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EXHIBITD
<br />FORM OF DEED OF TRUST
<br />[appropriate cover page, signature blocks, acknowledgement(s), legal descriptions, and form of
<br />reconveyance to be inserted at time of execution]
<br />THIS DEED OF TRUST, made this __ day of ___ _, 2024, is by and among EVERETT
<br />GOSPEL MISSION, a Washington nonprofit corporation ("GRANTOR"), whose address is
<br />___________ _, ______________ ("TRUSTEE"), whose address
<br />is • and the CITY OF EVERETT, a municipal corporation of the State of
<br />Washington, whose address is 2930 Wetmore Avenue, Suite 88, Everett, WA 98201 ("BENEFICIARY" or
<br />the "City"). This Deed of Trust secures the performance by Grantor of the Loan Agreement between the
<br />Grantor and City dated ____ _, 2024 (the "Loan Agreement").
<br />WITNESSETH: Grantor hereby bargains, sells and conveys to Trustee in Trust, with power of sale,
<br />the real properties in Snohomish County, Washington described in Exhibit 1 attached hereto and
<br />incorporated herein by this reference (the "Premises"), which real properties are not used principally for
<br />agricultural or farming purposes, together with all the tenements, hereditaments, and appurtenances now
<br />or hereafter thereunto belonging or in any wise appertaining, and the rents, issues and profits thereof
<br />(the "Property").
<br />This Deed of Trust is for the purposes of securing performance of each agreement of Grantor contained
<br />herein and in the Agreement and payment by Grantor of the sum of four million ($4,000,000), or such
<br />lesser principal sum that Beneficiary actually advances to Grantor, in accordance with the terms of a
<br />promissory note of even date herewith (the "Note"), payable to City or order, made by Grantor, and all
<br />renewals, modifications and extensions thereof, and also such further sums as may be advanced or loaned
<br />by the City to Grantor, or any of their successors or assigns, together with interest thereon at such rate as
<br />shall be agreed upon.
<br />To protect the security of this Deed of Trust, Grantor covenants and agrees:
<br />1.Subject to the contemplated demolition of the existing improvements on the Property as of
<br />the date of this Deed of Trust and the construction of new improvements on the Property, to keep the
<br />Premises in good condition and repair; not to remove or demolish any building thereon; to complete or
<br />restore promptly and in good and workmanlike manner any building that may be constructed, damaged,
<br />or destroyed, and to pay when due all claims for labor performed and materials furnished therefor; to
<br />comply with all laws affecting the Premises or requiring any alterations or improvements to be made; not
<br />to commit or permit waste thereof; not to commit, suffer, or permit any act upon the Premises in violation
<br />of law; and to do all other acts which from the character or use of the Premises may be reasonably
<br />necessary to preserve and conserve its value.
<br />2.To pay before delinquent all taxes, assessments and any other charges affecting the Property
<br />when due, subject to the Grantor's right to contest such taxes, assessments and other charges in good
<br />faith; and, except for encumbrances, charges, and liens of record as of the date of this Deed of Trust, to
<br />keep the Property free and clear of all other encumbrances.
<br />3.To keep all buildings now or hereafter erected on the Property described herein continuously
<br />insured against loss by fire or other hazards in an amount not less than the total replacement value. The
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