive its right to require prompt payment when due of all other sums
so secured or to declare default for failure to so pay.
3. The Trustee shall reconvey all or any part of the property covered by this Deed of Trust to
the person entitled thereto,on written request of the Grantor and the Beneficiary,or upon
satisfaction of the obligation secured and written request for reconveyance made by the
Beneficiary or the person entitled thereto.
4. Upon default by Grantor in the payment of any indebtedness secured by this Deed of Trust
or in the performance of any agreement contained in this Deed of Trust, all sums secured
hereby shall immediately become due and payable at the option of the Beneficiary subject
to any cure period provided in the note secured by this Deed of Trust. In such event and
upon written request of Beneficiary, Trustee shall sell the trust property, in accordance
with the Deed of Trust Act of the State of Washington, at public auction to the highest
bidder. Any person except Trustee may bid at Trustee's sale. Trustee shall apply the
proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable
Trustee's fee and attorney's fee; (2) to the obligation secured by this Deed of Trust; and
(3)the surplus, if any, shall be distributed to the persons entitled thereto.
5. Trustee shall deliver to the purchaser at the sale its deed, without warranty, which shall
convey to the purchaser all right,title and interest in the real and personal property which
Grantor(s) had or had the power to convey at the time of the execution of this Deed of
Trust, and such as Grantor(s) may have acquired thereafter. Trustee's deed shall recite
the facts showing that the sale was conducted in compliance with all the requirements of
law and of this Deed of Trust, which recital shall be prima facie evidence of such
compliance and conclusive evidence thereof in favor of bona fide purchaser and
encumbrancers for value.
Page 4 of 7
6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State
of Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be
foreclosed as a mortgage.
7. In the event of the absence, death, incapacity, disability, or resignation of Trustee, or at
the discretion of the Beneficiary, Beneficiary may appoint in writing a successor trustee,
and upon the recording of such appointment in the mortgage records of the county in
which this Deed of Trust is recorded,the successor trustee shall be vested with all powers
of the original trustee. The trustee is not obligated to notify any party hereto of pending
sale under any other Deed of Trust or of an action or proceeding in which Grantor,Trustee,
or Beneficiary shall be a party unless such action or proceeding is brought by the Trustee.
8. This Deed of Trust applies to, inures to the benefit of, and is binding not only on the parties
hereto, but on his/her/their heirs, devisees, legatees, administrators, executors, and
assigns. The term Beneficiary shall mean the holder and owner of the note secured
hereby, whether or not named as Beneficiary herein.
9. ADDITIONAL TERMS AND CONDITIONS: (check one)
Y'''� a. )(kNone
b. ( ) As set forth on the attached Exhibit which is incorporated by this
reference.
(Note: If neither "a" nor "b" is checked, then option "a" applies.)
[SIGNATURE PAGE FOLLOWS]
Page 5 of 7
•
GRANTOR:
Housing Authority of the City of Renton
By: -. �6/ tt/,'�
Mark Gper 7
Executive Direc or
LLC/CORPORATE FORM OF ACKNOWLEDGMENT
Notary Seal must be within STATE OF Occsh,v19 t-Ov\ ) SS
boxes COUNTY OF 1/7',il
On this 15- day of fl'?4Q h , 2018 , before me
personally appeared Mark Gropper to me known to be the
Executive Director of the Housing Authority of the City of
Renton, and acknowledged the said instrument to be the
free and voluntary act and deed of the Housing Authority of
the City of Renton, for the uses and purposes therein
mentioned, and each on oath stated that he was authorized
s to execute said instrument.
(idI
Notary Public iri and for the; tate of tAr4
Notary (Print) t1uiof2q
My appointment expires! Au, Z Z Z;2Zo
Dated: Mc (ch 15, 2o18
Page 6 of 7
•
REQUEST FOR FULL RECONVEYANCE- Do not record. To be used only when note has been
paid.
TO: TRUSTEE
The undersigned is the legal owner and holder of the note and all other indebtedness secured
by the within Deed of Trust. Said note, together with all other indebtedness secured by said
Deed of Trust, has been fully paid and satisfied; and you are hereby requested and directed, on
payment to you of any sums owing to you under the terms of said Deed of Trust,to cancel said
note above mentioned, and all other evidences of indebtedness secured by said Deed of Trust
delivered to you herewith, together with the said Deed of Trust, and to reconvey, without
warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held
by you thereunder.
Dated:
4
Page 7 of 7