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Deed Of Trust Short Form. This is a Washington form and can be use in Limited Practice Board Statewide.
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Short Form
DEED OF TRUST
THIS DEED OF TRUST, made this
day of
between
,
as GRANTOR(S),
whose address is
and
as TRUSTEE,
whose address is
and
as BENEFICIARY,
whose address is
Grantor(s) hereby irrevocably grants, bargains, sells, and conveys to Trustee in trust, with power of sale, the
following described property in
County, Washington:
Abbreviated Legal: (Required if full legal not inserted above.)
Tax Parcel Number(s):
TOGETHER WITH all the tenements hereditaments and appurtenances, now or hereafter thereunto belonging or
in anywise appertaining, and the rents, issues, and profits thereof and all other property or rights of any kind or
nature whatsoever further set forth in the Master Form Deed of Trust hereinafter referred to, SUBJECT,
HOWEVER, to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and
apply such rents, issues and profits.
THIS DEED IS FOR THE PURPOSE OF SECURING PERFORMANCE of each agreement of Grantor(s)
incorporated by reference or contained herein and payment of the sum of
DOLLARS ($
) with interest thereon according to the terms of a
promissory note of even date herewith, payable to Beneficiary or order and made by Grantor(s); all renewals,
modifications or extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to
Grantor(s), or any of his/her/their successors or assigns, together with interest thereon at such rate as shall be
agreed upon.
By executing and delivering this Deed of Trust and the Note secured hereby, the parties agree that all provisions
of Paragraphs 1 through 35 inclusive of the Master Form Deed of Trust hereinafter referred to, except such
paragraphs as are specifically excluded or modified herein, are hereby incorporated herein by reference and made
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an integral part hereof for all purposes the same as if set forth herein at length, and the Grantor(s) hereby makes
said covenants and agrees to fully perform all of said provisions. The Master Form Deed of Trust above referred
to was recorded on the twenty-fifth (25th) day of July, 1968, in the Official Records of the offices of the County
Auditors of the following counties in Washington in the book, and at the page designated after the name of each
county, to-wit:
COUNTY
BOOK OR VOL.
PAGE NO.
AUDITOR’S
COUNTY
Adams
2 of Record. Instr.
513-16
122987
Lewis
Asotin
101896
Lincoln
Benton
Microfilmed under
Auditor’s No.
241 of Official Rec.
695A-C
592931
Mason
Chelan
688 of Official Rec.
1682-1685
681844
Okanogan
Clallam
315 of Official Rec.
195-198
383176
Pacific
Clark
Aud. Microfilm No.
G-519253
Columbia
49 of Deeds
702859702862
198-201
F 3115
Pend
Oreille
Pierce
Cowlitz
Douglas
747 of Official Rec.
125 of Mortgages
234-237
120-123
675475
151893
San Juan
Skagit
Ferry
Franklin
28 of Deeds
11 of Official Rec.
413-416
138-141
153150
309636
Skamania
Snohomish
Garfield
Microfilmed under
Auditor’s No.
13044
Spokane
Grant
44 of Rec. Doc.
373-376
538241
Stevens
Grays
Harbor
21 of General
31-34
207544
Thurston
Island
181 of Official Rec.
710-713
211628
Waukiakum
Jefferson
4 of Official Rec.
316-319
196853
King
5690 of Mtgs.
436-439
6382309
Walla
Walla
Whatcom
Kitsap
Kittitas
929 of Official Rec.
111 of Mortgages
480-483
361-364
934770
348693
Whitman
Yakima
Klickitat
101 of Mortgages
107-110
BOOK OR
VOL.
7 of Official
Rec.
107 of
Mortgages
Reel 48
131095
121 of
Mortgages
213 of
Official
Rec.
27 of Mtgs.
1254 of
Mtgs.
28 of Mtgs.
19 of
Official
Rec.
47 of Mtgs.
233 of
Official
Rec.
14 of
Official
Rec.
109 of
Mtgs.
454 of
Official
Rec.
17 of
Mortgages
308 of
Mtgs.
82 of
Official
Rec.
1 of Misc.
712 of
Official
Rec.
PAGE NO.
AUDITOR’S
839-842
725562
776-779
316596
Frame 835838
517-519A
236038
649-652
55707
8-11
126854
707-710
2250799
459-462
80-83
69282
716277
41-44
540-543
70197
2043549
1048-1051
376267C
394-397
390635
731-734
785350
89-92
24732
711-714
495721
855-858
1047522
291-294
147-150
382282
2170555
560658
A copy of such Master Form Deed of Trust is hereby furnished to the person executing this Deed of Trust and by
executing this Deed of Trust the Grantor(s) acknowledges receipt of such Master Form Deed of Trust.
The property which is the subject of this Deed of Trust is not used principally or primarily for agriculture or
farming purposes.
