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Everett Gospel Mission 11/12/2024
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Everett Gospel Mission 11/12/2024
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Entry Properties
Last modified
11/12/2024 1:45:55 PM
Creation date
11/12/2024 1:45:17 PM
Metadata
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Contracts
Contractor's Name
Everett Gospel Mission
Approval Date
11/12/2024
Council Approval Date
9/18/2024
End Date
12/31/2026
Department
Community Development
Department Project Manager
Kembra Landry
Subject / Project Title
EGM CDMH Loan Agreement
Tracking Number
0004573
Total Compensation
$4,000,000.00
Contract Type
Agreement
Contract Subtype
Other Agreements
Retention Period
6 Years Then Destroy
Imported from EPIC
No
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5.Trustee shall deliver to the purchaser at the sale its deed, without warranty, which shall convey <br />to the purchaser the interest in the Property which Grantor had or had the power to convey at the time <br />of its execution of this Deed of Trust, and such as it may have acquired thereafter. Trustee's deed shall <br />recite the facts showing that the sale was conducted in compliance with all the requirements of law and <br />of this Deed of Trust, which recital shall be prima facie evidence of such compliance and conclusive <br />evidence thereof in favor of bona fide purchasers and encumbrancers for value. <br />6.The power of sale conferred by th is 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 as a <br />mortgage. <br />7.In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary may <br />appoint 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 with <br />all powers of the original trustee. The Trustee is not obligated to notify any party hereto of pending sale <br />under any other Deed of Trust or of any action or proceeding in which Grantor, Trustee or Beneficiary <br />shall be a party unless such action or proceeding is brought by the Trustee. <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 Beneficiary <br />shall also mean the holder and owner of the Note secured hereby, whether or not named ·as Beneficiary <br />herein. <br />GRANTOR FURTHER AGREES: <br />1.Grantor will perform each and every obligation contained in the Agreement and any <br />amendments thereof. <br />2.Grantor will ensure that the Property will be used pursuant to the terms of the Use Restriction <br />Covenant entered into between the Grantor and the Beneficiary without regard to the term of any other <br />deed of trust or the transfer of ownership of the Property. Grantor agrees that the Use Restriction <br />Covenant does not terminate upon foreclosure of this Deed of Trust or transfer in lieu of foreclosure, and <br />the Property will remain subject to the Use Restriction Covenant after foreclosure of this Deed of Trust or <br />transfer in lieu of foreclosure. <br />3.If Grantor shall fail to perform any obligation hereunder and the Beneficiary elects to perform <br />the same and expends any money therefor, such expenditure shall be deemed in addition to the amount <br />secured by this Deed of Trust and be immediately due and payable in accordance with the loan <br />documents. <br />4.If Grantor fails to make payment on the sum secured hereunder when due, or defaults under <br />the terms of the foregoing agreement or any Loan Document, and after any applicable cure period has <br />expired without the correction of the default, at the option of the Beneficiary, the whole indebtedness <br />secured thereby shall be due and payable in accordance with the Loan Documents and the Beneficiary <br />may proceed to foreclose this Deed of Trust. If the Beneficiary shall incur any costs and expenses, <br />including reasonable attorneys' fees and costs of any title reports, in connection with the performance of <br />D-3
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