Laserfiche WebLink
2024 CDBG Subrecipient Agreement <br />Deed of Trust <br />Exhibit "E" <br />This Deed of Trust is for the purpose of securing performance of each agreement of Grantor herein <br />contained, and in the City of Everett Loan Agreement between Grantor and the Beneficiary (hereinafter <br />the " Agreement") dated as of , and payment of $ Click or tap here to enter <br />text. (Click or tap here to enter text.) in accordance with the terms of a Promissory Note of even date <br />herewith (the "Note") and the Agreement payable to Beneficiary or order, and all renewals, modifications <br />and extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to <br />Grantor, or its successors or assigns, together with interest thereon at such rate as shall be agreed upon. <br />To protect the security of this Deed of Trust, Grantor covenants and agrees: <br />1. To keep the Property in good condition and repair; to commit or to permit no waste thereof• to <br />complete any building, structure or improvement being built or about to be built thereon, to <br />restore promptly any building, structure or improvement thereon which may be damaged or <br />destroyed; to pay when due all claims for labor performed and materials furnished; and to comply <br />with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the <br />Property. <br />2. To pay before delinquent all lawful taxes and assessments and any other charges upon or affecting <br />the Property when due; and to keep the Property free and clear of all other charges, liens or <br />encumbrances impairing the security of this Deed of Trust, subject to the Grantor's right to <br />contest such taxes, assessments, and other charges in good faith. <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 <br />value. The Beneficiary will require Grantor to acquire title insurance for the sum of Grantor's <br />purchase price of the Property. All policies shall be held by the City and be in such companies as <br />the City may approve and have loss payable first to the City, as its interest may appear, and then <br />to the Grantor. Except as otherwise set forth in the Agreement or the Note, the amount collected <br />under any insurance policy may be applied to any indebtedness hereby secured in such order as <br />the Beneficiary shall determine. Such application by the Beneficiary shall not cause <br />discontinuance of any proceedings to foreclose this Deed of Trust. In the event of foreclosure all <br />rights of the Grantor in insurance policies then in force shall pass to the purchaser at the <br />foreclosure sale. <br />4. To defend any action or proceeding purporting to affect the security hereof or the rights or powers <br />of Beneficiary or Trustee, and to pay all costs and expenses, including cost of title search and <br />attorneys' fees in a reasonable amount, in any such action or proceeding, and in any suit brought <br />by Beneficiary to foreclose this Deed of Trust. <br />Page 2 <br />