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HomeMy WebLinkAbout5.768 Original ContractTHIS AGREEMENT is entered into this St day of City of Port Angeles, a municipal corporation of the State of Washin Authority of the County of Clallam, a public body created and operating under RCW35.82. For adequate consideration, the parties agree that the Promissory Note executed on March 2, 2006, a copy of which is attached, is amended as follows: LENDER: On or before January 10, 2015, the Borrower shall pay to the Lender 100% the balance of the Loan and all accrued interest unless LENDER, in writing, agrees to extend this note. If the interest on, and principal due on, this Note are not paid in full by January 10, 2015, the Borrower shall pay to the Lender a penalty of '/2% on the amount past due and remaining unpaid, per calendar month, or fraction thereof. As amended, the Promissory Note is confirmed and ratified. IN WITNESS WHEREOF, the Agreement to Extend Time to Pay, has been executed the date and year first above written. CIT OF PORT ANGELES Dan Di Guilio, M. or ATTEST: Jan-s.a Hurd, City Clerk AGREEMENT TO EXTEND TIME TO PAY BORROWER: 2011, between the on, and the Housing HOUSING AUTHORITY OF THE UNTY OF ALLAM l� Pamela J. Tietz, l xecttive Dir or APPROyED AS TO FO William E. Bloor, City Attorney State of Washington ss. County of Clallam On this /�T day of 2011, personally appeared before me Dan Di Guilio and Janessa Hurd, to me known to be the Mayor and City Clerk, respectively, of the City of Port Angeles, the municipal corporation that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said municipal corporation, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument and that the seal affixed, if any, is the corporate seal of said municipal corporation. Om ttt% IN WITNESS WHI bFd set my hand and affixed my official seal the day and year first above tA A p. 1 1 1 N :El(P.02.24::C12: p Q j ss. State of Washington County of Clallam -1 Notary Public )9. and for t /etate of Washington residing at My commission expires:, On this /01-4 day of i A 2011, personally appeared before me Pamela J. Tietz, to me known to be the Executiv Director of the Housing Authority of the County of Clallam, the entity that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument. IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written. oil It piio g RN? per'% Notary Public, n and for State of Washington 9 residing at �'`s t N My commission expires E 0_,, EXP. 02.24.2012 2 G \LEGAL \a AG tE I> Ii O 1 j. A Ext Time 01 20 11 wpd S.71J8 ~..... Loan Agreement for the Port Angeles Housing Rehabilitation Program This Loan Agreement ("Agreement") is made as of the J1.Iw A,J day of 2006 between the City of Port Angeles (the "City") and the Housing Authority of the County of Clallam, a public body created and operated under RCW 35.82 (the "Borrower"). RECITALS A. The City of Port Angeles is a municipal corporation of the State of Washington. B. The City is willing to lend to Borrower the Sum of NINETY FIVE THOUSAND AND NO/lOO Dollars ($95,000.00) (the "Loan"), which total sum will be used by the Borrower to purchase property for future development of affordable housing. AGREEMENT IN CONSIDERATION OF THE MUTUAL PROMISES HEREIN, THE BORRWER AND THE CITY AGREE AS FOLLOWS: I. PURPOSE OF THE LOAN. Borrower and the City acknowledge that Borrower's primary purpose under State law is to provide affordable housing to the community. The Loan will be utilized by the Borrower to purchase a 2.02-acre parcel of property in the City of Port Angeles, described in the attached ExhibIt "A". The Borrower further agrees that said property will be used to develop affordable housing units at a future date that meets the goals and objectives of the CIty'S Comprehensive Plan Housing Element. 2. SECURITY. (a) Deed of Trust. As security for all funds drawn, Borrower shall make, execute and deliver to the City as beneficiary a Deed of Trust on the property in the form and substance satisfactory to the CIty III full amount of the Loan. (b) Title Insurance. Borrower shall, at Borrower's expense, furnish the City wIth an acceptable mortgagee's GEM title insurance policy insuring the City in the amount of ninety-five thousand dollars ($95,000.00). 3. LOAN PROCEEDS. Upon execution of the Note in favor of the City and recording of the required secunty instruments and the satisfaction of any other conditIOns precedent applicable to loan disbursement, the loan proceeds will be disbursed in full to the Borrower. 4. BONUS, COMMISSION, OR FEE. The borrower agrees that no Member of the Housing Authority Board of Commissioners nor employee shall be admitted to any share or part of the proceeds of the Loan, or to any benefit to arise from the same. 5. INTEREST OF CITY PERSONNEL. No member of the City who exercises any functions or responsibilities in connection with the administration of any of this program, and no other officer or employee of the City who exercises such functIOns or responsibilities shall have any interest, direct or indirect, in the proceeds of the Loan. 6. INTEREST OF OTHER LOCAL PUBLIC OFFICIALS. No member of the City of Port Angeles City Council and no other public official of the City of Port Angeles who exercises any functions or responsibilities in connection with the administration of the Loan shall have any interest, direct or indirect, in the proceeds of the Loan. 7. LOAN DOCUMENTS; FEES. The Borrower shall execute at or prior to closing such closing documents, in form and content satIsfactory to the City, as the City shall require, including, but not limited to, a Secured Promissory Note, a Deed of Trust, and this Agreement. The Borrower shall promptly pay, upon demand of the City, all of the City's costs in connection with the closing of the Loan, including, without lImitatIOn, its title insurance costs, recording fees, escrow fees, loan fees and other expenses associated with the loan. 8. CANCELLATION OF COMMITMENT; ACCELERATION. (a) At its option, the City reserves the right to cancel the Loan and terminate its obligation hereunder and under any other Loan Documents evidencing the Loan, if, for a period of sixty (60) days from the date of execution of the Note, the Borrower shall have failed or refused to purchase the property outlined in Exhibit "A". The City shall exercise this cancellation by sending written notice thereof to the Borrower at the mailing addresses set forth below. (b) The entire principal of the Note, and any other amounts secured by the Deed of Trust, shall become due and payable, at the option of the City, upon the Borrower's breach of, or failure to comply with, any covenant, agreement, term or condition contained in thIS Agreement or any of the Loan Documents or upon the occurrence of any of the following: (1) Failure to pay when due any sum owing hereunder, under Borrower's secured Promissory Note, or under any of the other Loan Documents; (2) Any sale or conveyance of the property WIthout the City's prior approval; 9. LIMIT OF LIABILITY. All liability and obligation to the City arising pursuant to thIS Loan Agreement and any payment to be made by the City pursuant to this Agreement shall be satisfied exclusively and solely from City Housing Rehabilitation Funds made available for such purpose, and no creditor or other person or entity of whatever nature shall have any recourse to the assets, credits, or services of the City by reason of any liability or obligation arising out of this Agreement, and neither this Agreement nor any note, loan or other documents hereunder shall constitute a debt or indebtedness of the County within the meaning of any constitutional, statutory, local or charter provision. 