The undersigned Grantor(s) requests that a copy of any Notice of Default and of any Notice of Sale hereunder be
mailed to him at the address hereinbefore set forth.
WITNESS the hand(s) and seal(s) of the Grantor(s) on the day and year first above written.
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STATE OF
ss.
COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared
before me, and said person(s) acknowledged that
signed this instrument and acknowledged it to be
free and voluntary act for the uses and purposes mentioned in this instrument..
Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
STATE OF
ss.
COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared before me, and said person(s) acknowledged that
signed
this instrument, on oath stated that
authorized to execute the instrument and acknowledge it
as the
of
to
be the free and voluntary act of such party(ies) for the uses and purposes mentioned in this instrument.
Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
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MASTER FORM DEED OF TRUST
Recorded by Washington Mortgage Correspondence Association, a Washington corporation, pursuant to C. 148 L.
1967
The Grantor(s) covenants and agrees as follows:
1.
The following described estate, property and rights of Grantor(s) are also included as a security for the performance
of each covenant and agreement of Grantor(s) contained herein or in the Short Form Deed of Trust and the payment
of all sums of money secured hereby:
(a) All the estate and rights of Grantor(s) in and to said property and in and to land lying in streets and roads
adjoining said premises, and all access, rights, and easements appertaining thereto.
(b) All buildings, structures, improvements, fixtures, and articles of property now or hereafter attached to, or used
or adapted for use in the operation of, the said premises, including but without being limited to, all heating and
incinerating apparatus and equipment whatsoever, all boilers, engines, motors, dynamos, generating
equipment, piping and plumbing fixtures, ranges, cooking apparatus and mechanical kitchen-equipment,
refrigerators, cooling, ventilating, sprinkling and vacuum cleaning systems, fire extinguishing apparatus, gas
and electric fixtures, carpeting, underpadding, elevators, escalators, partitions, mantels, built-in mirrors,
window shades, blinds, screens, storm sash, awnings, furnishings of public spaces, halls and lobbies, and
shrubbery and plants; and including also all interest of any owner of the said premises in any of such items
hereafter at any time acquired under conditional sale contract, chattel mortgage or other title retaining or
security instrument, all of which property mentioned in this paragraph shall be deemed part of the realty and
not severable wholly or in part without material injury to the freehold.
(c) All and singular the lands, tenements, privileges, water rights, hereditaments, and appurtenances thereto
belonging or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents,
issues, and profits thereof, and all the estate, rights, title, claim, interest and demand whatsoever of the
Grantor(s), either in law or equity, of, in and to the bargained premises. TO HAVE AND TO HOLD said
premises bargained and described, together with all and singular the lands, tenements, privileges, water rights,
hereditaments, and appurtenances thereto belonging or in anywise appertaining, and the reversion and
reversions, remainder and remainders, rents, issues, and profits thereof, and all of the estate, right, title, claim,
and demands whatsoever of the Grantor(s), either in law or in equity, of, in and to the above bargained
premises, forever as security for the faithful performance of the promissory note secured hereby and as
security for the faithful performance of each and all of the covenants, agreements, terms, and conditions of this
Deed of Trust, SUBJECT, HOWEVER, to the right, power, and authority hereinafter given to and conferred
upon Beneficiary to collect and apply such rents, issues, and profits.
(d) All of Grantor(s)'s rights further to encumber said property for debt except by such encumbrance which by its
actual terms and specifically expressed intent shall be and at all times remain subject and subordinate to (i) any
and all tenancies in existence when such encumbrance becomes effective and (ii) any tenancies thereafter
created; Grantor(s) hereby (i) representing as a special inducement to Beneficiary to make this loan that as of
the date hereof there are no encumbrances to secure debt junior to this Deed of Trust and (ii) covenanting that
there are to be none as of the date when this Deed of Trust becomes of record, except in either case
encumbrances having the prior written approval of Beneficiary, and all of Grantor(s)’s rights to enter into any
lease or lease agreement which would create a tenancy that is or may become subordinate in any respect to any
mortgage or deed of trust other than this Deed of Trust.
2.
When and if Grantor(s) and Beneficiary shall respectively become the Debtor and Secured Party in any Uniform
Commercial Code Financing Statement affecting property either referred to or described herein, or in any way
connected with the use and enjoyment of these premises, this Deed of Trust shall be deemed a Security Agreement
as defined in said Uniform Commercial Code and the remedies for any violation of the covenants, terms, and
conditions of the agreements herein contained shall be (i) as prescribed herein, or (ii) by general law, or (iii) as to
such part of the security which is also reflected in said Financing Statement by the specific statutory consequences
now or hereafter enacted and specified in the Uniform Commercial Code, all at Beneficiary's sole election.
