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When recorded return to:
<br /> City of Everett
<br /> Community Housing Improvement Program
<br /> 2930 Wetmore Avenue, Suite 8b
<br /> Everett,WA 98201
<br /> DEED OF TRUST
<br /> THIS DEED OF TRUST, made this day of , by and
<br /> among , a Washington non-profit
<br /> organization, GRANTOR, whose address is
<br /> Old Republic Title Company , a corporation,
<br /> TRUSTEE, whose address is , and the City of
<br /> Everett, a political subdivision of the State of Washington, BENEFICIARY, whose address is
<br /> 2930 Wetmore Avenue,Suite 8b,Everett,WA 98201.
<br /> WITNESSETH: Grantor hereby bargains, sells and conveys to Trustee in Trust, with power of
<br /> sale, the real property in Snohomish County, Washington described in Exhibit 1 attached
<br /> hereto and incorporated herein by this reference ("the Premises"), which real property is not
<br /> used principally for agricultural or farming purposes, together with all the tenements,
<br /> hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise
<br /> appertaining, and the rents, issues and profits thereof(the"Property").
<br /> This Deed of Trust is for the purpose of securing performance of each agreement of the Grantor
<br /> contained herein and in the City of Everett Community Development Block Grant Subrecipient
<br /> Agreement(the"CDBG Contract") dated 00/00/00 , entered into between Grantor and
<br /> the Beneficiary. This Deed of Trust is also for the purpose of securing payment of the sum of
<br /> ( 0.00 )with interest, in accordance with the terms of a promissory note of even date
<br /> herewith, payable to Beneficiary or order, made by Grantor, and all renewals, modifications and
<br /> extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to
<br /> Grantor, or any of their successors or assigns, together with interest thereon at such rate as
<br /> shall be agreed upon. Pursuant to the CDBG Contract, the Grantor has irrevocably committed
<br /> to undertake that project described as
<br /> (the "Project") and to operate and maintain that Project for a period from
<br /> 00/00/00 until
<br /> To protect the security of this Deed of Trust, Grantor covenants and agrees:
<br /> 1. To keep the Premises in good condition and repair; not to remove or demolish any
<br /> building thereon; to complete or restore promptly and in good and workmanlike manner any
<br /> building that may be constructed, damaged, or destroyed, and to pay when due all claims for
<br /> labor performed and materials furnished therefor; to comply with all laws affecting the Premises
<br /> or requiring any alterations or improvements to be made; not to commit or permit waste thereof;
<br /> not to commit, suffer, or permit any act upon the Premises in violation of law; and to do all other
<br /> acts which from the character or use of the Premises may be reasonably necessary to preserve
<br /> and conserve its value.
<br /> 2. To pay before delinquent all taxes, assessments and any other charges affecting the
<br /> Property when due; and to keep the Property free and clear of all other encumbrances, charges,
<br /> and liens impairing the security of this Deed of Trust, subject to the Grantor's right to contest
<br /> such taxes, assessments and other charges in good faith.
<br /> 3. To keep all buildings now or hereafter erected on the Property described herein
<br /> continuously insured against loss by fire or other hazards in an amount not less than the total
<br /> debt secured by this Deed of Trust. All policies shall be held by the Beneficiary, and be in such
<br /> companies as the Beneficiary may approve and have loss payable first to the Beneficiary, as its
<br /> interest may appear, and then to the Grantor. The amount collected under any insurance policy
<br /> may be applied upon any indebtedness hereby secured in such order as the Beneficiary shall
<br /> determine. Such application by the Beneficiary shall not cause discontinuance of any
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