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2007-18-Order No. 2007-001 Recorded 1/8/2007DESCHUTES COUNTY OFFICIAL RECORDS CJ 7441'!8 NANCY BLANKENSHIP, COUNTY CLERK COMMISSIONERS' JOURNAL 01108/2407 03;38;27 PM 11111111111111111111111111111111111 2007-38 Do not remove this page from original document. Deschutes County Clerk Certificate Page If this instrument is being re-recorded, please complete the following statement, in accordance with ORS 205.244: Re-recorded to correct [give reason] previously recorded in Book or as Fee Number and Page REVIEWED LEGAL COUNSEL BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON An Order for the Sale of Certain Real Property Acquired by Deschutes County * ORDER NO. 2007-001 WHEREAS, Deschutes County has acquired title to certain real property, described in Exhibit "A," attached and incorporated by this reference, pursuant to real property tax foreclosure proceedings on file in the Circuit Court of the State of Oregon for Deschutes County and by other means, and WHEREAS, foreclosure proceedings are completed, and tax deeds in the regular form have been executed by the Deschutes County Tax Collector and recorded in the Deed Records of Deschutes County pursuant to ORS 312.200 with respect to real properties acquired by tax foreclosure, and WHEREAS. ORS 271.310 and 275.110 authorize the sale by the Board of County Commissioners of the real property acquired through real property tax foreclosure and other means, and WHEREAS, the real property described in Exhibit "A," attached is not needed for County purposes and, thus, surplus, and WHEREAS, the sale of the real property will aid in the reduction of fire fuel in that certain purchasers will be required to sign an agreement to eliminate wildfire fuels, and WHEREAS, it appears that it is in the best interests of the County to sell the real property described in Exhibit "A", and that the minimum price set forth after the description of each parcel, be the minimum price for said sale; now, therefore, THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON, HEREBY ORDERS as follows: Section 1. That the Deschutes County Sheriff hereby is authorized and directed, pursuant to ORS 275.120, to offer for sale the property described in Exhibit "A", attached hereto and by this reference incorporated herein, to the highest and best bidders, for cash, cashier's check or terms, or combination thereof, as determined by the Board of County Commissioners pursuant to ORS 275.190, but not less than the minimum bid hereby fixed. Section 2. That said sale is to be made at the Barnes Hearing Room, 1300 NW Wall Street, Bend, Oregon, beginning at 10:00 a.m. on Thursday, March 15, 2007 and remaining open until 4:00 p.m. to allow for bidders to submit the appropriate purchase payment. Section 3. On the sale date, Bidders with the provisionally accepted high bid may leave the premises to obtain cash or cashier's checks but must return to the Barnes Hearing Room prior to 2:00 p.m., with no Bidder admittance after 2:00 p.m. allowed. PAGE 1 OF 2- ORDER No. 2007-001 (01/03/07) Section 4. That all sales shall be deemed conditional until such time as the Board of County Commissioners formally accepts or rejects said sale. Section 5. That, if the Sheriff is unsuccessful in selling any real property listed in Exhibit "A" at said sale, said real property may be sold at private sale pursuant to ORS 275.200. Section 6. That the Deschutes County Property Specialist is authorized to take those actions reasonably calculated to efficiently and successfully conduct the aforementioned land sale, including deviation from or modification of sale procedures, when, in the opinion of the Property Specialist, said deviations or modifications are justified and in accordance with all laws. Section 7. That the promissory note and trust deed attached as Exhibit "B", attached and incorporated by this reference, shall be the documents authorized for sale of the properties eligible for County financing, as identified in Exhibit "A". Dated this of January, 2007 BOARD OF COUNTY COMMISSIONERS OF DESCHUTES UNTY, OREGON DE IS R. LUKE ATTEST: Recording Secretary PAGE 2 of 2- ORDER No. 2007-001 (01/03/07) Exhibit "A" NOTICE OF SALE By virtue of Order No. 2007-001, adopted by the Board of County Commissioners of Deschutes County, Oregon, on January 3, 2007, authorizing the sale of real property under ORS 271.310 and 275.110, notice is hereby given that, on March 15, 2007, at 10:00 a.m. in the Board of County Commissioners Hearing Room, 1300 NW Wall Street, Bend, Oregon, the Sheriff or his designee shall proceed to sell, at public auction to the highest and best bidder, for cash, cashier's check or terms, or combination thereof, the right and title to and interest in of Deschutes County in the real property listed below: Tax Map and Lot City Address Parcel 1 141316CA02400 Terrebonne 8417 8th St Acreage: 0.01 Zoning: TER Minimum Bid: $1,200.00 Market Value: $1,500.00 Comments: County financing is NOT available. Vacant lot. Parcel 2 141316CB00204 Terrebonne Unassigned Acreage: 0.11 Zoning: TER Minimum Bid: $4,000.00 Market Value: $5,000.00 Comments: County financing is NOT available. Vacant lot. Parcel 3 141316DB00600 Terrebonne Unassigned Acreage: 0.11 Zoning: TER Minimum Bid: $4,000.00 Market Value: $5,000.00 Comments: County financing is NOT available. Vacant lot. Parcel 4 151133A000099 Bend Unassigned, Fryrear Road Acreage: 0.69 Zoning: MUA 10 Minimum Bid: $1,600.00 Market Value: $2,000.00 Comments: County financing is NOT available. 