10. NOTICES AND DEMANDS. Any notice or demand which either party hereto is required or desires to give to or make upon the other shall be in writing and shall be delivered or made by United States registered or certified mail, return receipt requested, postage prepaid, addressed in the case ofthe City to: City of Port Angeles P.O. Box 1150 Port Angeles, W A 98362 And addressed the case of the Borrower to: Executive Director Housing Authority of the County ofClallam 2603 S. Francis Street Port Angeles, W A 98362 Subject to the right of any such party to designate a different address by notice similarly given. Any notice or demand so sent shall be deemed to have been gIVen or made when delivered as evidenced by the return receipt. 11. SUCCESSORS AND ASSIGNS. The terms of this Agreement shall be binding upon the parties hereto, their respective successors and assigns; it being agreed, however that the Borrower shall not asslgn or transfer any of its rights, duties, benefits, obligatIOns, liablhties or responsibilities under this Agreement without the express written consent of the City. IN WITNESS WHEREOF, the parties hereto have executed this document as of the day and year first above written. LENDER: City of Port An eles ~~~ Karen Rogers, Mayo Signature ( BORROWER: Si'gilature PROMISSORY NOTE Port Angeles Rehabilitation Loan Program Amount: $95,000.00 Date: 6 - ,:l- tJ {p FOR VALUE RECEIVED, The Housing Authority of the County of Clallam, a public corporation created and operating under RCW 35.82 (herein called the BORROWER) jointly and severally promisees) to pay to the order of THE CITY OF PORT ANGELES (herein called the LENDER), the sum of ninety-five thousand ($95,000) on the unpaid balance of thIs Note. Interest shall accrue from the date hereof at the rate of zero percent (0%) per annum. Principal on this Note is payable in lawful money of the United States and the principal office of the City of Port Angeles, Washington, or at such other place as shall be designated by the LENDER in writing. All indebtedness shall be due and payable upon sale or transfer of any mterest of the undersigned in and to the real property, or any portion thereof, which has been conveyed in trust as security for the repayment of this Promissory Note, or upon the dissolution of the undersigned organization, whichever shall occur first. On or before January 10,2011, the Borrower shall pay to the Lender 100% of the balance of the Loan and all accrued interest unless LENDER, in writing, agrees to extend this note. The Borrower reserves the right to prepay at any time all or any part of the principal amount due under this Note without payment of penalties or premiums. All payments received on amounts due under this note shall be applied to the principal due on the Note. If the interest on, and principal due on, this Note are not paid in full by January 10, 2011, the Borrowing shall pay to the Lender a penalty of 1/2% on the amount past due and remaining unpaid, per calendar month, or fraction thereof. Upon recording the Deed of Trust referenced hereunder, this Note shall be nonrecourse to the Borrower; provided that the Borrower shall be personally liable on a joint and several basis, in the amount of any loss, damage or cost (including but not limited to attorney's fees) resulting from fraud or intentional misrepresentation by Borrower or Borrower's agents or employees in connection with obtaining the loan evidenced by this Note, or in complying with any of the Borrower's obligations under the documents executed in connection with the Loan (the "Loan Documents"). This Note is secured by a Deed of Trust dated as of ,2006 to be duly filed for record in the office ofthe Clallam County Auditor, Clallam County Courthouse, Port Angeles, Washington. If suit is instituted by the Lender to recover on thIS Note, or any portion thereof, Borrower agrees to pay all costs of such collection, including reasonable attorney's fees and court costs, and the Borrower further agrees that venue and jurisdiction may be in Clallam County, Washington, at the Lender's option. If this Note is reduced to judgment, such judgment shall bear the statutory interest rate on judgments. Demand, protest and notice of demand and protest are hereby waived, and the undersigned hereby waives, to the extent authorized by law, any and all homestead and other exemption rights, which would otherwise apply to the debt evidenced by this Note. Any notice to the Borrower prOVIded for in thIS Note shall be in writing and be given by mailing such notice by certified mail, return receipt requested, addressed to Borrower at the property address stated below, or to such other address as Borrower may designate by Notice in writing to the Lender. Any notice to the Lender shall be given by mailing such notice by certified mail, return receipt requested, to the Lender tat the address stated below. IN WITNESS WHEREOF, this Note has been duly executed by the undersigned as of its date. LENDER: BORROWER: Housing Authority of the County of Clallam Signatur After recordmg return to. City of Port Angeles POBox 1150 Port Angeles, W A 98362 GrantorlBorrower: GranteeIBeneficlary Grantee/Trustee. Legal DescnptlOn' DEED OF TRUST Housmg Authonty of the County ofClallam CIty of Port Angeles, a MUnIcIPal CorporatIOn OlymPIc Penmsula TItle Company AbbreVIated Form AddItIOnal legal IS on page Assessor's Tax Parcel ID#: of document DEED OF TRUST . .'~'M' THIS DEED OF TRUST IS made thIs 20_, among the Grantor, the Housmg Authonty of the operatmg under RCW 3582 (herem "Borrower"), and the BeneficIary, the City of Port Angeles, a muncipal corporation (herein "Lender"). day of County of Clallam, a publIc corporatIon created and (herem "Trustee"), BORROWER, consIderatIon of the mdebtedness herem recIted and the trust herem created, lITevocably grants and conveys to Trustee, m trust, WIth power of sale, the followmg descnbed property located m the County of Clallam, State ofWashmgton: SEE EXHIBIT "A" whICh has the address of 203 7 W 18th Street. Port Angeles. Washmgton 98363 (herem "Property Address"), {ZIp Code} TOGETHER WIth all the Improvements now or hereafter erected on the property, and all easements, nghts, appurtenances and rents (subject however to the nghts and authontIes gIven herem to Lender to collect and apply such rents), all of whIch shall be deemed to be and remam a part of the property covered by thIS Deed of Trust, and all of the foregomg, together WIth Said property (or the leasehold estate If thiS Deed of Trust IS on a leasehold) are heremafter referred to as the "Property"; TO SECURE to Lender the repayment of the mdebtedness eVIdenced by Borrower's note dated and extensIOns and renewals thereof (herem "Note"), In the pnnclpal sum of U.S. ninety-five thousand dollars ($95,000), WIth mterest thereon, WIth the mdebtedness, Ifnot sooner paId, due and payable on January 10. 