HomeMy WebLinkAbout7457094 Deed Of Trust Mirabeau 12/04/2025 11:16:12 AM 7457094
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Deed Of Trust GOVERNMENT, CITY OF SPOKANE VALLEY
Spokane County Washington
1101111111111111111111111111 01111111111111111illIII11111111111111111
When Recorded Return To:
The City of Spokane Valley
10210 E. Sprague Ave.
Spokane Valley, WA 99206
Attention: Finance Department
DEED OF TRUST
Grantor(Borrower): Idaho Central Spokane Valley Performing Arts Center
Beneficiary (Lender): City of Spokane Valley
Grantee (Trustee): First American Title Company
Abbr. Legal Description: LOTS 3, 5 AND 6 MIRABEAU BSP 2020-0002
(4 BSPl68-69),
SPOKANE COUNTY
Assessor's Tax Parcel No.: 45104.1105
Grant/Contract Number: 23-133 (as amended by 23-133.01)
THIS DEED OF TRUST is made this 11 day of NOVQ 1:31( ,2025 between Idaho
Central Spokane Valley Performing Arts Center, a Washington Non-profit Corporation, whose
mailing address is PO Box 1368 SPOKANE VALLEY, Washington, 99037 ("Grantor"); First
American Title Company,as Trustee("Trustee");and the City of Spokane Valley,as Beneficiary
("Beneficiary"),whose address is 10210 E. Sprague Avenue Spokane Valley, WA 99206.
1. Grant. Grantor hereby bargains,sells and conveys to Trustee in Trust for the benefit
of Beneficiary, with power of sale the real property located in Spokane County, Washington
described as:
LOTS 3, 5 AND 6 OF MIRABEAU BINDING SITE PLAN BSP-2020-0002,
RECORDED IN BOOK 4 OF BINDING SITE PLANS, PAGES 68-69;
EXCEPT THAT PORTION OF SAID LOT 3 DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 3, COMMON
CORNER WITH LOT 2 OF SAID BINDING SITE PLAN;
THENCE S67°15'19"E, 194.81 FEET, ALONG THE NORTH LINE OF SAID
LOT 3; THENCE S22°44'41"W, 290.79 FEET, PARALLEL WITH THE EAST
LINE OF SAID LOT 3; THENCE N80°35'26"W, 67.78 FEET TO AN ANGLE
POINT OF SAID LOT 3;
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.
THENCE N80°35'26"W, 238.68 FEET, ALONG THE SOUTH LINE OF SAID
LOT 3 TO THE EAST RIGHT-OF- WAY LINE, OF MIRABEAU PARKWAY;
THENCE NORTHEASTERLY ALONG SAID EAST RIGHT-OF-WAY TO
THE POINT OF BEGINNING.
ALSO EXCEPT THAT PORTION OF LOT 3 OF MIRABEAU BINDING SITE
PLAN BSP-2020-0002, RECORDED IN BOOK 4 OF BINDING SITE PLANS,
PAGES 68-69, BEING A PORTION OF LAND SITUATED IN THE
SOUTHEAST QUARTER SECTION 10, TOWNSHIP 25 NORTH, RANGE 44
EAST, W.M.,DESCRIBED AS FOLLOWS:
COMMENCING AT THE INTERSECTION OF MIRABEAU PARKWAY
AND MANSFIELD AVENUE; THENCE S50°28'07"E, 77.99 FEET ALONG
THE CENTERLINE OF SAID MANSFIELD AVENUE TO THE BEGINNING
OF A TANGENT CURVE CONCAVE TO THE NORTH HAVING A RADIUS
OF 415.00 FEET; THENCE EASTERLY ALONG SAID CURVE THROUGH
A CENTRAL ANGLE OF 41°24'58", AN ARCH DISTANCE OF 299.98 FEET
TO A POINT OF REVERSE CURVATURE OF FUTURE MANSFIELD
AVENUE; THENCE N01°53'05"W, 24.00 FEET ALONG THE RADIAL
BEARING OF SAID CURVE TO THE SOUTHWEST CORNER OF SAID
LOT 3 AND THE POINT OF BEGINNING;
THENCE CONTINUING ALONG SAID RADIAL BEARING A DISTANCE
OF 3.00 FEET TO THE BEGINNING OF A NON-TANGENT CURVE
CONCAVE TO THE NORTH, HAYING A RADIUS OF 388.00 FEET AND A
RADIAL BEARING FROM THE RADIUS POINT OF SAID CURVE OF
S01°53'05"E; THENCE EASTERLY ALONG SAID CURVE THROUGH A
CENTRAL ANGLE OF 21°10'15", AN ARC DISTANCE OF 143.37 FEET;
THENCE S11°11'37"W, 45.25 FEET TO THE BEGINNING OF A NON-
TANGENT CURVE CONCAVE TO THE SOUTH, HAYING A RADIUS OF
574.00 FEET AND A RADIAL BEARING FROM THE RADIUS POINT OF
SAID CURVE OF N11°11'37"E;
THENCE WESTERLY ALONG SAID CURVE THROUGH A CENTRAL
ANGLE OF 13°04'42", AN ARC DISTANCE OF 131.02 FEET TO THE POINT
OF BEGINNING.
