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2023 CDBG Subrecipient Agreement <br />Deed of Trust <br />Exhibit “E” <br /> <br />Page 4 of 7 <br /> <br /> <br /> <br />such compliance and conclusive evidence thereof in favor of bona fide purchasers and <br />encumbrancers for value. <br /> <br />6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State of <br />Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be foreclosed <br />as a mortgage. <br /> <br />7. In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary may appoint <br />in writing a successor trustee, and upon the recording of such appointment in the mortgage <br />records of the county in which this Deed of Trust is recorded, the successor trustee shall be vested <br />with all powers of the original trustee. The Trustee is not obligated to notify any party hereto of <br />pending sale under any other deed of trust or of any action or proceeding in which Grantor, <br />Trustee or Beneficiary shall be a party unless such action or proceeding is brought by the Trustee. <br /> <br />8. This Deed of Trust applies to and inures to the benefit of, and is binding not only on the parties <br />hereto, but on their heirs, devisees, legatees, administrators, executors and assigns. The term <br />Beneficiary shall mean the holder and owner of the Note secured hereby, whether or not named <br />as Beneficiary herein. <br /> <br />GRANTOR FURTHER AGREES: <br /> <br />1. Grantor will perform each and every obligation contained in the Agreement and any amendments <br />thereto. <br /> <br />2. Grantor will ensure that the Property will remain available pursuant to the terms of the foregoing <br />Agreement. “Low Income” means gross annual household income (at the time of initial <br />occupancy) is not more than eighty percent (80%) of the annual median income for the Seattle- <br />Bellevue-Everett metropolitan statistical area, adjusted for household size, as estimated from <br />time to time by the U.S. Department of Housing & Urban Development (HUD). <br /> <br />3. If Grantor shall fail to perform any obligation hereunder and Beneficiary elects to perform the <br />same and expends any monies therefore, such expenditure shall be deemed in addition to the <br />amount secured by this deed of trust and be immediately due and payable in accordance with the <br />Loan documents. <br /> <br />4. If Grantor fails to make payment on the sum secured hereunder when due, or defaults under the <br />terms of the foregoing Agreement, the whole indebtedness secured thereby shall be due and <br />payable in accordance with the Loan Documents and Beneficiary may proceed to foreclose this <br />Deed of Trust. If Beneficiary shall incur any costs and expenses, including reasonable attorneys’ <br />fees and costs of any title reports, in connection with the performance of any of its rights <br />hereunder including foreclosure, such costs and expenditures shall remain secured by this Deed <br />of Trust and be immediately due and payable by Grantor. <br />