Grantor(s) and Beneficiary agree that the filing of such a Financing Statement in the records normally having to do
with personal property shall never be construed as in anywise derogating from or impairing this declaration and
hereby stated intention of the parties hereto, that everything used in connection with the production of income from
the property that is the subject of this Deed of Trust and/or adapted for use therein and/or which is described or
reflected in this Deed of Trust is, and at all times and for all purposes and in all proceedings both legal or equitable
shall be, regarded as part of the real estate irrespective of whether (i) any such item is physically attached to the
improvements, (ii) serial numbers are used for the better identification of certain equipment items capable of being
thus identified in a recital contained in the short form Deed of Trust or in any list filed with the Beneficiary, (iii)
any such item is referred to or reflected in any such Financing Statement so filed at any time.
3.
To pay all debts and monies secured hereby, when from any cause the same shall become due. To keep the
property free from statutory and governmental liens of any kind. That the Grantor(s) is/are seized in fee simple of
the property and owns outright every part thereof, that there are no liens or encumbrances against or upon the same
and none superior to this Deed of Trust, will be created or suffered to be created by the Grantor(s) during the life of
this Deed of Trust, that he has good right to make this Deed of Trust and that he will forever warrant and defend
said property unto the Beneficiary, its successors and assigns, against every person whomsoever lawfully claiming
or to claim the same or any part thereof. The Grantor(s) upon request by mail will furnish a written statement duly
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acknowledged of the amount due on this Deed of Trust and whether any offsets or defenses exist against the debt
secured hereby.
4.
To pay to Beneficiary, if Beneficiary so requires, together with and in addition to the monthly payments of
principal and interest payable under the terms of the said note, on the date set forth therein for the making of
monthly payments each month, until said note is fully paid, a sum, as estimated by the Beneficiary, equal to the
ground rents, if any, and the taxes and special assessments next due on the premises covered by this Deed of Trust,
plus the premiums that will next become due and payable on insurance policies as may be required under paragraph
10 hereof, Grantor(s) agreeing to deliver promptly to beneficiary all bills and notices thereof, less all sums already
paid therefor, divided by the number of months to elapse before two months prior to the date when such ground
rents, premiums, taxes, and special assessments will become delinquent, such sums to be held by the Beneficiary in
trust to pay said ground rents, premiums, taxes, and special assessments. All payments mentioned in this paragraph
and all payments to be made under said note shall be added together and the aggregate amount thereof shall be paid
by the Grantor(s) each month in a single payment to be applied by Beneficiary to the following items in the order
set forth: (1) ground rents, if any, taxes, special assessments, fire and other hazard insurance premiums; (2) interest
on the note secured hereby; and, (3) amortization of the principal of said note. Any deficiency in the amount of any
such aggregate monthly payment shall constitute an event of default under this Deed of Trust. The arrangement
provided for in the paragraph 4 is solely for the added protection of the Beneficiary and entails no responsibility on
the Beneficiary's part beyond the allowing of due credit, without interest, for the sums actually received by it.
Upon assignment of this Deed of Trust by the Beneficiary, any funds on hand shall be turned over to the assignee
and any responsibility of the assignor with respect thereto shall terminate. Each transfer of the property that is the
subject of this Deed of Trust shall automatically transfer to the grantee all rights of the Grantor(s) with respect to
any funds accumulated hereunder.
5.
In the event that any payment or portion thereof is not paid within fifteen (15) days commencing with the date it is
due, Beneficiary may collect, and the Grantor(s) agree(s) to pay with such payment, a "late charge" of two cents
($.02) for each dollar so overdue as liquidated damages for the additional expense of handling such delinquent
payments.
6.
If the total of the payments (herein called reserves) made under paragraph 4 hereof relating to reserves for ground
rents, taxes, special assessments, and premiums on insurance policies, shall exceed the amount of payments
actually made by Beneficiary for the purposes set forth in paragraph 4, plus such amounts as have been reasonably
accumulated in such reserves toward payments therefrom next to become due, such excess may, provided no
default then exists under the terms of this instrument nor under the terms of the promissory note hereby secured, but
not otherwise, be credited by beneficiary in payment of subsequent aggregate, but not partial, payments to be made
by Grantor(s) or, at the option of the Beneficiary, refunded to the Grantor(s) or his/her/their successors in interest as
may appear upon the records of the Beneficiary. If, however, the monthly payments accumulating such reserves
shall not be sufficient to pay the sums required when the same shall become due and payable, the Grantor(s) shall
pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days after written notice to
Grantor(s) stating the amount of the deficiency. If there shall be a default under any of the provisions of this Deed
of Trust and thereafter a sale of the property in accordance with the provisions hereof, or if the Beneficiary acquires
the property otherwise after default, the Beneficiary shall apply, at the time of commencement of such proceedings
or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under
paragraph 4, less such sums as will become due and payable during the pendency of the proceedings, as a credit
against the amounts secured hereby.
7.
