24852 PE-1414I
. ,
' S PO K A N E . C.O U N T Y
D[VISION OF ENCINEERING AND ROAnS ~ A D1VIS10N OF THE PUBI.IC WORKS DEPARTMENT
Willia'm A. johna, P.C., Cotinty Englneer Dennis M. Scott, P.E.; Director
AGREEMENT TO PAY TEES
ENGINE4 ER'S AGREEMENT NUMBER , .
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This agreement between Spokane County and Tom Andrel
whose interest in the project is owner ,
. . . .
is entered into this 3rd day of September , 19 99 This agreement is applicable to the project
known as: Riverwaltc lOth Addition '
That the individuals and parties named herein as having an interest in the above described property or project agree
to the following:
1. Reimburse Spokane County for prc;ect review and inspection fees as specified in Chapter 9.14 of .
the Spokane County Code. The fees will be based on ac(ual salary costs incurred by Spokane
County for project reviews and / or inspections plus a ten percent administrative charge, and will
be billed monthly as accrued.- Any billing amounts due, including any expenses incurred in tlie
collection of an overdue account, must be paid prior to the County's acceptance of the project for
filing. If a project is approved and/or filed witli a balance still owing, the unpaid balance sllall be
paid within 30 days of the invoice date. -
2. The undersigned agrees that these fees are due and payable upon receipt of the billing as specified .
above.
. .
3. Any invoices not paid within 30 days of tlle invoice date will be considered delinquent. If any
outstanding balance on the account for this project is not paid witliin 30 days of tlie invoice date,
. no further reviews -of the project documents will be.conducted until. the entire account balance is
paid. Any balance on the account for this project not paid within 65 days of the invoice date may result in legal action or the initiation of other collection procedures, including referral to a
collection agency. The Sponsor will be liable for any and all expenses incurred by the County for
the collection of overdue accounts. _
, 4. The montlily billins sliould be sent to the altention of:
NAME: Shorewood Homes ,
ADDRESS: 3901 Schreiber Wav ,
• CITY, STATE: Coeur d'Alene, Idaho
ZIF CODE: 83814 ,
PHONE (208) 665-9400 , I understand that failure to pay these fees may result in delay in completion or approval of-the project or otller
possible sanctions. .
0 If this fee agreement is completed by someone otlier than the Sponsor (i.e., the project owner or a
principal in the firm sponsoring the project), such as the Engineer designing the project, tllen
written authorization from the Sponsor specifically auttiorizing the Agent to execute tliis Fee
, Agreement is attached to this Fe gr me .
SIGNATURE By: ~
(PRINT NAME)
RETLTRN YELI.OW COPY TO SPOKANF. COL7NTY rNGIN EI+~RS
k1a\Ragreefee,cfac 2/1196 . •
1026 W Broadway Ave Spokane WA 99260-0170 (509) 456•3600 FAX: '(509) 324-3478 TnD: (509) 324•3166
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S P O K A N E
4 - C O U 1-4
BUTLDING AND PLANMNG A DMSION OF THE PUBLIC WORKS DEPARTMENT
james L. Manson, C.B.O., Director Gary Oberg, Director
MEMORANDUM
DATE: October 29, 1999
TO: W~iv,~isia,n of :ng~inTe~r~i►n~~ =d~Roads, Pat Harper, /o S ~ ~ d~y ' ~ ~ ball
Division of Engineering and Roads, Development Services, Bill Hemmings
Division of Utilities, Jim Red
Stormwater Utility, Brenda Sims
Spokane Regional Health District, Steve Holderby
Spokane County Fire District No. 1
Consolidated Irrigation District
tib.
FROM: Tammy Jones, Associate Planner
SUBJECT: Proposed Final Plat of Riverwalk 10" Addition, PE-1414-81.
Please review the attached final plat map for Riverwalk 10t1' Addition, PE-1414-81, and forward
your comments to me by November 11, 1999. If you have any questions regarding this matter,
please contact me at 477-3675.
Enclosure(s)
copy without enclosures to: CLC Associates, Inc., 707 W. T'' Ave.#200, Spokane, WA 99204
Shorewood Homes, Inc., 3901 Schreiber Way, Couer D'Alene, ID.
83815
1026 W. BROADWAY • SPOKANE, WASHINGTON 99264-0050
PHONE: (509) 477-3675 • FAX: (509) 4774703 9 TDD: (509) 477-7133
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CHECK NO
~ MOUNTAIN WEST SAVINGS BANK F.S.B. 0011969
~ WOOD HOMBS ING P.O. Box 1059
Coeur D' Alene, ID 83818-1059
3801 SCHREIBER WAY CAEUR D'ALENE, ID 83815
(208) 665-9400 92-71 sa/t 231
FOA THE
sUM oF: .TH~ SU1`'! I"0,,., 0~,~ Lb a~
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PAY '
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0 pERE S OD ME , NC. ~
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auh+owzEn s+arwTVaE
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fi'0 L L 9 6 911' 1: 12 3 L? L 9 5 51:0 LO L,00000 3 5il' ° • • • • . - _ . _ ~.y..._...,~.._._-._ _ . _
Receipt No. 122301
Received From:
Date:
~O I SG~.E.(I~ 02
. _ ~
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Address:
CO~U~ Amount Paid:
Acct. No.. S , Sales Tax:
T - ~ 3 ~ - 1:' - ~ * Total Paid
Amt. of Acct: Money,O,rder.~ . . . ~
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Amt. Paid /Or~ -r ~ ~ ~fiedc ~ • . "~'c #
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Balance Due:
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Received by:
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GiECK W0:
~ MOUNTAIN WEST SAV(NaS BANK F.S.B. 0011969
~ WOOO mMES ING P.O. Box 1059
Coeur D' Alene, ID 83816-1059
3901 SCHREIBER WAY COEUR 0'ALENE, lD 83815
(208) 665-9400 92 7195f1231
FOA THE
~ 8UM OF: • THE S 4.~ ~ U U ~,.r}t.~~~►,.,.:► ~ ~ AMOUN'f
• ~ o~ 4y f~•'°
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oaoER S OD ME , NC.
OF
AUTHORiZED 3MATUHE
, . . . . . .
11'0 119 6 911' 1: 12 3 L? L 9 5 5I:0 LO i.00000 3 5il'
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':y ' . . . . _ . _ _
. . ~ , • - - - ~ ~ Receipt No. 122301
~ - _ Received From:
Address: 2igd, SC~E10~~ Date: 02
4--~ V.~~~. . ~ Amount Paid:
Acct. No.. , . . . as Sales Tax:
G
Total Paid
Amt. of Acct:
• s , F ~,~~ec ,
~ Amt. Paid fieck 969
~~rii~'. w ` , e~;:
- Balance Due: , . LA
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. FUrpOS@: ~~~...x:~~'~" -~,1: ~9 _:~r'.~' ' ~
Received by:
. . . . ,
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ReNcD !o; SFI0REW04D HOMES,INC. ,
3901 Schrieber tiV,y •
Cocur d'Alcae. )dahfl 83315 `
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08)1311499 10:261
PtOEEE9, TI1lE MFAla- 1D 110.00 Spalu* W. IR
207-5677 ~2S-7~00
fCG STA77ITORY WARRANTYDEED •
n-iE GRAmORS, RIVER WALK "50" LLC, fur and in coasidcratiun ot' Tcn Dollars
(S10.00) and othcr valuable considetaGon in hand paid, convcy and wa,rraat to SHOREIVOOD
A014fES, INC , the follotving ducribcd ccal cstatc, situatcd 'tn che Counry of Spokane, State of
Washington: '
Sct aitached legal ~dv~i~~..+G.~`o~ S~
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55085.9072
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%D 3UBJECT TO: (1) Restrictivo covenants. casemrnts and cncumbrsnccs of rccord;
i (2) taXes not ytt due or payable; and (3) visiblc eascacnis and
= underground eascmcnls olrccord. i
DATED: July 28, 1999
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o RTYER 1YA1.K "50" LLC •
o BY:
tu P. Edward Dcan, 7r. '
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4401530
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0811711999 1G:1fiA
. P10MA, ililE MM 1o 110.OU Spoltm to. a '
STA't'E OF WASiiiNGTON)
. )ss.
Counry of krnJ(. )
Qn this 29th day af July, 1949, befosc mc, the undersigned Notary Public in and for the Statc
of Washington, duly commissioned and swom, pasonally appcared P. Edivard Dcan, )r., to me
knowti to bc lhc gencral psrUier of Rivu Walk "SO" LLC, n limitcd liahility company, that hc
czecuccd the forcgoing insQUmcnt, and ackaowledgcd the said insaument to bc thc [rce and
voluntacy act artd decd o[ said limitcd liability company, for the uscs and purposu thcccin
meoConed, and on oath statcd lhat he is aut}toriied to exccute the said instnunent.
Wimcss my hand and official seal hereto afYtxcd the day and year first abot•c '.vrittrn. .
i ~ Notary Public in and tor the Statc
of Washington, rwiding ac •
'r Name: bONT1A M• 'DE.rL'f
~
- ♦i My commission cxpires: lr I~-3/2003
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PIOkfEA,1111E Oa1PJJff 19 fiO.OQ Spcline W, a
T!►at poriion otihc South half of the Southwcst quaricr and Govcrnnun! i..ots S and 6. of Section S.
Township 25 North, Ran6c 45 East, W.M., in Spokane Counly. Washinblon, morc particuiar(y
dcscribcd as foltows:
BCGINNING at ihe most Northeasterly comer ofLot i. Block 4 of R1VCRWALK SL•COND
ADD1T10N, accordinS Io Plal recorded in Vo)ume 23 otPlals, P:iges 94 and 95;
thcncc Norili 89°4S'00" Cast, a Jistance of 144.50 tcct; thcnce Nonh 0(h 2'00" Wcst, a disiance ot 110.06 feet (Rec.l 10.00")
Ihence North 0°42'SS" Easl (Rec. North 04°OZ'S2" L•ast) a distance of 35_ 10 fcet; '
thence North 00°12'00" Wes1, a dislance of 109.94 teet (Rec.110.00.teei);
Ilience Nortii 89°4S'00" East, a distance of 30.01 teet lo ihc Troe Point of Beginninb; thence Nonh
0 1°3l'3 t" West, a dislance of 348.09 fee1;
thcnce Nonh 33°3S'27" West, n distance of 21.65 feet;
- the»ce North 56°21'33" Cast, a distance ot70.00 teet; thence Nonh 33°38'27" West, a Jistance or
145.00 fecl;
tlience South 56"2 t'33" Wcsl, a clislance of 37.4$ feet; •
tbcnce Nanh 33°38'27" West, a dislance ot26S.20 feet to ihe SbuNteriy liiie of Parctl "A". as
descriDed in a Stalutory Warranty Deed recordecl under AuJiioes Doeument No. 9405120394; thcncc
North 63°13'23" Cast alonb tl}e Southerly linc otsuid Parcel "A" (Rea South 63°49' Wat) a distance
of 127. 10 fcci; ,
thence North 56°21'32" fast, a Jistance of 763.72 (Rec. Nonh 55°52" Cast. 763.20 fect) to U,e Cast
line otGovemmcnt Lot G; . '
thcnce South 01°32'54" Cast a Jistancc of 425.52 fcet to the ccntcr quartcr comcr ofsaiJ Scclion S;
ihcnce Soulh 01031'46" Gast a distance ot67.39 Ceet (Rcc. 67.56 feet);
thence Soutli 67°36'33" West, a clistance af 140. 18 feet (Rcc. 140.14 Ceet) ~
thcncc South 49°20'OG" West, a distance or 37.40 fecl (Rec. Souih 49°!3'S4" West 37.44 feet);
thcnce Soutli 56°21'18" Wcst, a dislance or 145.02 feet (Rec. 144.63 feet); ~
thence South 21°19'17" East, a dislance of 51.61 teet; thence Soutii 01°31'46" Easl, a Jislance o!
506.09 fcct;
thence Souih 89°48'00" West, a dislnnce of 294.71 fe¢t !o the True Point oCBcbinning.
Tax Account No. 55085.9072.
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FiE7UAN ADDRESS: .
wAs►+IHaroN tRusr eum
Law seavicixc '
Po aox i1n , .
, SPOiCANE, WA 99210--2127
4401531
P • lof9 oe'~iir~~ ~a:r~
PIOKfA. (lllE W1YY 61 SI6.00 Sooline W. A
-Z6 131.~aG DEED OF TRUST
Reference / (it applicable): 1=2-2275 Additianal on papa
Grantor(s):
1. SHOREWO00 NOMES, INC. '
' Grantee{syASSigneeJBenetclary: WASH{NG70tJ TfiUST BANK, Beneficlary
PIONEER Tl'flE COMPANY. 7rustee
LeQal Destrfption: PRT S1I2 SW114 GOV 1-596 SEC 8-25-45 EWM Addit}anal on page
Assessor's Yan Parcel IDA: 55085.9072
THIS DEEO OF TRUST IS DATED AUGUST 10, 1999, among SNOREW000 F{OMES, IMC..
AN lDAHO CORPORA710N, whost malling address ls 3901 SCNAEIBER WAY, COFUR
D'ALENE, ID 6381"395 (relened !o below as 'Grontor'); WASHiNG70N TRUST BANK. '
whose meUing addresn Is 717 WEST SPRAGUE. SPOKANE, WA 99201 (referred to below sometimts as "Lender' and sometimea as "Beneticlery'r and PIONEER 7iTLE COMPANI/,•
whflse meUlnq edQrass Is 521 W. FIRST AVENUE. SPOKANE, WA 99201 (reterreQ to Delow
an 'Truetee'}
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P101EEA. 1111E w1Jt( 01 116.00 Sooltinc Ca. IA .
08-10-1999 DEED OF TRUST Pa9e 2 Loan No 2275 (Conllnued) , .
CONVEYANCE 1►ND GRANT. Fot Yat"We tonalderalfoq Gnntur convcys lo Trustco In trvsi rM parer of sde,
dyAt Of entry and yosxulon arW tot IAa Denefll 01 Lcndu b Benelltlnry, aI d Gnnlofa npN, 4Dc anQ m4rOs1 N .
.nd lo U+e loaorwirq Oosaibe0 ra! WopMy. Wpethar wAA &1 esisllnp « suGSequeriBj oncqo « atn:vd oc&drqs. -
MWovemenls en0 fb0ues; d easamenft, rlphts W we71. and appWeruncas; af wNer. waNr ripnb and *IM tIpnu -
Qr,audnq sloa In utOas wiln afth a trq.eon rtpntsk and d oa+a rlpnes. ooyetws, ana pouts nraUny oo no ied .
wopertr. Inclua,ng ,.fthmA Lm,fon .l tnL,«.ls. aL gn. 9900wrtw .nd ymw m.nam iocniee m SPOi(ANE
County, Steta ol Washington (lhe 'Real Property'):
THAT POR7tON OF THE SOlJTt1 fiALF OF 1}iE SOUT}lWEST QUARTER ANO
GOVERNMENT LOTS 5 AND 6, OF SECTION 8, TOWNSliIP 2S NORTH. IiANGE 45 '
EAST. W.M.. IN SPOKANE COUNTY. WASNINGTON. MORE PARTICULARLY -
DESCRIBED ON AITACHED EXHtBfT A. -
The Real Property or tts eddress ls commoNy known as NNA SPOKAME COUNTY.
SPOKaNE COUN7Y, WA . n+e itsd rroper+y vr +aerdlicanoa oumb« b ssoes son .
Gnntor harebr aulpra u seeuslly lo Lor►per. d d Cutedofs ApM, Otle. and lntares! In aM lo d baxs. Fienb, un0 poft
d IJ+e RopeAy. Thh isslptvmN b reeardod In aecor6ana wdn RGtiY 65.0EA70: Oa Wan aeaNil DY an suiprrnent b
• 4+tende0 to Oe spoddc, parfecled an0 Moete upon " rncadnp of M DeoO W Tnnl lardr pruft b Cxuaot a bacw
b cooat Ur Ronts uW profds. wh1cA loense may Di f evoW u l.erWa'f oplion and shel De adanftlttly tevoReO cqon
.ooefor.ti~on a.e «o.rt a Ne +two0roones:. -
DEFI1V1T10l1S. 1T» tolowlnp r.ords snaD Ivve Uie keow4p masn4qs when e+sod In 9rb DeeO d Tnat Tvms not •
ottwrwiso de6r»0 1n Ws Doed d Tn+sl stuI ILVS Ilv mulirps alYOuted b sueh tarms H p» lJNiam C. „ cW Code.
At releraroa la dohi anwemfs snal m*an anwimti In vwtul morwy W the UNiod SIsWs d M+«fca_ . ,
Benet{ciary. TTw word '8ocellcWY msaro WItiStGN(iTON TitUST &ViC b suacesun and ssslyo.
WASt4NGtON 7fiU5T BNd( also b ro(one0 b as lerWer tn Vrs Dasd d 7nat.
ooed or rrun_ The woras v«a a tt„fr m.n ws oooa a Trosi an,ong ci.M«. Lw,ow." Tmd+o...rw
Y+chWoa wilfwtd irtrLllon d asslGnrt,ed end secuSlp Wern1 povnbns rfttlnp to Ow Parsonal Plropah um Rwds.
Grenta. 1Te wotd'(iranlor meens am iond d ppsom and enClb! axeCU7tnp Rds Oeed of TrtnC YrDuW+p wdtAOUf
ImitaLai SliOH£WOOO HOMES. WC..
Gumanta. Tl» wor0 'Guuudor moei►s and 4n[fu4as wriftul imUaGon arq and puvantors, surahes ub '
tocanmodalion par5es In Connat6on wkh Ne ttWablednss. -
Improrements. Tt+s worC Zmpovrome+ns' moam and b+cAiOes wfltioW MtaBan u e+dsuq and Mu•
trr+ptovemerqs. buldinps, siruclues. moCSa Aanus affixe0 on ft Hee! Aropeity, 4Cltles, addmoro, wpucemeft •
and Wher eortsirucffon an If» ReN Roporty.
tnGeOfeartesa 7Ta wad 'lndebta0nns' muro a1 pMdpd and Wmasl psyaWr urWw tty Nob ud urr amainb
expended aadvar+cad Dy triEer b dlschar" oDlpEons ol Grarda a wcyensea lneunod Op TrvsW a 1an0w ro ~
antoreo oDBpagorss d GraNa uMar Ihia O"O d Tnal, logellw with'vdna! on wwh amouNs u prorWW b Drs
. OeoO ol Tnrsl
lender. Th6 wad'Lender mtam WAS7ANGTON TRUST BMD( Ils suocessors uW assipns.
Itoto. stso waa -NOte, manns tne xoee o.tee Auwat lo, toss. En ihe orlgMel prinetpal emount ot • - '
$607,500_04 trom Cranlor ana anl co-DOrrowwa to Leroa. toqstna wun d rsrwwah, seengora. moditlc'Yom . .
rsfu+nndnps, and tubshlu0aa lor Uw Nots. NDTICE TO GRANTOR: TFfE ttOTIE COPtiA1N3 A VAltiABLE .
INTFREST RATE, . .
Persooal Propcrtp. 7fw words 'Persaul RopW mean eqvipment, Oxtun, ub dAer utws o( prsa+d .
GtoD" ro.r a hareallar owned Oy Grtntor. and rwr+ or Aereerter tttaclw0 a aNareO b IM itetl Ropery, loqeVw
wdh N aooassbns. DaAs. en0 addtlons lo. &I rop4eemwts ol. and at suDskhAlon» W. any ol aucn Oropertt: ~ .
lopotl+u w8h a1 Issuef and MW i?NrOOn and proeyeds (irKtuduq rnthoul imitatlaf a! besuroics OroeaeQS and
rdunds a prertiums) aan.ny s.fa a anor dispositlon a ft woperty. •
J
. . PropeM. 71w wad'PropertY mmaro cooeeOveh u» Red PropoAy an01tr PerswW Proprty. S
Rtd Propcryt. Tta warOs Siss1 RopaAY moan QN Droperh. hferais ard AQAb dmcri4e0 aDoN M C»
'CanwyariCe end Granf secloat ' • •
. Relnlcd OoeumerUs. Tla wards 'Rotale0 Oocumenb' moan an0 4nduQa w1UXwd fr►Annon d Vromhsary rwhn, -
aut! spnemenb, ioen apreerne+ds. emlronmonW apreertaNs. 9vanNNs. sem+W W►osmesh. morbspas, daeQS .
oe tus4 and af othor Instrumerds. aqreamonb and oocunarts. wnelnor nwr « naeanar 0462, noc+ota0 In
eonvnacion wNf11M IndeDSednass. .
RenlL The wad 'Banls' means d prosenf and Adire raib. revotwos. incoar. lssuok rele)tlos. Droms. tnd dl+r
boralui aorivod Irom Hw Rapery. ~
Tf uttee. The word Tiwloo' mearo PtONEER TRLE C01dPM1Y an0 any subsbuto a wocnsa tuatass.
TIp3 DEEO Of TfiUST, tNQU01NG TItE ASSIGNAlENY Of RfNT$ ANO T1E 6ECURITY 11fTEAfST 1N T111 AFN1S •
AND PER5011AL PItOPERTY, IS GIVEN 70 S£CUiIE (1) PAYMENT Of TMF tNOEBTEOatESS ANO (2)
PEfiFOAMANCE Of ANY AND Atl OBIiGATlONS QF GRANTOR U'NOfA TfIE Ii07E, TfE AELATfD DOCLM1fNTS.
AND TH19 OEEO Of TAUST. THlS DEED OF THUST IS GtVEN ANO ACCEPTED ON T!t£ iOLLOwIMG TERYS:
PAYMfMT ANO PERfOAMAHCE. Euepl as otnerobs peorfded In Ws Oe60 d Trvs1. Grsnlor s1ti1 ps7 b lw0er al
amounts aoct~rod Gy Itds Dwd d Trust u Uwy becarn dw. an4 st+a,t strkity and In a frnolY muvior prform at ol
. Giinla3 oDapebom undat IM Note, tTiks OoeG d Ttust, uW Ite Rdata0 Oocwtwids 1
• PaSSESStO?I AKO MAINTENANCF OF TF1E VROPERTY. Gnrda agrses n»I Cxantoh possessbn and uoe of tM
Propotty shal be pwwne0 Dy dw fdowkip prOdsbns:
- Posscsalcn arrd Ux. UrN1 tM oocuxronee Wan EwU d Oeaue. Caronla rtny (a) wcngn 1n possessbn uid contrd
ol Itr RuDOM. (b) use. Coposa4 or manspe !ne Ropwlr. an0 (c) toDa1 any ReNS tom M Raperh (this Wraws
Is o inrue Irom tencfar lo Ganla outamUcafy rwoRed upon Ca1sW4 The toso+►inp pwlsjorn rata4 b ft use d
IAip RopertY a b olher /rrJlariora an Na Ropwtp. TM Rerl PropsAy h rwl usaC pnncbay br prkwtvd
DWDoses. ,
. Dutr b A~Wnldn. OarAor W1 mak+4fn tM Ptoperty In 14914111a6le tond0on " D►OflVb D«mm Y rGpaUS,
roptaosmanb. and mvntsmroo nocossary lo presem Id wluL
fin:erdow SuDstaua. TM terms Tenrdoua wssk: lranrdous atbsLncR' d15pasal- 'tdaose: an0
,
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- Pigt: 9 a} 9
OA)1911999 t0:t61
• PIOER. tlitf CwN1f 0T 516.00 Sooime to, U
- That portion of tlie Sou1h halfo!'the Soulhwcst quarter artd Govemmcnt Lois 5 and 6, oCSeclion 8.