20 II (the "Matunty Date" as defined m the Note), the payment of all other sums, WIth mterest thereon, advanced m accordance herewIth to protect the secunty of thIs Deed of Trust; and the performance of the covenants and agreements of Borrower herem contamed. Borrower covenants that Borrower IS lawfully seIzed of the estate hereby conveyed and has the nght to grant and convey the Property, and that the Property IS unencumbered except for encumbrances of record. Borrower covenants that Borrower warrants and WIll defend generally the tItle to the Property agamst all claims and demands, subject to encumbrances of record UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows 1. Payment of Principal and Interest. Borrower shall promptly pay when due the pnnclpal and mterest mdebtedness eVIdenced by the Note and late charges as proVIded In the Note 3. Application of Payments. Unless applIcable law prOVIdes otherwIse, all payments receIved by Lender under the Note and paragraphs 1 and 2 hereof shall be apphed by Lender first In payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to mterest payable on the Note, and then to the pnnclpal of the Note 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obhgatlOns under any mortgage, deed of trust or other secunty agreement WIth a hen whIch has pnonty over thIS Deed of Trust, Includmg Borrower's covenants to make payments when due Borrower shall payor cause to be paId all taxes, assessments and other charges, fines and ImpOSItIons attnbutable to the Property whIch may attam a pnonty over thIS Deed of Trust, and leasehold payments or ground rents, If any 5. Hazard Insurance. Borrower shall keep the Improvements now eXlstmg or hereafter erected on the Property msured agamst loss by fire, hazards Included wlthm the term "extended coverage", and such other hazards as Lender may reqUIre and m such amounts and for such pen ods as Lender may reqUIre. The msurance camer provldmg the msurance shall be chosen by Borrower subject to approval by Lender, prOVIded, that such approval shall not be unreasonably WIthheld All msurance pohcles and renewals thereof shall be m a form acceptable to Lender and shall mclude a standard mortgage clause m favor of and m a form acceptable to Lender Lender shall have the nght to hold the pohcles and renewals thereof, subject to the terms of any mortgage, deed of trust or other secunty agreement WIth a hen whIch has prionty over thIS Deed of Trust. In the event of loss, Borrower shall gIVe prompt notIce to the msurance camer and Lender Lender may make proof of loss If not made promptly by Borrower. If the Property IS abandoned by Borrower, or If Borrower falls to respond to Lender WIthin 30 days from the date notIce IS mailed by Lender to Borrower that the msurance camer offers to settle a claIm for msurance benefits, Lender IS authonzed to collect and apply the msurance proceeds at Lender's optIOn eIther to restoratIOn or repaIr of the Property or to the sums secured by thIS Deed of Trust. 6. Preservation and Maintenance of Property. Borrower shall keep, or shall cause Lesee to keep, the property m good repaIr and shall not permIt ImpaIrment or detenoratIon of the Property. 7. Protection of Lender's Security. If Borrower faIls to perform the covenants and agreements contamed m thIs Deed of Trust, or If any action or proceedmg IS commenced whIch matenally affects Lender's mterest m the Property, then Lender, at Lender's optlOn, upon notIce to Borrower, may make such appearances, dIsburse such sums, Includmg reasonable attorney's fees, and take such action as IS necessary to protect Lender's mterest. If Lender reqUIred mortgage msurance as a condItion of makmg the loan secured by thIs Deed of Trust, Borrower shall pay the premIUms reqUIred to mamtam such msurance m effect untIl such tIme as the reqUIrement for such msurance termmates m accordance wIth Borrower's and Lender's wntten agreement or applIcable law. Any amounts dIsbursed by Lender pursuant to thIs paragraph 7, wIth mterest thereon, at the Note rate, shall become addltlOnal mdebtedness of Borrower secured by thIs Deed of Trust Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notIce from Lender to Borrower requestmg payment thereof Nothmg contamed m thIs paragraph 7 shall reqUIre Lender to mcur any expense or take any actlOn hereunder 8. Inspection. Lender may make or cause to be made reasonable entnes upon and inspectIons of the Property, provided that Lender shall gIVe Borrower notIce pnor to any such mspectlOn speclfYmg reasonable cause therefor related to Lender's mterest m the Property. 9. Condemnation. The proceeds of any award or claIm for damages, dIrect or consequentIal, m connectIOn wIth any condemnatIOn or other takmg of the Property, or part thereof, or for conveyance m lIeu of condemnatlOn, are hereby assIgned and shall be paId to Lender, subject to the terms of any mortgage, deed of trust or other secunty agreement WIth a lIen whIch has pnonty over thIs Deed of Trust 10. Borrower Not Released; Forbearance By Lender Not a Waiver. ExtenslOn of the tIme for payment or modIficatIOn of amortlzatlOn of the sums secured by thIs Deed of Trust granted by Lender to any successor m mterest of Borrower shall not operate to release, m any manner, the lIabIlIty of the ongmal Borrower and Borrower's successors m mterest Lender shall not be reqUIred to commence proceedmgs agamst such successor or refuse to extend tIme for payment or otherwIse modIfY amortIzatIOn of the sums secured by thIs Deed of Trust by reason of any demand made by the ongmal Borrower and Borrower's successors m mterest. Any forbearance by Lender m exerclsmg any nght or remedy hereunder, or otherwIse afforded by applIcable law, shall not be a WaIver of or preclude the exercIse of any such nght or remedy 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herem con tamed shall bmd, and the nghts hereunder shall mure to, the respectIve successors and assIgns of Lender and Borrower, subject to the provIsIOns of paragraph 16 hereof All covenants and agreements of Borrower shall be Jomt and several Any Borrower who co-signs thIs Deed of Trust, but does not execute the Note, (a) IS co- slgnmg thIs Deed of Trust only to grant and convey that Borrower's mterest m the Property of Trustee under the terms of thIs Deed of Trust, (b) IS not personally lIable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modIfY, forbear, or make any other accommodatIOns WIth regard to the terms of thIs Deed of Trust or the Note, WIthout that Borrower's consent and WIthout releasmg that Borrower or modlfYmg thIs Deed of Trust as to that Borrower's mterest m the Property. 12. Notice. Except for any notIce reqUIred under applIcable law to be gIven m another manner, (a) any notIce to Borrower provIded for m thIs Deed of Trust shall be gIven by delIvenng It or by mallmg such notIce by certIfied mall addressed to Borrower at the Property Address or at such other address as Borrower may deSIgnate by notIce to Lender as provided herem, and (b) any notIce to Lender shall be gIVen by certIfied maIl to Lender's address stated herem or to such other address as Lender may deSIgnate by notIce to Borrower as provIded herem. Any notIce provIded for m thIs Deed of Trust shall be deemed to have been gIven to Borrower or Lender when gIVen in the manner deSIgnated herem. 