26' strip. Parcel 5 151315BA05200 Redmond Unassigned Acreage: 0.55 Zoning: R4 Minimum Bid: $100,000.00 Market Value: $125,000.00 Comments: County financing is available. Vacant lot. Buyer must treat wildfire fuels. Parcel 6 151315BA05300 Redmond Unassigned Acreage: 0.52 Zoning: R4 Minimum Bid: $100,000.00 Market Value: $125,000.00 Comments: County financing is available. Vacant lot. Buyer must treat wildfire fuels. Page 1 of 5 - Exhibit "A" to Order 2007-001 (01/03/07) Parcel 7 151315BAI1400 Redmond Unassigned Acreage: 0.37 Zoning: R4 Minimum Bid: $100,000.00 Market Value: $125,000.00 Comments: County financing is available. Vacant lot. Buyer must treat wildfire fuels. Parcel 8 151315BAI1500 Redmond Unassigned Acreage: 0.55 Zoning: R4 Minimum Bid: $100,000.00 Market Value: $125,000.00 Comments: County financing is available. Vacant lot. Buyer must treat wildfire fuels. Parcel 9 151315BB03200 Redmond 334 SE Warsaw St Acreage: 0.23 Zoning: M2 Minimum Bid: $72,000.00 Market Value: $90,000.00 Comments: County financing is available. Vacant lot. Parcel 10 1812170002103 Bend Unassigned Acreage: 0.13 Zoning: RS Minimum Bid: $12,000.00 Market Value: $15,000.00 Comments: County financing is NOT available. 50' strip. Parcel 11 1812170002208 Bend Unassigned Acreage: 0.1 Zoning: RS Minimum Bid: $12,000.00 Market Value: $15,000.00 Comments: County financing is NOT available. 50' strip. Parcel 12 1812170002216 Bend Unassigned Acreage: 0.13 Zoning: RS Minimum Bid: $12,000.00 Market Value: $15,000.00 Comments: County financing is NOT available. 50' strip. Parcel 13 181218AA03400 Bend 61102 Deer Valley Dr Acreage: 0.59 Zoning: RL Minimum Bid: $240,000.00 Market Value: $300,000.00 Comments: County financing is available. Improvements include a 1,516 sf home in Pinebrook Subdivision. Page 2 of 5 - Exhibit "A" to Order 2007-001 (01/03/07) Parcel 14 191405A002200 Deschutes County Unassigned Acreage: 3.97 Zoning: EFUHR Minimum Bid: $2,000.00 Market Value: $2,500.00 Comments: County financing is NOT available. Vacant lot. Buyer must treat wildfire fuels. Parcel 15 201013C013700 Bend 56095 Savage Dr Acreage: 1.01 Zoning: RR10 Minimum Bid: $100,000.00 Market Value: $125,000.00 Comments: County financing is NOT available. Vacant lot in Sundance South Subdivision. Buyer must treat wildfire fuels. Parcel 16 201118A002900 Bend 17445 Rail Dr Acreage: 0.48 Zoning: WA, LM, AS, RR10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Parcel 17 201118D012600 Bend 17472 Killdeer Dr Acreage: 0.5 Zoning: WA, RR10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Parcel 18 201119B005200 Bend 17367 Golden Eye Dr Acreage: 0.47 Zoning: WA, RR 10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Parcel 19 201119B006200 Bend 17267 Golden Eye Dr Acreage: 0.51 Zoning: WA, RR 10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Parcel 20 201119B015200 Bend 17251 Kingfisher Dr Acreage: 0.47 Zoning: WA, RR 10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Page 3 of 5 - Exhibit "A" to Order 2007-001 (01/03/07) Parcel 21 201119B016000 Bend 17270 Brant Dr Acreage: 0.47 Zoning: WA, RR 10 Minimum Bid: $92,000.00 Market Value: $115,000.00 Comments: County financing is available. Vacant lot in Oregon Water Wonderland, Unit 2. Buyer must treat wildfire fuels. Parcel 22 211015B008600 La Pine 16077 Lava Dr Acreage: 0.98 Zoning: WA, RR10 Minimum Bid: $16,000.00 Market Value: $20,000.00 Comments: County financing is NOT available. Vacant lot. Restrictive Covenant applies (TDC). Septic system not allowed. Buyer must treat wildfire fuels. Parcel 23 2110220005500 La Pine 16045 Bull Bat Ln Acreage: 1.07 Zoning: WA, RRIO Minimum Bid: $16,000.00 Market Value: $20,000.00 Comments: County financing is NOT available. Vacant lot. Restrictive covenant applies (TDC). Septic system not allowed. Parcel 24 211034B005100 La Pine 16074 Strawn Rd Acreage: 0.83 Zoning: WA, RR10 Minimum Bid: $60,000.00 Market Value: $75,000.00 Comments: County financing is available. Improvements include a small residence, sold "as is". Buyer must treat wildfire fuels. All prospective bidders shall register with Teresa Rozic the Deschutes County Property Specialist any business day between March 1, 2007 and March 14, 2007. Registration may be in person at 1300 NW Wall Street, Suite 200, Bend Oregon, between the hours of 8:00 a.m. and 4:30 p.m.; by fax at (541) 385-3202; or by E-mail to