Towiiship 25 Nonh, Ranbe 45 East, W.M., in Spokane County. Washinbton, morc particulariy
described as follows:
QCGINNING :►t thc mosl Northeastcrly comer orLot 1, filock 4 of 1tIVERWALK SCCOND
ADDITION, according to Plat recorded in Volume 23 of Ptats. Pagcs 94 antl 95;
Ilience Nort}t S9"48'00" East, a distance of 144.50 feet;
tlience Nonh 0012'00" West, a Jistancc of 110.06 feet (Rec.l 10.00")
thence North 0°42'S5" East (Rec. Nonh 04°02'S2" Fast) a distance of 35.10 fee1; '
tlience Nort1100°12'04" West, a distance of 109.94 fecl (Rec.110.00 fcet);
thence Nonh 89°4S'00" East, a distance of 30.01 feet to ihe True Point oC Reginninb; thcncc Norih -
01°31'31" West, u distance of 348.09 teet; tlunce Norih 33"38'27" Wesl, a distunce oC21.65 feet;
Ihence Nonh 56°21'33" East, a distance oC70.0U feet; tlience Noclh 33°38'27" Wcst, a distancc of
145.00 fec1;
thencc Sai1It 56°21'33" Wcst, a distancc of 37.48 Cect;
thaice Nonh 33°3S'27" West, a Jistartce of 265.20 teei to Ihe Southerly liiie of Parccl "A", as
Jesrribed in a Stattitory Warr•rmy Deed reeorJecl under Auditors Document No. 9405120394; tl►ence
Nonh 63°13'23" Cast t►long Ihe Southerly iine oCsaiJ Parcel "A" (Rcc. Soutft 63°49' West) a Jistancc
of 127.10 fcrt; ihence Nonh 56°21'32" East, a Jislance of 763.72 (Rec. North 55°52" Casl, 762:20 Ceet) to the East
linc of Covcrnment Lot G; -
tlicnce Soulh 01°32'S4" L•ast a Jislance of 425.52 fcel to thc ccntcr quaner comcr of sliJ Section 8;
thtnce South 01°31'46" East a distnnce of67.39 feet (Rec. 67.56 feet);
t)icnce South 67°3G'33" West, a distance of 144.18 feet (Rec. 140.14 fcet) ~
ttzence South 49°20'06" Wesl, a distance ot37.40 feet (Rec. South 49°13'S4" Wes} 37.44 fret);
ilience Souih 56°21' 18" West. a distance of 145.02 fect (Rec. 144.63 feet); ~
ihence South 21°19' 17" East, a distance of 51.61 tcet; Ihcnce South 01°31'46" Cast, a distance of
506.09 fce1; • ,
thence South 89°48'00" West, a dislance o(294.71 feet to the True Point of Bebinning.
Tax Account No. S5085.9072.
• ' :
\
. ~
' , • . .
4163511 5
. . . ~ p ~ } iii' o;
110.o0 spoliim a, u
~f ~ ! ~ tlt~t~0il, t1tlE tNS ~0 19 •
Ntury A. Ilokunson/0'Shen I2urnurd Murtin
Addi«s 10900 N.F. 4th Strect 11500 .
.
cNy,sats,2laBellevue, IVA 98004-5841 (74J1.01)
5TA7t3TORY WARRANTY DEED CC, : S-, \ 1 `l(o .
Refer~co 1(11 appficaDlok
Gmjq(yk p) Slunton f)evclonment Camnriny {t)
Grrntoes(sX(1) Stanton SPokiinc L.P. m _
Admorul Grantat(s) on pg. 11d66on3i Granloo(%) on pg. .
Leo pe,s*5w (abu,•*w4 Partion of tite South Iwlf of SW qimrter dc Covernment I.ots 5 nn0
C. Section S,'Cownship 25 N. ftunLre 45 G., W.M. /dJpmailepqs)enp* L•x. A =
AupsofsTuPattollDt 55085.90Gn ~
i
j1iEGRAIrTOR SI'ANTO2IDIiVtiLOI'ML'N'P COa11'ANY, u 1Ynshlnblon ecncre,l purtiicrship
lorondhooroikrJond co►nplction of norninqc truttsfcr to principul
I
hhsn4paid.carroperdww+n1s1o SPAN'f0ti SPOHANL' LIM1'TCD i'A1tTNtiltSI11P, a Wushiugton ~
. ~ limited pnrtncrslaip e
. II►►e bAo~wirg Ccscn'Doo reai alata, siWto0 b ga Canry d Spokanc .Slale d wasnbgbcc
i
Seo 1:xliibit A ottncheJ bereto anJ by Ihis reference incorpwrnted, • ~
subjecl to Ihe exceplioris o[ record us ot tltu dnte hereof.
t
. S'PANTON DCVL'I.OPMENT C061PANY, ~
u LYusliington gcncrnl partncrst►ip •
Dy: Denn Uuildin Corporution, C.P. ~
Oaled t~ov 1 '19IIy:
P. lidward Ucen, Je_, Yrcridcnt!
. .
Ry: IlouslcY vclo men rpocation ;
Qy: - • 1
r(un lous Y. !'res" cnt . '
f
~ .
i STAT WA51tfNGTON STATH OF WASHINGTON ~
~ • COtfNTY O COVUIY Of
" pn INs day ~clsoa~or ~pp~rorud Wla• me 1 caUy wt ( Inow or 1ww sattsluclory evWcnce 0►it /J
tJ -
.0
j !o ar krbwn b Do Ua kd'ivklual h ud Mn,o b uw pas«+1.) wW ,vpc.voa ear«e m., ana usa vorw4•)
wccer,toa n,e wukkn .na ror"jorp h •.,no ulo+onAodDa! Cvl (hds++oNwy) abneC Iha hauu++ar1, on wm .Llee •
n .ckrwwleepea ttW .Ip~veJ u~a w Ihn! (+da~+%) waa (v.a.) .uuwrCOd w amcute u+. r»wnerl .ne .
~ hw wid voturMtty ad ud deo0, lu IM V~1rw.tod~~d ~ as IM d ?
'A uae► " pryo"s tAetch mttaSonod \ W Do IM bt+ ird ~
wRrqary tucl► party ta ur uxs a+d purposos rrwrilorwd b Ih~ ~
GNEN ~rder my hand ud dDcW soal thls hs4~xnrnl ~
day of 19 .
Nwsry Yubtle ln snd far Ilr Sbte W Waahhplaf,
ibsldlrq u (SE1L OA STM/P) iy.e~+• 1 .
N M1 appohUT-11 aqkvc ~ . .
. O
o (SEE ATPACIIi:A NO'I'ATtY DLOCKS)
Transnation '
• 0
O Fam3159-5(Rcv. 12•96) !
71inN5NA770N'RtLE INSUMNCe CO1.SrANY '
c~
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W .
W
. 11• .
~f .
- . . ' , 4163511
hgc1l199~ ~01 NP .
lI
iiW1mllOkl illlf I!~ CO 10 ~10.00 SQote to, A
STATE OF WASHZHGT02i ) •
) ss.
COUNTY OP KING )
Z certify that I know or havc satisPactory evidence that
, P. EDWARD DEAN, JR. is the persor►vho appeared before me, and
said person acknoaledqed that he signed this instrument, on
- oath stated that he was authorized to execute the instrument
and acknowledged it as the Fresident oY Dean Building
Corporatfon, General Partnor of Stanton Developmant Company,
. A Flashington general partnership, to be the free and
voluntary act of such party ior the uses and purposes
• montioned in the instrument.
Dated:166016
/-7 * Y
~,STAMP]
..~~sp~.,.:gE^G,Q tti
~o~s►onr'~ :EL ' ~ 1CC~~~ ( pr i nt )
NOTAAY NOTARY PUBLIC, in ahd for the State of
.
Washington, ~esidirq at: ;
Puauc 1'YvnrI.~ ~ aAa.~►d~
:,y~•;Z My Appointmei►t Expires _.&f.28it-e
.
0~ wA`'N`~C`
~'~~rai~it~~s•~~ .
STATE OF WASHZNGTON
COUNTY OF KING
I certiPy that I knoK or have satistactory evidence that •
BRIAN ttOUSLEY is the person vho appeared before me, and said
, person acknovledged that he signed this instrument, og oath
stated.thaC he vas authorized to execute the instrumefit and
acknoNledged it as the President o! Housley Dev lopment Corporation, Ceneral Partner o! Stanton Devolopment,~ampany,
aWashington qeneral partnorship, to b@ the "iree and
voluntary act of such party !or the uses and purposes .
mentionad in the instrument.
Dateq4w,,~f-a O- q7 '
~Y e. pSTAMP] D p ~ Q
4r►; ~'~f~ • 7- ~~G~~ / -f.L~lt~
? :~jMjRY Saw~ P~atoK- [print)
NOTARY YUBLIC, in and for the State ot .
• s c~;o PUBUC Washing,ton, r~sdidinq at: '
~
. ~BER~~'~~CCd+'~
••,'~pFWASN~~G~•` Hy Appointmant Expires 1t -%°+-19 ! .
•n~~.~. .
- ~
i .
N.I.
.
- - 4163511
~ k ii360
oi
1iWimilol, 11t1E IxS t0 1D siQ.OD~ Spolu+e to1 Q
LECAL DBSCRIPI'ION
That (wrt[on of tlic Souch hal[ of the Southwcot quarter onJ Covernaesit
' Lote S.nd G, of Scccion e, Townshlp 25 Noltb, Hango 45 Eaet, U.N., noCC •
parcicularly dcacrlbed ao tollowoi
86CINltItiC at C1►e moa[ NoriheaKerly corner o[ LoC 1, D1oCk 4 of
AIVERHRLK SECOND ADDITION ao per plat tbercol re[orded in Dook 23 o[
Plate, pagea 94 and 95; thence North 89•4e•00• eaet, n diotanco of
144.50 leecl thence North 00•12100• Nnot, a diatancc of 110,06 Ceee
(Rec. 110.001) thence North 04•021551 Eaet (Rec. NorCh 04102152 EaeC) a
dietance of 35.10 feets thencs Nerth 00•121001 Heat, a diatancc of
' 109.94 fcet (Rnc. 110.00 tect)j Chancc Nortb e9•46000' Paet, a diatanCc
of 30.01-tee[ co tho Tzve Point of aeginningJ chcnce North 01•31031-
Neot. a distance o[ 316.09 [eecj thente NorLA 33•38•29• HcoC, a die[at►ce
o[ 21.65 fcecl Lhence North 56•71•33, 6set, a diatance of 90.00 [ee[j
tttcnce Nort,h 33•78•27• Hest. a diotar►ce of 145,00 fecti thence Souif►
56•21073• Hent, a diotanco of 97.18 feetJ thence North 33•38'27- Iteat,
a dirtance of 265,20 LeoL [o the Southerly linc of Psrcel ~A•, aa
deacribed in a Stacutory 1larsanty Dced recorded under Audltor•e Documenc '
No. 9105120394; tbence North 63013123• 2ast, alang the Sou[herly line of
oaid Parcel •A' (Rec. Souch 63049• Meet) a dietanee of 127.10 teocl
thence North 56111•32' Sast, a dioCAnce of 763.72 tttee North 55052'
Eaat. 962.20 lectl eo the Fa at 1lne of Governa►ent LoC 6; thence Soucb
01•321541 Easc, a diatance of 425.52 tee[ Co che center quartcr corner
o[ said Sectioq Bl thance SouCL 01•31•46• East, a distanca of 67.39 [eec
(Ree. 67.56 tecc)p thence South 67036133• F►eet, a distance of 140.16
lcet lRee. 140,11 Leot) theoco Sotiih ♦9•20'oi- Heet, a diotapee o! 37.10
Leec (Rec. SoutA 49013'54' Neet, 37.41 tectlf thence Souch 56•211181
. ltuac, a diatance of 145.02 taeCl (Rec. 144.63 teet)I thence SoutA
21•39•17- EOsC, a diatonce of 53.61 teetJ thence South 01•31•16' Eait, •
a dSstanco of 506.09 feets thenee South 69•4E1000 Weac. n di3taneo4of
291.71 feet to che Tsve Polnt of Ocginningj . SICuaCe ir► Che Couaty o! ."ipokane. SCSCo of Harhington. ~
" i
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, ~ . ~ V c'~ tJ 7
•I<- ' ~ ~ ~ >-6`r August 7, 1996
lu
. 4042736
~ Pq: 1 d 2
1410111996 02:51?
1.A PU61fiC EBG EAS S9. q Spdux Co, A
TEMpORARY TIIRN]RODND SJ►BBKENT
In the matter of Rivervalk Lane, KNOW ALL MEH DY TllESE PRESEHTS,
that the Grantor, STANTON - sPOKANE I..P_. A Washi aton i.imited
par~tnership for and in consideration of Hutual 8enefits, the
receipts of vhich is hereby acknovledged, grants to the Rivervalk
Oaners Association, 1► Flomeovners Association as created by
doCUment recorded July 25, 1995 under State U8Y Number 601-645-
• 799, an Easement over, upon and across the temporary turnaround,
legally described as tollovs;
A Temporary Turnaround Easement over a portion of Government Lot
6, of Section 8, T~25 N,. R.45 B., N.H., County of Spokane, State
of Wash~gton, more particularly described as follovs: _
~ Heqinninq at the Northwest corner of the Southeast Quarter
of said Section 8; thence S.58000114"W. a distance of 626.61
feet to the TRUB POIttT OP BECINNING of this easement
description; thence N.56021173"E, a distance o! 150.00 Peet;
thenae N.33016127"W. a digtance of 150.00 Peet; thence
S.56021133"W, a diatsnce dP 187.48 Leet; thence
S.33038127"E. a distance of 57.50 teet; thence N.56021033"E.
a distance of 37.48 leet; thence S.33038127"E. a distance o!
97.50 feet to the True Point of Beginninq.
Said Temporary Turnaround Easement is hereby qranted to Rivervalk
Owner0s Association, until such time as Rivervalk Lane continnes
and Lhe areas of the easement has been platted, at which time the Temporary Turnaround Easement viil be terminated.
IN WITNESS W1lEREOP, the undersigned has caused this instruraertt to
be executed on this _[ST-_ day of O GTo~Sq, , 1996.,.
STANTON-SPOKANE L.P.,
A Washington Limited Partnership .
BY: STANTOH DEVEIAPMENT COMPANY, A NaBhington General~ '
Partnership a -
ITS General Partner - •
BY: HOUSLEY DEVELOPMENT CORPORATION, A WashingCon
Corporation,
Psrtner t-xC~Ao Yax ExOR1Pt BY :
Onte: ~ ~ . .
SP Cou(~ty7roaswet ITS
gf I
BY: DEAN BUILDING CORPORATION, A Washington
Corporation .
Pattner
BY:
ITS r~ ~f'~*R t'•
~
1 ;
4042736
Pa : 2 012
lO~NIf996 (2:Sit
YAID PAC Fl ENG uS 19.00 Spolurc to, ti
~ ACKNOWLEDGPlENTS
STATB OF WASHINGTON )
)ss
County of
On this L3r_ day of (,~re6f-,e , 19 gL,, bePore me, the
undersigned, a Hotary Public in and for the State of Washington, •
personally appeared ~D•.~A~~ &Ld-✓ , to me knovn
to be the ^eFS/~ E- r of DEAN BUILDING CORPORATION, a
Washington Corporation, and partner of STANTON DEVELOPMENT
COMPANY, a Washinqton General Partnership vho is the General
Partner of STANTON-SPOXANE L.P., a Kashinqton Limited Partnersbip
that executed the within and foreqoi»g instrument, and
"acknowledged the said instrument to be the free and voluntary act
and deed of said partnerehip, !or the uses and purpoees therein
mentioned, and on oath atated that he is authorized to execute
the said instrument and that the seal arlixed (it any) is the
- corporation seal of said corporation.
, Given under my hand and oPflcial seal the day and year last above
aritten. •
ER,L; Shy4~ 5?1dAKCn
~and for the State of
.1Np7~ NOTAR
~0~ Washington, reeiding at
s y pc~ ~ ~
My commisaion @xpires ~ _,r-aooo
Pueuc, ~ _
s 7r-. a~soo X2
yi
STATE OF WASHINGTON ) •
)ss
County of k„,~ )
- On this i.6r day of f,1cree , 19 before me, the
undersigned, a Notary Public in and for the State o! Nashington,
personally appeared „_"..o.r Npuf[!bI , to me knovn
to be the i~t£s.ar..ir of HOUSLEY DEVELOPMENT CORPORATION,
a Washington Corporntion, and partner o! STANTOtI DEVELOPMENT
COMPANY, a Washinqton General Partnership vho is the General.
Partner of STANTON-SPOKANB L.P., a Washington Limited PartnqSrship
- that executed the vithin and Poregoinq instrument, and
, acknowledged the said instrument to be the lree and voluntaty act
and deed of said partnership, for the uses and purposes therein
mentioned, and on oeth stated that he is authorized to execute
~ the said instrument and that the seal aftixed (if any) isftha
corporation seal of said corporation.
/
Given under my hand and ofticial seal tha day and year' last above
written.
' ,%%a~EEn l.syo'''.
~~~;•',~SS~~ Ft~ •.Qd` ~ NOTARy' L n and Por the State of
N~TWashinqton, residing at
_ -•--'":Z : My commission expires c: "t-okooa
PuoLIG :o :
•'c;
OF
, ~~~~~~ii~~►~~~~
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4050305 .
w ain if s us ' Jo.oo sPAVA a. u
SPOKANE COUNTY DIVISION OF UTTLITIES
Spokana County, Hashington
BERER A21D 71CCE88 E7►SL]IENT
The Grantor, STA=11 - SPOKANE i..P.. A Hashibgton I.lmited
Partnershio for and in consideration of Hutual DanePite, receipt ot
which is hereby acknowledqed, conveys and varrants to Spokane County,
a political subdivision of the State of Washington, it's successors
• and assigns, a perpetual non-exclusive easement over, under and t►cross
the hereinatter described lands situated in tTSc County o! Spokane,
State of Nashington: •
A Temporary Sewer and Acce3a Easeaent ovor n portion of Government Lot •
6, o[ Soction 0, T.25 l1., R.45 E., H.?i., County of Spokane, StetQ of
Hashington, mora particularly doscribed as tollovs:
Deginning at the Northvest coroer of thu Southeast Quarter of
said Section 8; thence 5.5800011411H. a distance of 626.61 leet to
the TAUE POINT OF DEGINNINC of this easement description; Lhence
N.56021133"E. a distanco of 150.00 teet; thence 11.13038127"H. a
distance of 150.00 feet; thence 5.56621073"W. a dlstance o!
187.48 tecst; thence S.13038!27"E. a distance ot 57.50 teet;
thence H.56021133"E. a distance of 37.48 feet; thence
• S. »•]0'27pE. a distance of 97.50 tect to tho Trucs Point of
Beginning. .
The parpetual non-exclusive easement granted to Spokone County, its
successors and assigns is tor tho solo purposa of construction,
lnstalling, oporating, maintaining, repairing, altering, replacing,
removing, and all other uses or purposc3 which are or mny be related
to the sewer lino. It is expresaly undcrstood and agreed that Spokano
County or its auccessors end essigns shall have tlte right of ingresa
• and cgcesa fcom tho property described above for the purpose of
constructinq, altoring, oporoting, oaintaininq, rapairinq, roplacinq, reaoving or eny othcr usea or purposos which are or may be relited to
tho sewcr linos. .
Spokano County, its succe9sors and asaigns at all times heroinatter,
at thoir ovn cost and expensa, may remove all crops, brusA,/grass or
trees that may intertere with tha constructinq, installing, operatinq,
maintaininq, repairinq, altering, replacing, remuving'and all other
uses or purposes Which are or toay be related to a sevor ~4stem.
The Crantoc's reserves the right to use an4 enjoy that property vhich
is subject of this ea6ement tor the purposes Which w311 not intertece
with the County's tull enjoyment of the rignts heruby granted.
Provicled, the Crantor's shall not erect or construct any building or
othor structuro or drl11 on a easewent or diminish or aubstantially
add to the ground covcsr ovor tne oaseoent.
spokane County's rasponsibility tor maintenance shall be contined
solely to the easement
The easement describod hereinabova is to and ehall run with [Ua land. This easement uill be terminated at such a timc the described area is
platted.
I1f tfITNESS WiIE[tEOP, xe havo hcreunto set our hands and seal this j S7-
l day of (DCT't>11e2 199~.
~
.
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f.~. Exclso Tnr Exempl 1
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RccorJinb Requcstcd by and . ~ ~ ~(40183314j aticr RccorJui~ maii to; 4054139 y ,
PmS7ON GA'fl:s Rc Ci.us Pa
~ 111; 3~59 1 96 ot 36. 01:12P P~ 1~2 : ~119 t 96 of 38
a:SIP
5000 Colunibia Ccnlcr 1RI4t15W1 ON, E IE~ 00 01 $43.00 Spo-ka~e Co, U utt W, 61
701 i~iflh Avenuc - '
Scatttc, Washinbtun 981U
1
Attcntion: Shannon J. Ski 4054140 ; 90. 8235
l. .~S fA ASSWM " 1t1 Jlt996ot01~42P 01121I1996~f 01:51
143.00 Spalane Co, N S~kine Co~
~
4054141 k4018236
Pige: t af 36 Pige; t of I ~
1111311496 01:42P 1►21~1996 04:51P
1RW !0l1, !NS CD AM 143.00 Spoliu Co, W a~e Co, ~1
71iIS DEED OP TRUST, SECURIIY ACRBEHFN't, ASSIGNHEN[ OP 1.EASES ANA RENTS
AND YIJ('NRE PILING IS $EING RERECORllED ?U CORRECT TIIE LECAL DESCRIP'TION.
DCCD OC TRUST
SECURiTY AGRL•CMCNT '
ASS[GNMENT OF LCASCS AND RCNTS ~ . AND FtX-FURC F[LiNG
` GRANTOR: STANTON-SPOKANC L. P. ~
TRUSTGE: TRANSNATION TITLL• iNSURANCC COMI'ANY
BENEFICiARY: I'CTEtEA lNVESTMENTS LTD.