To maintain the buildings and other improvements on the property in a rentable and tenantable condition and state
of repair, to neither commit nor suffer any waste, to promptly comply with all requirements of the federal, state, and
municipal authorities and all other laws, ordinances, regulations, covenants, conditions, and restrictions respecting
said property or the use thereof, and pay all fees or charges of any kind in connection therewith. The Beneficiary
may recover as damages for any breach of this covenant the amount it would cost to put the property in the
condition called for herein. In the event of breach of any requirement of this paragraph, the Beneficiary may, in
addition to any other rights or remedies, at any time thereafter declare the whole of said principal sum immediately
due and payable. Proof of impairment of security shall be unnecessary in any suit or proceeding under this
paragraph. Grantor(s) shall permit Beneficiary or its agents the opportunity to inspect the property, including the
interior of any structure at reasonable times and after reasonable notice.
8.
To complete or restore promptly and in good workmanlike manner any building or improvement which may be
constructed, damaged, or destroyed thereon, and pay when due all costs incurred therefor, and, if the loan secured
hereby or any part thereof is being obtained for the purpose of financing construction of improvements on said
property, Grantor(s) further agree(s):
(a) To commence construction promptly and in any event within thirty (30) days from the date of this instrument,
and complete the same in accordance with any agreements relating to construction and plans and specifications
satisfactory to Beneficiary within eight months of the date of this instrument.
(b) To allow Beneficiary to inspect said property at all times during construction.
(c) To replace any work or materials unsatisfactory to Beneficiary, within fifteen (15) calendar days after written
notice to Grantor(s) of such fact.
(d) That work shall not cease on the construction of such improvements for any reason whatsoever for a period of
fifteen (15) consecutive days.
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The Trustee, upon presentation to it of an affidavit signed by Beneficiary setting forth facts showing a default by
Grantor(s) under this numbered paragraph, is authorized to accept as true and conclusive all facts and statements
therein, and to act thereon hereunder.
9.
No building or other improvement on the property shall be structurally altered, removed, or demolished, without
the Beneficiary's prior written consent, nor shall any fixture or chattel covered by this Deed of Trust and adapted to
the proper use and enjoyment of the premises be removed at any time without like consent unless actually replaced
by an article of equal suitability, owned by the Grantor(s), free and clear of any lien or security interest except such
as may be approved in writing by the Beneficiary.
10. To provide to the Beneficiary, at least thirty (30) days prior to expiration of existing insurance, and maintain
unceasingly, insurance, with premiums prepaid, on all of the property that is the subject of this Deed of Trust, or
hereafter becoming part of said property, against loss by fire and other hazards, casualties, and contingencies,
including war damage, as may be required from time to time by the Beneficiary in such amounts and for such
period of time, with loss payable clauses (without contribution) in favor of and in form satisfactory to the
Beneficiary, and to deliver all policies to Beneficiary, which delivery shall constitute an assignment to Beneficiary
of all return premiums. All insurance shall be carried in companies approved by Beneficiary. Beneficiary may at its
option require Grantor(s) to maintain said required policies in Grantor(s)'s possession in lieu of delivering said
policies to Beneficiary, in which event said policies shall be kept available by Grantor(s) at all times for return to
the Beneficiary or for inspection by Beneficiary, its agents or insurers, and said requirement may be withdrawn by
Beneficiary at any time. In event of foreclosure of this Deed of Trust or other transfer of title to the subject
property in extinguishment of some or all of the indebtedness secured hereby, all interest of the Grantor(s) in any
insurance policies in force shall pass to the purchaser or Grantee to pay to Beneficiary as Beneficiary may require a
reasonable fee to cover costs of substituting policies in the event the Grantor(s) replace(s) any policy prior to its
expiration. Grantor(s) will reimburse Beneficiary for any premiums paid for such insurance by the Beneficiary
upon the Grantor(s)'s default in so insuring the buildings or other improvements or default in assigning and
delivering of such policies to the beneficiary so endorsed.
11. To appear in and defend any suit, action, or proceeding that might affect the value of this security instrument or the
security itself or the rights and powers of Beneficiary or Trustee; and should Beneficiary or Trustee elect also to
appear in or defend any such action or proceeding, be made a party to such by reason of this Deed of Trust or elect
to prosecute such action as appears necessary to preserve said value, the Grantor(s) will, at all times, indemnify
from, and, on demand reimburse Beneficiary or Trustee for any and all loss, damage, expense, or cost, including
cost of evidence of title and attorney's fees, arising out of or incurred in connection with any such suit, action, or
proceeding, and the sum of such expenditures shall be secured by this Deed of Trust with interest as provided in the
note secured hereby and shall be due and payable on demand. To pay costs of suit, cost of evidence of title and a
reasonable attorney's fee in any proceeding or suit brought by Beneficiary to foreclose this Deed of Trust.