13. Governing Law; Severability. The state and local laws applIcable to thIs Deed of Trust shall be the laws of the JunsdlCtlOn m whIch the Property IS located. The foregomg sentence shall not lImIt the applIcabIlIty of Federal law to thIs Deed of Trust. In the event that any provISIon or clause ofthls Deed of Trust or the Note conflIcts WIth applIcable law, such conflIct shall not affect other provISIons of thIs Deed of Trust or the Note which can be gIven effect WIthout the confllctmg provIsIon, and to thIS end the provIsIOns ofthls Deed of Trust and the Note are declared to be severable As used herem, "costs", "expenses" and "attorneys' fees" mclude all sums to the extent not prohIbIted by applIcable law or lImIted herem 14. Borrower's Copy. Borrower shall be furnIshed a conformed copy of the Note and of thIs Deed of Trust at the tIme of executlOn or after recordatIOn hereof 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's oblIgatlOns under any home rehabIlItatIOn, Improvement, repaIr, or other loan agreement whIch Borrower enters mto WIth Lender. Lender, at Lender's option, may reqUIre Borrower to execute and delIver to Lender, m a form acceptable to Lender, an assIgnment of any nghts, claIms or defenses whIch Borrower may have against partIes who supply labor, matenals or servIces m connectIOn WIth Improvements made to the Property 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any mterest m It IS sold or transferred (or If a beneficIal mterest m Borrower IS sold or transferred and Borrower IS not a natural person), Lender may, at ItS optIOn, require ImmedIate payment m full of all sums secured by thIS Deed of Trust However, thIS optIon shall not be exercIsed by Lender If exercIse IS prohIbIted by federal law as of the date of thIS Deed of Trust, or If Lender has executed a separate wntten waIver of thIs optIOn If Lender exercises this optIon, Lender shall give Borrower notice of acceleratIOn The notIce shall provide a penod of not less than 30 days from the date the notIce IS delIvered or mailed withIn which Borrower must pay all sums secured by this Deed of Trust If Borrower faIls to pay these sums pnor to the expiratIOn of this penod, Lender may Invoke any remedies permitted by this Deed of Trust without further notICe or demand on Borrower NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provided In paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower In this Deed of Trust, IncludIng the covenants to pay when due any sums secured by this Deed of Trust, Borrower shall be In default under this Deed of Trust and Lender may accelerate the Note and exercise any of ItS nghts and remedies hereunder or aVaIlable at law. Lender, pnor to acceleration, shall gIVe notice to Borrower as proVided In paragraph 12 hereof specifyIng: (1) the breach; (2) the actIOn reqUIred to cure such breach, (3) a date, not less than 10 days from the date of notice IS mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date speCified In the notice may result In acceleratIOn of the sums secured by this Deed of Trust and sale of the Property Lender shall be entItled to collect all reasonable costs and expenses Incurred In pursuing the remedies proVided In this paragraph 17, IncludIng, but not lImited to, reasonable attorney's fees and costs of eVidence of title. If Lender Invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the occurrence of an event of default and Lender's electIOn to cause the Property to be sold Trustee and Lender shall take such actIOn regardIng notIce of sale and shall gIVe such notIces to Borrower and to other persons as applIcable law may reqUIre After the lapse of such tIme as may be reqUIred by applIcable law, Trustee, Without demand on Borrower, shall sell the Property at publIc auctIOn to the highest bidder at the tIme and place and under the terms deSignated In the notice of sale In one or more parcels and In such order as Trustee may determIne. Trustee may postpone sale of all or any parcel of the Property by publIc announcement at the tIme and place of any prevIOusly scheduled sale. Lender or Lender's deSignee may purchase the Property at any sale. Trustee shall delIver to the purchaser Trustee's deed conveYIng the Property so sold WIthout any covenant or warranty, expressed or ImplIed The reCitals In the Trustee's deed shall be pnmo facIO eVidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale In the follOWIng order: (a) to all reasonable costs and expenses of the sale, IncludIng, but not lImited to, reasonable Trustee's and attorneys' fees and costs of title eVidence; (b) to all sums secured by this Deed of Trust; and ( c) the excess, If any, to the person or persons legally entItled thereto 18. Insufficient Sale Proceeds. In the event of a sale of the Property at fair market value, and If such sale does not result in suffiCient proceeds to satIsfy the Note, BenefiCiary Will nevertheless request reconveyance of this Deed of Trust at the clOSIng of such sale, prOVided that BenefiCIary receives all proceeds available after satIsfactIOn of the pnor deed of trust and payment of customary sale and clOSIng costs In such event, no sale proceeds shall be paid to Grantor (I e , Grantor wIll not receive any cash from the sale) "Fair market value" as used In thiS paragraph shall mean the pnce received by Grantor In an arm's length sale to a third party after lIstIng the property for sale With a multiple lIstIng service or otherwise publIcly advertlSlng the Property. Fair market value shall not be less than the value establIshed by the purchaser's appraisal of the Property or any appraisal obtaIned by BenefiCIary at its optIOn for the purposes of establIshIng fair market value under this paragraph. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. Borrower hereby assigns to Lender the rents of the Property, prOVided that Borrower shall, pnor to acceleratIOn under paragraph 17 hereof or abandonment of the Property, have the nght to collect and retaIn such rents as they become due and payable Upon acceleratIOn under paragraph 17 hereof or abandonment of the Property, Lender, In person, by agent or by JudiCially appoInted receiver shall be entItled to enter upon, take possessIOn of and manage the Property and to collect the rents of the Property IncludIng those past due. All rents collected by Lender or the receiver shall be applIed first to premiums on receiver's bonds, costs of management of the Property, collectIOn of rents, and reasonable attorneys' fees, and then to the sums secured by thiS Deed of Trust Lender and the receiver shall be lIable to account only for those rents actJJally received 20. Reconveyance. Upon payment of all sums secured by thiS Deed of Trust, Lender shall request Trustee to reconvey the Property and shall surrender thiS Deed of Trust and all notes eVidenCIng Indebtedness secured by thiS Deed of Trust to Trustee Trustee shall reconvey the Property Without warranty and Without charge to the person or persons legally entItled thereto. Such person or persons shall pay all costs of recordatIOn, If any 21. Substitute Trustee. In accordance With applIcable law, Lender, may from tIme to tIme appoInt a successor trustee to any Trustee appoInted hereunder. The successor trustee shall, Without conveyance of the Property, succeed to all the tItle, powers and duties conferred upon the Trustee hereIn and by apphcable law. 22. Request for Notices. Borrower requests that copies of the notice of default and notIce of sale be sent to Borrower's address which IS the Property Address. Lender requests that copies of notices of sale from the holder of any lIen which has pnonty over thiS Deed of Trust gIVen pursuant to RCW 61 24.040 be sent to Lender's address, as set forth on page one of this Deed of Trust 23. Use of Property. The Property IS not used pnnclpally for agrlcultJJral or farmIng purposes. 