~ RE. E=ke Tauc EXamPt A.E, a Ece .
.
~ o . to)
asuret ~ 3 k{~ a i
i _
i
. •
- 4054142
Pa e; t of 36
11~1111996 OI:ItP
W" 6R, il1.E I'S 00 S 113.00 Spdtne W, T1
~
. .
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r 4054142 •
Pige; 4 ot 36 ,
111130996 01:42P
~ Imm Of, '.E tS 00 ~a $49.00 Wuu W, 6A
v°'s UCCD Ur TKUST, .Sf:CURITY AGltCL:MI:NT -
ASSiGNMLNT 0I7 LCASCS AND 1tLNTS ANU CIXTURL fILWG
~n
v~
TNiS DEED OF TRUST, SECURITY AGRL-GMENT, ASSIGNMCNT OF LEASES
a AND RENTS AND E[XTURE EILING ("Decd of Tn,st") is madc as of this day of
1996, by Stanton-Spokanc L. P., a Washinbton limitcd partncrship, as grantor
and dc~tor ("Grantor"), whose addrcss is 16720 N.E. 116th Strcct, Rcdmond, Washington
98052, to Transnation Title lnsurance Company, as trustcc ("Tn,stcc"), wliose address is North .
~720 Argonne, Spokane, Washington 99212, Cor tlic bcncfit of I'ctrca lnvcstmcnts Ltd., a _
= Rarbacios corporation, as bcncftciary and sccurcJ party ("I3encficiary"), wiiosc aclclress is'
E3 Scawalch, Tifc GarJcn, Saint Janics, B.W.I.
~
~ WITNI'sSSE7't-1:
~ GRANTOR l-IEREDY 1RRCVOCAIiLY GItANTS, DARGAINS, SCLLS, CONVGYS,
~ TRANSfERS AND ASSlGNS:
A. To Trustce, in trust, with powcr of sale and right of entry and possession, all of its
prescnt and fucurc estate, right, tiiie and intcrest in and lo that ccrtain rcal property localcd in the
County of Spokane, State of Washington, as morc particularly dcscribcd in Cxhibit A attached
hereto and made a part Itereof, including alI hereditaments, appurtenances, easements anJ rights
thcreto or uscd in eonnection therewith or 'as a means of access thereto, tobcthcr with all right,
titlc and interest that Grantor now has or may hcrca(lcr acquirc in tlic futlowing and any procccds
ttlercor
Q 4 vs
~ 1. All lcases, income, rents, royalties, revenucs, issues, profits and proceeds from any
~ and all of such real propeny, su6ject, however, to the riglit, power and authority
hcreinaAer conferred upon I3eneficiary or reserveJ to Grantoc to collect anJ apply
such incomc, rcnts, royalties, rcvcnucs, issuGS, profits and procccds.
~ 2. Ail deposits or othcr sccurity or advanccd paymcnts, includinb, without limiting
` ttic gcncrality of thc forcgoing, rcRtal paymcnts, maJc by or on bchalC of Grantor
$ to othcrs with respcct to (i) utility scrvicc for all or any part of said propcrty or any
~
ittiprovcmcnts thercon, (ii) insurancc policics rclatiiig to said propcrty or any
improvcments thcrcon, (iii) ctcaninb, maiiitcnarzcc, rcpair or sirnilac scrviccs for
~ saiJ propcrty or any parl thcrcof or any improvcmcnts thcrcon, (iv) rcnla) of
~ equipmcnt uscd in thc opcration oE any part of said propcrty or any improvetnerits
~ thcreon, and (v) parking scrviccs for all or any part of said property.
3. All fixtures now on cercatlcr afTixcd to such rcal propcrty, incluJinb a(I buildinbs,
structures and improvements of every kind and description now or herea(ler
' erected or placecJ thereon a»d any and a11 machinery, boilers, equipment (including,
without Gmitation, all equipment for the gencration oc Ji~tribution of air, watcr,
heat, electricity, liblit, telephone, tuel or refriberation orl for ventilC4018234
/4054139 1fj13~19960 Qi ~1P
38
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~ o iWINSIi~ lON 1lE 1NSC0 S 1I3.00 Spatum W, iA
Tnl3Ll: Or CONTCNl'S - -
_
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PH
1IR
g ARTICLE I
~ COVENANTS
1.01. Paymcnt of Note and FcrFormance of Deed of Trust .......................................................5
~ 1.02. Warranty of Title ...........................................................................................................5 .
< 1.03. Impounds ......................................................................................................................6
g 1.04. Taxcs, Licns and Othcr Cliargcs .....................................................................................G
~ 1.05. Furthcr Taxes ................................................................................................................7
~ 1.06. lnsurancc .......................................................................................................................8
` 1.07. Casualty .........................................................................................................................9
= 1.08. Condcmnation .............................................................................................................10
~ 1.09. Care of thc Property lU
• , 1.10. funher Assurances 12
1.11. Lcases and Olhcr Agrecmcnts Affccting thc Propcciy; Assibnmcnt 12
1.12. Expenses 13
~ 1.13. IIooks, Rccords and Accounts .....................................................................................13
~As g 1.14. Subrogatian ............................................................:....................................................14
1.15. inspection of Property ...............................................................................14
u~i S 1.16. 1'roperty Compliance ......................................14
1.17. Collateral Security Instruments ~ S
I'18. Suits AlTecting Property 15
g 1.19. Beneficiary's Right to DeCend Action and Cure Cehairi Defaults .16
~ 1.20. }iazardous Materials ...16
1.21. Conveyance of Property; Cllange of Ownership ..................:........................................18
1.22. Anti-forfeiture .................................:..................................:........................................19
1.23. Release of Collateral ....................................................................................................19
~ 1.24. Sales of Othcr Lots ......................................................................................................2U
.
8 . ARTICLC,II
~ ASSIGNMLNT OC RENTS
~t
Y 2.01. Assignmcnt of Kcnts ..................21
~ 2.02. Liccnsc to Colicct ........................................................................................................21
~
ARTICLE 111.
SECURITY AGRLEMENT AND FIXTURC rILING ~
. 3.01. Security Agreemenl .........................................22
3.02. fixtures .......................................................................................................................23
3.03. Fixture Filing sj ...........................24
,
4054139 ~ 4 f ~
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WUiSlil► all, ~ 1. ~ CO 11 ila.W ~duc to, u
o. .
av
o ARTICLC lV
~ ~ 3 ~ ~DCFAULTS AND ItCMCD1L•S
• Q N
d~;= cw- 4.01. Cvcnts of Dcfault 24
4.02. Foreclosure Salc ..........................................................................................................25
g 4.03. Other Remedics Upon Default ...........................................................................26
~ 4.04. Ctrect of Foreclosure on Leases................ ................26
4.05. Sale in Parcels, Marshalling ..........................................................................................26
, 4.06. Appointment of Receiver .............................................................................................27
4.07. Payment of Proceccfs ...................................................................................................27 •
ARTlCLL- V
$ GCNCRAL COVCNANTS
~ -
6-1 5.01. No Waivcr ...................................................................................................................27
_ 5.02. Rcmcdics Cumulativc ..................................................................................................27
~ 5.03. ('lats, Easemcnts and Other Agrecments ........................28
~ 5.04. Notices ...............................................................................:........................................28
5.05. 1 teirs and Assigns, Terminology ...................................................................................28
5.06. Scvcrability ..................................................................................................................28
q 5.07. Time ts oCtlic Esscnce .................................................................................................29
5.08. 1ury Trials ..............................24
5.09. Oral Agrecments ..........................................................................................................29
5.10. Non-Agricultural Use ..................................................................................................Z9
' ~ p 5.11. Governing Law ............................................................................................................30
~
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IAAWI Qti, 1IlE I!S tA f S ~ 143.0u Spotuu 60, Q
v •
conditiuninb purposes or for sanitary or drainabc purposes or Cor thc rcmovat or
`rCL.. n dust, rcfusc or garbagc), fire sprinklcrs and alarms, control dcviccs, partitions,
applianccs, cabincis, awnings, window shaJcs, blinds, drapcs and drapcry rods and
g brackcts, scrccns, carpctinb anJ othcr iluor covcrings, incincrators aiiJ uthcr
~ property or every kind and description now or Iierea(ler placeJ, attached, a(i'ixeJ
or installcd in such builJinbs, structures or improvcmc»ts, and all replaccmcnts,
repairs, additions, accessions or substitutiuns or procccds thcrclo or therefor; but
~ cxcluJinb movablc tradc fuctures owncd Uy tcnanis lcasinK space in thc
~ lmprovcmcnts; al) of such Cxtures whcthcr now or bcrca(1cr placcd thcrcon, bcinb .
g hcrcby dcclarcd to bc rcal propcrty anJ rcfcrrcd to hcreinaner as tlie
~ "lmprovcmcnts."
,
4. All Jamagcs, ruynliics nnJ rcvcnuc uf cvcry kiii(l, nnturc ancl clcscripliun
~ wl►utsucvcr that Grniitur mny bc ciitilIcJ tu rcccivc frum any rcrson or cntity
~ owning or having un ccrcaQer accluiring a right tu tlic: ui1, bas or niincral rights anJ
~ reservations of such real pronerty, with the ribht in 13eneCciary to receive and
receint the'refor and apply the same to the indebtedness secured hereby either
- bcfore or atler any default hcrcundcr, and Dencficiary shall bave thc ribht to
~
demand, suc for and recovcr any such paynicnts but shall not bc requircd so Io do.
S. All procccds and claims arising on account of any Jamagc to or taking of such rcal
u~
0 property or the Improvcments or any part 11iercof, and aU causcs of action and
recoverics for any loss or diminution in the value of such real property or the
' lmprovements, inctuJing the proceeds of any poficy of insurance covering such real property or the Improvements or ihe proceeds of any condemnation action or
~ transfer in tieu of condemnation.
r
All of thc property conveycd or inlenJcJ to bc convcyed to Trustee in Parabraph A. above
~ is hereinafter rcferred to as the "Real Propeny."
~
<
g D. To Beneficiary, as secured pacty, a security interest in any portion of the Real
!a Property o%vned by Grantor which may be conslrued to be personal property and in a{I olher
.ts pcrsonal propcrty of cvcry kind and dcscription, whcthcr now cxisting or ccrcaQcr acquircd anJ
owncd by Grantor, or in which Grarrior has an intcrest, now or at any time hcreatlcr altached lo,
~ crcctcd upon, situatcd in or upon, .forminb a part of, anpurtcnant to, uscd or useful in lhc
~ constn,ction or opcration of or in conncclion with, or arising from ihc usc or cnjoyment of all or
aiiy portion of, or from ariy Icasc or agrccmCnl pcrtaininb to, thc Iteai Propcrty, incluJiiib:
t. ' All equipment, machinery, inventory, fixlures, fittings, appliances, apparatus,
- furnishings, furniturc ai}J atl otiier propcrty uf cvery kinJ and any replaccmcnts
thereof or additions thereto now or at any limc appuneiiant to or located upon the
Real 1'ropctty; all pcrsonal propcrty of evcry kiiid now or at any time hcreatter
located on or appurtcnant to the Rca) Property and uscJ in connection with the
usc, enjoymcnt, occupancy or opcration of thc Rea! Propcrty. Without i ing
foregoing general description, such propcrty includes all~ equipn? n and facilities
4054139 4078234
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M311996 01:12P 0111111996 04• P
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~ 4054142 •
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II~t311996 01:42P
Ln fuNStN 4}i, E NS fA FS ~7.00 Spoljnt C0, lA
for !he bcncration or distribution of air, watcr, hcat, clcctricity; libht, fucl,- Q d N
tclcphonc, or rcfribcration, or for vciitilatiun or air conclitioninb nurposcs or for
$ sanitary drainagc purposcs or fot' the rcmoval nf dust, rcfusc or garbage, or foc any
.4 activity rclatecl to the maintcnaocc or repair oC tlic Propcrty, or tor the pursuit of
any other activily in which C,rantor may bc cnbabcJ on the Propcrty, and includinb
wilhout iimitacion all ntotor vcliiclcs ownecl, IcascJ or uscd by Granlor, tools,
musical instniments and systerns, cabinets, awninbs, window shades, venetian
bi blinJs, cirapes anJ drapery rods and brackets, screens, carpeting aed other window
~ and tloor coverings, dewrative fixtures, planes, cleaning apparatus, and cteaning .
8 cquipmcnt, rcfrigcration cquipmcnt, cablcs, computcrs, sotlwarc, bouks, supplics, N
= kitchcn cquipmcnt, tractors, lawn mowcrs, bround swccpcrs and toots, swimminb
JI
~ pools, 7acuuis, rccrcational or play cquipmunt logcthcr with all substitutions,
~
o acccssions, rcpairs, additions and replaccmcnts to any of Utic forcboing,
~
~ 2. AU leases, income, rcnts, royaltics, rcvcnucs, issucs, proGts anJ procceds Prom any
and a!) of thc Real Cropcrty.
3. A1t goodwitl, tradcmarks, trade names, all namcs by wliich !he Properly is operateJ
~
or known, option rights, purchase contracts, gaoJs, consumer 6oods, documents.
v-s ~ books anci records, rights of action whclhcr known ar unknown aiid gcncral
v'° intangibles oCGrantor relating to llie Real Property, alt accounts, deposit accounts,
tn-•~3
0 0, ~ a contract rights, instrumcnts, cfiattcl papcr anJ othcr rights of Grantor for paymcnt
of money, for properiy sold or lent. Cor scrvices rendercJ, for moncy lent, or for
t advances or deposits made, financial assets, and any otiiec intangible property of
~ Granlor rclatcd to lhc Real Propcrty.
~ .
w
4. AJl watcr stock relating to the Rcal Propcrly, shares of stock or othcr cvidcnce of
owncrship of any pan of the Real Propcrty that is owncJ by Grantor in common
~ witl) othcrs, and all documcnts of mcmbcrship in any owncrs' or membcrs'
~ association or similar group having responsibility for managing or operating any
g part of the Rcal Property.
~ •-s S. Att plans ancl speciCcations prepared fur caistniction of the lmprovements or the
~ platting or devclopmcnt of tlic Propcrty, all survcys, iiiaps, plats, stucfics, data and
° drawings related thereto, including alt such ilems as are relatecl to the prelintinary
~ plat aphroval and pre(iminary sitc dcvclopmcnt ptan for tllc ('ropcrty; and also all
contracts anJ agrccmctits (including atchitccts, cnbinccrs and contractoes
contracts) rclating to such plans and spccifications or to such sludies, clata and
drawinbs, to the construction, tnainlenance or repair of lmprovements, or to the
- planning or Jcvclopmcnt of the plat for the Propcriy and the Lols (as Jcfincd in
Scction 1.23 below).
- 6. All entitlements, rights, licenses (including, but not fimitec~ t~an ' or licenses,
operating licenscs or similar mattcrs), conlracts, gement c lracts,
agrcements, franchisc agreemenis, pcrmits, autborization approvals or certi lCates
7 \
4054139 018234
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~ Pl' : I ot 36
Q 11~1311996 01:42P
in ~ USFN OM, 1. NS u. FS 0.00 Spokuie to, a
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rcquircd or uscJ in conncction with thc dcvclopmcnt, platting, imnrovcmcnt,
coiislniction, owiicrship, orcration, rcpair or maintcnaizcc of the I'ropcrty or the
~ liiiprovemcnts, including all such itcros rclatinb to thc platting of thc Propcriy and
~ the devclopmcnt of the Lots.
AU substitulions, acccssioru, hdJitions anJ rcplaccmGits to any of thc forcboinb;
~ all Procccds of any of the Coregoing propcrty, incluJing, wilhoul limitation,
i proceeds of any voluntary or involuntary disposition, diminution in value or claim
8 respccting any such propcrty (pursuant to judgmcnt, condcmnation award or ~ othcnvise) and all goods, documents, beneral intanbiblcs, chattel papcr and
~ accounts, wherever located, accluired witli casii proceecls of any of the foregoing
or procccds thercof. ~
~
~ All of thc propcrty assigitcJ or transfcrrcJ or intciiJcJ to bc assigncJ vr transfcrrccl to
~ Dcncliciary in paragraph B. above is hcrcinatlcr rcfcrrcJ to as thc "1'crsonal I'rupcrty."
All of the Real Property and the Pcrsona) Property is rcfcrrcJ to hcrcin collectively as the
"Property." The partics intend that thc definition of Property is to be broadly constcued and in the
case of doubl as to wlietlier a particulat item is incluJed in tlie Je(inition of Propehy, tlte doubt
~ o should be resolved in favor of inclusion.
r is
vo
- a, TO t-IAVC AND TO i•IOLD said Propeny bargaincd and clescribed, togcthcr with all and
0 0,.-~ sin ular 1hc lands, tenemcnls, privileges, watcr ciKhts, hercditaments and appuncnances thereto
be onging or in anywise appertaining, and the reversion and reversions, rcmaincfer and remainders,
rents, issues and profits thereof, and all of the estate, right, title, claim and dcmands whalsoever of
a Grantor, either in (aw or in equity, of, in and to the above barbaincd propcrty forevcr,
~
4 •
FOR TI IE PURPOSE OF SECURING: .
ONE: Payment of the iiidcbtedncss evidenccd by a DccJ of Trust Note of cvcn date
~ herewith and any renewals, extensions or modiftcations thereof and any replacements or
g substitutiuns thcrcfor, in the original principal amount of 7'HRL'•C I-IUNDRCD SEVENTY-FIVE
~ TliOUSAND AND NO/100 UNITL'D STATL•S DOLLARS (3375,000.00), cxccutcd by Grantor
~ and delivercd to Dcncficiary (tlic "Note"), togclhcr witli thc intcrest thcreon, and the fecs and
otlicc charbcs as providcJ by thc Note, wliich is madc a part I,crcof by rcfcrcncc. Tlic Notc
° matures on Aubust I, 1998. ~
- TWO: 1'aymcnt of such furthcr sums as Grantor may hcrcaflcr borrow t'roni Dcncficiarywhen evidenced by another note or inslrumenl recitinb it is so secured, payable to Beneficiary or
orcfcr and maJc by Grantor or any succcssor in owncrsliip, tobctlicr with all cxtcnsions, rcncwals,
modiCcalions, amendments and replacements Ihereto.
. Tt-fRCE: Payment of all other amounts agrced or provided to be paid by Grantor and
such further sums as may be advanced or loaned by Beneficiary to Grantor he ndeK the
Notc oc unJer the other Loan Docunients (as defincd bclow). .
. . . _ /
4054139 d18234
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v FOUR: i'crformance uf cach agrecmcnt of Granton ccrcin containcd or conlaincd in any . .
othcc agrccmcnt givcn by Grantor to L3cncticiary for thc purposc of furthcr sccurinb any
~ indcbtcJncss hcrcby sccurcd (Ihc Note, tiiis Decd of Tnist, aiid any anJ aii such other agreements
8 bcing rcfcrrcd to hcrcin as !hc "Loan Documcnts"). Thc dcliiiition of Luan Documcnts shall not
~ incluJc tfie Cnvironmcrita) lndcmnification Agrecmeiit oC cven datc herc~'vith bivcn by Grantor to
BcncGciary. Such agrccmcnt is not sccurecl licrcby. '
The Note is guarantceJ by Stanton Devclopment Company, }louslcy DeveJopment
bl Corporation, Dcan Duiiding Corporation, L3rian !-iauslcy anc} P. Cdward Ucan (coUcctivcly ~ "Guarantor") pursuant to a Guaranty of cvco Jatc hcrewitii.
8 ~ GItANTOR RC('RLSL'NTS, WARItAN1'S, COVL'•NnNTS ANl3 AGRCCS AS
~
fOLLOWS:
~
~
~
~ ARTICLC i
~
COVENANTS
1.0 l. 1'aymcnt of Notc aiid Pcrformancc oC Dced of Trust. • '
~
pA Grantor will pay the principal, interest and other charges payable under the Note
v o . according to its 1ernis, and will perform and comply with eaclt and every terrn, covenani and
coiidition hcreof, and of tllc Note.
oo.--o .
1.02. Warranty of Titlc.
8 Grantor rcpresents and warrants lhat at thc time of thc dclivcry of this DecJ of Trust,
~(i) Grantor is seized in fce simple of the Real I'ropcc/y and owus outrighi evcry pan thcrcof;
(ii) tlicre are no licns or encumbrances against or upon the Rcal f'ropcny othcc than those
pcrmittcd by Dcncficiary on its mnrtgabec's policy of tiUc insurancc insuring thc licn of this DccJ
~ of Trust (tltc "Pcrmittcd Encumbranccs"), and nonc witl bc crcatcd or suffcrcd to be crcatcd by
Grantor durinb the terni of this Dccd of Trust, exccpt as bavc bccn discloscd tu anJ approvcd by
g[3cncficiary in writinb acid upon such tcriiis aiid condiliong as may bc satistactory tu l3cncliciary; . >(iii) Grantor has boocl right to makc this Dccd of Trust; (iv) Grantor has good and absolutc titlc
to all cxistinb Pcrsonal Propcrty, aiid tias gooJ tibht, fuN puwcr aiid lawfiil authorily to convcy
" aiid cncumbcr thc simc in thc manncr aiid form coiivcycd aiid cocumbcrcd llcrcUy; (v) thc
~ I'ersonal Propcny is trcc anJ clcar of all licns, charbcs, and cncwnbranccs whatsocver, iitcluding, ~ sccurity aSrccmcnts, conditional salcs conlracts and anything of a sinutar naturc, and none will bc -
created or sufferecl to be created by Grantor, (vi) there is no financinb statement covering the
Proncrty, or any part thereof, on Glc in any puUlic o(Tice; (vii) thc Real Properry constitutes one or
more tax parccls, each with a scparate tax asscssmcnt indcpcndcnt ot' any IaitiJ or improvcmcnts
nol covcred by tbis Deed of Trust;-(viii) the Real Propcny conslitutes one or more Iegal lots
capablc of bcin5 conveycd without violation of any subdivision or platting la~ ~ulations;
(ix) Grantar will warrant and forcvcr dcfcnd tlic titlc to thc Arop rg~pnst of all
. 405q 139 40 sowt o
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ifldllSNA 10~1, 1.E HS W Ot:4Oll11543.00 Spolint W, N~
- 4054142
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" f~INS~iII QlI, ~ 1.E IHS S s~~.40 Spot~ne Co, iJl
r o+ `a~• v°
l!'1
pcrsons whomsocvcr; anJ (x) Gra»tor bas Cully Jiscloscd tu DGicficiary all facls matcriat tu thc _
I'ropcrty anJ othcr sccurity for thc Notc, to Grantor anJ its busincss opcrations and to any
guarantor of ilic Note.
s '
~
1.03. impounds.
