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Home My WebLink About8607280016 , .., .;.0.. DEED OF TRUST V !)0 9~ fI- '.I ~ --------------------------- Filed for Record at Request of lHIS SPACE RESERVED FOR RECORDfR'S USE, Name Wheaton Way Escrow ~ /' cD .... o o CO N ~ o ~.O ~ Address ), 4171 Wheaton Way, #5 ~ City and State Bremerton, WA. 98310 filED FOR RECORD REQ. OF~~O Trllt Lul~l/"Al'H Esc.#l375 JUl 2' 1986 AM 8:00 DEED-OF. T-RUST--- SHErm,L :'WFF KITSAP COUiW;UDITOR DEPUTY -, I I , I , I I I , I , ---------------------------- f' 5301';;).,6- ,THI~ DEED OF TRUST, made thi, 17th day of . PAUL A. SCHMIDT AND MARY whose address is P. O. Box .318, Tracy ton, July E. SCHMIDT, Washinqton husband and wife 98393 ,19 aQ.., between , Grantor, ,LAND TITLE COMPANY OF KITSAP COUNTY, a Wa, Cory., TRUSTEE, whose address is 4th & Warren Ave., (P. O. Box 313) Bremerton, Washinqton and CITY OF BREMERTON, WASHINGTON 98310 whose address is WITNESSETH: Grantor hereby bargains, sells and cllnvey:i to Trustee in Trust, with power of sale, the following described real property in Kitsap __._,,______..._ County, Washington: , Beneficiary, Lots 1, 2, 3 and 4, Block 3, Manette Improvement and Investment Company First Addition to Decatur, as per plat recorded in Volume 3 of Plats, page 34, records of Kitsap County, Washington. Note, secured by within described property, due in full On or-hefore August 11, 1991. Grantors herein have first right of refusal to purchase said Note if City of Bremerton should decide to sell Note. which real property is not used principally for agricultural or farming purposes, together with all the tenements, hereditaments, and appurtenances now or hereafter thereunto belonging or in any wise appertaining, and the rents, issues and profits thereof. This deed is for the purpose of securing performance of each agrecmcnt of grantor hercin containcd, and payment of the sum of *** TWF.NTY ForlR THOIlSANn FOIlR HIlNnRF.n ANn No/'OOollars ($ ::>4,400 00 ) with interest, in accordance with the terms of a promissory note of even date herewith, payable to Beneficiary or order, and made by Grantor, and all renewals, modifications and extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to Grantor, or any of their successors or assigns, together with interest thereon at such rate as shall be agreed upon. To protect the security of this Deed of Trust, Grantor covenants and agrees: 1. To keep the property in good condition and repair; to permit no waste thereof; to complete any building, structure or improvement being built or about to be built thereon; to restore promptly any building, structure or improvement thereon which may be damaged or destroyed; and to comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the property. 2. To pay before delinquent all lawful taxes and assessments upon the property; to keep the property free and clear of all other charges, liens or encumbrances impairing the secl1{ity of this Deed of Trust. 3. To keep all buildings now or hereafter erected on the property described herein continuously insured against loss by fire or other hazards in an amount not less than the total debt secured by this Deed of Trust. All policies shall be held by the Beneficiary, and be in such companies as the Beneficiary may approve and have loss payable first to the l.leneficiary as its interest lllay appear and then to the Grantor. The amount collected under any insurance policy may be applied upon any indebtedness hereby secured in such order as the Beneficiary shall determine. Such application by the Beneficiary shall not cause discontinuance of any proceedings to foreclose this Deed of Trust. In the event of foreclosure, all rights of the Grantor in insurance policies then in force shal! pass to the purchaser atlhe foreclosure sale. 4. To defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee. and to pay all costs and expenses, including cost of title search and allorney's fees in a reasonable amount, in any sueh aetion or proceeding, and in any suit brought by Beneficiary to foreclose this Deed of Trust. 5. To pay all costs, fees and expenses in connection with this Deed of Trust, including the expenses of the Trustee incurred in enforcing the obligation secured hereby and Trustee's and allorney's fees actually incurred, as provided by statute. 6. Should Grantor fail to pay when due any taxes, assessments, insurance premiums, liens, encumbrances or other charges against lhe properly hereinabove described, Beneficiary may pay the same, and the amount so paid, with intercst at the rate set forth in the nOle secured hereby. shall be added to and become a part of the debt secured in this Deed of Trust. 8601280016 (continued on reverse side) iffEEt384!f7U rh.1ri f , .. LT IS MUTUALLY AGREED THAT: I. In the event any portion of the property is taken or damaged in an eminent domain proceeding. the entire amount of the award or such portion thereof as may be necessary to fully satisfy the obligation secured hereby. shall be paid to Beneficiary to be applied to said obligation. 