2018/04/25 Council Agenda Packet

ft 14 6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the State of Washington is not an exclusive remedy; Beneficiary may cause this Deed of Trust to be foreclosed as a mortgage. 7. In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary may appoint in writing a successor trustee, and upon the recording of such appointment in the mortgage records of the county in which this Deed of Trust is recorded, the successor _. trustee shall be vested with all powers of the original trustee. The Trustee is not obligated to notify any party hereto of pending sale under any other deed of trust or of any action or proceeding in which Grantor, Trustee or Beneficiary shall be a party unless such action or proceeding is brought by the Trustee. 8. This Deed of Trust applies to and inures to the benefit of, and is binding not only on the parties hereto, but on their heirs, devisees, legatees, administrators, executors and assigns. The term Beneficiary shall mean the holder and owner of the Note secured hereby, whether or not named as Beneficiary herein. GRANTOR FURTHER AGREES: 1. Grantor will perform each and every obligation contained in the Agreement and any amendments thereto. 2. Grantor will ensure that the Property will remain available pursuant to the terms of the Agreement and the Use Restriction Covenant Agreement. "Very Low Income" means gross annual household income (at the time of initial occupancy) is not more than fifty percent (50%) of the annual median income for the Seattle-Bellevue-Everett metropolitan statistical area, adjusted for household size, as estimated from time to time by the U.S. Department of Housing & Urban Development (HUD). 3. If Grantor shall fail to perform any obligation hereunder and Beneficiary elects to perform the same and expends any monies therefor, such expenditure shall be deemed in addition to the amount secured by this deed of trust and be immediately due and payable in accordance with the Loan Documents. 4. If Grantor fails to make payment on the sum secured hereunder when due, or defaults under the terms of the Agreement, the whole indebtedness secured thereby shall be due and payable,in accordance with the Loan Documents and Beneficiary may proceed to foreclose this Deed of Trust. If Beneficiary shall incur any costs and expenses, including reasonable attorneys' fees and costs of any title reports, in connection with the performance of any of its rights hereunder including foreclosure, such costs and expenditures shall remain secured by this Deed of Trust and be immediately due and payable by Grantor. C-3 97 ft z