24. Misrepresentations. Upon discovery of fraud or misrepresentatIOn by the Borrower With respect to any Information provided by Borrower In the loan applIcatIOn executed In connectIOn With the Note, Lender may, In ItS sole discretion, by written notIce to Borrower, declare all oblIgatIOns secured by the Deed of Trust and all obligatIOns payable under the Note ImmedIately due and payable and exercIse any other remedy allowed by law or provIded by the Deed of Trust. Borrower shall notIfy Lender promptly in wntmg of any transaction or event whIch may gIve nse to a nght of acceleration hereunder Borrower shall pay to Lender all damages sustamed by reason of the breach of the covenant of notIce set forth herem or by reason of such fraud or mIsrepresentatIOn IN WITNESS WHEREOF, Borrower has executed thIS Deed of Trust Borrower Borrower STATE OF WASHINGTON, County ss the On thIS _ day of State of Washmgton, , 20_, before me, the undersIgned, a Notary PublIc m and for commIssIOned and sworn, personally appeared , to me known to be the mdlVldual(s) descnbed III and who executed the Wlthm and foregomg mstrument, and acknowledged to me that he/she/they SIgned and sealed the saId mstrument as hIs/her/theIr free and voluntary act and deed for the uses and purposes therem mentIOned duly WITNESS my hand and offiCIal seal. SIgnature: (Reserved for offiCial seal) Name (Typed or Printed) Resldmg at: My CommIssion expIres. REQUEST FOR RECONVEYANCE TO TRUSTEE: The underSIgned IS the holder of the note or notes secured by thIS Deed of Trust. SaId note or notes, together WIth all other mdebtedness secured by thIS Deed of Trust, have been paId m full. You are hereby directed to cancel Said note or notes and thIS Deed of Trust, whICh are delIvered hereby, and to reconvey, WIthout warranty, all the estate now held by you under thIS Deed of Trust to the person or persons legally entItled thereto. Dated: Exhibit A Legal DescriptIOn for Lot 2: The westerly 280 feet of the southerly one half of Suburban Lot 105 of the Townsite of Port Angeles, more commonly known as Lot 2 of the Barton Short Plat, recorded December 23,2005 in Book 31 of Short Plats at page 75, Clallam County, Washington. 5.7(Prg cpr OLYMPIC PENINSULA TITLE COMPANY TITLE INSURANCE - ESCROWS AGENTS FOR TRANSNATION TITLE INSURANCE COMPANY r ., PLEASE DIRECT CORRESPONDENCE TO: 319-A S. PEABODY PORT ANGELES, WA 98362 (360) 457-4451 FAX (360) 457-4525 1 -800-488-0865 HOUSING AUTHORIT~ OF CLALLAM COUNTY 2603 S. FRANCIS ST. PORT ANGELES, WA. 98362 , 1 '2.~~G ~t>..R '\ ~tCtJVEO~ DATE 3-14-2006 01084917 L ESCROW NUMBER LOAN OR REFERENCE NO. WE ENCLOSE THE FOLLOWING: ~ 1. ORIGINAL WARRANTY DEED AND OWNERS TITLE INSURANCE POLICY o 2. ORIGINAL WARRANTY FULFILLMENT DEED o 3. ORIGINAL DEED OF TRUST o 4. ORIGINAL DEED OF TRUST AND LENDERS TITLE INSURANCE POLICY o 5. ORIGINAL DEED OF TRUST AND ASSIGNMENT OF DEED OF TRUST o 6. TITLE INSURANCE POLICY o 7 TITLE INSURANCE POLICY AND CERTIFIED COPY OF SAME o 8. ORIGINAL REAL ESTATE CONTRACT AND OWNERS TITLE INSURANCE POLICY o 9. FINAL HUD 1 CLOSING STATEMENT o 10 ORIGINAL REAL ESTATE CONTRACT AND WARRANTY FULFILLMENT DEED o 11. RECORDED QUIT CLAIM DEED o 12. MOBILE HOME REGISTRATION CERTIFICATE o 13. MOBILE HOME CERTIFICATE OF TITLE o 14. o 15. o 16. VERY TRULY YOURS, \-1\- tJ\. ~ MARY Ni.; - GETCHELL ESCROW SECRETARY ,~ \ '\ fiLED fOil RECORO t.1 THE REOIJESl ,~~~ \)' <0~~ ~~G OLYMPIC PENINSULA TITLE GO (~T OLYMPIC PENINSULA ]:A TITLE COMPANY '010. '7557 () CLALLAM COUNTY TRANSACTlOI)/, EXCISE TAX ~ 32..()Ci QSt.- ~~~E FE3 2 8 2006 AMoUNT-4f I iO, ODD ty COU REASU R BY Fille NumBer 01084917DS ~lf ~-,..._.._- ~ECOF1DED iN I)E:;':~: " iCI r.LL.\H CO 2006 FEB 28 PM 4: 14 1'0 2006 1175738 Clallam County LPB-10 STATUTORY WARRANTY DEED le~lal Description (Brief): add'l on page_ L1' 2, BARTON SIP 31/75 PTN OF THE SOUTHERLY 1/2 OF SUB. LOT 105 TPA T~PMC~#: ~~fl~f~~fXX~~7~fX~~~/~~fl~f~~frX~~7~f7~Vr 063099-010560 THIE GRANTOR TERRY H. BARTON AND CHERYL BARTON, HUSBAND AND WIFE for and in consideration of TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION in hand paid, conveys and warrants to HOUSING AUTHORITY OF THE COUNTY OF CLALLAM the following described real estate, situated in the County of CLALLAM , State of Washington: LOT 2 OF BARTON SHORT PLAT, RECORDED DECEMBER 23, 2005 IN VOLUME 31 OF SHORT PLATS, PAGE 75, UNDER CLALLAM COUNTY RECORDING NO. 2005 1172009, BEING A PORTION OF THE SOUTHERLY HPiliF OF SUBURBAN LOT 105 OF THE TOWNSITE OF PORT ANGELES, CLALLAM COUNTY, WASHINGTON; SITUATE IN CLALLAM COUNTY, STATE OF WASHINGTON. By By S tate of WA9-UNIKN County of aALIl'M By By On this ~~ day of before me personally appeared 'l"EI>'.W H BM'UU'1 ~ Q-lEPYT PAR:1U'~ ~~ue. ~ .... , 2 0 On to me known to be the individual(s) described in and who executed the within and foregoing instrument, and acknowledged that (q~fi~n~/they) signed the same as (~N~fi~~/their) free and voluntar~,~~,,~nd deed, for the uses and purposes therein menti~~~.S~ij under my hand and official seal the day and year :~;~9l&W~~~~'it,i.- t ten. : Q .~~ ~"'~ ~ : :'0 ~\OTAr9y ~\ ~ : :0 \~ w~ ~ ~ : ....~ : ~ ~ ~, PUBUv : ..,., ~ ~~" ..~: I, ~ ... :1 ..-!.::.: \ )-~:o,1.:~;,9,.:;~~C:J ..: tt,., F: WASP .............. , \\, "\\' ................ RECE~VED MAR 1 4 2006 Addn:ss Pitta FOR "".- '''l' ...l.Ot.'v l:. T ~'I..": __ n.FOLYMPIC PENI NS~L"A": I. OIJ[:; 1 , TITLE CO '~[COii~._~,._".._ >t'.......I;"'.I~~... ---.....__ '\ )t'...L:!.f r Id1 Ct::- . 2D06 HAR -8 PN 2: 59 " C0 Return Address Name Olympic Peninst.- City. State .lip 2006 1176202 Clallam County 03085178 Document Title(s) (or transactions contained therein): .................................................................................................................................. 1. DEED OF TRUST 2. 3. 4. Reference Number(s) of Documents assigned or released: (on page of documents(s)) .............................................................................................................................~.... .................................................................................................................................. Grantor(s) (Last name first. then first name and initials ) CLALLAM COUNTY HOUSING AUTHORITY OF I. 2. 3. 4. 