teresaro@deschutes.org, by providing bidder's legal name, physical address, mailing address and telephone number. Bidders must provide an acceptable picture I.D. prior to bidding. Prior to 4:00 p.m. March 15, 2007, the highest bidder will pay the full balance of bidder's provisionally accepted high bid in cash or cashier's check or, for properties on which financing is available per the above list, the following terms: a nonrefundable cash down payment of not less than 20% of the purchase price, and the balance paid in equal monthly installments over a period of ten (10) years, with a fixed loan rate set at the current bank prime loan interest rate as of March 15, 2007 plus 1%, secured by a promissory note and trust deed. Copies of the complete contract terms may be found at www.deschutes.ora or a copy will be provided at $.25 per page upon request to the County Property Specialist listed above. On the sale date, Bidders with the provisionally accepted high bid may leave the premises to obtain cash or cashier's checks but must return to the Barnes Hearing Room prior to 2:00 p.m. No admittance after 2:00 p.m. will be allowed. Cash is defined as all legal U.S. currency. Cashier's checks must be payable to Deschutes County. Cashier's checks must be drawn on a financial institution that is authorized to do business under the laws of Oregon or the United States. If any part of the purchase price is paid with a cashier's check the purchaser will be given a receipt in lieu of a certificate of sale until verification from the financial institution that final settlement has been made on the cashier's check. Upon receiving such verification, the purchaser will receive a Page 4 of 5 - Exhibit "A" to Order 2007-001 (01/03/07) certificate of sale. If any part of the purchase price is paid through the contract for terms, the purchaser will be given a certificate of sale that includes the terms and will be required to sign a promissory note for which a trust deed will be recorded. The highest offer for any parcel that is equal to or exceeds the minimum bid price shall be conditionally accepted as of the close of bidding for that parcel. Upon conditional acceptance of an offer at the time of the sale, the sale as to that parcel shall be deemed closed. The Board of County Commissioners may authorize the sale of any real property not sold at this auction to be sold by private sale pursuant to ORS 275.200. ALL PARCELS ARE SOLD AS IS. Potential bidders should thoroughly investigate all aspects of a property prior to bidding. Deschutes County has not surveyed the aforementioned real properties and makes no representation as to boundaries, encroachments or encumbrances. Deschutes County does not guarantee or warrant that any parcel is buildable, suitable for septic system, has legal access, is vacant or is usable for any particular purpose. The County shall not warrant or defend the fee simple title of real property offered for sale to be free of defects or encumbrances, but will only sell and convey such interest as the County acquired by foreclosure or other means and holds at the time of sale. Furthermore, conveyance is subject to all valid, recorded easements, road right of way dedications and the right of any municipal corporation to purchase such property pursuant to State law and subject to the right of the Board of County Commissioners to reject any and all bids. SOME PROPERTY WILL BE SOLD SUBJECT TO THE BUYER ACCEPTING TITLE ENCUMBERED WITH A COVENANT THAT RESTRICTS DEVELOPMENT PURSUANT TO THE DESCHUTES COUNTY TRANSFERABLE DEVELOPMENT CREDIT PROGRAM, DESCHUTES COUNTY CODE CHAPTER 11.12. ADDITIONALLY, SOME PROPERTY WILL BE SOLD SUBJECT TO BUYER AGREEING. TO ELIMINATE THE WILDFIRE FUELS. Example copies of the Fuels Management Agreement and the Transferable Development Credit Program restrictive covenant document are available for review on the Deschutes County website (www.deschutes.org) and at the office of Deschutes County Property Management, 1300 NW Wall Street, Suite 200, Bend, Oregon. Packets of tax lot maps may be viewed through the website address above or purchased from the Deschutes County Property Management Department at the above address. For information on the land sale auction, contact Deschutes County Property Management at (541) 330-4656. The sale location is wheelchair accessible. Materials are available in alternative formats. For the deaf or hard of hearing, an interpreter or assistive listening system will also be provided with 48 hours notice. To arrange for these services, please contact Risk Management at (541) 330-4631. LES STILES Deschutes County Sheriff By Rebecca Brown, Civil Technician Published in Bend Bulletin Date of First Publication: February 7, 2007, February 14, 2007, February 21, 2007 Date of Last Publication February 28, 2007 Page 5 of 5 - Exhibit "A" to Order 2007-001 (01/03/07) NOTE PARTIES: Promisor: Promisee: DESCHUTES COUNTY, a political subdivision of the State of Oregon