.
if required by I3cneficiary, Grantor wili pay to Dcncficiary or its scrvicing agcnt on thc
~ first day oC each month, togethcr with and in addition to thc rcgular installmcnts due undcr the
Note, an amount equal to such portion of the yearty taxcs, asscssmcnts, othcr similar charges
g (induding any amounts which may bccomc payablc to Grantor pursuant lu Scclion 1.05 hcrcof), `
E anJ insurancc prcmiwns as rcasonably cslimalcd by 13ciicliciary uc by Licncficiary's scrvicing agcnt
'41 to bc su(licicnt to allow ilic paymcnt at Icast lfiirty (30) clays bcfurc ilicy bccomc duc of all taxcs,
- assc.csmcnts, othcr similar charKcs ancl iiisurancc prcmiums rclatcJ ta thc 1'ropcrty. Thc
~)1'UVI/ICII Illf 111 (I11S Sl'C11U11 I.0.1 Is sulcly li)r ilic ri~l~tc~l piulcctiom uf licncliciaiy :iiul
~ cntails no responsibility on l3cnclici:~ry's part bcyartcl ilic alluwiiib ul~ Juc: crcJit, withuul paymc:nt
oC intcrest or incomc to Graritor, unlcss specifically rcquircJ by law, fur ilic swns actually
reccivcd by it. Those sums rcccivcd, but not immcdialcly rcciuircd for paymcnl of ilic itcros sct,
forth abovc, may bc comminblcd with thc othcr funJs of 13ciicficiaiy anJ may bc invcstcJ or
otherwise used by [3eneCciary witliout payment to or on bchalf oF Granlor until such time as `
paymcnt oC ilic items sct fonh abovc is required. Upon demanJ of Dcncficiary or its scrvicinb
agcnt. Grantor shall promptly delivcr to Dcneficiary or its scrvicinb abcnt sucli adJitional sums as -
are necessary to make up any JeCciency in tlie amount necessary to pay such laxes, assessments,
othcr similar charbcs and insurance premiums in a limcly manncr. Upon assignment of this Dced
of Trust by Dcncficiary, any funds on hand sliall be turneJ ovcr to ilic assignee and any
responsibilily of the assignor with respcct thcrcto shall tcrminatc. Cach transfcr of the Rcal
Propcrty sliall automatically transfcr to tlic grantcc all riglits of ilic brantor witli respcct to any
furids.accuawlateJ hcrcundcr.
o. 1.04. Taxes, Licns and Othcr Chargcs.
N
~
r-
- - Grantor witl pay wlicn due:
~o.~
v
(A) All taxcs, asscssmcnts and ollicr govccnmental or public chargcs atrecting tlie
~Or ~N
Property, including any accnied interest, cost or penalty lhereon and will submit
receipts therefor to deneficiary at least ten (10) days before dclinqucncy;
~
~ .
(D) Al) encutnbranccs (incluJinb any dcbt sccurcd by dccds of trust), ground rents,
licns or cliargcs, witli intcrest, on ilic Propcny or any pan tllcrcof, ancf all costs
and fces related thercto (provided that nothinb in this Scclion 1.04(l3) shall be
~ construed as a consent by Beneficiary to any such encumbrances, ground rents, ~ licns, or chargcs). Grantor shall havc the ribht to contcst the amount or validity, in
8 whole or in pact, of any such encumbrances, liens, or charges by appropriate
procccdings conductcd in gooJ faith and with Juc dilibcnce, in which
~ Grantor, upon pcior writtcn noticc to Dcncficiary, may postpbnc or d payment
~ of such cncumbrancc, licn, or charge, if and so lonb as
~
405413b
018234
P:gt: of 36 e; 9 of 38 .ooc
f~llllSlil 0„, 1.E u 00 DI 11~131J~ 01:41P 0 1/1996 P1:S1P
143.00 Spokuie W, I1 Spo I Co A
~
N "
4054142 '
10 of 36
'~r 1~ t N I O N, 1 E. l~ S f A i S 11~13(1996 01:12P
° ~J.00 Spo~uu W, 1q
-
YI . - p
(i) such proceedinbs sliall operate to prevent the collection of the
encumbrance, lien, or charge;
a
°i -
•(2) neithec ttie i'roperty nor any part thereof woulJ by reason of such
postponemcnt or dcCcrmcnt be in danber of bcing forfeitcd oc lost; and
. ~ (3) Grantor, before the date such encumbrance, tien, or charbe becomes
~ delinquent, gives such reasonable security as may be requested by
g DeneGciary to insure hayment of such encumbrance, lien, or ctiatge anJ ~ prcvcnt any fortciturc or Ioss of iiic Propcrty or any pan thcrcof;
~
(C) A!1 cliargcs for utilitics or scrviccs, incluJing, but not IimitcJ lo, clcciricity, gas,
~ garbagc, scwcr aiiJ wutcr, und
(D) Ali costs, fees anJ expenses of this Deed of Trust, including cost of evidence of
title, Trustee's fees and attorneys' fees requireJ to be paid herein.
Grantors obligations unJcr Sectian 1.04(A) sliall bc dccmcd satisficd if Grantor has
promptly and properly paid all of such amounts to BeneGciary or its servicing agent pursuant to -
Scction 1.03 hereof.
• 1.05. Further Taaccs.
. ,
in the cvent of the passagc, after the datc of lhis Deed of Tnist, of any law dcducting from
the value of tlie Property for the purposes of taxation, any licn thercon, or changing in any way
the laws now in Corce for the taxation oF deeds of trust or clebts securecl by deeds of trust, or tlie •
manner of the colleetion of any such taxes, so as lo affect ttie Beneficiary's interest in ihis Deed oF
~q 71: Tnist, or imposing paymeot of the whote or any ponion of any taxes, asscssments or other similar
-4°0 charges against the Property upon BeneCciary, the indebtedness secureJ hereby sliall immediately
~°become due and payable at the option of I3eneficiary; provided, liowever, that such election by
`l' :3~ la- deneficiary shall be inefrective if such law either (a) shail not impose a tax upon Deneficiary nor
oo..-o
increase any tax now payabie by Beneficiary, or (b) sliall impose a tax upon Beneficiary or•
increase any tax now payabie by [ieneficiary and prior to tlie due date oC such tax: (i) Grantor is
~ pcrmittcd by law and can bccomc (cgaliy oblibatcd to nay such tax or the incrcasccl portion
~ thcrcof (in addition to al) intcrest, and othcr cliarbcs payablc hcrcunJcr and unclcr (lic Notc)
ivithout cxcccding thc limits imposcd by applicablc intcrc;st ratc laws; (ii) Grantor Jues pay uich
tax ur increascJ portiun; and (iii) Grantor abrccs with [3cncficiary in wrilinb Io pay, or reiriiUursc
t3eneficiary for lhe payment of, any such tax or increased portion thereof wlien thereatler levieJ
- ~ or asscsseJ abainst the Propci7y or any pottion thercof. The obligations of Grantor widcr sucti
$ abrccmcnt sliall bc securcd hcrcby.
N
Y
. ~
' " . . . _ . 4054139 /P~ ~e; lQ Q{3~ 38
iR~1~iSN+1 l0g, ,E NS fL Ot 11 1311996 0l;~1: O1JI~J1996 a:51P ' .
.43.13 Spoltne Co, JR 40tim co, q s.►SMz.o=
~ ~
4054142 .
er~' ftgt; 1t ot 36
~ = ~ ~ _ 11I13►1996 01:~2P .
o 1.06. lnsurancc. RIItiSBA ION~ 1.E t~S GO fS ~3.00 ~k~ a
Grantoc will at all timcs providc, maintain and kccp in Corcc:
a
~ (A) Policies of insurance insuGing the Propcrty against luss or damage by fire and afl .
other causes of loss embraced by coverage of the type now known as special cause
of toss form coverage, and against such other risks or haiards as Deneficiary from
~ time to time reasonably may designate. Such policies shall be in an amount sutTicient to prevent DeneCciary or Grantor from becoming a co-insurer under the .
g terms of the applicable policies, but in any cvcnt in an amount not {ess than 100% -
§2 of the then full replacemcnt wst of the lmprovcmcnts (exclusive of tlic cost of
~cxcavations, foundations anJ footings bclow tlic lowcst bascmcnt Iloor) wilhout
Jcduction fur physical Jcprcciation. Sucli policics shall cwitain agrccJ amuunt,
° rcplaccmcnt cost anJ inllatiun guarJ ciiJurscmciits.
~
~ ([3) Policies of insurancc insuring the ('roperty abainst the luss of business income from
the Propecty arising out of tlie causes of toss insured abainst pursuanl to . subparagraph (A) abovc in an amount cquat to twclvc monlhs' gross busincss
income of the lmprovements without coinsurance provisions. "Qusiness income"
as used herein is defined as the sum of (i) tlie total anticipated gross rental, income from tenant occupancy of sucli buildings as furnislieJ and equipped by Grantor;
(ii) thc amouM of all chargcs which arc the lcgal obligalion of tcnants anJ wliich
woulJ othcrvvise be tlic obligation of Grantor; (iii) tlie Cair rental value of any
• portion of such buildings which is occupied by Grantor; and (iv) any otlicr gross incomc of Grantor trom the Propcny. (C) FIooJ insurance upon the Propcrty in the cvcnt thac thc Propcrty is Incatcd in a
dcsignatcd Dood plain and such insurance is available pursuant to tlic provisions of
tlic Elood Disastcc Protcction Act of 1973 or otlur applicablc lcgislation
(Deneficiary rescrves the right to requirc that Grantor sccurc flooJ insurancc in
excess of the amount providcd by (lie flood Disastcr Protcction Act of 1973, if .
such insurance is commerciaUy available, up to the amount of insurance required in Section 1.06(A) iiereof). "
oo,.-o
`r °(D) Gciicral liability insurancc abainst claims for bodily injury or dcath or Cor damabc
. or injury to propcrty occurring upon, in, or about thc I'ropcrty, in such amount as
a may bc rcquircd by Dcncficiary but in no cvcnt less than $2,000,000.
~
(C) Durinb the pcriod of any construction of or on the Improvcmcnts, buildcrs risk _
iiisurance undec special cause of loss form coverabe in an amount satisfactory to
~ Dcncficiary.
~
- g (r) Such ot1icr insurancc, and in sucli amounts, as may from limc to timc bc
~ rcasonably rcquircci by I3cneficiary a5ainst the samc or oinsurablc hazards
~ which at the time are commonly insured against in ~s ' remises similarly
- . . - . . ,
° 4054139 11-~34 ~ Pa c: 11 of 36 ~g • 11 of 38 s,siNv: ox
- iUSlLl ON, lE NS fA 0. 11 t3/1996 01:42- 112 ~
i4J.c3
Wane W, N\0~0'i,ne Co, 1A
.
.v
4054142
Pa e: 12 of 36 .
1111311996 01:12P
o mm ON, T 1 f NS t0 FS M00 S p o ktne to, iA
o
situatcd, duc rc5ard being bivcn to tlic hciblit aiul typc of builJings tlicreon and
thcir construclion, usc and occupancy.
g .
~ Grantor sliall furnisli Deneficiary with certificates eviJencinb eacli policy required to be
proviJeJ by Grantor hereunder and cehifieJ copies of each policy. All poficies fiu sucli insurance '
shall be issucJ by companies approvcd by Dcneficiary, shall be on thc ncw simplificd ISO forms or
bl otlter forms approved by Beneficiary, shall be subject to Ihe approval of IIeneficiary as to amount,
~ content, forn% and expiration date, and sliall provide tliat they may not be cancelled without
$ thiriy (30) days' prior written notice to [3eneficiary. All policies except the beneral liability policy
4W* shall contain a Lenders Loss- Payable Endorsement (Forni 372), or its cquivalent, in favor of '
, Dcncficiary insuring that thc procccds thcrcof shall bc payablc tu 13ciicficiary (to thc extcnt oC its
inlcrest). Thc bcncral IiaUilily anJ buildcr's risk policics sliall IliltliC DC1ICJICI:Ify :1S 81l A(J(IIUO11ilI
~ insurcd. ,
~
~
~ A! Ieast thirty (30) days bcforc cxpiration ol' any policy rctluircd to bc proviclcJ by
Grantor lurcuncler, Granlor sliall furnish I3cncliciary proof uf issuancc of a policy conlinuing in
force tlie insurance covered by the policy so expiring. Grantor sliall furnish IIeneficiary receipts
foc the payment of premiums on sucli insurance policies or ottier evidence of such payment
reasonably satisfactory to Deneficiary. In the event that Grantor does not deposit with
DeneGciary eviJence of renewal of expiring insurance anJ eviJence of payment of premium
thcrcon at Icast thirty (30) days bcfore cxpiralion of any policy, thcn Qcncficiary niay, but sliall
.
noe be obligateJ to, procure sucli insurance and pay the premiums tlterefor. tn such event,
Grantor agrccs lo rcpay to E3cncficiary thc prcmiunu thcrcon promplly on dcmanJ, and until such
repayment is reccived, interest thereon shall accruc at lhe Default Rate as defined in tlie Note.
d ` Grantors obligations under this Section 1.06 abovc sliall bc deemed satisfied if Grantor
- A' has timcly paid all insurance prcmiums for such policics to I3cncGciary or its scrvicing agcnt
s 96
v° pursuant to Scction 1.03 hcreof.
V
0 0.:z 0 1.07. Casualty.
Grantor hereby assigns to [3eneficiary all insurance procceds that Grantor may be entitled
~ to receive under any insurance policies covering ttie Property or ariy interesl tiierein or income
~ therefrorn, and such proceeds shall be delivered to'and held by Beneficiary to be applied first,
towards reimbursement of all reasonable costs anJ expenses of Deneficiary in connection with
recovery of same, and theJi to the reduciion of the indebtedness secured hereby, or I3eneficiary
~ may, at its option, rcquire Grantor to immediatcly restore any portion or a!I of tlie lmprovements
< Io lhcir oribinal conJition ancf, in that cvcnt. Dciuficiary sliall makc [hc insurance procccds
8 available to Grantor. as restoration probresses. The application of insurance procceds to the
4 reduction of the principal balanee outstanding on the Note sliall not serve to cure any existinb
!~J default. If the procceds are su(licient to pay in full the incfebtedness anJ other sunis secured
. i hereby, then any excess proceeds shall be paid over to Grantor.
~ In the eyent of the foreclosure of this Dced of Trust or othcr transfer of the titlc to the
~ Propcrty in cxtinguishmcnt, in whole or in part, of the indcbtcdnes ereby, all right, title
18234
. . 4054139 4 Pa e; IZ 9f 38
P~ e: 12 of 36
tl#1911996 01:12P 0l 1~1996 O~I:STP s.iso,nnooc
Spo ru~Lo~ 1A
RttNSSHA.lOil, .t .E 15 W OI 1I,t.00 Spokane Co, u
= 4054142
Pigt: 13 of 36 '
T ^ 1111311996 01.42P
Ln.. ~ b mi ON, IiIE INS CO S S4100 SpolNt Co, N
0 0..-. ~ .
and inicresl of GraiNor in aiid to any insurancc policy, ~r prcmiuius or paymcnls in satisraclian ul'
claiins ur any uthcr ribhts ihcreunJcr Ihcn in furcc shall pass to thc purct►ascr ut brantcc
F3 notwilhstaiiJing the amuurit of any bid at such furcclosure salc,
~
»
Nothing contaitieJ herein shall prevent accrual of inlerest as pruvicfed in the Note until
sucli proceeds are actually received and app4ied to the outstanJinb principa) balance of the Note.
~ Aflcr the happening of any casualty, wlicthcr or not required to be insured against undcr
$ the policies to be provided by Grantor hereunder. Grantor shall give prompt written notice thereof .
ta to [3encGciary.
~
: 1.08. ConJcmnation.
~
~ if thc Propcrly or any pan lhcrcof is takcn or damagcJ by rcason of ally public
~ improvcmcnt, rcgulation, condemnation procccding, or convcyancc in licu thcrcof, or in any olher
manner, E3eneCciary shall be entitled ta all compensation, awards and ollter payments or relief
tlicrefor, and shall be entitled, at its option, to commence, appear in and prosecute in its own
name any aclion or proceeding, or to makc any compromise or settlement in connection with such
taking or damagc. All such compcnsation, awards, damabes, rights of action anJ procccJs (tllc
"Proceeds") are hereby assigned to Bcneficiary, who s1iaU, afler deJucting ttierefrom all its
rcasonable expcnscs, including auorncys' tccs, apply thc ProcccJs io Ihc rcduction of the
indcUtcdncss sccurcd hcrcby, without the application uf any prcpaymcnt fcc. Thc applicaliun of a
candcnuiation award to Ihc rcJuction of thc outstaiidiiib princilial balaiuc of the Notc shal) not
serve to curc any cxistiiig dcfautt. •
~
r- o o
r~~ s lF any part of the automobile parking areas inc:ludcJ williin thc Rcal Property is taken by
u~i 7CZi s conJemnation, Grantor wi(l provide alternate parkinb facilities in kind, size and location su(1`icient
to comply with all leases tor the Propcrty anJ govcrnmcntal zoning laws, ordinances or
°
v v. _
regulaeions affecting the Properiy. Grantor will furnish.to DeneGciary satisfactory assurance of
g provision of substitute parking free of liens and in confocmity with all such leases and aonsng laws.
17 If Grantor fails to or cannot replace such parking spaces immediately atlec the takinb thereof,
DcneGciary shall l►ave the right, at its option, to treat such fai(ure as an Evcnt of Dcfault
hereunder entitling Beneficiary to exercise any of its remedies hereunder.
H Nothinb containcd hcrcin shall prcvcnt the accrual oP inlcresl as providcd in thc Note until
~ sucti ['roceeds are actually received and applied to ihe outstandinb principal balance of the Note.
s . .
N
~ 1.09. Care of the Propcrty.
. ~
~
z Grantor will:
(A) Keep the I'roperty in good condition and repair and not commit or permit any
wastc or dctcrioration of the Propcrty ar sutlc; any act oc occurrcnce that woulJ
impair the secucity foc the debt secured liereby;
1 ~ _ - • ' J.~" - -
~ 4054139
iR+KSK110N ~ . Pige: 13 of 36 (011182314
&sowz ooc
f_IYS a
01:42P f ~
4:
n.
N
, ~ ~ a ~ 4054142 .
~ P~ e. il ot 36
~ ~~~13~1996 Ot;~~
o x.~ ill~hl ~I, E,!S rA. ft i1~.00 Spoltuu W, pl
'`t ([3) Nut rcmove, Jcnwlish or substanliaily al~c~ any portion vf thc Nropcrty or ncrmit
or sutlcr such tu bc donc, ~vithow [3cncficiary's prior writtcn consci~t (cxcc~t such
$ altcratiuns as may be rcquircd by laws, orclinanccs ur rcbulations of governniental
~ auUtio~ities);
(C) Replace any work o~ materials that are not in accordance with the plans anJ
~ ~ specifications previously approved by I3eneficiary anJ unsatisfactory to Bcneficiary
~ within fineen (15) days afler written notice trom Beneficiary or, if wch
$ replacement requires more'than fifleen (15) days to commence replacement, within .
~ fiReen ( I 5) days aad diligently proceed thereatter; ~
~s •
(D) Comply with ail laws, ordinances, rules, rcbulalions anJ ordcrs of governmental
~ s~ulhoritics now on c~~catlcr affcctin~ tl~c i'rc~pcrty c~r requirii~~ any allcraliuns or
~ improvemcnis to bc madc tlicreon, anJ. perform all oC its oblibations undcr any
_ covcnant, condition, restriclion or agrccmcnt of rccord atlccting thc Propcrty;
(E) Not commit, sufT'er or pcrmit any act to bc done in, upon or to ihe Property in
violation of any law or ordinance or any covenan~, condition or ~est~iction
a(lecting the Propcrty;
' (F) Do any anJ all acts which, Gom tl~c cliaractcr or usc uf thc Propcrty~ may bc
reasonably necessary to protect and prescrve the security of Beneficiary. tlie
~-~a- specific enumerations herein not excluJinb the general;
r- oo,~
~t
^~`s (G) 1'erform all of Grantors obligations or covenants under any encumbrance att'ecting
~ Y~
`n the Property, including without liinitatiou, Ieases, declarations covenants
0 0,.- _
cunditions, ~eslrictio~u or other agreements retatiiig to or atTecting the Prope~ty; ~
~ (t 1) Not create, sufTe~ or permit any lien or encumbrance aSainst o~ afT'ecting the
a
('roperty except the Pennitted Encumbrances;
(t) Not~ take or permit to be taken any actions liial mi~ht invalidate any insurance
~ carricd on tl~e Propcrty; ,
~ g (l) Not permit any new building or addilions to existing slructures to be erected on
~ the Prope~ty without the prior w~itten consene of Deneficiary, anJ not construct
~ any improvcmcnts on the Propcrty or unJcrtakc any si~c dcvclopmcnt work unlcss
- arprovcd by Dencficiary;
~
~ (K) Nol initiate or acquiesce in any change in the use or nature of Ihe occupancy of the
~ Propeny or in a~y zoning or other lanJ use classification af~ecting lhe Property~
withoul the prior written consent of [icneficiary;
" (L) lnsure that at all times lhe ['roperty (anJ the individual tots thcrein) constitutcs one .
~ or more tax parcels and one or more legal tots capable of bGinb conveyeJ without
4054139 018234. '
P~ e: 14 of J6 ~ge: 110{ ~8
11#13J1996 01:42 01~2411996~a: BP
iA~NS~W Ia~, ~,f aS C4 DT ~ Spoluu Co, ~1 k~rte 40,,~
4054142
o_ P~ge: 15 0136 •
J 11J13f 1996 01:4IP
o o ,'rt
v° E~liSHl4I Q~1, li . 3 fA FS Slj.00 Spofaru Co, u
~a~ d violation of any subdivision or placting laws, urclinanccs, rulcs or rcbulations, or
o w'-' oihcr laws rcbulatiug thc dii»cnsion ur scparatiun uC rcal propcrty.
Q ~ r N
8 1.10, funlicr Assurances.
~
~ lf requireJ by IIcneficiary at any time during the lerm of lhis DccJ of Trust, Grantor will
execute, acknowledge and deliver to IIeneCciary, in form satisfaciory io I3eneficiary, such chattel
mortgages, securily agreements or other similar security instnimcnis, in form and substance
~ satisfactory to Deneficiary, covering all propeny of any kind whatsoevec situated on the Property .
c owned by Grantor or in wliich Grantor has any intcrest which, in thc solc opinion of Bcncficiary,
8 is csscntial to tllc operation of thc Rca) Propcrty covcrcJ by tliis Dccd of Trust. Grantor shall
~ lurihcr, from tiiuc to timc, within fitlccn (15) Jays allcr rcclucst by L3cncGciary, cxccutc,
: s acknowlcJgc ancl dclivcr any financing statemcnl, rcncwal, atliclavit, ccrtificatc, continuatiun
statcmcnt ar othcr documcnt as [3cncticiary may rcqucst iii ordcr to pcrfcc:l, rroscrvc, continuc,
~
~ cxlcnd or mainlain thc sccurily iiitcrcst untlcr anJ thc priority uftliis UccJ af Trust aiid any such
~ chattcl mortgabc or othcr sccurity instn,mcnt. Grantor Iurthcr abrccs to pay to UcncCciary on
demand a!I costs and expenses incurred by Deneftciary in corinection witli lhe preparation,
cxccution, rccording, filin5 arid refilinb of any such instrumcnl or documcnt inctuJin}; thc charbcs
' for cxamining titlc and thc atiorncy's fce for rcndcrinb an opinion as to thc validity anJ priority of -
thc licn of this UccJ of Trusl and of such chactcl nwiIgabc or otbcr sccurity insin.inicnt.