5. Grantee(s) Additional names on page .................................................................................................................................. of document (Last name first. then first name and initials) 1. CITY OF PORT ANGELES 2. 3. 4. S. Additional names on page of document .................................................................................................................................. Legal description (abbreviated: i.e. lot, block. plat or section. township. range) LT 2 BARTON SiP V31 P75 Additional legal is on page of document .................................................................................................................................. Assessor's Property Tu ParceVAccount Number 063000-110520-1000/2001 Additional legal is on page of document. .................................................................................................................. The AuditorlRecorder will rely on tbe information provided on the form. Tbe staff will not read tbe document to verify tbe accuracy or completeness of tbe indexing information provided herein. .................................................................................................................. Form 7265-2 WASHINGTON Sf ATE COUNTY AUDITORlRECORDER'S INDEXING FORM (Cover Shed} DEED OF TRUST THIS DEED OF TRUST IS made this 2nd day of MARCH 20~, among the Grantor, the Housmg Authonty of the County of Clallam, a public corporatIOn created and operatmg under RCW 35.82 (herem "Borrower"), OLYMPIC PENINSUlA TITLE CO. (herem "Trustee"), and the Beneficiary, the City o[Port Angeles, a munclpal corporation (herem "Lender"). BORROWER, consideratIOn of the mdebtedness herem recited and the trust herem created, iITevocably grants and conveys to Trustee, m trust, with power of sale, the following descnbed property located m the County of Clallam, State ofWashmgton. SEE EXHIBIT "A" which has the address of2037 W. 18th Street. Port Angeles. Washmgton 98363 (herem "Property Address"), {Zip Code} TOGETHER with all the Improvements now or hereafter erected on the property, and all easements, nghts, appurtenances and rents (subject however to the nghts and authonties given herem to Lender to collect and apply such rents), all of which shall be deemed to be and remam a part of the property covered by this Deed of Trust, and all ofthe foregomg, together with said property (or the leasehold estate If this Deed of Trust IS on a leasehold) are heremafter referred to as the "Property", TO SECURE to Lender the repayment of the mdebtedness eVidenced by Borrower's note dated MARCH 2, 2006 and extensIOns and renewals thereof (herem "Note"), m the pnnclpal sum ofU.S m.nety-five thousand dollars ($95,000), with interest thereon, with the mdebtedness, Ifnot sooner paid, due and payable on January 10.2011 (the "Matunty Date" as defined m the Note); the payment of all other sums, with mterest thereon, advanced m accordance hereWith to protect the secunty of this Deed of Trust; and the performance of the covenants and agreements of Borrower herem contamed. Borrower covenants that Borrower IS lawfully seized of the estate hereby conveyed and has the nght to grant and convey the Property, and that the Property IS unencumbered except for encumbrances of record Borrower covenants that Borrower warrants and will defend generally the title to the Property agamst all claims and demands, subject to encumbrances of record UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows 1. Payment of Principal and Interest. Borrower shall promptly pay when due the pnnclpal and mterest mdebtedness eVidenced by the Note and late charges as prOVided m the Note 3. Application of Payments. Unless applicable law proVides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be apphed by Lender first m payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to mterest payable on the Note, and then to the pnnclpal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obhgatlOns under any mortgage, deed of trust or other secunty agreement With a hen which has pnonty over thiS Deed of Trust, mcludmg Borrower's covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and other charges, fines and Impositions attnbutable to the Property which may attam a pnonty over thiS Deed of Trust, and leasehold payments or ground rents, If any. 5. Hazard Insurance. Borrower shall keep the Improvements now eXlstmg or hereafter erected on the Property msured against loss by fire, hazards mcluded wlthm the term "extended coverage", and such other hazards as Lender may reqUire and m such amounts and for such pen ods as Lender may reqUire The msurance carrier provldmg the msurance shall be chosen by Borrower subject to approval by Lender, prOVided, that such approval shall not be unreasonably Withheld All msurance poliCies and renewals thereof shall be m a form acceptable to Lender and shall mclude a standard mortgage clause m favor of and m a form acceptable to Lender Lender shall have the nght to hold the poliCies and renewals thereof, subject to the terms of any mortgage, deed of trust or other secunty agreement With a hen which has pnonty over this Deed of Trust. In the event of loss, Borrower shall gIVe prompt notice to the insurance camer and Lender. Lender may make proof of loss If not made promptly by Borrower. If the Property IS abandoned by Borrower, or If Borrower falls to respond to Lender wlthm 30 days from the date notice IS mailed by Lender to Borrower that the msurance carrier offers to settle a claim for msurance benefits, Lender IS authorized to collect and apply the msurance proceeds at Lender's optIOn either to restoratIOn or repair of the Property or to the sums secured by thiS Deed of Trust. 6. Preservation and Maintenance of Property. Borrower shall keep, or shall cause Lesee to keep, the property m good repair and shall not permit Impairment or detenoratlOn of the Property. 7. Protection of Lender's Security. If Borrower falls to perform the covenants and agreements con tamed m thiS Deed of Trust, or If any actIOn or proceedmg IS commenced which matenally affects Lender's mterest m the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, mcludmg reasonable attorney's fees, and take such actIOn as IS necessary to protect Lender's mterest. If Lender reqUired mortgage msurance as a condition of makmg the loan secured by thiS Deed of Trust, Borrower shall pay the premIUms reqUired to mamtam such msurance m effect until such time as the reqUirement for such msurance termmates m accordance With Borrower's and Lender's wntten agreement or applicable law. Any amouilts disbursed by Lender pursuant to thiS paragraph 7, With Interest thereon, at the Note rate, shall become additIOnal Indebtedness of Borrower secured by thiS Deed of Trust Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained In thiS paragraph 7 shall reqUire Lender to incur any expense or take any actIOn hereunder 8. Inspection. Lender may make or cause to be made reasonable entnes upon and inspectIOns of the Property, prOVided that Lender shall give Borrower notice pnor to any such inspectIOn specifYing reasonable cause therefor related to Lender's mterest In the Property 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, m connectIOn With any condemnatIOn or other taking of the Property, or part thereof, or for conveyance m lieu of condemnatIOn, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other secunty agreement With a lien which has pnonty over thiS Deed of Trust. 