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Leasehold Deed of Trust
<br /> THIS LEASEHOLD DEED OF TRUST, made as of i i. i ; i " : HH , among HopeWorks
<br /> Social Enterprises, GRANTOR, whose address is 3319 Broadway Ave., Everett, WA 98201, and
<br /> First American Title Company, a Washington corporation, TRUSTEE, whose address is 2707
<br /> Colby Ave, Suite 601, Everett, WA 98201; and City of Everett, a municipal corporation,
<br /> BENEFICIARY, whose address is 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, its leasehold interest created by the Lease by and between Hopeworks Station Enterprises as
<br /> Lessor and Owner as Lessee in the real property in City of Everett, Washington described below:
<br /> LEGAL DESCRIPTION: Real property in the County of Snohomish, State of
<br /> Washington, described as follows:
<br /> UNIT 1, OF HOPEWORKS STATION II BUILDING, A CONDOMINIUM,ACCORDING TO
<br /> DECLARATION THEREOF RECORDED UNDER RECORDING NO. 201804240179, AND
<br /> AMENDMENT(S) THERETO; SAID UNIT IS LOCATED ON SURVEY MAP AND PLANS
<br /> RECORDED UNDER RECORDING NO. 201804245001, AND AMENDMENT(S) THERETO,
<br /> IN SNOHOMISH COUNTY, WASHINGTON.
<br /> Commonly Known As:
<br /> Unit 1, HopeWorks Station II Building,a Condo, Recording No. 201804245001
<br /> which real property together with the improvements now or hereafter constructed thereon 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 Grantor herein
<br /> contained, and in the City of Everett Loan Agreement between Grantor and the Beneficiary
<br /> (hereinafter the "Agreement") dated as of kik(1,i,1 , l ( L , and payment of
<br /> $400,000.00 in accordance with the terms of a promissoFy note of even date herewith (the"Note"),
<br /> payable to Beneficiary or order, and all renewals, modifications and extensions thereof, and also
<br /> such further sums as may be advanced or loaned by Beneficiary to Grantor, or its successors or
<br /> assigns, together with interest thereon at such rate as shall be agreed upon. To protect the
<br /> 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;
<br /> to complete any building, structure or improvement being built or about to be built thereon;
<br /> to restore promptly any building, structure or improvement thereon which may be
<br /> damaged or destroyed; to pay when due all claims for labor performed and materials
<br /> furnished; and to comply with all laws, ordinances, regulations, covenants, conditions and
<br /> restrictions affecting the Property.
<br /> 2. To pay before delinquent all lawful taxes and assessments and any other charges upon
<br /> or affecting the Property when due; and to keep the Property free and clear of all other
<br /> charges, liens or encumbrances impairing the security of this Deed of Trust.
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