12. To pay in full at least thirty (30) days before delinquent all rents, taxes, assessments, and encumbrances, charges or
liens with interest, that may now or hereafter be levied, assessed, or claimed upon the property that is the subject of
this Deed of Trust or any part thereof, which at any time appear to be prior or superior hereto for which provision
has not been made heretofore, and upon request will exhibit to Beneficiary official receipts therefor, and to pay all
taxes imposed upon, reasonable costs, fees, and expenses of this Trust. On default under this paragraph Beneficiary
may, at its option, pay, or pay out of reserves accumulated under paragraph 4, any such sums, without waiver of
any other right of Beneficiary by reason of such default of Grantor(s), and Beneficiary shall not be liable to
Grantor(s) for a failure to exercise any such option.
13. To repay immediately on written notice to Grantor(s) all sums expended or advanced hereunder by or on behalf of
Beneficiary or Trustee, with interest from the date of such advance or expenditure at the rate of ten percent (10%)
per annum until paid, and the repayment thereof shall be secured hereby. Failure to repay such expenditure or
advance and interest thereon within ten (10) days of the mailing of such notice will, at Beneficiary's option,
constitute an event of default hereunder, or, Beneficiary may, at its option, commence an action against Grantor(s)
for the recovery of such expenditure or advance and interest thereon, and in such event Grantor(s) agree(s) to pay,
in addition to the amount of such expenditure or advance, all costs and expenses incurred in such action, together
with a reasonable attorney's fee.
14. Should Grantor(s) fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but
without obligation so to do and without notice to or demand upon Grantor(s) and without releasing Grantor(s) from
any obligation hereof, may: Make or do the same in such manner and to such extent as either may deem necessary
to protect the security hereof, Beneficiary or Trustee being authorized to enter upon the property for such purposes;
commence, appear in and defend any action or proceeding purporting to affect the security hereof or the rights or
powers of Beneficiary or Trustee; pay, purchase, contest, or compromise any encumbrance, charge, or lien which in
the judgment of either appears to be prior or superior hereto, and in exercising any such power, incur any liability,
expend whatever amounts in its absolute discretion it may deem necessary therefor including cost of evidence of
title, employ counsel, and pay his/her/their reasonable fees.
15. (a) To fully comply with all of the terms, conditions, and provisions of all leases on said property so that the same
shall not become in default and to do all that is needful to preserve all said leases in force.
(b) To permit no assignment of any lease, or any subletting thereunder unless the right to assign or sublet is
expressly reserved by the lessee under such lease.
(c) That save and except for taxes and assessments provided to be paid by Grantor(s) as specified in paragraph 12
hereof, Grantor(s) will not create or suffer or permit to be created, subsequent to the date of the execution and
delivery of this Deed of Trust any lien or encumbrance which may be or become superior to any lease
affecting said property.
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(d) That if any part of the automobile parking areas included within said property is taken by condemnation, or
before said areas are otherwise reduced, Grantor(s) will provide parking facilities in kind, size, and location to
comply with all leases, and before making any contract for such substitute parking facilities, Grantor(s) will
furnish to Beneficiary satisfactory assurance of completion thereof free of liens and in conformity with all
governmental zoning and regulations.
16. Should the property or any part or appurtenance thereof or right or interest therein be taken or damaged by reason
of any public or private improvement, condemnation proceeding (including change of grade), fire, earthquake, or
other casualty, or in any other manner, Beneficiary may, at its option, commence, appear in and prosecute, in its
own name, any action or proceeding, or make any compromise or settlement, in connection with such taking or
damage, and obtain all compensation, awards, or other relief therefor. All such compensation, awards, damages,
rights of action and proceeds, including the proceeds of any policies or insurance affecting the property, are hereby
assigned to beneficiary, which may, after deducting therefrom all its expenses, including attorney's fees, release any
monies so received by it, or apply the same on any indebtedness secured hereby or apply the same to the repair or
restoration of the property, as it may elect. Grantor(s) further assigns to Beneficiary any return premiums or other
repayments upon any insurance at any time provided for the benefit of the Beneficiary, refunds or rebates made of
taxes or assessments on said property, and Beneficiary may at any time collect said return premiums, repayments,
refunds, rebates, etc., notwithstanding that no sum secured hereby be overdue when such right to collection be
asserted. Grantor(s) also agree(s) to execute such further assignments of any such compensation, award, damages,
rebates, return of premiums, repayments, rights of action, and proceeds as Beneficiary or Trustee may require.
17. Time is of the essence hereof in connection with all obligations of the Grantor(s) herein or in said note. By
accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right either to
require prompt payment when due of all other sums so secured or to declare default for failure so to pay.