10. Borrower Not Released; Forbearance By Lender Not a Waiver. ExtenSIOn of the time for payment or modification of amortizatIOn of the sums secured by thiS Deed of Trust granted by Lender to any successor m Interest of Borrower shall not operate to release, In any manner, the liability of the onglnal Borrower and Borrower's successors In Interest. Lender shall not be reqUired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizatIOn of the sums secured by thiS Deed of Trust by reason of any demand made by the onglnal Borrower and Borrower's successors In Interest. Any forbearance by Lender In exercIsing any nght or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such nght or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the nghts hereunder shall Inure to, the respective successors and assigns of Lender and Borrower, subject to the proVISIOns of paragraph 16 hereof. All covenants and agreements of Borrower shall be JOint and several. Any Borrower who CO-SignS thiS Deed of Trust, but does not execute the Note, (a) IS co- signing thiS Deed of Trust only to grant and convey that Borrower's Interest In the Property of Trustee under the terms of this Deed of Trust, (b) IS not personally liable on the Note or under thiS Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modifY, forbear, or make any other accommodatIOns wIth regard to the terms of thiS Deed of Trust or the Note, Without that Borrower's consent and Without releaSing that Borrower or modifYing thiS Deed of Trust as to that Borrower's mterest m the Property 12. Notice. Except for any notice reqUired under applicable law to be given In another manner, (a) any notice to Borrower prOVided for m thiS Deed of Trust shall be given by delivenng It or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may deSignate by notice to Lender as proVided herein, and (b) any notice to Lender shall be given by certified mall to Lender's address stated herein or to such other address as Lender may deSignate by notice to Borrower as proVided herem Any notice proVided for In thiS Deed of Trust shall be deemed to have been given to Borrower or Lender when given In the manner deSignated herein. 13. Governing Law; Severability. The state and local laws applicable to thiS Deed of Trust shall be the laws of the JunsdICtlOn In which the Property IS located. The foregomg sentence shall not limit the applicability of Federal law to thiS Deed of Trust. In the event that any provISIon or clause of thiS Deed of Trust or the Note conflicts With applicable law, such conflict shall not affect other provISIons of thiS Deed of Trust or the Note whICh can be given effect Without the conflicting prOVISIon, and to thiS end the prOVISIOns of thiS Deed of Trust and the Note are declared to be severable. As used herem, "costs", "expenses" and "attorneys' fees" Include all sums to the extent not prohibited by applicable law or limited herein 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time of executIOn or after recordatIOn hereof. 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligatIOns under any home rehabilitatIOn, Improvement, repair, or other loan agreement which Borrower enters Into With Lender Lender, at Lender's optIOn, may require Borrower to execute and deliver to Lender, m a form acceptable to Lender, an assignment of any nghts, claims or defenses which Borrower may have agamst parties who supply labor, matenals or services In connectIOn With Improvements made to the Property 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any Interest in It IS sold or transferred (or If a benefiCial Interest In Borrower IS sold or transferred and Borrower IS not a natural person), Lender may, at Its optIOn, reqUire Immediate payment In full of all sums secured by thIS Deed of Trust However, thIS option shall not be exerCised by Lender If exerCIse IS prohIbIted by federal law as of the date of thiS Deed of Trust, or If Lender has executed a separate written waIVer of thIS optIOn. If Lender exercIses thIs optIon, Lender shall gIve Borrower notIce of acceleratIOn The notIce shall provIde a perIod of not less than 30 days from the date the notIce IS delIvered or maIled wlthm whIch Borrower must pay all sums secured by thIs Deed of Trust. If Borrower falls to pay these sums prIor to the expIratIOn of thIs perIod, Lender may mvoke any remedIes permItted by thIs Deed of Trust WIthout further notIce or demand on Borrower NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Except as provIded m paragraph 16 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thIS Deed of Trust, mcludmg the covenants to pay when due any sums secured by thIS Deed of Trust, Borrower shall be m default under thIS Deed of Trust and Lender may accelerate the Note and exercIse any of Its rIghts and remedIes hereunder or avaIlable at law. Lender, prIor to acceleratIOn, shall gIve notIce to Borrower as provIded m paragraph 12 hereof speclfymg (I) the breach; (2) the actIOn reqUIred to cure such breach, (3) a date, not less than 10 days from the date of notIce IS maIled to Borrower, by whIch such breach must be cured; and (4) that faIlure to cure such breach on or before the date specIfied m the notIce may result m acceleratIOn of the sums secured by thIS Deed of Trust and sale of the Property Lender shall be entItled to collect all reasonable costs and expenses mcurred m pursumg the remedIes proVIded m thIS paragraph 17, mcludmg, but not lImited to, reasonable attorney's fees and costs of eVIdence of tItle. If Lender mvokes the power of sale, Lender shall execute or cause Trustee to execute a WrItten notIce of the occurrence of an event of default and Lender's electIOn to cause the Property to be sold Trustee and Lender shall take such actIOn regardmg notIce of sale and shall gIVe such notIces to Borrower and to other persons as applIcable law may reqUIre. After the lapse of such tIme as may be reqUIred by applIcable law, Trustee, WIthout demand on Borrower, shall sell the Property at publIc auctIOn to the hIghest bIdder at the tIme and place and under the terms desIgnated m the notIce of sale m one or more parcels and m such order as Trustee may determme Trustee may postpone sale of all or any parcel of the Property by publIc announcement at the time and place of any prevIOusly scheduled sale Lender or Lender's desIgnee may purchase the Property at any sale Trustee shall delIver to the purchaser Trustee's deed conveymg the Property so sold WIthout any covenant or warranty, expressed or Implied. The recItals m the Trustee's deed shall be prImo facIO eVIdence of the truth of the statements made therem. Trustee shall apply the proceeds of the sale m the followmg order. (a) to all reasonable costs and expenses of the sale, mcludmg, but not limIted to, reasonable Trustee's and attorneys' fees and costs of tItle eVIdence, (b) to all sums secured by thIS Deed of Trust; and (c) the excess, If any, to the person or persons legally entItled thereto. 