Huwever, neither a request so made by Deneficiary nor thc failure uf l3encficiary to make such
rcqucst shall bc c:onstnicJ as a rclcasc of such Propcrty, or any part thcrcof, from thc convcyancc
of titlc by this DccJ uf Trust, il bcing uiidcrstoud atid abrccd that this cuvcnant and any such
N chattcl mortbabc, sccurity abrecment or othcr siiiiilar security iiistnament, dclivereJ to .
DeneCiciary, are uimulative and given as aJditional securily. Any breach of such security
abrccincnt shall constilulc an Cvcnt of Dcfault undcr this Dccd of Trust.
. Ln
C v~^ N l. I 1. Lcascs and Olhcr Agrecmcnts A(i'cctinb thc Propcrty; Assignmcnt.
(A) Granlor will fuUy and promptly kcep, obscrve, perform and satisfy each obligation,
~ condition, covenanl anJ restriction a[Yecting the Propeny or imposed on it under any agreement
~ betwecn Grantor anJ a thirJ party relating to the Propcrty (including, without limitation, any
Icases or rcntal abrccments for any portion of the Propcrty (llic "Lcascs")) and any contracts
rclatinb to thc construclion, maintcnancc or managcmcnt of ihc Propcrty (the "Contracts) so that
~ tlicre will bc no dcfault thereundcr and so that the persons oblibatcJ tl►crcon shall bc and remain
't at all timcs oblibatcd to pcrform tlicrcundcr. Grantor tivill not pcnnit to cxist any canclition, cvcnt
s or fact which could allow or scrvc as a basis or justificalion for any such pcrson to avoiJ such
~ pcrformaiicc. All ribht, titlc and interesl of Grantor in thc Lcascs anJ thc Cuntrac►s, aro hcrcby
~ assi6ncJ lo 13ciicficiary absolutcly and irrcvocably. Graiitor cxpressly abrccs that it is thc
~ intcnlion of Grantor and Dcncficiary that such assignmciit is absolutc and shall cntitlc Dcncficiary
~ to collect, subject to the license granteJ in Section 2.02 Iicreof, Rents (a"s Jefined in Section 2.01)
~ due under the Lcases wilhout the taking of any adJitionat stcps by Dcncficiary (including but not
limiteJ to the Iakinb of possession of the Property or the appointment of a receiver). Notice of
such assignmcnt shall bc givcn to the tenant or tcnants thcrcunder as may be required by
l3cncficiary. ~
• - - . _ -
4054139 11, 018 234 P1ye: t5 of 36 : 1111311996 01:41P Ql14/1gg6 6pq ~P ~j~
iWlltS 11 Ob, ilE IS 60 Di ~~J.Ou Spolant Ca, ~ ~Spoian4•Co, u
\ -
, _ . _ . _ .
~ 4054142
~ = Payc: 16 of 36
va ~ s~ ~ 11117~ 1996 01:12P
AAiSl111(Otl, T 1lE 1NS fA FS $43.00 Spoiane Co, 6Il -
U')~^s • .
o~-- ~ Notwidhstanding thc forcgoing, without thc prior writlcn conscnt of t3cneftciary, Grantor
shall nut cnter intu any Lcases for any poctioit of thc Propcrty. ln acldicion, aIt Contracts shall be
~ subjcct w thc prior wriUcn approval of Dcacficiary.
~
~ (E3) Grantor, or its dcsignees approved in writing in advance by I3cncficiary, shall bc
the cxclusive nianaber of lhe Property. Any managentcnt abrcemcnt atlcctiiig the Propcrty shal)
be subject to the prior writlen appcovaf of Iieneficiary, shall expressiy subordinate to this Qeed of
~ Trust and thc licn hcreof, and s1iai{ bc tcrminablc by BciicTiciary or the purchaser at any '
c toreclosure sale upon such sate or transfer in lieu thereof witliout payment of any fee or other
8 amounts to the: managcr.
~
1.12. L•xpcnscs..
~
~
~
~ (f1) Dcneficiary or Trustec shall have the right to cniploy an attorr►cy in conticctioit
SP~ with their rights under the Loan Dacuments and Grantor sl►a!l pay all attocneys' Cees, costs and
expcnscs, includiitg cxpcnses of retaking, holding, preparing for salc or sctling (including cost of evidence or search of title, the costs of appraisals and tlie cosls anJ expenses of an investibation
of the Propcrty for E{azacdous Waaic (as dcGncd bclow) a»d olhcr ciivironmcntal cliaractcristic:s)
in conncctiun with any action oc actions that niay bc brought for iIic forcclosurc of this Dccd of
Trust, possession of the Property, the protection of or the dcfense uf the priority of the lien
proviJcJ for hcrcby, thc appointmcnt of a rcccivcr, ur thc ciil'urecmciit of any ancl all covciiants or
' 9~ ribhts contaiticd in or sccurcd Uy this Dccd of Tnust, incluJinb any tccs anJ costs incurrcJ in any
r- ,a* appcat or in any proceedings unJer any fccleral or statc bankniptcy, forfciture, rcccivcrship,
0
r e~° inso{vency or siniilar laxv.
~ --A S
O v.^ -o
vZ (L3) Grantor will pay immediately upon dcuiancl allcr expcnditure afl sums expendeJ or
expense incurred by Trustee or Deneficiary, includins, without limitation, attorneys' fees, unJer
8 any oC thc tccros of this DecJ of Tcust, with interest from etlc clatc uf cxpciiJiturc at thc Dcfault
~ Rate.
(C) Grantor will pay any rcasonable amount required by l3cncficsary for any statcment
requested by Grantoc regarding tl~e oblibations secured liereby.
~
N
K
(D) Grantoc will pay on dcmand all administrativc fccs anJ rciinbursG Dciieficiary for
s all costs anJ expeiises, including aitorneys' fees, associateJ witli reviewinb aiid processing
; Grarltor's post-closing scqucsts. ~ .
~
~ 1.13. I3ooks, ltccords anJ Accounts.
~
N
~ Grantor will keep and maintain, or cause to be kept and maintainecl, in the county wtiere
the Property is located, proper and accurate books, records anJ accounts rcflecting all items of , -
inconie and expense in connection with the operation of the Property or in connection wiUi any
scrvices, cquipmcnt or furnishings pravideJ in conncctiun with thc opcration of the Properiy.
t'~1C~Iduring normal
. Dc,lcftciary or its dcsibnec shalt havc thc ribht front ti►iic (4018234
_ 4054139 Pige: 16 oE 36 f 38
1111311996 01:42P 04:SiP RkI~1SN~iIGN, iiitf IHS t0 Q Spckans Co, Tl .
•
• 4054142
: P:ge: 17 of 36
o ~ s ~ i1I1JJ199b 01:12P
`r `apTpT. " iNSitIItIQJt, ii1tE iNS co FS .43.00 Spoknru Co, EII
Q ^ ^ V .
,r, businc.sS twurs to cxaminc such buoks, rccorJs anJ accounts at thc oITcc of Grantor or othcr
pcr5ot1 or entity maintaining such books, records anJ accouiits aiiJ tu niakc copies or cxtracts
^ thcrcof as i3ci►cliciary or its Jcsignce shall dcsire.
~ Grantor, upan rcqucst by Dcneticiary, sliall nroviJc to [3cncliciary (i) a currcnt slatcmcnt
oC incomc anJ cxpciue for the Property fot the prcccJing liiiic pcrioJ requcstcJ by Dcneficiary
(includitig annual statcments withia 60 days aftet the cnJ of Grantor's fiscat ycar) and (ii) a
current balance sheet statement of assets anJ liabilities of Grantor fur the prec:eding time period.
~ Such staeeiiients shall be cenifieJ as to conipleteness a»J acwrac;y by Grantor or one of its
` otrccrs. Thc statcmcnts rcquircd by tlus parabraph may bc prcparcJ by Grantor, providcd that,
$ followinS the occurrcncc of an Cvcnt of Dc!'auit, E3cncCciary may rcquire sucli statcmcnts to bc
N
= auditcJ anJ ccrtificJ, at Grlnlur's cxpcitec, by an inclcpcndcnt ' ccrtilicct puhlic accountant
approveJ by l3eticliciary.
~
~
~ 1.14. SubroSation,
~
~
` Dcncficiary wiU be subrobatcJ fuc furthcr sccurity to the iicn oF anJ to all rights of any
bcncfciary, rnurlgagce or licnholder undet any encumbcancc, whcthcr or nut rcleaseJ of rccorJ,
paid out of thc procccds of the loan securcd by tbis Dcccl of Tn,st ur aJvanccd pursuant to thc
tcrms hcrcof anJ any of tlie dthet Loan Documciits.
1.15. Inspcclion of 1'ropcrty.
~ •
% ° ucneGciary is authocized. Cor itsclf, its agents or cniployres 1o eiiter at any reasunabie time
"7during nurmal business hours upon any pan of the ProNcrty for the purpose of inspeclinK the
v~ ~ same, Jeterniinmg Grantor's compliance wilh the provisions of this UeeJ of Tnust anJ for the
o;;..... ppurpose of performing any of the acts it is aulhorizeJ to pcrforni under the ternis of this Decd oF
Trust. Such inspcctions may incluJc soil and watcr sampliiib and monitorinb and inspcctions for
llazardous Materials (as Jefined in Section 1.20 beto.v) Grantor agrees to cooperate wittt
~ Uciicficiary tu facilitatc such in5pcctions.
~
L3eneficiary shall also be enlitleci to examine all records anJ Jocuments relatinb to the
Propcrty, or thc opcrations or conduct of any activitics thcrcon, wlicthcr such rccords arc in the
~ posscssiun uf or unJcr the control of Grantur, the Propcny manabcr, buvcrnmcntal abcncics or
< enticics having jurisJiction ovcr the 1'ropcrty or othcrwisc. 'i'o tlic cxlciil that such rccords anJ
$ dUCU111G11S arc not undcr the control of Grantor, Grantor shall coopcratc witti Dcncficiary lo
~ 1'acilitatc such cxamination.
V~ ~I r1
` 1.16. Propcrty Compliance. '
~ .
~ (A) The Improvements and their use comply fulfy with (and no notices of violation
~
have becn rcccivcd in connection with) environmenlal, air quality, zoning, Rood pfa-in, planning,
subdivision, building, health, labor, discriniination, Gre, trafTic; safcty, wctlaiicis, shorclinc and ollier bovernmental or regulatory niles, laws, ordinances, statutes, coJes and requirements
applicablc to the Property, incluciinb, without limitation, tlic Fair i lousiag Act of 1968 (as
4054139 i 4018234
Page: 11 of 36 Pagr: 17 of 38
11►13I1996 01;42P 0112111996 Qi:51P
WItiSlYl l0li, 1 ilE 1kS !A 1i 43.00 Spokine to, 1A olu►e Co, 6~1 •
4054142
~ ^ . P:ge: 18 of 36 '
o ~ a ;S ' !I1l311996 01:02P
AAiSFA I01, IiIF INS fA FS $43.00 Spokine Co, u
y ~
. •t v Y
o~~ o anicnJccl) anJ the Amcricans with Disabilitics Act of 1990 (c:olicctivcly, the "L3uilclinb Laws").
Graiitor has rcccivcJ such finai certificatcs as may bc rcquircd or custumary aiui cvidcncinb
compiiance with a!) builcling cudes and pcrnuts, anJ approva{ of luII occupancy of thc
1mprovcrncnts and of a!I instaUations lherein. Grantor shall cause thc Property to be continuously
~ in compliancc with all DuilJiug C.aws (as the sanie may bc aiiicnclcJ from liuic to timc). Thc
Propcrty cncumbercJ by tf►is Dced of Tivst is the only propcrty rcquircd to opcratc the
tmprovements in compliance witli al( I3uiidin5 i,aws. A!t builJin6s constructed on the Real
Propcny are higl►er than the 100-ycar (looJ plain or arc covcred by adcquatc f1ooJ insurance.
~
N
L •
8 (D) Grantor agrees to protect, defend, inJemnify and hold 13eneftciary harmless from
~ and against aU liability thrcatcncd aKainst or su(TercJ by l3cncficiary by rcasoii of a brcach by
Granlor ot' thc foregoing represcntalions anJ wa«antics cuntaillcJ in thc prcccclinb
subparagraph (A). Thc forcgoing inJcmnity shall incluJe the cost of all altcrations to the I'ropcrty
~ (incluiiing architcctural, cngiiiccring, (cgal ai►J accounliiib costs), ail lincs, fccs anJ pcnaltics, anJ
3 a!1 Icgal anJ othcr cxpcriscs (includinb atlorncys' fccs), incurrca in conncc:tiun willi thc t'rupcrty
~ bcing in violstion of any Duildin6 Law and for thc cosl of coilcction of Uic sums Juc unJcr t{ie
inJemnity. In thc cvcnt tliat t3cncficiary sh.1ll bccomc lhe ow,ur of the Property by fureclosure or
dccJ in licu of lurcclosurc of tlic Dccd ol' Trusl, thc furcbuiitg iiiclciiiiiitiwtiun ubligatiwn shall
survive such Corcctosurc or dccd in iicu of forcdosurc.
1.17. Collatccal Security tnsttumcnts.
, Gcantor covenants anJ agrees that if Eieneficiary at any time hulJs additionat security for
N=4iiy oblibations sewred hereby, it shall have the right to enforce the terms thereof or otherwise
r- ~ ai* realize upon the same, at its option, either before or concurrently hercwith or a(ler a sale is made
r m~ ~ hereunder, anJ may apply the proce«is upon the indebteJness secureJ liereby wittiout afrecting
the stalus of ur waiving any right to exhaust all or any other security, including the security
v~; licrcunJcr, a»d without waiving any brcach or dcCault or any ribht of puwcc whcthcr excrciscJ
hcreunder or contaiacd hercin or in any such other security.
t. 18. Suits Mccting Propcny.
Grantor abrees to appear in and deFend any action or proceecJing purponin6 to atTect tlie
Property or security of this Deed of Trust or any other security foc the obligations secured hereby,
~ thc intcrest of I3cncficiary or the rights, powcrs or dutics af T'rustcc hcrcunclcr. Grantor agrccs to
` notiCy Deneficiary before it commences any action or proceeclinb reiating to any part of the
$ Propcny or the sccurity of this Dccd of Trust. Grantor abcccs tu pay alt costs anJ cxpcnses,
~ includin5 cost of cvicicnce of titlc and reasonablc attorncys' fccs in any actiun or procccdin5 in
which E3cncficiary or Trustee may arpcar or bc madc a party, includin5, but nol limitcd to, .
~ forcclosurc oc othcr pcocccJinb commcnccd by thosc claiminb a right tu any part of lhc ('ropcrty '
~ undct any prior Ur subordinate licns, any forfciturc procccdin5, iii any action to partilion oc
~ condenin all or part uf the Propcrty, and in any aclion conccriiin5 thc Jispusition or availability of
insurancc proccccls rclating lo ihe Propcrty, whclhcr or not such proc:ccdipss arc pursueJ tu final
judgmcnt. Gcarilon ccrcby assibns to Dcncficiary all procecJs payablc by tliird partics arisiiib from
ciaims ur cvcnts of impairitlcnt or loss to the Property, anJ agrccs t-Q icficiary may rcquire
4054139 40r8234
Pige: 18 of 36 Page: 18 of 38 ~9iNZ °OG
AIKS?Ai1QR, lttE I~S GO 01 1111311996 01:42P 1I24~t946 p1:51P
147.00 Spoitne Co, TA lane Co, Rll
~
d
N
4054142
Page: 19 of 36
Q = s~ ~ 11►1JJ1996 01:12P
iR~1ltStZ1110~, lilE IKS fA FS ~IJ.00 . Spaku~e ta, M
M/ n q •
that such anuount be paid dirculy to l3ciic(iciary. !n any claiiii, action or prucccdiiig allcctinb ttic
Propcny or 13cncticiary's sccurity in which l3ciicficiary appcars (includin5 any claim on lhc titlc
a insurancc patic;y insuring thc licn of this Dccd oCl'rust), Grantor fully waivcs any ribhts to privacy
~ or nundisclosurc it may havc with rcbard to infurniatiun provitlcJ lu I3cncficiary in conncction
with the Ioan sccurcd hereby. _
.
19. BcneGciary's Ribht to Defcnd Action and Cure Certain Defaults.
z
~
N
~ Deneficiary shall have the right to appear in and defcnJ any action or proceeding at taw or
$ in equity or in bankruptcy purporting to a(Fect the Propeny or any sccurity fur tlie obligatiais '
~ securecl iiereby. L3eneficiary shall be allowed and paid al! DeneGciary's costs, charges and
~ expenses, including cost of evidence of title anJ reasoiiable attorneys' fc;es incurred in such action
~
o- or procccJiiiK in which DcncCciary may appcar.
~ .
~ It~Graiiwr fails to makc any paynicnt or tu clo any act as hcrcin ~~roviJcJ, Ilicn Dcncticiary
or Trustee, but withuut oblibation so to do aiiJ without noticc to or Jemaiid upon Grantor anJ
withuut rcleasinb Grantor from any oblibation hcrcuf, shall havc tl►c ribht to: make or clo thc
sainc in such manncr and to such cxtcnt as cithcr may dccm ncccssary tu protcct lhc sccurity
hcccof, Ucncficiary or Trustcc bciiig authorizccl to cntcr upon thc Propcrty Cor such purposcs;
cunuitcncc, appcar in and Jcfcnd aiiy aciion or procccding purpurtinb to alTcct tlic sccurity licreof
or the ribhts or powers of I3eneficiary or Tnistec; pay, purchasc, coni"t or compromisc any
encumbrance, charge or licn that in the judgment of either appcars tu be prior or superior hereto;
~ anJ, in cxcrcising any such powcr, incur aay liability, expcnc) wtiatcvcr ainounts in Dcncficiary's or
Tnustee's absolute discretion it may deem neccssary Iherefuc, iiictuclinb cost oC evidcnce of title
0
`r
~ o and aUorncys' fecs.
v_ o. i
1 ~
~ ~ Vc
~ P1 d
Granton cereby agrces ta pay on JcmanJ, witti iiitcrcst at thc Default Rate from the date
^ of expenditure, all of I3eneficiary's costs, charges, expenses aiiJ ai»ounts ret'ecreJ to above in this
~ Section 1.19, incluJing cost of evidence of title and reasonable attorneys Cees incurred in such
a aciion or proceeJing in which Beneficiary may appear. AII costs, eltarges and expenses so
incurred, tobcthcr with intcrest thcrcon as aforesaid, shall bc sccurcJ by the licn of this Decd of
Tnist.
bl 1.20. l-tazarduus Rlatcrials.
N
~
$ (A) The tcrm "Environmcntai Liabiliry" sliall rncan a►iy claim, demand, obligation,
~ causc of action, accusation, allcgation, ordcr, violation, Jamagc (including foccsceable
conse(lucntial damage), injury, judgment, penalty or fine, cost of Cnforcement or cost of Remedial
~
~ Action, or any other cost or expense wiiatsoever, incluclinb reasunabie attorneys' fees and
~ Jisburscmcnts, resulting from the violation or aUcbcd violation of aiiy Environincntal Law or Gont
~ any Enforccment or RemcJial Action. The term "L-nvironmcntal Law" shall incan any federal,
siate or lucal laws, orJinances, codes, rebulations, cules, orJers, or clecrecs re5ulatinb, relatinb to,
or iniposinb liability or stanJards of conduct conccrninb, aiiy cnvirunmSntal mattcrs, includin5,
but not limited lo, mattcrs related to air pollution, water poUution, n6ise control, Flazarduus
N'Iatcrial, soil conJition or inJustrial hygienc. The tcrm "Enfi, em t-sr-Rcniedial Actioii" shall
/ 4054139 4018234 ( Pige: 19 of 35 aqe: / 19 of 38 ~z.ooC
1111311996 01:42P 24~J1996 01:57P
iRI1HSlY1iI0i1, 1[i .E INS GO iT 543.00 Spakine to, U Spo ~nr Co, YA
~ /
' ~ - 4054142
~ y
00 60 Pi c: 10 of 36 •
11~1~I1996 01:42P
QTm1i0x, T 1l iNS CO FS 43.00 Spoktne Go, TA
Ln
nican any stcp takcn by any pcrsan, abcncy or cnlity tu cnforcc coni~liancc with or to colicct or
impnse penaUics. Gncs, or othcr sanctions proviJcd by aiiy Cnvirunmcntal Law. Thc term
. ~ "l-lazarduus hlaterial" shalt mean any hazardous, toxic or Janberous waste, substance, material,
~ pollutant or contaminant, as Jcfincd in or rcgulatcJ now or in thc futurc by thc Comprehcnsivc
Environmenta{ Re.sQanse, ComRcnsation anJ Liability Act ("CCItCLA"), 42 U.S.C. Scctions 9601
et scc the Resource Conscrvation anJ - Recovery Act of 1976 ('RCRA"). 42 U.S.C.