18. At any time upon written request of Beneficiary, payment of its fees and presentation of this Deed and said note for
endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any
person for the payment of the indebtedness Trustee may (a) consent to the making 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
agreement affecting this Deed or the lien or charge thereof; (d) reconvey, without warranty, all or any part of the
property. The Grantee in any reconveyance may be described as the "Person or persons legally entitled thereto,"
and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Grantor(s)
agrees to pay a reasonable trustee's fee for full or partial reconveyance, together with a recording fee if Trustee, at
its option, elects to record said reconveyance.
19. In case of a sale under this Deed of Trust, the said property, real, personal and mixed, may be sold in one parcel.
20. The Grantor(s) shall not, without first obtaining the Beneficiary's written consent, assign any of the rents or profits
of the property or collect any rent for more than one month in advance or change the general nature of the
occupancy or initiate or acquiesce in any zoning reclassification, or do or suffer any act or thing which would
impair the security for said debt or the Beneficiary's lien upon said property or the rents thereof. In the event of
breach of any requirement of this paragraph, the Beneficiary may, in addition to any other rights or remedies, at any
time thereafter declare the whole of said principal sum immediately due and payable.
21. The holder of this Deed of Trust, in any action to foreclose it, shall be entitled (without notice and without regard to
the adequacy of any security for said debt) to the appointment of a receiver of the rents and profits of the property
and such receiver shall have, in addition to all the rights and powers customarily given to and exercised by such
receiver, all the rights and powers granted to the Beneficiary by the covenants contained in paragraph 23 hereof.
22. As further security for the payment of all indebtedness herein mentioned, all Grantor(s)'s rents and profits of said
property and the right, title, and interest of the Grantor(s) in and under all leases now or hereafter affecting said
property, are hereby assigned and transferred to the Beneficiary. So long as no default shall exist in compliance
with any requirement hereof or of any further instrument at any time executed with respect to this Deed of Trust the
Grantor(s) may collect assigned rents and profits as the same fall due, but upon the occurrence of any such default,
or at such later time as the Beneficiary in its sole discretion may fix by written notice, all right of the Grantor(s) to
collect or receive rents or profits shall wholly terminate. All rents or profits of Grantor(s) receivable from or in
respect to said property which it shall be permitted to collect hereunder shall be received by it in trust to pay the
usual and reasonable operating expenses of, and the taxes upon, said property and the sums owing the Beneficiary
as they become due and payable as provided in this Deed of Trust or in the said note or in any modification of
either. The balance of such rents and profits after payment of such operating expenses, taxes, and sums due the
Beneficiary, and after the setting aside of accruals to date of such expenses, taxes, and sums, including
amortization, shall be Grantor(s)'s absolute property. No lease of the whole or any part of the property involving an
initial term of more than three (3) years shall be modified or terminated without the written consent of the
Beneficiary, nor shall the surrender of any such lease be accepted nor any rental thereunder be collected for more
than two (2) months in advance without like written consent. In the event of any default hereunder and the exercise
by the Beneficiary of its rights hereby granted, Grantor(s) agree(s) that payments made by tenants or occupants to
the Beneficiary shall, as to such tenants, be considered as though made to Grantor(s) and in discharge of tenants'
obligations as such to Grantor(s). Nothing herein contained shall be construed as obliging the Beneficiary to
perform any of Grantor(s)'s covenants under any lease or rental arrangement. Grantor(s) shall execute and deliver
to the Beneficiary upon demand any further or supplemental assignments necessary to effectuate the intentions of
this paragraph and upon failure of the Grantor(s) so to comply, Beneficiary may, in addition to any other right or
remedy it has, declare the maturity of the indebtedness hereby secured.
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23. In the event of default in compliance with any requirement of this Deed of Trust or of any further instrument at any
time executed with respect to this Deed of Trust, and the continuance thereof for such period as would entitle the
Beneficiary to declare said debt due and payable, or for ten (10) days if no such period be applicable, the
Beneficiary may, at its option, enter upon and take possession of the said property and let the same or any part
thereof, making therefor such alterations as it finds necessary, and may terminate in any lawful manner any tenancy
or occupancy of said property, exercising with respect thereto any right or option available to the Grantor(s). From
and after the occurrence of any such default, if any owner of said property shall occupy said property or part
thereof, such owner shall pay to the Beneficiary in advance on the first day of each month a reasonable rental for
the space so occupied, and upon failure so to do the Beneficiary shall be entitled to remove such owner from the
property by any appropriate action or proceeding.
24. The entering upon and taking possession of said property, the collection of such rents, issues, and profits, or the
proceeds of fire and other insurance policies or compensation, or awards for any taking or damage of the property,
and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default hereunder
or invalidate any act done pursuant to such notice.
