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202411270368 Document:D-TRUST Rec: S309.50 Page-3 of 6 <br />Record Date:ll/27/2024 3:18 PM Snohomish County, WA <br />6. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, <br />liens, encumbrances or other charges against the Property hereinabove described, Beneficiary <br />may pay the same, and the amount so paid, with interest at the rate set forth in the Note secured <br />hereby, shall be added to and become a part of the debt secured in this Deed of Trust. <br />IT IS MUTUALLY AGREED THAT: <br />1. Except as otherwise set forth in the Loan Agreement or the Note, in the event any <br />portion of the Property is taken or damaged in an eminent domain proceeding, the entire <br />amount of the award or such portion as may be necessary to fully satisfy the obligation secured <br />hereby, shall be paid to Beneficiary to be applied to said obligation. <br />2. By accepting payment of any sum secured hereby after its due date, Beneficiary does <br />not waive its right to require prompt payment when due of all other sums so secured or to <br />declare default for failure to so pay. <br />3. The Trustee shall reconvey all or any part of the Property covered by this Deed of <br />Trust to the person entitled thereto on written request of the Grantor and the Beneficiary, or <br />upon satisfaction of the obligation secured and written request for reconveyance made by the <br />Beneficiary or the person entitled thereto. <br />4. Upon default by Grantor in the payment of any indebtedness secured hereby or in <br />the performance of any agreement contained herein, after any applicable cure period has <br />expired without the correction of the default, all sums secured hereby shall immediately <br />become due and payable in accordance with the Loan Documents (at the option of the City). In <br />such event and upon written request of Beneficiary, Trustee shall sell the trust Property, in <br />accordance with the Deed of Trust Act of the State of Washington, at public auction to the <br />highest bidder. Any person except Trustee may bid at Trustee's sale. Trustee shall apply the <br />proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable Trustee's <br />fee and attorneys' fee; (2) to the obligation secured by this Deed of Trust; and (3) the surplus, if <br />any, shall be distributed to the persons entitled thereto. <br />5. Trustee shall deliver to the purchaser at the sale its deed, without warranty, which <br />shall convey to the purchaser the interest in the Property which Grantor had or had the power <br />to convey at the time of its execution of this Deed of Trust, and such as it may have acquired <br />thereafter. Trustee's deed shall recite the facts showing that the sale was conducted in <br />compliance with all the requirements of law and of this Deed of Trust, which recital shall be <br />prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide <br />purchasers and encumbrancers for value. <br />6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the <br />State of Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be <br />foreclosed as a mortgage. <br />7. In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary <br />may appoint in writing a successor trustee, and upon the recording of such appointment in the <br />mortgage records of the county in which this Deed of Trust is recorded, the successor trustee <br />Deed of Trust Page 3 <br />