Sections 6901 ct seg., ttie Clean Air Act, as amended, 42 U.S.C., Scctiun 7401, the Clcan Water
~ Act, 33 U.S.C. Sections 125I ct secl., the Safe Drinking Wa►er Act, 42 U.S.C. Sections 340(f)
~ et se the Toxic Substances Control Act, 15 U.S.C. Sectioiis 2601 ct sec lhe Washinblon State
s tvtodcl Toxics Control Act, RCW Ch. 70.105D, thc Washin6lon State 11aZacdous Wastc
= Maiiagcmcal Act, RCW Ch. 70.105. lhc Washington Watcr Poliutiun Control Act, RCW Ch. •
90.48, Thc Washington Clean Air Act, RCW Ch. 70.94, Thc Washinbtun InJuslriai Safcty anJ
X ! lcallii Act, ILCW Ch. 49.17, I'lic Wasliiiigtun Stalc Lnvironiiiciilai !'ulicy Act, RCW Ch. 43.21 C,
~ or tulcs anJ tcgulations of thc CPA aiiJ thc Washin5ton Dcparlmccii ot Ccoloby, any so-callcJ
~ "supcrfund" or "supcrlicn" law, aiul any othcr fcJcral, stmc ur lucal Iaw, rcgulatiun, ordinancc or
ordcr or common law dccision, including, without limitation, pctrolauii proclucts or by-proJucts,
raJon gas, polychlorinated biphenyls (PCi3s), asbcstos, asbestos-containing materials, anel urea
formaldchyJc. (D) Except as disclosed in lhat certain Phase 1 L•iivironinental Site Assessment
prcparcJ by AGRA Cacth & Environmental, Inc., Jatcd August 25, 1995, Grantoc hcrcby
represciits and warrants (i) tliat neithet Grantor nor, to the best knowleJbc uC Grantor aRer due
inquiry, any other person has evcr causeci or pecmittcd any f lazardous Material to be released,
s placed, held, located or disposed of, on, uneler or at the Property, or any other real property
u"•- le5ally or bene f icia l ly owne J (or in which any interest or estate is owneJ) by Granlor in an y state
oo,-o
2- now or hereafter having in etTect a sa-called "Superlicn" law or ordinance (the effect of which
WouiJ be (o create a lien on the Property to secure any oblibation in connection with sucll real
zs propcrty in such othcr state); (ii) to tlie best of Grantor's knowlcJyc allcr due inquiry no past or
~ coutinuing migration of Ilazardous Matcrials from ncibhborinb propcrty tn thc Propcrty has
occurrcd, (iii) ncither the Property, nor any part tliercof, nor any othcr real property Icgally or
bcncficially owncd (or in which any interest or estaec is owncJ) by Grantor in any state now or
,r IicrcaQcr having in etTcct a so-called "Supcrticn" law or ordinancc, Iias cvcr bccn uscd (.vhctlicr
~ by thc Grantor or, to the best knowlcdbc of Graiitor, by any othcr person) to gencrate,
manufacture, storc, lreat or disposc of any [-iazarJuus Materiat; (iv) ncithcr Grantoc, nor to the
s bcst kiiuwtcdbe: of Grantor allcr due inquiry, or any othcr pcrson, has cvcr causcJ or permittcd
any asbcstos, asbcstos-cuntainin5 nialcrials, underbrouiiJ storabc tanks, PCl3s, radon bas, or urea
CunnalJchydc to bc IocatcJ on or rcmuvcd from in 1hc Propcrty; (v) to Illc best knuwlcJbc of
~ Grantur a(tcr duc inquiry, Grantoc has no knowlcJgc o(' any procccJiny or inquiry by any
~ guvernmcntal aulhoriry (iridudinb, without limitation, the Uiiitcd Statcs Cnviroiuncntal I'roteclion
~ Agency anJ WashinSton State Depahment of Ccoloby) with respcct to the presence of any
1 laiardous Material on ihc Propcrty or thc mi5ralion thcrcuf from ur to ncigliborinb prvpcny; anJ
(vi) to the bcst uf Grantors knowledge aiter due inquiry, therc has bcen no investibation nor does
- Grantor have any knowledbe of any contemplated investibation, by an~' local, state oc feJerat
governmental abency with authoriry to rcbulalc, promulbatc, admi'ustcr or enCorce any
Enviraimental Laws with respect to the Propcrty or withiii 2,000 yarJs of the Property.
f
4054139 !
P~ • ~ of ~ 4018234
ag~ 10 of 38 s.s°'":
MNSl611iQlI, ilE Il~S fA O1 11l1311996 41:42P 12i)1~ ~:~P
J3.00 Spokarte Co, M S aru W u ,
: 4054142
0- ois Pige: 11 of 36
1111311996 01:12P
u, fiUVllWi(Qli, ifilf f!S CO fS .IJ.00 Spokuu Co, llA
0 V ^ O
(C) Grantor shail lcecp and maintain thc Propcrty in compfiance witii and shail not
cause or perniit the Property to be in violalioa of any Cnvironmental Law. Grantoc shal) not use,
generatc, manufactuce, treat, siore, atlow to remain or Jispose of on, under, or about the Propcrty
~
or transpon io ot from the Propcriy aiiy tlazardous Niatcriats. Grantor shall nol en5age and has
not cngagcd, in opcratiuns or activitics ihai couid IcaJ to liability unJcr any Environmcncal Law.
~ Gcantor sliall immcdiately advise Bcneficiary in writiiig of (i) any and all enforccment,
~ cieanun, remcdial, removal, or other governmetital or rebulatory actions instituteJ, completed, or
g threatcncJ pursuant to any Environmcntal Law a(Tcctinb tlic f'ropcrty; (ii) alt claims madc ar
. ~ threatcncd by any thirJ party against Grantor or tlie Propeny retatiiiy to danwbc, contribulion,
cost recovcry compcnsation, loss, or injury resulting from any Cnviroanicnta! Liability; (iii) any
rclcasc or threatcncd relcase of any Mazardous Malcrial ontu the Propcny; (iv) Giantor's
' discovcry of any occucrcncc ar conclilion on any rcal prolicrty aJjaicling oc iiti t{ic viciciily of thc
~ Prupcrty tliat couid causc ttic t'ropcrty or any part thcrcul'to bc subjcct tu any restrictions on thc
ownership, occupancy, transferability, or use uf the Property under auy Cavironmental Laws; and
(v) Gratitor shall nroinptly providc [3cncfic;iary with copics o( aii tcst results of unJcrgrounJ
storage tatiks at titic Propcrty.
l3cncC~ciary shalt have thc right io join and participatc in, as aparty if it so clccts, any Icbal
procccJinbs or actions iniciatcd in conncction with ariy Lnvironmcnlal Liability anJ to havc its
reasonable altorneys' fees iu connection therewith paiJ by Grantor. Except in the case of
emergencies (which shall be deemed to exist for a maxirnum of 24 haurs), without Beneficiary's
~
prior writtcn conscnc, which shall not bc unreasonably withhcld, Graiitor shall not takc airy
Rcmedial Action in responsc to the presence of any f(azarJaus Nlatcrial on, undec or about ehe
Pro pcrt y cxcc pt as ma y be rc quircd b y law.
un
0~4
1.21. Convcyancc of Propcrty; Chaage of Owncrsliip.
~ [n lhe evcnt that, without I3eneficiaryls prior written consent, (i) all or any part of or any
intcrest in Ihc Propcrty is so{d, transfcrrcd, conveyed, leascd (othcr than a Icase of any portion of
she space in the lmprovcmenis for a term of one year oc less without an option to purchase made
in accorclancc ivith Scction 1.11 of lhis Dccd of Trust). furthcr cncumbcrcd, or a contract of sale -
~ or othec conveyance entered iiito with respect thereto, oc (ii) tl►ere is a transfec oi' any beneticial
K interesi in Grantor or in the holder of any beneficial interest in Grantor (incfuJing without
g liniitation, transfcrs of partnership, stock or mcmbership inlerests 'in Grantor or in any pariner,
. ~ sharchulJcc or mcmbcr of Grantor), llicn, upon tlic occurrcncc ut any one oc aiore af thc
~ furcbuinb cvcnts, Dcncficiary shall fiavc thc ribht, at i1s uptiun, lo clcclare alt aiuounts sccuccJ
' hcrcby immcdiatcly Juc anJ payaUlc. Salcs oC Lots or cuntracts thcrctor for wllich partiat rclcascs
are pcrmittccl unJcr Scction 1.23 bclow shall not constitutc transfcrs prohibitcJ by ihis paragraph.
~
~
Upan wriucn consent by E3eneficiary to the transfcr or conveyance of Ihe Property or
intcrest in Granwr, Liencliciary reserves thc right to charge an assumptioij or transfer fee and to
increasc !hc iaterest rate of the (oan scctired hcteby to interest ratc charbcJ by IIeneficiary on
J
4054139 8) q
Pi +c: 21 ot 36 Pa (3g
It 1311996 01:12P 0112996 :S7P P ~Z~
iNJIl~AiiOl1, TI1l aNS fA~ 01 ;13.Ou Spokarte Co► m ~ne
.
4054142 . o
Pigc: 12 of 36
11►1311946 01:12P
jM~iS1~11 a4, 1 ilF _NS t0 .S S13 00 Spokinc Co, N
crnnp7rahfc luans to simiiar burruwcrs iC biglicr lhan thal praviJccl liOr in thc Nutc anJ tu
° U. atticnvisc cunJition its cotucnt.
g The exccution and dclivery by the Grantor of any joint vcnture abrcemcnt, partnership
a agrcement, limited liability company or partnersliip opcratinb a6reemcnt, Jeclaration of trust,
'option agreement or other instrument whereuncier any other person or corporatian may become
entitled, directly oc indirectly, to the possession or enjoyment of the Propecty, or the income oc
othcr bcnefits Jcrived or !o bc derived thercfrom shall in cach case bc Jcemed to bc a conveyance
-bl or assignment of the Grantor's interest in the Pcopcny for thc purpascs of this seetiun, anJ s{iall •
` rcquirc the prior writtca conscnt uf the BencCciary.
8
N
~ 1.22. At1ti-furlcNurc.
~
.
~ Granton ccrcby funhcr cxpressly rcprescnts anJ wzrrants tu 13cncficiary that ncithcr
~ Grantor nor any oihcr pcrson involvcJ with thc I'rolicrly has c:ommittcJ Ur etigagcJ in any act,
~ cntcrprisc or omission a('fording the Cecleral governmcnt or any staie or local bovcrnmcnt the right
of forfeiture as againsl the Property or any part tiiereof or any monies paiJ in pcrformance of its
obligations undcr thc Note oc unJcr any of the other C,oan Ducumcnts. Gratitor hercby covciiants
anJ agrccs not to commit, pcrmit or sutrcr to cxist any act or omissiun or cnbagc in aiiy, eMcrprise
aRurdins such right of forfciture. In funhcrancc thcrcof, Grancor ltcreby inclcijtiitiifics Qcncficiary
and agrccs to clcfcrnJ and ItioIJ [3cneficiary liarinlcss Go«-i atid agaicist any loss, daniagc or injury
~ by rcason of thc brcach oCtlzc covcnants anJ abrccmcnts or !hc .varrantics anJ rcprescntations sct
, T-~ a~ forth in the prcccding scntcnce. Without liinitiiib the gcncrality of thc foreboinL~ the filins of
Curmal charges or the commcticcnieni of procccdinbs abainst Grantor. Dcncficiary or all or any
Ln_c-*~ pact of'thc Propcrty unclcr any fcclcral or statc law fur which furfciwrc of the Propctty or any parl -
Q~-~ tlticrcoF at uf any monics paid in pcrformancc of Grantor's obli5ations unJcr the Loan Documents
shal{, at the election of the Deneficiary, constitute an Event of Dcfault Iiereunder without notice or
~ opportunity to cure.
A
~
1.23 Rclcasc of Collatcral.
Grantor shall be entillcd to obtain a requcst for partial reconveyaiice from I3eneficiary for
~ lots having received prcliminary plat approval as part of titic Propased RcviseJ Prefiminary Plal
` and Prcliminary Site Plan of Riverwalk (filc No. PE-i414-81/NUDE-1-8?J2G92-8! ("Lot" or ,
s"Lots") to rclcasc such Lots from the ticn of this Dced of Tn,st subjcct to anJ in accordancc with
~ the Collowin5 tcrms and conditions:
.
~ (A) Unlcss final plat appruvat has bccn obtaiticd tu pcrmit the salc of inJiviJual Lots,
~ thc Lots shall bc rclcascJ in groups sucli that thc rcmaininS ponion of ihc Propcrty constitutcs
~ one or more Iegai lots capabie of conveyance without violation of aiiy plattinb oc subdivision
" laws. Thc Propcny rcmaininb a(lcr any rcconvcyancc must bc scgrcbatcJ for tax purposcs and
not taxcd as part of the rclcascd Lots. No rclcasc shall lcavc any of thc rcmaininb Property •
withuut sufiicient access, utilities, or other reyuirements or arzicnities necJcJ to reccive final plal approval, as rcasonably dcecrmined by I3eneficiary.
. ~
4054139 40182~4
Pa e: 22 of 36 Page: 2 of 38 ~
11$1J11966 01:42P 24 ja~ 04:57P sr°'"z O0C
R~INS}411uai, illlE 1NS CA 01 s~3.00 Spo►u~e Co, ~I Spo
I
4054142
• Pigc: 13 of 36 "
1111311996 01:42P
d
0 0 0~ AlUKl411 4A, TI ►E INS W FS s13.00 Spokiite Co. M
v
(U) Grantur shall havc proviJcd to l3cncliciary a wriltcn rc(iucst Cc)r rclcasc which shall
o bc in a lurm acccptablc to 13cncficiary anJ shalt spccify thc Lots io bc rcleased, thc numbcr of
• -
(T•... ?
squarc fcct, the satcs price, and such other iitfonnation abuut thc Lots bcinb releascd as
[3eneficiary may requesi. Deneficiary shaU reasonably determine whcther the proposed release
~ will cictrimcntally atrcct ilic remaininb Propcrty. If, in its reasonable Jiscretion, Deneficiary
Jeteniiines that its remaining cullateral seclbred hereby will be detrimentally a[t'ecteJ, I3eneficiary
wi11 not bc oblibatcJ to rcquest rcconvcyancc of such [.ots.
~ (C) Grantur shatl have paid to Dencficiary the Release I'aymcnt in immediatcly .
avai(able funds. The "Rclease 1'ayyueril" is thc arnount sct torth for cach Lot on Exhibit A to the
g Note. Such payment will be maJe dircxtly from ilic escrow fur ttie salc or refinance of such Lols.
N •
(D) No Cvcnt of Dcfault shall havc occurrcJ. ln addition. Graiitor shall bc in'
compliancc with all of the tcrnu and conditions of all of ilic Loaii Uucumcnts irtiuiicdiatcly bcforc
~ ancl a(lcr such relcasc anJ thcre shall be no Cvcnt of Dcfault or cvciit that with noticc or ilic
~ passage of time or botli woulJ constilute an L•vent of Default folluwinb or baseJ on such release.
4
(E) Granluc shall have paid all experues, includiiig wiihout liinitation IeSal fees,
trustee's fees anei recordinb fecs incurred in connection witli such relcase. ln adJition, Granlor
shal{ pay all of 13eneficiary's expenses, includinb withuut liniitatiou Iebal Cees, incurreJ in
conncction with l3cncficiary's proccssinp, of ilic partial rclcasc, 13cllcficiary's tcview of at{
docw»entation in connection with the platting of lhe Property into Lots anJ L3eneficiary's
activitics rcqucstcJ by Grantor in conncctiun tvith thc propuscJ satc and relcasc of Lots.
Itr N~ 3 (F) Each Rclease Payment maJe pursuant to this Scction 1.23 shall bc applicJ to
Ln recfucc ilic outstandiiig prineipal amount of ilic Loan as a mandatory prcpaymcnt.
0 0.~ o
Zr
1.24 Salcs oFOtticr Lots. 8 ~ Grantor owns other real property in the same proposed subJivision in which the Property
cxists. Tliis othcr property is eRCUmbered by a dced of trust rccordcJ under Auditors File No.
9603290131 , records of Spokaae County, Wasliington (the "Seafirst Deed of Tcust") sccucinb a
loan in favor of [3ank of America N.W., N.A., c!/b/a Seafirst Dank ("ScaCirst"). Ttie Seafirst=QseJ
~ of' Trust contains provisions ~tctmittinb rclcasc of lots cncumbcrcJ by the Scafirst DccJ of Tnist
(the "Scalirst Lots;" indiviclually, a"Scafirst Lot") upon paymcnt uf spccificd sums. Grantor
$ bcrcby agrccs that il will pay to i3cncficiary, dirccily froizi ilic cscruw closiiib of ilic salc of any '
Scafirst Lo1, ilic amowit of $2,500 for cach Scafirst Lot solJ. Failurc to mal:c ilic paymcnls .
,
rcquircJ hcrcunJcr shall bc an Cvcnt of Dcfault hcrcunJcr.
~ . ~
~ lf and whcn the Scafirst Dccd of Tn,st is fully rcconvcycd. Grantor agrees to modify this
~ Decd of Trust lo inctude as part of ehe ['ropcrty ariy Seaticst Luts then owned by Grantor.
Gfantor shall pay all costs of such modit'icalion, includinb attorncy's t'ces and costs of modifying
Beneficiary's title insurance policy inauring this Dceci of Trusi. ~
4054139 018234
Piqe: 23 af 76 P: 23 of 38
R~lISlkiION, .F IdS CO 01 1111J11996 41:~P 0 1 t{996_ p{:~P Spatru W, u '~polane Co, T+1 s,sawz om
~ -
~
cl~
4054142 •
Pi : 24 of 36
r N~ ~ 11~1311996 01:42P
~ M fUI1~1Y1110R, t T.E INS CO FS ~3.00 Spola~e Co, M
~..^b
Atc t 1l;Lls II
v d =
$ ASSIGNNiL=NT OF REN'['S
a .
~
2.01. Assignmcnt of Rents. .
.
Grantot hereby absolutely and unconditionally assigns anJ transfers to [3eneficiary ail the
~ income, rents, royalties, revenue, iswes, profits and proceeJs (coUeciivety, the "Rents") of the
~ Property, whether now due, past Jue or to hecome Jue, and licreby givcs to and confers upon •
$ DeneCciary the rigiit, power and authority eo coilect the Rents. Grantor irrevocably appoints
~
= Deneficiary its tnie and lawful attorncy at the oplion of f3cneficiary at a+ty tisne, cithcr by itsclC,
~ through an agcnt or a rcccivcr, to dcniand, rcccivc and cnforcc paymcnt, tu givc rcc:cipts. fCIC1SCS
~
~ and satislactions, aiiJ to suc, cithcr in thc namc ot'Grlntor or in thc nainc of l3cncliciary, for all
~ tftc Rcnts. It is agrccJ that ncithcr thc furcgoiiib assibnmcnt of I(cnts it) l3cncficiary, iwr thc
~ cxcrcisc by Dcncficiary of any of ils ribhts or reuicJics tuiJcr ihis Scctiun 2.01 0r ululcr
" Section 2.02, nor the appoiiitment of a receiver or possessioit of the Property by a receiver shall
makc Ucncficiary a"mortgabcc-in•posscssiun" or othcnvisc responsibtc of liablc in any manner
with respect to the ('ropcny or the use, occupancy or ciijoymcnl ur opcraliun of al) or any portion
thcrcof, unlcss and until Bcjicficiary in pctson assumcs actual posscssion thcccof. Nothing hercin
shall require I3eneCciary to have a receiver appointed to collcct aiiy Rents, but 13eneficiary shall be
ciui[lcci to such appointmciit at its option in accardancc witti tliis DccJ uf Trust. This assignmcnt
of Rcnis is intcnclcJ to bc pcrfcctcJ, absolutc anJ chuatc upaii rcwrclin5 as providcd in
~ RCW 7.23.230.
:4 •
o
2.02. Liccnse to Collcct.
~,A ~ CY
Y • . f1 'd
Notwithstanding anything to the contrary herein, so lonb as no Evcnt of Default exists,
Grantor shall havc a iiccnse to collect ali Rents and to rctain, use and cnjoy thc same. Upon any
<3 occurrence of an Evene of Default hereunder such license stiall be autamaticaUy revoked anJ all
ribhts shall revert to Denefic;iary who then shall have the ribht lo exercise a(1 of its ribhts as
absolute owner of the Leascs and Rcnts. Grantor agrces that paymciits niade by tenants or occupants to l3eneficiary shall, as to such tenants, be cunsiclered as though made to Grantor and
in dischargc of tcnants' obfisatioiis co Grantor to thc extcnt of such paymcnis. Nothinb hcrcin
~ corttaincJ shall bc construcd as obliging Dcncficiary to pcrCurm any of Graiitoc's covcnaiits unJcr
auy Icasc or rciital abrccmcnt. Grantor shali cxccutc aiiJ Jclivcr tu 13rncliciary, upon dcmaiicl,
$ any furtlier ur supplcmcntal assignnicnts dccmcJ dcsirable by L3cncticiary in urdcr to tunher carry
"
J out anJ conficm thc intentions of this Section 2.02 and upon lailurc of thc Grantor so to comply,
t3cncficiary shall havc tlic ribht tu, iil aJdition to any utlicr riglils ur fCt11ClI1CS, at i1s uptiwi,
~ declare all oblibations secured by this Deecl of Trust to be inunecliately Juc anJ payable.
~
~
~
~
. ' i
~
4054139 14018234
P11e: 24 of 36 Page: 20 of 38
AuMi Oil, Ii ,E HS CO Oj 11 13l1996 01:~2P 0I12111996 04:51P s.►sorviooc
.17.W Spoluie Co, N okut Co, LI
~ w 4054142
o-a~ Pigc: 25 of 36
1111311996 01;12P
LO iRUStG111 O I, 11 IlS fA fS S4100 Spolane Co, YA
ARTtCLG !lt
N
~ SCCURITY AGRECMENT AND FIX1'URL' NtLING
~
x
3.01. Security Agreement.
.
This Dced of Tn,st creates a tien on the Property, and to the extent the l'ropeny is not reat
~ property under applicable law this Deed of Tcust constitutes a sewrity agreement under the
~ Washington Uniform Commercial Code and any other applicable law. If required by Beneficiary, .
8 at any time during the Iertn of this Deed of Trust, Grantor will execute anJ deliver to Beneftciary,
N
= in forni satisfactory to Deneficiary, aclditioiwl security abrecments, financing stalements or other
~ instrumcnts cuvcriiig all Pcrsnnal 1'rupcrty or lixtures oi' Gran(ur which may at atiy timc be
~
li,rnishcd, pIaceJ on. Uf aIlI1CXC(J O( 111.1vC ilppllflCilalll (l) lI1C KC:II I'rupcrly tu uscd, uscfiil ur helcl
lior u5c in lhc opcraliuii oI'Ihc lmpruvcmciits. Ciranlor liirther agrecs thal:
f
` (A) Thc ublibatiuns covcrcd by this Sccurity Abrcciuc»t iiicluJc luturc aJvanccs in all
forms;
([3) 13cncficiary may: conuningle any pcrsoiial propcrty that comcs into its posscssion;
repledge such personal propcrty upon tenns that impair Grantor's rigllt to redeem
such; and requirc Grantor to asscmble the pcrsotial propcrty auJ make it available
N lo i3eneficiary at a place to bc JesignalcJ by L3cncliciary which is reasonably
convenient to both parties. To the extent Beneficiary is requireJ foc any reason to
. rprovidc comincrcially rcasonablc noticc to Grantor, Grantor agrces that notice
v"'s ` rnailed b y lirst class mail five (5) Ja ys before the event of whi ch n o t i c e i s g iv e n, i s
►n s '
0 0, ~ o commercially reasonabte notice;
Q a►. ~ f/ca- (C) The standard by wliich Deneficiary's riglits ancl Jutics under Arlicle 9 of
~ RCW Ch. 62.A, including but not limitcd to Part 5 thcrcof, shall bc measurcd is
a
gross nebligence or willful misconduct;
(D) Grantor sliall notify Bcneficiary in writing wilhin tliirty (30) days of any clianbc in
~ name of Grantor or its structure. Nothing hcrcin shal) be construcd as a consent
by Beneficiary to a change in cocporate stcucture otliecwise proliibited hereby..
