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Leasehold Deed of Trust
<br /> THIS LEASEHOLD DEED OF TRUST, made as of t ,l( �. 1, 74)I , 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
<br /> as Lessor and Owner as Lessee in the real property in City of Everett, Washington described
<br /> 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 RECORDED
<br /> UNDER RECORDING NO. 201804245001, AND AMENDMENT(S) THERETO, IN SNOHOMISH
<br /> COUNTY, WASHINGTON.
<br /> Commonly Known As:
<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 CDBG Loan Agreements between Grantor and the
<br /> Beneficiary (hereinafter the "Agreements"), dated on or about November 21, 2016 and dated as
<br /> of M(Lf ) ) L,if./) , and payment of $377,467 in accordance with the terms of a
<br /> promissory nte of even date herewith (the "Note"), payable to Beneficiary or order, and all
<br /> renewals, modifications and extensions thereof, and also such further sums as may be advanced
<br /> or loaned by Beneficiary to Grantor, or its successors or assigns, together with interest thereon
<br /> at such rate as shall be agreed upon. To protect the security of this Deed of Trust, Grantor
<br /> 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 or
<br /> affecting the Property when due; and to keep the Property free and clear of all other charges,
<br /> liens or encumbrances impairing the security of this Deed of Trust.
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