SITUATED IN THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY,
STATE OF WASHINGTON.
(the "Property") together with all tenements, privileges, reversions, remainders, irrigation and
water rights and stock, oil and gas rights, royalties, minerals and mineral rights, hereditaments
and appurtenances belonging or in any way pertaining to the Property, and the rents issues and
profits thereof. Said Property is not used principally, or at all, for agricultural or farming
purposes.
2. Obligations Secured. This Deed of Trust is given for the purpose of securing
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Grantor's performance of each agreement,term and condition set forth in this Deed of Trust, and
also in the City of Spokane Valley Grant Agreement Contract # 23-133 between Grantor and
Beneficiary, their successors or assigns, as now or hereafter amended (the "Contract"),which is
hereby incorporated by reference herein. The Deed of Trust shall be reconveyed to Grantor in the
event Grantor complies with Amended Exhibit D of such Contract.
3. Protection of Security. To protect the security of this Deed of Trust, Grantor
covenants and agrees:
3.1. To keep the Property in good condition and repair; to permit no waste
thereof; to complete any building, structure or improvement thereon which may be
damaged or destroyed;and to comply with all laws,ordinances,conditions and restrictions
affecting the Property.
3.2. To pay before delinquent all lawful taxes and assessments upon the
Property; to keep the Property free and clear of all other charges, liens, or
encumbrances impairing the security of this Deed of Trust.
3.3. To keep all buildings now or hereafter on the Property continuously
insured against loss by fire or other hazards in an amount not less than the replacement
cost of the Property. The amount collected under any insurance policy may be applied
upon any indebtedness hereby secured in such order as the Beneficiary shall determine,
subject to the rights of any senior lien-holder. Such application by the Beneficiary
shall not cause discontinuance of any proceedings to foreclose this Deed of Trust. In
the event of foreclosure, and subject to the rights of the Beneficiary or beneficiaries of
any senior deed of trust, all rights of Grantor in insurance policies then in force shall
pass to the purchaser at the foreclosure sale.
3.4. To defend any action or proceeding purporting to affect the security
hereof or the rights or powers of Beneficiary or Trustee, and to pay all costs and
expenses, including cost of title search and attorney's fees in a reasonable amount, in
any such proceeding, and in any suit brought by Beneficiary to foreclose this Deed of
Trust.
3.5. To pay all costs, fees and expenses in connection with this Deed of
Trust, including the expenses of the Trustee incurred in enforcing the obligation
secured hereby and Trustee's and attorney's fees actually incurred, as provided by
statute.
3.6. Should Granter fail to pay when due any taxes, assessments, insurance
premiums, liens, encumbrances or other charges against the Property, Beneficiary
may,but shall not be obligated,to pay the same, and the amount so paid shall be added
to and become a part of the debt secured by this Deed of Trust. The payment of such
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sums by Beneficiary and addition of the amount thereof to the principal balance
secured hereby shall not constitute a waiver of the default.
4. General Conditions. The parties hereto agree that:
4.1. In the event of any fire or other casualty to the Property or eminent
domain proceedings resulting in condemnation of the Property or any part thereof,
Grantor shall have the right to rebuild the Property, and to use all available insurance
or condemnation proceeds therefore, provided that (a) such proceeds are sufficient
to rebuild the Property in a manner that provides adequate security to the Beneficiary
for repayment of Grantor's obligations,or if such proceeds are insufficient to provide
adequate security, then Grantor has funded any deficiency, (b) Beneficiary shall
have the right to approve plans and specifications for any major rebuilding and the
right to approve disbursements of insurance or condemnation proceeds for rebuilding
under a construction escrow or similar arrangement, and such approval shall not be
unreasonably withheld, and (c) no material default then exists under this Deed of
Trust or the Contract.
4.2. The Trustee shall reconvey all or any part of the Property covered by
this Deed of Trust to the person entitled thereto on written request of the Grantor and
the Beneficiary, or upon satisfaction of the obligations secured and written request for
reconveyance made by the Beneficiary or the person entitled thereto.
4.3. Upon default by Grantor(s)in the payment of any indebtedness secured
by this Deed of Trust or in the performance of any agreement contained in this Deed
of Trust, all sums secured hereby shall immediately become due and payable at the
option of the Beneficiary subject to any cure period provided in the note secured by
this Deed of Trust.In such event and upon written request of Beneficiary,Trustee shall
sell the trust property, in accordance with the Deed of Trust Act of the State of
Washington, at public auction to the highest bidder. Any person except Trustee may
bid at Trustee's sale. Trustee shall apply the proceeds of the sale as follows: (1)to the
expense of the sale, including a reasonable Trustee's fee and attorney's fee; (2) to the
obligation secured by this Deed of Trust;and(3)the surplus,if any,shall be distributed
to the persons entitled thereto.