8
~ Graiiton cercby irrevocabiy constitutes ancl appuints [3cncficiary the attorncy-in-fact of
~ Grantor, to execute, dcliver and- Cle with the appropriate filing oflicer or o(Tce such security
agreements, ttnancinb stalements or other instcuments as Deneficiary may request or require in
~
~ order to imposc and pcrfcct the licn and security intcccst hcreuC nwre spcciCcally on the Personal
~ Property or any fixturc. ' -
' !f Grantor enters into a separate security agreemeiit with f3eneGciary relatinb to any of the
- Pcrsonal I'ropecty or fixtures, the ternls of wch security agreemcnt slmll govern the rights and
remedies of Deneficiary in the event of default thereunder. Any breach}lof or default under any .
such sccurity agreemcnt shaq constitute an Gvent of DeCault undcr this Uced of Tnist,
• ~ !
4054139 4018234 t
Pige: 25 of 36 / ~Page: 25 cf 38 ~901NZOOC
iR~NSKt1l~ll, ~ i.E 1NS W 0T . u 1111311496 01:41,' 0112111996 04:57P
$13.00 Spoluk Co, &1 ~"Spakane 60, 0
~ . •
4054142
r~~ y P~ge: 26 of 36
Ln !-a 11t1~it996 a1:~2P
' ° ° ~ 1I3.00~ Sp~u~ Co,1A
imatIQl, ililf I15 CO FS
3.02. hixtures. ~
lt is understooJ and agreed that, in ordcr to prutect [3e,ieficiary from the effect of
RCW 62A.9-313, as amended from time to time, in tlie cvent that (i) Gcanlor intcnds Io purcliase
any goods which may become fixtures attached to the Property, or any nart thcreof, and (ii) such
gooJs will be subjcct to a purchase money sccurity intcrest hc1J by a sclicr or any other party:
~
•
t (A) Grantor shall, before execuling any security abrcement or other document
$ evidencing wch secucity interest, obtain the prior wriuen appraval af Oeneftciary.
J and all rcqucsts far such writtcn approval shaU bc in writijig anJ cajitain thc
int'ormatioit.
~
U
~ (t) a dcscription of tllc ('ixtures to Uc rcpiaccJ, addW to, installcJ or
~
~ suUstituted,
(2) the adJress at which the fixtures wiU bc rcplaccJ, addul to, installcJ or
substitutcd, anJ
(3) thc name and address of the proposcJ hulJcr and proposcJ arnount of the
sccurity interest,
~f
and any failure of Grantor to obtain such approval sliall bc a malcriat brcach of
'n ~ SGrantor's covenant under this Decd of Trust, anJ shall, at the option of
o ~
[3cncficiary, cntitic DcneGciary to all rights snd reincdics nrovidccl for hcrc+n upon
default proviJed, that Dcncficiary sltiail be deci►icd to have approved sucii
S agrccment if it fails to objcct to such agrccmcnt within thiny (34) ilays of its actuai
~ receipt of Grantor's wsitten request for such approval. No conscnt by Beneficiary
pursuant to this subsection shall be deemed to constiiute an agreement to
sutiordinate the right of tfie Beneficiary in fixtures or otiicr property covered by
' Ihis Dcctl of Trust.
~
N
~ ([3) !f at any time Grantor fails to makc any paymcnt on an obli6atiun sccucccl by a
$ purchase money scxurity interesi in the Pcrsunal l'ropcrty or any ftxtures,
~ I3cncficiary, at its option, may at any timc pay the amount securcJ by such sccurity
interest and the amounl so paid shall be (I) secureJ by this Dee:d of Tcus1 and shall
~ be a lien on ltie Propeny havin6 the same prioritics as the {icns and security
interests created by this Deed of Trust, and (2) payable otii demand with interest at
ZE the rate sFsecified in the Note Gom the time of suc1i paymcnt. If Graator shall faii
to makc such paymc»t to [3cncCtciary within teii (10) clays atlcc dcmand, the cntire
principal sum sewred hereby with ali unpaiJ interest accruecl thereon shall, at the
option of BeneCiciary, become due anJ payable immediately. ~
(C) Rcneficiary shall have the right to acquire by assibnmcnt from the holder of such .
security interesE any and al( contract rights, accou~i~s r nebotiablc or
~ 4054139 40"18234
. Piqe: 26 of 16 ~age: 2b ot 38
t1113~19g6 01:02P,~ ]I211159fi a:S1t
t~MSt1A Oi, i i.E 1ltS CO ~ 513.6~ Spol~u~e Co.111 atane Co, N
~
- - .
N 4054142
8 Pige: 21 of 36 0 000
~ 1111311996 01:12P
rev .u
~r ttt~ i~ ca s su.ao s~i~ co, u
Q~~~ • -ncSoliaWe inStnimcnts, or othcr cviJcjuc ui' Grantor's inJ~.-blcJncss for such
• l'crsonal Property or fixtures, ancl, upoii acciuiring such iiitcrest by assibnirent,
-S shall have the right to enCorcc the sccurity inicrest as assigncc thercof, in
~ accardancc with the tcrms anJ provisions of thc Washingtun Uniform Commcrcial
CoJe tlien in elTect, and in accordance willi aiiy other provisiuns of law.
. .
(D) NVhether or not I3eneficiary has paid the inJebtediiess securecl by or taken an
~ a.signment of such security interest. Grantor covenants to pay all sums anJ
pcrWrm a11 obligations secured thereby, anJ if Grantor at any lime shall be in •
$ tlcfault for a pcrioJ of tcn (10) days undcr such sccurily abrcement, it shall bc a
~ matcrial brcach of Granlor's covcnanis undcr this DccJ of Tn,st, anJ Dcncficiary
may, at its option, dcclarc Ihc principal suiii sccurcJ hcrc•by inuiicJiacely Juc and
a payablc, timc bcing of tlic csscncc.
~
~ 3.03. I-ixtufc filinK.
Tu thc cxtcnt that any of thc Propcrty constitutcs a fixturc, ihis DccJ uf Trust shalt scrvc
as a fixturc filitib pursuant to tlic Washinglon UniCorm Commcrcial CoJc_
ARTICLC 1V ,
DCFAULTS AND RCMCDICS
o. 4.0 l. Eve»is c,C UeCault.
~p N t
f'~~ 71: . .
rv- O~
~T ° - If any uf the followinb events shall occur ("Events of DeCault"):
°
o~---~ (A) Default in payment of any inJcbteJness evidenceJ by the Note oc secured hereby
Q d ~ H
wficn such payment is due; ur
8 ~ (II) t:ailurc by Gcantoc to comply witli any of tfie cuvcnants, terms, conditions,
~ restrictions or agreements contained in this DeeJ of Trust or any of the otlier Loan
Ducumcnts; or ~ . (C) Grantor or Guarantor applics for or conscnts to ilic appointnicnt of a rcccivcr or ~ trustee for it or any ponion of its property, or if such ceceivec or trustee is
43 appointcd for Grantor or Guarantor or its propcrty, or Grantor or Guarantor
= makes an assignment for the benefit of crediiors, or Grantor or Guarantoc admits
~ in writinb its inability ta pay its dcbts as thcy bccumc duc, oc Grantor ar Guarantor
,c bccomcs insulvcnt, or a pctition is filed by Grantoroc Guarantor pursuant to any
~ oC thc provisions of the Uniled Statcs Dankruptcy CoJe, as amenJccl; oc
N
~
(D) A pctilion is &led against Grantor or Guaranlor pursuant to any of the provisions
of the United States Bankruptcy Code, as amendcd, or tltcre is an attachmcnt or
_ . ,
4054139 4018234
Ptqe: 21 of 36 i a9c: 11 of 38
1_ - ttl1J11996 01:12P N11996 04:S1P
~1N5W1 tg, 111E IHS CO 81 - ~1J.00 Spokuu Co, l~ a
,
r
c~ .
~ A o ~ 4054142
hgt: 28 of 36
tIIt311996 01.I2P
Ln • RAMSNII I~, i ilE IIS t0 S I3.00 Spolu~e Co, ~A
o ^ -
sequcstration of <<ny ui' ilic prupcrty uf Grantor ur Guarantur ajiJ titic sai»c is 1101.
discharbcJ ur bonJcJ wiUiin sixry (60) Jays; or
~
r;
° (C) Any rcprescntation or disclosurc madc to I3cncficiary by Granlor or Guarantor
proves to be malerially false or miSleading on the date whcn such rcpresentation or .
disclosure was madc, whetlicr or not thac represcntation or disciosure appears in
this Deed of Trust, or Grantor or Guaranior omits to provide any information that
~ makes any such representation or disclosure materially false ar misleading; or
8 ~ (l7 A transfer of the Pcoperty in violation of para5rapli 1.21 hereuf occurs;
W
J
thcn and in any such cvcnt, the Dcneficiary shaU bc cntitlcd to cxcrcisc all ribhts, aiiJ shail havc
~ thc bcncfit of all rcniedics providcd by law or sct forth in this Dcccl of Tn,st or in any olhcr
~ instrumcnt givcn to sccurc ilic indcbtcJncss cvidcnccd by thc Nutc, inctudinb ilic riblit to dccl:►rc
~ all stims sccurcJ hcrcby imiiicclialcly duc aiiJ payabic. Notwithstancling thc furcbuin5, in ilic casc
of a default specifieJ in subsection (l3) above, if wch clefault is susceptible of cure by Grantor,
DeneCciary sliall not exercisc any such remedies unless Grantor fails tu cure such Jefault within
ccn Jays atlcr xvrittcn noticc llicrcuf Crom Ucncficiary; pruviJcd tliat, if sucfi Jct'ault is of sucli
nature that it cannot reasonably be cured within suclt 10-Jay period, sucli 10-Jay perioJ sliall be
extcndcJ (to a pcrioJ not cxcccdinb 20 days) if and so lonb as, in Ucncficiary's solc jtidbmcnt.
Grantor is dilibcritly prosccutinb such cure. No waivcr by 13cncficiajy uf any Jcfau{t on ilic part
oC Grantor shall bc constcucJ as a waiver of any subscqucnt dcfault hcrcunJer.
~
.r
4.02. Foreclosure Sale.
Ln : If an Event of Default occurs and Deneficiary so recjtiests, Trustee siiall scll the Property in
accordance with the Deed of Trust Act of the $late of Washinbton (RCW Chapter 61.24 as '
existing nuw or herea(ler amended) at public auction to the hibhest bidJer. Any person except
8 Tnisiee may biJ at ilic Tcustee s sale. Trusice shall apply thc procecJs of thc sate as follows:
~(i) to the cxpenses of sale, inctuJing Trustce's fee and attorneys' fces; (ii) to all the indcbtedness
evidenced by the Note and all otliec indebtedness secured by this Deed of Trust or any other Loan
Ducumeilt; (iii) the surplus, iC any, shall be distributed in accorcfaiice wilh the Oeed of Trust Act.
Tn,stee shall delivcr to the purchaser at thc salc its dced, without warranty, whicli shali convey to
c ihc purchaset the intcrest in the Propcrty which Grantor haJ or haJ ilic powcr to convey at ilic
timc of its exccution of this Dccd of Trust anJ such as it may havc a~:cµtircd thcreaRcr. trustee's
~ dccd shaU reciec the Cacts showinS that ilic salc was coiiductcJ in compliance wilh al) the
J rcquircmciits of thc law anJ of this Dccd of Trust, which rccital shall bc prima facic cvidcncc of
such compliancc anJ conclusivc cvidcncc thcrcof in favor of bona tiJc purchascrs and
o cncumbranccrs for valuc. The powcr of salc confcrrcJ vy lhis DccJ of Tnist anJ by thc Dccd of
~ Tnist Act of the State of Washinbtun is not an exclusive remecly, and when not exerciseJ
~ Bcncficiary may forcclosc this DccJ of Trust as a monbabc. .
I3eneficiary shall have the ribht to proceed as to the Pcrsonat I'roperty in accordance xvitlt
Bcncficiary's rights and remodies in respect to real property oc scl) iCie Pcrsonal Propcrty
scparately anJ without rcgarJ to ilic rcmainclcr of tbc Propcrty in accorJancc with Dencficiary's
/ , •
401823 ~,Z ~
~ 954~ 39 ~ pi4e: 2~0~~8 -
11 j13I1996 01:12P 0712411996 04:57P
fwSwl 1Q~, E 1NS CO OT .3.00 Spctant Co, A o! ane Co, 1W
. - - .
N
4054142
Pige: 29 of 36
v - 11►1111996 01:42P
Ln
MHSRA ON, T l iKS C0 fS 00 SpOkMt C4, A
ribhls ancl rcinctlics pruviclcJ by lhc; Washitigtun Unifurn► Cununcrcial CcrJc as wcll as otlicr
g ribhts anJ rcmcJics available at law or in eyuity.
~
4.03. Othcr Rcmcdics Upon Dcfault.
U on the occurrencc of an Event of Default (3encfcia
P , ry is auiliorized, cithcr by itself or
~ by its agent to be appointal by it for that purpose or by a receiver appointed by a court of
~ competent jurisdiction, to cnter into and upon and take and hold possession of arry portion or all .
8 of the Propcrty, both real and personal, and exclude Grantor and ail othcr persons therefrom; to -
~ opcrate and manage thc Property arul reni and lease thc same; to pcrfurni such reasonable acis of
rcpair or protcctiun as may be rcasonably ncccssary or prupcr to coitacrvc tlic valuc lhcrcof; anJ
~
= colicct any Itciiia for thc bcncfit aiiJ prolcction of L3cncficiary, atid Iruii► tintic tu tinzc apply ac
3 accumulatc suc!► Rcn(s in uich urJcr and manncr as 13cncliciary or such rcccivcr, in ils solc
~ cliscrctiun, shall cunsiJcc aJvisablc, tu or upun thc fullowinb: Ihc cxpcnscs uC r~.~c:civcrshill, iC any:
thc propcr costs uf upkccp, maiiilcnancc, rcpair anJ/ur opcraticin of ihc {'ropu:rty; thc rcpaymcnt
of any sums thcrctofore or thcrea(ler advanccd pursuant to the tcnns of this Dccd of Tnist, the intcrest thci► Juc or ricxt to Acwmc duc upun thc iiiJcbtcJnctis scc:urcJ hcrcUy, arid thc taxcs antl
asscssmcnts upon tl►c Propctly lhcn Juc or ncxt to bccomc duc, or upou thc unpaiJ principal of
such indcbtcclncss. Thc coltcction or rcceipt uf Kcnts by Dc»cticiary, iis a5cnt or rcccivcr, allcr
nulicc ul Jcl'ault and notice of salc shall not atlcct or impair such clcfault or i►aticcs or any salc
pruceedin5s preJicateJ therean. Any Rents in the possession uf [3eneficiary, its a5ent or receiver,
at thc timc uf salc and no( thcrciuFurc applicJ as hercin pruviJcd, sliall bc applicd in thc sanic
oA manner anJ foc ttie Samc ptirposcs as thc proceeds of the salc.
v
V p7
U') !5 Ncither Trustce nor Deneficiary shal) be unJcr any oblibatioii to make any of the payments
°v C"or Ju aiiy of the acis referred to in this Sectiori 4.03, and any of the actions referred to in this
Section 4.03 may be taken by Deneficiary rebardless of whetlu:r aiiy notice of default or notice of
zs sate has been given hereunder and without regarJ to the adequacy of llie security for the
indebtcclucss eviJenced by the Note-
4.04. L'frcct oC Foreclosure on Leases.
~ Deneficiary shalt have the rigtit, at its option, ro foreclose this Deed of Trust subject to the
~ rights of any tenants of the Propeny; anJ the failure lo makc any tcnants a party dcfendant to any
$ foreclosure proceeding wili nat be asserted by thc Grantor as a dcfensc in any action or suit
s
~ instiwted to coUcct the indcbtcJness sccurcd hcrcby or any dcficicncy reinaining aftcr forcclosurc.
Any such Icnant whom I3cncficiary clccts co not makc a party or subjcct to any forcclosure action
~ sha{l contiiiuc in posscssion of its lcascho{d for thc uncxpircJ tcrm of its Icasc anJ slialt attorn to
~ Dcijcticiary or olher purchaser at the sale.
r_
~
4.05. Salc in Parcels, N(arshallinb.
The Property, real, petsonat or mixcd, may be solJ as an entircty oriin paruls, by onc salc
or by several sales held at one time or at di(i'erent limes, all as Trustee or I3eneGciacy, in its
unrestricted discrelion, may eleci. Grantor, for and an behalf of itj4
all persons claiming by,
/
4054139 01 8P~ge: 29 af 36 age: 3fl t.~
1996 01:~2P 2411:S7P
iR~tSwITIOA, T 1lF ItS CO 01 $43.00 Spo)~uu CO, 1R Spo e
, 4054142
~ - Paqe: 30 ot 36 ~t ~ 11►171199b 01:~2P
Iil"10N, T ilE INS GO FS .43.00 SP°kMe Co, TA
.
Ln_. through or undcr Gcantor, waives any and all right to havc thc I'ropcrty marshal{cd upon any
O
furcclosurc salc astid agrc:cs tha►, upooi forcclosucc, tiic Propcr-ty may bc suld as an entircty aiiJ not
in parccls. ~3 •
~ 4_06. Appointnient of Receiver.
Deneficiary, separateiy or in any aciion to foreclose tiiis Deed of Trust, shall be entitled
(without notice and without regard to the adequacy of any security foc the Note, the absence of
~ waste or deterioration of the Property or oUier arguments bascd on equity), to the appointment of .
+ a recciver of the Rcnts of the Propehy who shall have, in aJJition to all the rigllts and powers
$ customarily given to and exercised by such receiver, alf the ribhts anJ powers granted to
~
~ uCIICiIC1a(y Vy thc covcnanls coiitaincJ hurcin. Oiicc appuintcJ, at Uctticliciary's uptiuri, suclt
rcccivcr m1y rcmain in placc until alt aniounts sccucccl hcrcby arc paiJ in liill. _
Y '
;1 4.07. I'aymcnt of f rocccds.
~
~
Whcncvcr this Dccd of Trust rcquires that amounls payabic by a thirJ party bc paid
directly 1o Ueneficiary (('or example, insurance proceeJs and proceeJs of claims oFloss or Jamage
to the Propeny), IIeneficiary may enforce such ribht with a preliminary illjunction or temporary
restraining orJer_ Grantor agrees that irteparabie harm may result if such payments are not maJc
dircccly to Dccicliciary. Grantor agrccs not to oppose a molion Cur such injunction or restraining
arcicr providcd Ihat arranbcmcnts acc maJc to cleposil such suiiis in a third party dcpository.
~
N
r- ; ART(CLG V
R7 GENERAL COYENANTS
° b = "a
Q dV r. H
5.01. No Waiver.
8
'd Gsantor cuvenants and agrees that the accepiance by Oeneticiary of any sum secureci
hereby aRer its due date, or in an amount tess than the sum tticii duc, sha11 iiut constitute a waiver
- by Beneficiary of its rights either to require ptompt payment wticn due of all other sums so
; secured or to declare a defauit or exercise such othet rights as herein provided for failure so to
~ pay. No failure by Bene(iciary to insist upon strict perfonnance of any term, covenant or
8 conJition licrcof, nor failure to exercise any right or remcdy IicrcunJcr, stiall constitutc a waivcr
~ of any such breach af such term, covenant or c+ondition or uf the Iater exercise uf such risht or
~ remcdy. All %vaivcrs shall bc in writinb.
~
~ 5.02. RcmcJics Cunwlativc. ~
N
~ No rcniedy hcrein coaferred upon or ccsctvecl to Tnutec or ilciicticiary is intended to be
exclusive of any othec remedy herein or by law provided or permitted, but each shall be
cumulativc anJ s{tiall be in addition to every other rGnedy given hcrcunder or now or hereaRer
existing at law or iu equity or by statute.
/
, . , 4054139 4018234 Ptge: 30 of 36 ~ Pige: ~~0 of 38
11113(1996 01:42P 011'011~4b O~1:S1P - ~,r„l~ iWlltSllll 10X, i il IkS C0 dI ' 43.00 S~el~uie Co, ~Jl S{ro ,ane Co,
C~
4054142
o~ o;s • Pige: 31 of 36
° - 11f i3J1996 '01:42
e=s
N~~ 5_03. 1'(ats, I-1SG11CI11S 111cI OlI1Cf As(CG11L`1llS. RANSII~IIQ~I, 1ItlE t~ fA FS s43.04 Spoltnt ~4, IUl
_r
0
q;r X.
• h
At any tinlc upon writccn reqUest of [3cncficiary, paynicnt of its fccs and presentation of
S lliis_ Dccd of Tnist anJ thc Nute for enclorscmcnt (in casc of fi,il rcconvcyance, for cancellaliun
and retcn(iun), wilhout ailccting the IiaUility of atry pcrson for thc paymcnt of thc indebtcdness or
the etTect of the Deed ofTrust upon the remaincier of the Property, Trustee may (i) consent to ihe
making of any map ur pfat of said Real Propeny; (ii) join in branting any cascment or creating any
restriction ttiercon; (iii) join in any subordinalion or othcr abrccmctit atl'ccting this Dccd of Trust
bl or the licn or charge thereof; (iv) recoavey, without warraiity, ali or any part of the Rea! Propetty. .
~ The grantec in any reconveyance may be Jescribed as the "persun or pcrsoas (ebally entitleJ
8 tlicreio," and the recitals therein of any matters or facts shall be conclusive proof of tlie
~ tnitiifuincss thcrcuf. Grantor agrccs to pay Trustee's fec fur full ur p:►rtiat rccosivcyance, tubcthcr
W
with a rccorcling fcc, if Trustcc, at ils opIiort, clccts to rccorJ saiJ recunvcyance.
~
~ 5.04. Nuticcs. . .
~
Atl noticcs hereundcr shafl be Jeenied to have becn duly bivcn if mailccl by UniteJ States
registercJ or ceriified maii (return receipt requcsied and postage prepaiJ), sent by a reputable
ovcrnight delivcry scrvice, or personally dclivercJ to thc partics at thc aJclresscs 5et fonh on pabc
onc of this Dccd of Trusl (or at such othcr addresscs as shall bc bivcn in writinb by any party (o
the othcr), and shall be Jecnicd complete upon any such niailing, sencJinb or dclivery. ,
5.05. i icits anJ Assibns, Tcrminology.