25. All sums secured hereby shall become immediately due and payable, at the option of the Beneficiary without
demand or notice, after any of the following occur, each of which shall be an event of default: (a) default by
Grantor(s) in the payment of any indebtedness secured hereby or in the performance or observance of any
agreement contained herein, or (b) any assignment made by Grantor(s) or the then owner of said property for the
benefit of creditors, or (c) any transfer of title made by the Grantor(s) or the then owner of said property to a
Grantee or successors in interest without the assumption of all of the terms and conditions herein contained, or (d)
any of the following shall occur, with respect to the property, the Grantor(s) or the then owner of said property: (i)
the appointment of a receiver, liquidator, or Trustee; (ii) the adjudication as a bankrupt or insolvent, (iii) the filing
of any Petition for Bankruptcy or reorganization; (iv) the institution of any proceeding for dissolution or
liquidation, (v) if Grantor(s) be unable, or admit in writing an inability to pay his/her/their debts when due; or (vi) a
default in any provision of any other instrument which may be held by Beneficiary as security for said note,
including the loan agreement and related documents, the terms and covenants of which are incorporated herein by
reference as though fully set forth herein. No waiver by Beneficiary of any default on the part of Grantor(s) shall
be construed as a waiver of any subsequent default hereunder. In event of such default 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 (RCW Chapter 61.24 as existing now, or hereafter amended) and the Uniform Commercial Code of the
State of Washington where applicable, 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: (a) to the expense of sale, including a
reasonable Trustee's fee and attorney's fee; (b) to the obligation secured by this Deed of Trust; and (c) the surplus, if
any, shall be distributed in accordance with said Deed of Trust Act. Trustee shall deliver to the purchaser at the
sale its deed, without warranty, which shall convey to the purchaser the interest in the property which Grantor(s)
had or had the power to convey at the time of his/her/their execution of this Deed of Trust, and such as he 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 purchasers and encumbrancers for value. 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
and when not exercised, Beneficiary may foreclose this Deed of Trust as a mortgage. At any time Beneficiary may
appoint in writing a successor trustee, or discharge and appoint a new Trustee in the place of any Trustee named
herein, 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 any action or proceeding in
which Grantor(s), Trustee, or Beneficiary shall be a party, unless such action or proceeding is brought by the
Trustee.
26. The property which is the subject of this Deed of Trust is not used principally or primarily for agricultural or
farming purposes.
27. In the event of the passage after the date of this Deed of Trust of any federal, state, or local law, deducting from the
value of real property for the purpose of taxation any lien thereon, or changing in any way the laws now in force for
the taxation of mortgages, deeds of trust, or debts secured thereby, for federal, state or local purposes, or the manner
of the collection of any such taxes so as to affect the interest of Beneficiary, then and in such event, Grantor(s) shall
bear and pay the full amount of such taxes, provided that if for any reason payment by Grantor(s) of any such new
or additional taxes would be unlawful or if the payment thereof would constitute usury or render the loan or
indebtedness secured hereby wholly or partially usurious under any of the terms or provisions of the note, or the
within Deed of Trust or otherwise. Beneficiary may, at its option, without demand or notice, declare the whole sum
secured by this Deed of Trust with interest thereon to be immediately due and payable, or Beneficiary may, at its
option, pay that amount or portion of such taxes as renders the loan or indebtedness secured hereby unlawful or
usurious, in which event Grantor(s) shall concurrently therewith pay the remaining lawful and non-usurious portion
or balance of said taxes.
28. If from any circumstances whatever fulfillment of any provision of this Deed of Trust or said note at the time
performance of such provision shall be due shall involve transcending the limit of validity prescribed by the usury
statute or any other law, the ipso facto the obligation to be fulfilled shall be reduced to the limit of such validity, so
that in no event shall any exaction be possible under this Deed of Trust or under said note that is in excess of the
limit of such validity; but such obligation shall be fulfilled to the limit of such validity. The provisions of this
paragraph shall control every other provision of this Deed of Trust and said note.
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29. In the event that this Deed of Trust is foreclosed as a mortgage and the property sold at a foreclosure sale, the
purchaser may, during any redemption period allowed, make such repairs or alterations on said property as may be
reasonably necessary for the proper operation, care, preservation, protection, and insuring thereof. Any sums so
paid together with interest thereon from the time of such expenditure at the highest lawful rate shall be added to and
become a part of the amount required to be paid for redemption from such sale.
30. Grantor(s) shall deliver to the Beneficiary within 20 days after written demand therefor a detailed operating
statement in form satisfactory to the beneficiary covering the subject property and certified as correct by the
Grantor(s). Grantor(s) shall permit the Beneficiary or its representative to examine all books and records pertaining
to the said property, upon prior written demand of not less than ten (10) days. In default thereof Beneficiary shall,
in addition to all other remedies, have the option of maturing the indebtedness hereby secured. The Beneficiary
shall demand not more than one statement in any calendar year.