18. Insufficient Sale Proceeds. In the event of a sale of the Property at faIr market value, and If such sale does not result m suffiCIent proceeds to satIsfy the Note, BenefiCIary WIll nevertheless request reconveyance of thIs Deed of Trust at the c10smg of such sale, provIded that BenefiCIary receIves all proceeds avaIlable after satIsfactIOn of the prIor deed of trust and payment of customary sale and closmg costs In such event, no sale proceeds shall be paId to Grantor (I e., Grantor will not receIve any cash from the sale) "FaIr market value" as used m thIS paragraph shall mean the prIce receIved by Grantor m an arm's length sale to a thIrd party after IIstmg the property for sale WIth a multIple IIstmg servIce or otherwIse publIcly advertISIng the Property FaIr market value shall not be less than the value establIshed by the purchaser's appraIsal of the Property or any appraIsal obtamed by BenefiCIary at ItS optIon for the purposes of establIshmg faIr market value under thIS paragraph. 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. Borrower hereby assIgns to Lender the rents of the Property, proVIded that Borrower shall, prIor to acceleratIOn under paragraph 17 hereof or abandonment of the Property, have the rIght to collect and retam such rents as they become due and payable. Upon acceleratIOn under paragraph 17 hereof or abandonment of the Property, Lender, m person, by agent or by JudICIally appointed receIver shall be entItled to enter upon, take possessIOn of and manage the Property and to collect the rents of the Property mcludmg those past due. All rents collected by Lender or the receIver shall be applIed first to premIUms on receiver's bonds, costs of management of the Property, collectIOn of rents, and reasonable attorneys' fees, and then to the sums secured by thIS Deed of Trust Lender and the receIver shall be lIable to account only for those rents actually receIved. 20. Reconveyance. Upon payment of all sums secured by thIS Deed of Trust, Lender shall request Trustee to reconvey the Property and shall surrender thIS Deed of Trust and all notes eVldencmg mdebtedness secured by thIS Deed of Trust to Trustee Trustee shall reconvey the Property WIthout warranty and WIthout charge to the person or persons legally entItled thereto Such person or persons shall pay all costs of recordatIOn, If any. 21. Substitute Trustee. In accordance WIth applIcable law, Lender, may from tIme to time appomt a successor trustee to any Trustee appomted hereunder The successor trustee shall, WIthout conveyance of the Property, succeed to all the tItle, powers and dutIes conferred upon the Trustee herem and by applIcable law. 22. Request for Notices. Borrower requests that copIes of the notIce of default and notIce of sale be sent to Borrower's address whIch IS the Property Address. Lender requests that copIes of notIces of sale from the holder of any lIen whIch has prIOrIty over thIS Deed of Trust gIven pursuant to RCW 61 24 040 be sent to Lender's address, as set forth on page one of thIs Deed of Trust 23. Use of Property. The Property IS not used prIncIpally for agrICultural or farmmg purposes 24. Misrepresentations. Upon dIscovery of fraud or mlSfepresentatlOn by the Borrower WIth respect to any mformatlOn proVIded by Borrower in the loan applicatIOn executed m connectIOn WIth the Note, Lender may, m ItS sole dIscretIOn, by WrItten notIce to Borrower, declare all oblIgatIOns secured by the Deed of Trust and all obligatIOns payable under the Note immediately due and payable and exercise any other remedy allowed by law or provided by the Deed of Trust. Borrower shall notifY Lender promptly m wntmg of any transactIOn or event which may give nse to a nght of acceleratIOn hereunder. Borrower shall pay to Lender all damages sustamed by reason of the breach of the covenant of notice set forth herem or by reason of such fraud or misrepresentatIOn. IN WITNESS WHEREOF, Borrower h Borrower STATE OF WASHINGTON, L,-A.~ County ss: On thiS 2"0 day of '(\(\"""lrC-Y'\ , 20 t)(.., before me, the underSigned, a Notary Public m and for S e of Washmgton, duly commissIOned and sworn, personally appeared Ao-M.fz...--"... ~. \" \ -.:2- , to me known to be the mdivldual(s) descnbed m and who executed the wlthm and foregomg mstrument, and acknowledged to me that he/she/they signed and sealed the Said mstrument as hls/her/thelr free and voluntary act and deed for the uses and purposes therem mentIOned. \ ~ WITNESS ~J,~\1\.kl1~ WJjclal seal Signature: ~ - 'W\ ~ _ ~"".I ~ 6E r..".., I" \ .:- /1..~ ,"\\\\\\111 \...(~ " l\ ~ J. k -= ..'l:'~'':~5101\i ~J'II'I ~'I, \"'\ \V\ .: ~64 f,or~q~~I) AP__\. - -0"" ~ I. ~I -;, , Name (Typed or Pnnted) ~ " ;; ff',", ~ '*'" ::=u u,-:. ~' ~~ ~ ~ ;2' :: ~ ~ . ~ Resldmg at: C;:Ii2.:::( ~'"'> l1>.. z (fl "" "", " ,1,(' !' ~ ::: \ ~ :"'\~I ""L;\.,' ~O - ~I "",/'IIr,O-05J::F~.....'0".:f My CommissIOn expires: \D'S, 2.c:::x:::::Fl III ~ 0111111\"',\'\...." ~~ ....... 'I, F: WAS~1 "..."'- ll'h\\\\""~ the [' )) fz:- -c <-\-\k:..v..... - REQUEST FOR RECONVEYANCE TO TRUSTEE' The underSigned IS the holder of the note or notes secured by thiS Deed of Trust Said note or notes, together with all other mdebtedness secured by thiS Deed of Trust, have been paid m full. You are hereby directed to cancel said note or notes and thiS Deed of Trust, which are delivered hereby, and to reconvey, WIthout warranty, all the estate now held by you under thiS Deed of Trust to the person or persons legally entitled thereto. Dated Exhibit A Legal Description for Lot 2: The westerly 280 feet of the southerly one half of Suburban Lot 105 of the Townsite of Port Angeles, more commonly known as Lot 2 of the Barton Short Plat, recorded December 23,2005 in Book 31 of Short Plats at page 75, Clallam County, Washington. PROPERTY NOW DESCRIBED AS FOLLO~<JS: LOT 2 OF BARTON SHORT PLAT, RECORDED DECEMBER 23, 2005, IN VOLUME 31 OF SHORT PLATS, PAGE 75, UNDER CLALLAM COUNTY RECORDING NO. 2005 1172009, BEING A PORTION OF THE SOUTHERLY HALF OF SUBURBAN LOT 105 OF THE TmVNSITE OF PORT ANGELES, CLALLAM COUNTY, ~JASHINGTON ; SITUATE IN CLALLAM COUNTY, STATE OF WASHINGTON. Request for Full Reconveyance The undersigned beneficiary is the legal owner and holder of the promissory note in the original sum of $95,000.00 , with accrued interest of$7,891.76 , totaling $102,891.76, secured by that certain Deed of Trust dated March 2, 2006 in which Housing Authority of Clallam County, now known as Peninsula Housing Authority , a nonprofit of date of acquiring title, as it's separate estate is grantor, and Olympic Peninsula Title Co. is trustee, filed for record on March 8, 2006 , as Auditor's File No. 1176202 records of Clallam County, Washington. The note and all other indebtedness secured by said Deed of Trust having been fully satisfied, the Note and Deed of Trust are herewith surrendered to you for cancellation and reconveyance. You are therefore requested, upon payment of all sums owing to you, to reconvey without warranty, to the person(s) entitled thereto, the right, title and interest now held by you thereunder. Dated: April 29 2016 The City of Port An es: By: Nathan West, Community Development Block Grant Official 00-A 4 `ce�r T�tPlevif "