4.4. A Trustee shall deliver to the purchaser at the sale its deed,without warranty,
which shall convey to the purchaser the interest in the Property which Granter had or had the
power to convey at the time of the execution of this Deed of Trust,and such as Granter may
have acquired thereafter. Trustee's deed shall recite the facts showing that the sale was
conducted in compliance with all the requirements of law and of this Deed of Trust, which
recital shall be prima facie evidence of such compliance and conclusive evidence thereof in
favor of a bona fide purchaser for value.
4.5. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act
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of the State of Washington is not an exclusive remedy;Beneficiary may cause this Deed of
Trust to be foreclosed as a mortgage to the extent not prohibited by applicable law.
4.6. In the event of the death,incapacity,disability,or resignation of Trustee,or at
the discretion of the Beneficiary,Beneficiary may appoint in writing a successor trustee,and
upon the recording of such appointment in the mortgage records of the county in which this
Deed of Trust is recorded,the successor trustee shall be vested with all powers of the original
trustee.The trustee is not obligated to notify any party hereto of pending sale under any other
Deed of Trust or of an action or proceeding in which Grantor(s),Trustee,or Beneficiary shall
be a party unless such action or proceeding is brought by the Trustee.
4.7. This Deed of Trust applies to, inures to the benefit of, and binds all parties
hereto and their successors and assigns. The terms "Grantor," "Trustee," and "Beneficiary"
include their successors and assigns.
4.8. The Beneficiary shall execute all documents reasonably necessary to
subordinate its rights under this Deed of Trust to as requested by Grantor to allow Grantor to
obtain financing, grants or donations from any person or entity towards the construction of
the Facility.
5. Acceleration. If without Beneficiary's prior written consent, Grantor does not meet
the milestone deadlines identified in Amended Exhibit D of the Contract,then Beneficiary may,at
its option,require immediate payment in full of all sums secured by this Deed of Trust. However,
this option shall not be exercised by Beneficiary if exercise is prohibited by federal law as of the date
of this Deed of Trust. If Beneficiary exercises this option, Beneficiary shall give Granter notice of
acceleration.The notice shall provide aperiod of not less than thirty(30)days from the date the notice
is delivered or mailed within which Granter must pay all sums secured by this Deed of Trust. If
Granter fails to pay these sums prior to the expiration of this period,Beneficiary may invoke any
remedies permitted by this Deed of Trust without further notice or demand on Granter.
[SIGNATURE AND NOTARY PAGE FOLLOWS]
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WITNESS the hand and seal of the Grantor on the day and year first written above.
Idaho Central Spokane Valley Performing Arts Center,
a Washington Nonprofit Corporation
By: 1'
Printed ame: LeUa s) f t, /. ' 3n h i)s d
e. n
Title: Ccc(�±ti& `1 (-fis t;c 6�
STATE OF WASHINGTON )
) ss.
COUNTY OF Ncver.Lew._) •
On this ) day of Npyre,j' e.✓ ,20Q5,before me,the undersigned,a Notary
Public in and for the State of Washington, duly commissioned and sworn, personally appeared
et`,�L hrrSor\ before me to be the person who signed the Nei og 7r✓s
of Idaho Central Spokane Valley Performing Arts Center, the entity that executed the within
and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and
deed of said entity for uses and purposes therein mentioned, and on oath stated that he was
authorized to execute said instrument on behalf of the entity.
Dated: I r)/9.09-5
Notary Public Notary Signature: '/'' L/_
State of Washington Notary Printed Name: 6a.tiLi e L.e•w+s
Kaylie Lewis Residing at: 4anx04.,,-•.tUaiie.,,,tvA
Commission No. 22005506 Commission Expires: / /29 ilbacy
Commission Expires 10-29-29
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REOUEST FOR FULL RECONVEY ANCE
TO BE USED ONLY WHEN ALL OBLIGATIONS HAVE BEEN PAID AND
ALL DUTIES PERFORMED UNDER THIS DEED OF TRUST.
TO: TRUSTEE:
The undersigned Beneficiary is the party entitled to the performance, benefits, duties, and
payments under the City of Spokane Valey Grant Agreement Contract#23-133,as amended
by Contract#23-133.01 or further amended thereafter,between Grantor and Beneficiary which
is secured by this Deed of Trust and other legal documents.
The obligations thus secured have been fully paid,duties performed and satisfied,and you
are hereby requested and directed, on payment to you of any sums owing to you under the
terms of said Deed of Trust, including Contingent Interest,to cancel evidence of
indebtedness secured by said Deed of Trust delivered to you with said Deed of Trust, and to
reconvey, without warranty,to the parties designated by the terms of said Deed of Trust, all
the estate now held by you hereunder.
Dated
Name
Title
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