2. By accepting payment of any sum s,:c'ured hereby after its due date. Beneficiary does not waive its right to require prompt payment when due of all other sums so secured or to declare default for failure to so pay. 3. The Trustee shall reconvey all or any part of the prop.:rty covered by this Deed of Trust to the person entitkd thereto. on wrillen request of the Grantor and the Beneficiary. or upon satisfaction of the obligation secured and written request for reconveyance made by the Beneficiary or the person entitled thereto. 4. Upon default by Grantor in the payment of any indebtedness se<!ured hereby or in the performance of any agreement contain.:d herein. all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. In such event and upon wrillen request of Beneficiary. Trustee shall sell the trust prop.:rty, in accordance with the Deed of Trust Act of the State of Washington, (as amended). at public auction to. the highest bidder. Any person except Trustee may bid at Trustee's sale. Trust~e shall apply the proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable Trustee's fee and attorney's fee; (2) to the obligation secured by this Deed of Trust; (3) the surplus. if any. shall be distributed to the persons entitled thereto or may be deposited (less clerk's filing fee) with the derk of the superior court of the county in which sale takes place. 5. Trustee shall deliver to the purchaser at the sale its deed. without warranty. which shall convey to the purchaser the interest in the property which Grantor had or had the power to convey at the time of his execution of this Deed of Trust, and such as he may have acquired thereafter. Trustee's deed shall recite the facts showing that the sale was conducted in compliance with all the requirements of law and of this Deed of Trust, which recital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value. 6. The power of sale conferred by this' Deed of Trust and by the Deed of Trust Act of the Sta te of Washington is not an exclusive remedy; lJeneliciary 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. Iknefidary may appoint in writing a successor trustee. and upon the recording of such appointment in the mortgage records of the county ill 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 lJeneficiary shall be a party unless such action or proceeding is brought by the Trustee. 8. This Deed of Trust applies to, inures to the benefit of. and is binding not only on the parties hereto. but on their heirs. devisees. legatees, administrators, executors. successors and assigns. The term lJenefkiary shall mean the holder and owner of the note secured hereby, whether or not named as lJeneliciary herein. ~~p ~(! cL STATE OF WASlIINGTON COUNTY OF Ki tsap _} ss. STATE OF WASHINGTON COUNTY OF On this }~S. On this day personally appeared before me Paul A. Schmidt & Mary E. Schmidt day of to me known to be the individual described in allll who executed the within and foregoing instrument, and acknowledged that they signed the sam~, as' "".'; their free and voluntary act and arid' d~'ed:' for th~' uses and purposes therein men- to me known to be the President and Secretary. ,:'::.}~~~~:~~~~:r\':'~:>~~.:. :.:;> ;~:P:::;:::t~:n that executed the foregoing instrument, and acknowledged the .: "':'. ; ~ ......_ ~ . .' \f: said instrument to be the free and voluntary act and deed of said corporation, for :: r,') : v .~.,',,,' \\J . _ . . ," lJ i) \.. I.;, .. the uses and purposes therein mentioned, and on oath stated that ....... ~~<: ~'..i " " ~;'.' ~~) ,/ authorized to execute the said instrument '< "-:'~'~,::-: .:. .' ., .t. ~ l' \ ':" ,,: and that the seal affIxed IS [he corporate s~al of said corporation. '~~'VEN',~.~'~~y ha~~d and offICIal se~l tillS Witness my hand and official seal hereto affixed the day and year first ~.day._ol~ ~~. above written. - '-~-----'--"-'_........~ Notary Public 111 and for the State of Washingto residing at Bremerton . . 19 _, before me. the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared Notary Public in and for the State of Washington, residing at REQUEST FOR FULL RECONVEYANCE Do not record. To be used only when note has been paid. . REEl384FR1652 TO: TRUSTEE. The undersigned is the legal owner and holder of the note and all other indebtedness secured by the within Deed of Trust. Said note, together with all other indebtedness secured by said Deed of Trust, has been fully paid and satisfied; and you are hereby requested and directed. on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel said note above mentioned, and all other evidences of indebtedness secured by said Deed of Trust delivered to you herewith, together with t/1e said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you thereunder. Dated ..19__ j I :~")":~~~.'I~'lll1.~~~.!~r~~. ' I /1 A'" . ~!jl.~\":~.j. "~