31. Beneficiary shall have the right at its option to foreclose this Deed of Trust subject to the rights of any tenant or
tenants of the said property and the failure to make any such tenant or tenants a party defendant to any such suit or
action or to foreclose his/her/their rights will not be asserted by the Grantor(s) as a defense in any action or suit
instituted to collect the indebtedness secured hereby or any part thereof or any deficiency remaining unpaid after
foreclosure and sale of the said property, any statute or rule of law at any time existing to the contrary
notwithstanding.
32. Upon any default by Grantor(s) and following the acceleration of maturity as herein provided, a tender of payment
of the amount necessary to satisfy the entire indebtedness secured hereby made at any time prior to foreclosure sale
(including sale under power of sale) by the Grantor(s), its successors or assigns, or by anyone in behalf of the
Grantor(s), its successors or assigns, shall constitute an evasion of the prepayment terms of said note and be
deemed to be a voluntary prepayment thereunder and any such payment to the extent permitted by law, will,
therefore, include the additional payment required under the prepayment privilege, if any, contained in said note or
if at that time there be no prepayment privilege then such payment, will to the extent permitted by law include an
additional payment of five percent (5%) of the then principal balance.
33. The Beneficiary shall be subrogated for further security to the lien, although released of record, of any and all
encumbrances paid out of the proceeds of the loan secured by this Deed of Trust.
34. Grantor(s), from time to time, within fifteen (15) days after request by Beneficiary, shall execute,
acknowledge and deliver to Beneficiary, such chattel mortgages, security agreements, or other similar
security instruments, in form and substance satisfactory to Beneficiary, covering all property of any kind
whatsoever owned by Grantor(s) or in which Grantor(s) has any interest which, in the sole opinion of
Beneficiary, is essential to the operation of the said property covered by this Deed of Trust. Grantor(s) shall
further from time to time, within fifteen (15) days after request by Beneficiary, execute, acknowledge, and
deliver any financing statement, renewal, affidavit, certificate, continuation statement, or other document as
Beneficiary may request in order to perfect, preserve, continue, extend or maintain the security interest
under, and the priority of, this Deed of Trust and the priority of such chattel mortgage or other security
instrument as a first lien. Grantor(s) further agree(s) to pay to beneficiary on demand all costs and expenses
incurred by Beneficiary in connection with the preparation, execution, recording, filing, and refiling of any
such instrument or document including the charges for examining title and the attorney's fee for rendering an
opinion as to the priority of this Deed of Trust and of such chattel mortgage or other security instrument as a
valid first and subsisting lien. However, neither a request so made by Beneficiary nor the failure of
Beneficiary to make such request shall be construed as a release of such property, or any part thereof, from
the conveyance of title by this Deed of Trust, it being understood and agreed that this covenant and any such
chattel mortgage, security agreement, or other similar security instrument, delivered to beneficiary, are
cumulative and given as additional security.
35. All Beneficiary's rights and remedies herein specified are intended to be cumulative and not in substitution
for any right or remedy otherwise available and no requirement whatsoever may be waived at any time
except by a writing signed by the Beneficiary, nor shall any waiver be operative upon other than a single
occasion. This Deed of Trust cannot be changed or terminated orally. 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, successors, and assigns. All obligations of Grantor(s) hereunder are joint and
several. The term "Beneficiary" shall mean the holder and owner, including pledgees, of the note secured
hereby, whether or not named as Beneficiary herein. Without affecting the liability of any other person for
the payment of any obligation herein mentioned (including Grantor(s) should he convey said property) and
without affecting the lien hereof upon any property not released, Beneficiary may, without notice, release
any person so liable, extend the maturity or modify the terms of any such obligation, or grant other
indulgences, release, or reconvey, or cause to be released or reconveyed at any time all or part of the said
property described herein, take or release any other security or make compositions or other arrangements
with debtors. Beneficiary may also accept additional security, either concurrently herewith or thereafter,
and sell same or otherwise realize thereon, either before, concurrently with, or after sale hereunder. This
Deed of Trust shall be so construed that wherever applicable, the use of the singular number shall include
the plural number, the use of the plural number shall include the singular number, the use of any gender
shall be applicable to all genders and shall likewise be so construed as applicable to and including a
corporation. The word "note" shall include all notes evidencing the indebtedness secured hereby. If any of
the provisions hereof shall be determined to contravene or be invalid under the laws of the State of
Washington, such contravention or invalidity shall not invalidate any other provisions of this agreement, but
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it shall be construed as if not containing the particular provision or provisions held to be invalid, and all
rights and obligations of the parties shall be construed and enforced accordingly. Any notices to be given to
Grantor(s) by Beneficiary hereunder shall be sufficient if mailed postage prepaid, to the address of the
Grantor(s) stated in the Short Form Deed of Trust, or to such other address as Grantor(s) has/have requested
in writing to the Beneficiary, that such notices be sent. Any time period provided in the giving of any notice
hereunder shall commence upon the date such notice is deposited in the mail.
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