T p MT
Q° - This DccJ of Trust applics to, inuccs to thc bcncfit of, and bitids alt nartics hcrcto, their
Ul) heics, legatees, devisees, aJministrators, executors, suecessors and assibns. The term pGrantor"
°Q shall mcan botli lhc original Grantor anci any su6sequcnt owner or owncrs of any of llle Property.
The term "Dencficiar}r" shall mean the ownet and holder, including p1cefgccs, of ►he Notc, whethcr
~ or nut namcd as E3cncficiary hcrcia. ln this Decd of Trust, whcncvcr thc contcxt so requires, thc
!j mascutine gender includes the feminine ancUor neuter, and the sin5ular number includes the plural.
The terin "anJ/or" as uscJ licrein means one or the c;:hcr or Uotli, or any onc or all, or any
con►binaeion of the thinbs or persons in conneciioi,l~.ith wliich ttie words are used. The
obligations of Grantun cereuncJcr shali be joint *anJ scvcral, binJing oii any community of which
~ any Granlor is a part and un any scparatc, cunimuiiity or yuasi-cwnmunity propcrty of any
Grantor.
8
N
~ Thc captions ar headinbs are inscricd only as a mattcr of convcnicncc and foc rcfcrcncc,
W
_ anJ in no way Jcftnc, limit or dcscribc thc scoQc or intcnt of tltis Dccd of Ttusi nor in any way
atTect this Dccd of Tnist.
0
~ -
~
~ 5.06. Scverability.
tf any pcuvisiun ltiereof should be held unenforceabte or void, tlicn such provision shall be
deemed separabte from the rcmaining provisions and shalt in no way a(Ycct tlie validity of tllis
Dccd of Tnjst, cxcept that if such provision rclates lo thc pa~incnt ~ nionetary sum then
. , - 4054139 1 18234
e. 31 of 38
Pa . 31 of 36 ~9211~~ a:~P s,,sawzooc
11I1311996 01:4 l~e to,
IlE 1NS CO II . 513.00 Spol~ane to, l~
EUIl~IIAt ON,
e _ •
4054142
~ Pige: 32 of 36 o~ ta!!, lE fA f S R 43. 11
1~~11946 01:IIP
S 00 Spoane Co, p
tn [3cncficiary may, at its ul)(ion, dcclarc thc indcbicdncss aizJ aU othct sunu scs:urcd hcrcby
od..-o
iminetliatcly Juc and payablc, providcJ that no prcpaymcnt fcc shall bc payable in lhc cvcnl
t3cncficiary clccts tu cxcrcisc thc oE)lion to accclcratc containcJ in this Scctiun 5.06.
8
~ Grantor acknowledges and abrees that this Jocument corutitules, amoiib others, three
separate agrccmcjits: a Decd of Trust, a Sewrity Abrcrincnt anJ an Assibnmcnt of Leases and
Rents, each of whicti may be construed and entorced indepeiuiently of ihe otliers even tlioubh the
provisions hcrcof are cornmon to aii.
~
b?
~ •
< •
3 Tliis Dcecl of Tn,st and thc Loan Documents suPersedc any comiiiiimeiit icttcr issueJ iii
~ conncction with thc Loan, wluch commilmcttit lcticr is hcrcUy tcrminalcd. '
:
5.07. Timc ls of thc Cssencc.
x
~
~ Timc is of thc csscncc hcrcof in conncction with all obligalinns ut'Granton ccrcin or in thc
~ No1e. Dy accepting paymeiit of any sum secured hcreby a(lcr its Juc Jate, i3eneficiary does aot
waivc its right citlier to rcquire prompt payment whcn due of all othcr sums so sccured oc to
dcclare dcfault for failure so lo pay.
5.08. 1ury Trials. .
lT 1S AIUTUALLY AGRL•CD t3Y GRANTOR AND DENCrICIARY T}lAT THEY
EACI-i WAIVC TCtIAL [3Y JURY tN ANY ACTION, PROCL•EDiNG, OR COUNTERCLAIM
t3R0UGtlT L3Y EITHER OF Tl1EM AGAINST Tl-LE OT}fER UN ANY MATTER
WNATSOCVER ARISING OUT OF OR IN ANY WAY CONNCCTCD WITI I THE NOTE,
Tti1S DEED OF TRUST OR Tt-iE LOAN SCCURED E1L•RLI3Y_
oo..-o
5.09. Oral Agrecmcnts.
rs
~ NOTICE IS HEREE3Y G1VEN T}fAT ORAL AGRCCMENTS OR OEtAL
M
COMMITML-NTS TO LOAN MONEY, EXTEND CRED[T, MQDIFY L,OAN TERMS, OR TO
FORBCAR FROM CNr-ORCING REPAYMENT OE A DEi3T ARE NOT ENFOItCEABLE
UNDER WASHINGTON LAW.
~
bl
N
5.10. Non-Abricultural Usc.
S
N
= The Real Property which is tlie subject of this Deed of Tn,st is nut used principatly or
~ pricnarily foc agriculcucal or tarming purposcs. _
P
~
~
!
. ~
4054139 A18234 /
Pi e: 32 of 36 Pigc: 32 ot 38
_ 11~1311996 01:42P 0112111996 W. SIP '
rWINSlW 1GM, iitE 1%S CO O1 f 43.Ou Spolint W, N Spakuie Co, 4II sJ50""Z °OC
~ <
. 4054142 '
Pige: 33 of 36
4
ENS t4 S 1111311996 OI:+ZP
143.00 Spatane Co, YA
v _
R ~RJ 5.11. Gavcrninb Law.
This Dccd of Tcust is 1o bc govcrncJ by and cuastcucd in accurJancc with tlic laws of thc
Statc of Washington. ~
8 •
~ 1N W1TNESS Wt 1CREOF, Grantor, has eacewted this instnsmcnt as of the dale first
writtcn abuve.
STANTON-SPOKANC L. P.. aWashington limited
partnership •
~
~ Dy Stat►ton Devctopmcnt Compaay, a
8
Washinbton bciicsal partiicrship, its bcncral
~
~ partnct
= 13y Dcan 13uiidinb Corporation, a
~ . Washinbton corporalioti, its
~ partncr
By P ~~'~"""`f h~
P. Cdward Dcan
Its Presidenl
~
N
~ Eiy Eloustcy Ocvclopnient Corparation, a
~ ~ Washi ~ton corioratio ~ its partiicr
0 0..^ ~ -
aY _ .
IIrian }•iousley •
~ Its President•' -
~
N
~ .
8
N
W •
J
~
~ .
i
~
N
~
4054139 4018234
P14-c: 33 of 36 ~~411~ °a SIP
111311996 01:12P
"H111011, T ll tNS 00 OI 11100 SpOtane COt R ~~ne Co, U .
-30- f s.'S°'"z°°C
~ . .
. ~
4054142
o - s;s STAI'l: OF ~ivA_"`7` Pt e: J4 ot ~6
v ~ ~ ss. 1ti1111996 01:42P
~n ) R~UION, ilil I IS fA fS 54~.00 spiam Co• IR
o ° o COUNTY OF
Q 4 ~ N
I ccrtify liiat t know or have satisfactory evidence that P. CDWARD. DCAN is the person
~ who appcared bcfore me, and said person acknowledged that he sibncJ (his instnument, on oath
stated that he was authorized to execute the instrument and acknowlecfbcd it as the President of
Dean Duilding Corporation, a paciner of Stantoo Development Coenpany, the bcnerat partncr of
Stanton-Spokane L. P., to be the free and voluntary act of sucli pany for the uses and purposes ~ mentioned in the instrumcnt.
N
~
g Datcd:
~
(Sca) or stamp) t . Asave•se,,,•
' (.4,~'~.,
~ ;i~►~'o'~ FL'•; Notary l'ublic c
~ ' NOTAAY Print Name ~ ~
My commission cxpires
PUHUC Z:
,I'~•~~FfY
+~'•.,O~ p WAS~X`. .
••,888•6•••`
$TA'CE OF Washington ~
N
~ .r .
O ~ ).S.s'
r R~~g COUNTY OF Kin~ ) -
~,A ~ YC
Y, r1 wf
°v 4^3- I ccrtify that l know or have satisfactory evidence that DRIAN f-iOUS[.CY is the person
who appeared before me, and said person acknowiedged tliat tie sibncd this instrument, on oath
g statcd ehat lie was authorized to execute the insirumcnt anJ acknowlcJgeJ it as tlie PresiJen► of
Housley Devefopmcnt Corporation, a panner of Stanton Dcvclopment Company, the gcrieral
panner of Stanton-Spokane L. P., to be the free and voiuntary act of such party for tlie uses and
purposcs mentioned in the instrument_
~ Datcd: July 18. 1996 '
N
C
$ (Seal or stamp)
.
~.•`'IpplE a Notary Pu lic
~ q'•'~►ea~o,y'•••'9~.~ ~ Pnnt Name MARJORIE A. FREEMAN
~ My comnlission cxpires 5/16/97
i ~ -
-
-
~A s P'r''.. ~
O •.!.i .`~Q
,t~ O
~►'A ~N►N
•~a
4054139 (018234
+g34 ot 36 1111311996 01:12P jlf 1~S CI. Di i4j.00 Spolint 40, p
' E7mIB IT A 4054142 4054139
Pige: 35 of 36 Pige; 15 of 36
_ 1111311996 01:11P _95 11113(1996 01:42P
WIttSl~lilON, I1lE I!~ fA FS S43.W Spaltuu cO, ~1 PARSPA pN, (i .E iKS 00 01 14J.00 Spokane Co, u
THAT PORTION of the South Nalf of the Southwest Quarter and Government Lots
5 and 6-of Section 8, T.ZS N., R.45 E., W.N., County of Spokane, State of
Washington more particularly described as follows:
F3eginning at the intersection of the east line of Parcel "H" as
A: described in Statutory Warranty'Deed recorded Under Auditor's Document
~o,o oa No. 9405120394 and the North line of Tract "H" of RIVERWALK FIRST
•-i4 igd ADDITION as per plat thereof recorded in 8ook 23 of Plats, Paqes 37
lw_.-
_z through 40; thence N.00153413511W. a distance of 633.47 (Record
°v y N.00034105"W., 633.36') to the Northeast corner of said Parcel "B"; •
^ thence S.8902315711W. alonq the north line of said Parcel "H" a
distance 170.27 feet (Record 5.89923124"W., 170.131) to the east line
Li oe Parcel "C" of said Statutory Warranty Deed; thence N.00034147"W.
~(Record N.00035'2211W.) alonq said east line a distance of 199.96 Feet;
(Record 200.001); thence S.89025156"W, along the north line of said •
. Parcel "C" a distance of 199.75 feet (Record S.8902511911W., 200.001)
to the east right of way line of Barker Road; thence N.0003413511W.
~ alonq said right of aay a distance of 183.68 feet (Record
%-C t1.0003510311W.,•193.651) to the southerly line of Parcel "D" of said
$ Statutory Warranty Deed; thence S.85°33156"E. along said southerly
~ line of Parcel "D" a distance of 299.95 feet (Record S.85035103"E.,
,300.001); thence N.34024142"E. along the easterly line of said Parcel
~"D" a distance of 189.95 (Record N.34024157"E. 190.001); thence
N.66024123"E. along said easterly line a distance of 3.68 feet (Record
~ N.66024157"E., 3.771)to the TRUE POINT OF BEGINNING of this
~ description; thence continuinq N.66024123"E. a distance of 345.58
~ feet; thence N.80041137 E. (Record N.810161E.) alonq the southerly
line of Parcel "A" as described is sa.id Statutory warranty Deed a
distance of 39.08 feet; thence S.12119"11"E. a distance of 110.59
feet; thence S.8401814411W. a distance of 22.15 feet; thence •
,S.12°19111"E. a distance of'217.84 Peet; thence S.77040149"W. a
distance of 40.57 feet; thence S.12°1911I"E. a distance of 145.00
feet; thence N.77040149"E. a distance of 10.00 feet; thence
S. 12 ° 19' 11"E. • a distance of 66 . 34 f eet; thence tt . 65 ° 09' 55"E. a
u')..;~ : distance of 262.49 feet; thence N.78°23134"E. a distance of 82.49 •
°feet; thence S.09004141"E. a distance of 100.21 to the beqinning of a
non-tangent curve concave to the south having a radius of 267.50 (Prom
Which a radial line bears S.130231I8"E.) thence westerly alonq said
~ curve through a central anqle of 07°74140" an arc distance of 35.38
Feet; thence S.0900414111E. a distance of 150.03 Feet; 5.65°09155"W. a
distance of 300.57 Feet (Record S.65009140"w., 300.591); thence
N.24°50120"W. a distance of 110.00 feet; thence 11.28014149"W. a
distance of 35.06 feet; thence N.24°50120"W. a distance of 110.00
~ feet; thence S.6500914011W. a'distance of 130.00 feet; thence
~ S.60036101"W. a distance of 45.11 feet; thence S.89025155"W. a
g distance of 95.11 feet (Record 95.20') to the beginning sLe-a non- -
~ tangent curve concave to the southwest having a radius-of 342.50 feet
~(from which a radial line bears S.69°40122"W.) thence northerly along
said curve through a central anqle of 05025159" (Record 05026'0111) an
~ arc distance of 32.48; thence N.89025155"E. a distance of 209.92 feet
~(Record 110.001); thence 11.01012147"E. a distance of 71.97 Peet;
z thence N.50020023"W. a dtstance of 132.50 Feet; thence N.12021134"E. a
~ distance of 58.36 feet; thence N.32018111"W, a distance of 181.44 Feet
(Record I81.401) to the True Point of Beginning;~
/
legal cont. oo A-2 A-1 i
4054139
Pi i: 36 of 36
legal conC. . 11~17J1998 01;11P
RM1tON,111F !HS CO 01 I3.00 Spok+ne Co, VA .
PARCEL Z: ' .
That portion of the South ha1E of the Southwest quarter and Government
Lots S and 6, of Section 8, Township 25 North, Range 45 East, W.M.,
more particularly described as follows:
BEGINNING at the-.most Northeasterly corner of Lot 1, Block 4 of
.
RIVERWALK SECOND ADDZTION as per plat thereoE recorded in Book 23 of
• ,
Plats, Pages 94 and 95; thence North 89°48100" East, a distance of
144.50 feet; thence North 00012100" West, a distance of 110.06 Feet
- (Rec. 110.00') thence North 09002'55" East (Rec. North 04002'52 East)
a distance of 35.10 Eeet; Ghence North 00012'00" West, a distance of
109.94 feet '(Rec. 110.00 feet) ; thence North 89098' 00" East, a distance
of 30.01 Eeet to the True Point of Beginning; thence North 01031131"
West, a distance of 348.09 feet; thence Nortti 33038'270 West, a
distance of 21.65 feet; thence North•56°21'33" East, a distance of
70.00 Feet; thence North 33038127" West, a disrance of 145.00 Feet;
thence South 56°21133" West, a distance of 37.48 Eeet; tllence North
33038'27" West, a distance of 265.20 Eeet to the Southerly line of
Parcel "A", as described in a Statutory warranty Deed recorded under
Auditor's Document No. 9405120394; thence North 63013'23" East, along
the Southerly line of said Parcel "Ap (Rec. South 63049' West) a
distance of 127.10 feet; thence North 56021'32" East, a distance oE'
763.72 (Rec North 55452' East, 762.20 Eeet) to the East line of
Government Lot 6; thence South 01032'540 East, a distance of 925.52
feet to the center quarter corner of said Section 8; thence South
01°31'96" East, a distance•oE 67.39 feet (Rec. 67.56 Feet); thence
South 67036'33" West, a distance of 140.18 Eeet (Rec. 140.14 Feet)
thence Soutli 49°20'06' West, a distance of 37.40 Eeet (Rec. South
49013'59" West, 37.94 feet); thence South 56021'10" West, a distance of
145.02 Feet; (Rec. 144.63 Feet); thence Soutti 21°19'17" East, a
distance of 51.61 Eeet;-thence South 01031'46" East; a distance of
506.09 feet; thence South 89°98'.00" West, a distance oE 294.71 feet to
the True Point of Beginning; .
Situate in the County of Spokane, State of Washington.
4054140
Pigc: 36 of 36
" 111411996 01:12P
WINSNII 01, 11 iS 00 SSGX N.00 Spotu►e Co, a .
4054141
Pi e: 36 of 36
- 11113►1996 01:12P
R„KSWI ON, 1.E NS CO AsS'O f 143.00 spokue eo, {A
. 4054142
t Pi e: 36 of 36
1111311996 41:42P
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. . , . , ' • . • ' . - . ' ' ' 4165814 :
1212! 1591 o a~ 30P
t0lYtlililNt tlltt tYC M Yf= m tRS,w. rw n •
WHCN RL•CORDCD, 1tCTURN T0: P1tL•STON GA1TS & ELLlS LLP •
5000 Columbia Center - '
701 FiRti Avenue . Seattle, WA 98104-7078 . Attn: Shannon J. Skinner • •
N1L•MOttANDUM OC MODIFICA"I'ION OF DCL-D 0F TRUST AND LOAN ASS(.lM1'TION .GRANT4R: StantQn-Spokanc L P.
. GR.AN1'OR: Rivcr Waik "50". LLC
GTLANTEE: Petrea Investments I_td_
Lesa{ Description;
Abbrcviatcd Fonn: Portion of Sacitti Italf of the SQtilhwcst auartcr and ,
vernment (ots- 5uW 6 nf Scction 8. TWN 25 N,,_,R 45 F. W M._ S olcene Countv.
Washinaton
Additionat on Exhibit A to document .
. :
Assessors Tax Parcel ID#: 55083.9061
ReCerence Nos. of Reiated Documents: 4018234. 4018235 4018U6! 4059139- ,
40 0.4054jg1 • Ti-iIS MEMO1tANDU1vt Or. MODIFICATION Of. DCCD OF 'TRUST AND
. LOAN ASSUMPTION, datcd as of , 1997, is by ~dd bctween Petrea :
lnvestments i.td. ("Lendcr"), Stunton-Spokanc L.I'., a WashFngton (imitcd partnenhip • :
('Oid Dorcower") end River Walk "SO", LLC, a Wastiington limited liability company ("New IIorrower"), and is made with refcrence io tfie fotlowing: . . . . .
A. Old Borrower is the srantor for the benefit of Lender of a Deed of Trust, :
Security Agreement, Assignment of Leases and Rents and rixture Filing recorded under Fi1e Nos. 4018234, 4018235 and 4018236 and rerecorded under File Nos. 4054139, 4054140 ~
and 4054141, secords of Spokane County, Washington (ihe "Deed of Trust"), Tha Decd of `
Trust cncumbtrs the real Qroperty more particularly described on Exhibit A ettachGd hereto. i
. • ~
D. The Deed of Trust was given to sccurc a Deed of"I'cust Note dated 3uly 24, ;
1996 (the "Note") in the originat pricicipal amount of $375,000 payable to Lender.
. I
, ~ • . .
• ' - .
. . - " 4165814
.
` • • 12~i~1199i o41:30P tuncwirnn ii1lC iltt M yrm ttt m eo.4 •a• r^ U
The Note has becn restated to extcnci thc terni to August 1, 1999 and the intuest
rate and other provisions have becn modificd. Also, tlia principal batance has btcn reduced
to $325,000.00. ln additiun, Ncw I3orrawcr tias btcomc clzc owncr of thc Ptoperty and has .
. assumcd ali of Old Dorrowces oblibltions undcr tltc Notc, Dccd oC Tnist and othu toan documeats. Old Dorrowcr lias not VCCJI rclcascd t'tom its oblibations- undct such "
documents. .
Therefore, the parties are recordinb tliis Memoranclum to given notice ttiat lhe Deed
of Trust has been amended to sccure the Note, as restatcd, pucsuant to a L.oan Modificstion
and Assumption Agrecment oC evcn clate licrewith, teferciice to wliicli is made for the . ' particutars of such amcncfmcnts. . .
PETRL-A INVE-STMCNTS LTD.
. By itS . • ~ r
\.l
STANTON-SPOKAtYE L.P., a Washington
limited pactncrship
, By Stanton Development Company, a
- Wastiiagton gencral partnership,
. its general partner
By Dcan I3uilding Corporation.. '
- a Washinbton corporation, .
. its partncr ' .
r. ' By
.
' P. Edward Dhan : • Its Prcsidept
~ .
By I taustey DeveloQment • : Corporation, a Washingian - • '
, corporation, its pnrtnct .
• ;
. , By
• Brian Housicy - ~
its President ;
(signaturGS continued on next pagej . . ~
. .
. .
.
2
~
~
1 0 •
, ~i , - . - - . • - p {
; ~
a -S P , ~3 ~ M v
~ ~ t oT6 ~~9r ~a .
. , ~ IUBJECT PROP .
, . OA . ~ ERtY
~ to ~ Rovexwwp-
~ b3 ,3A ' S+h 4Q to
~4. L,
; ~ fo2 Q,~~,~,~J' RIVeYWr~IK ~r f~rvs.rwalk ~ ~ .
zhd Add btk additu,n
f u D. P. U : 0. - . ,
i ~ ~ ~ .
' CO)
~ ~nn' F',[~ERWALK ~ 0
' ' RIVERWA~K ~ I
ti App 49 R66NACRLS
7th ADD EsrarQ.6 a"
Aacir►vN
'~~RQiAMCA~S ~
I ~
ES1'.1TBS i sT
, P~ aC ; ~ 17 Ia Aao~r~oN
GREENACRES
~ V ESTATES
. ~ °
~ _ . o'¢l='M .
~V~✓ Z, ~ 1AANSNATION TRLE INSURANCE COMPANI►
Thle sketch (s provided, without charge, tor your
IntarmiiHon. It is not intenled to show ali matters
relaled to the propr.rty includinP, but not limited to, erea, dimensions, eesemenls, ercroachments or
locetion nt boundaries. It is not part of, nor daes it
modity, the commitmont or palicy to which it is
eltached. The Company assumes NO LIABIII?Y for eny •
matter related lo this sYetch. Reference shoull be '
mede ro en accurale survey for furthe► Informetion.
i
CLC - - -
- - =
-
-
Associates Inc. `
FORMERLY
to
707 West 7th Suite 200
Spokane, WA 99204
509-458-6840 I
509-458-6844 Fax October 2511999
Spokane, WA Denver, CO
Our Number 99176
Mr. Dave Berto
Spokane County Engineer's Oice ,
North 811 Jefferson
Spokane, Washington 99260
RE: RIVERWALK TENTH ADDITION
~ PE-1414-81
.
Dear Dave:
Enclosed please find two copies of the draft final plat referenced above. Ple~i-_
review for final approval. The enclosed check for $100 is the plat check fee
Enclosed also is a copy of the plat certificate, and a copy of the signed
! Agreement to Pay Fee. ,
Please call if you have any questions. Thank you.
~ Sincerely,
CLC ASSOCIATES INC.
. •
Billi Jo J arling I
BJS/bjs
- - Enc.
Planning
Engineering
Architecture
Landscape Architecture
Land Surveying