Everett Gospel Mission 11/27/2024

202411270368 Document:D-TRUST Rec: S309.50 Page-2 of 6 Record Date:ll/27/2024 3:18 PM Snohomish County, WA This Deed of Trust is for the purposes of securing performance of each agreement of Grantor contained herein and in the Agreement and payment by Grantor of the sum of four million ($4,000,000), or such lesser principal sum that Beneficiary actually advances to Grantor, in accordance with the terms of a promissory note of even date herewith (the "Note"), payable to City or order, made by Grantor, and all renewals, modifications and extensions thereof, and also such further sums as may be advanced or loaned by the City to Grantor, or any of their successors or assigns, together with interest thereon at such rate as shall be agreed upon. To protect the security of this Deed of Trust, Grantor covenants and agrees: 1. Subject to the contemplated demolition of the existing improvements on the Property as of the date of this Deed of Trust and the construction of new improvements on the Property, to keep the Premises in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building that may be constructed, damaged, or destroyed, and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting the Premises or requiring any alterations or improvements to be made; not to commit or permit waste thereof; not to commit, suffer, or permit any act upon the Premises in violation of law; and to do all other acts which from the character or use of the Premises may be reasonably necessary to preserve and conserve its value. 2. To pay before delinquent all taxes, assessments and any other charges affecting the Property when due, subject to the Grantor's right to contest such taxes, assessments and other charges in good faith; and, except for encumbrances, charges, and liens of record as of the date of this Deed of Trust, to keep the Property free and clear of all other encumbrances. 3. To keep all buildings now or hereafter erected on the Property described herein continuously insured against loss by fire or other hazards in an amount not less than the total replacement value. The Beneficiary will require Grantor to acquire title insurance for the sum of Grantor's purchase price of the Property. All policies shall be held by the City, and be in such companies as the City may approve and have loss payable first to the City, as its interest may appear, and then to the Grantor. Except as otherwise set forth in the Agreement or the Note, the amount collected under any insurance policy may be applied to any indebtedness hereby secured in such order as the Beneficiary shall determine. Such application by the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Deed of Trust. In the event of foreclosure, all rights of the Grantor in insurance policies then in force shall pass to the purchaser at the foreclosure sale. 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 the cost of title search and attorneys' fees in a reasonable amount, in any such action or proceeding, and in any suit brought by the Beneficiary to foreclose this Deed of Trust. 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 obligations secured hereby and Trustee's and attorneys' fees actually incurred, as provided by statute. Deed of Trust Page 2