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DEED OF TRUST
<br /> THIS DEED OF TRUST ("DEED OF TRUST"), made this X1 day of l , 2018, by
<br /> and among HOPEWORKS STATION RESIDENTIAL LLLP, a Washington limite liability limited
<br /> partnership, ("GRANTOR"), whose General Partner is HopeWorks Station Residential GP,
<br /> LLC, a Washington limited liability company, whose Sole Member is Housing Hope Properties
<br /> ("Agency"), a Washington non-profit corporation, whose address is 5830 Evergreen Way, Everett,
<br /> WA 98203, First American Title Company, a Washington corporation, ("Trustee"), whose address
<br /> is 2707 Colby Ave, Suite 601, Everett, WA 98201, and the City of Everett, a municipal corporation
<br /> of the State of Washington, ("GRANTEE" or"BENEFICIARY"), whose address is 3000 Rockefeller
<br /> Avenue, MS 305, 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 Attachment 1 attached
<br /> hereto and incorporated herein by this reference ("the Premises"), which real property is not used
<br /> principally for agricultural or farming purposes, together with all the tenements, hereditaments,
<br /> and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the
<br /> rents, issues and profits thereof (the "Property").
<br /> This Deed of Trust is for the purpose of securing performance of each agreement of Grantor
<br /> contained herein and in the Loan Agreement between the Grantor and the Beneficiary (hereinafter
<br /> the "Loan Agreement") dated the 110 day of I I Z Cl,`; "' , 2018, and payment of the sum of
<br /> Five Hundred Thousand Five Hundred Thirty-Seven Dollars ($500,537), in accordance with the
<br /> terms of a Promissory Note of even date herewith (the "Note"), payable to Beneficiary or order,
<br /> made by Housing Hope Properties, and assumed by Grantor pursuant to the Assignment,
<br /> Assumption and Consent Agreement ("Assignment, Assumption and Consent Agreement") of
<br /> even date, between Grantor and Agency, in which Grantor will assume all of the obligations of
<br /> the Loan Agreement, and all renewals, modifications and extensions thereof, and also such
<br /> further sums as may be advanced or loaned by Beneficiary to Grantor, or any of their successors
<br /> 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 Premises in good condition and repair; not to remove or demolish
<br /> any 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 labor
<br /> performed and materials furnished therefor; to comply with all laws affecting the Premises or
<br /> requiring any alterations or improvements to be made; not to commit or permit waste thereof; not
<br /> to commit, suffer, or permit any act upon the Premises in violation of law; and to do all other acts
<br /> which from the character or use of the Premises may be reasonably necessary to preserve and
<br /> conserve its value.
<br /> 2. To pay before delinquent all taxes, assessments and any other charges
<br /> affecting the Property when due; and to keep the Property free and clear of all other
<br /> encumbrances, charges, and liens impairing the security of this Deed of Trust, subject to the
<br /> Grantor's right to 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
<br /> continuously insured against loss by fire or other hazards in an amount not less than the total debt
<br /> secured by this Deed of Trust. The Beneficiary shall be an additional insured under all such
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