Property Management Department 1300 NW Wall Street, Suite 200 Bend, Oregon 97701 FOR VALUE RECEIVED, Promisor promises to pay Promisee, at Promisee's order, the principal sum of and No/ 100 DOLLARS ) with interest on the unpaid principal balance from 2007, until paid, at the rate of per cent C_%) per annum. Principal and interest shall be payable to Deschutes County Treasurer, Finance Department, 1300 NW Wall Street, Suite 200, Bend, Oregon 97701, or such other place as Promisee may designate, in consecutive monthly installments of /100 DOLLARS on the 1 st day of each month beginning Such monthly installments shall continue until the entire indebtedness evidenced by this Note is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on , 2017. Promisee acknowledges receipt of a down payment in the amount of If any monthly installment under this Note is not paid when due and remains unpaid after a date specified by a notice to Promisor, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option of Promisee. The date specified shall not be less than thirty days from the date such notice is mailed. Promisee may exercise this option to accelerate during any default by Promisor regardless of any prior forbearance. Promisor shall pay to Promisee a late charge of five per cent (5%) of any monthly installment not received by Promisee within ten (10) days after the installment is due. Such late charge shall be paid on demand and Promisee may add such late charge to the principal balance of the Note. Promisor may prepay the principal amount outstanding in whole or in part. Promisee may require that any partial prepayments (i) be made on the date monthly installments are due and (ii) be in the amount of that part of one or more monthly installments which would be applicable to principal. Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any subsequent monthly installments or change the amount of such installments, unless Promisee shall otherwise agree in writing. All persons liable either now or hereafter for payment of this Note severally waive presentment, demand for payment and notice of nonpayment. This Note shall be the joint and several obligation of all persons liable for payment of this Note, and shall be binding upon them and their successors and assigns. Page 1 of 3 -NOTE b I Or-EX6~d Any notice to Promisor provided for in this Note shall be given by mailing such notice by certified mail addressed to Promisor at the address set forth under Promisor's name, or to such other address as Promisor may designate by notice to Promisee. Any notice to Promisee shall be given by mailing such notice by certified mail, return receipt requested, to Promisee at the address set forth under Promisee's name, or at such other address as may have been designated by notice to Promisor. This obligation is secured by a real estate Trust Deed with power of sale, of even date herewith, and is subject to all of the terms and conditions of such Trust Deed. If this Note is placed in the hands of an attorney, Promisor agrees to pay the reasonable fee and expenses of such attorney even though no suit or action is instituted or no sale of the property has been directed under the terms of the real estate Trust Deed securing this obligation. Such fees, expenses and costs may, at Promisee's option, be added to the principal balance of this Note. Failure to exercise any option to declare default or accelerate the balance due hereon shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. Modification of the terms of payment of this Note made at the request of any person liable thereof shall not impair such person's liability or the liability of any other person now or hereafter liable for the payment hereof. In the event that a building permit or a manufactured home placement permit is issued on the premises identified in the Trust Deed, this Note immediately becomes due and payable. Promisor acknowledges that based upon Promisor's own inspection and investigation, Promisor is satisfied that the premises identified in the Trust Deed do not now contain any amounts of hazardous, toxic, radioactive or other substances for which a property owner or operator may be liable under state or federal environmental pollution or health and safety laws. Accordingly, Promisor agrees that, as between Promisee and Promisor, Promisor will assume responsibility and liability and shall indemnify Promisee for any release or discharge of hazardous, toxic, radioactive or other dangerous substances regulated under state or federal pollution control laws found hereafter on, in or about the premises identified in the Trust Deed. NOTICE TO THE PROMISOR DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE AUTHORIZES THE PROMISEE TO REFUSE TO ACCEPT PARTIAL PREPAYMENTS WHICH ARE NOT TENDERED ON THE DATE MONTHLY INSTALLMENTS ARE DUE AND WHICH ARE NOT IN THE AMOUNT OF THAT PART OF ONE OR MORE INSTALLMENTS WHICH WOULD BE APPLICABLE TO PRINCIPAL. CAUTION: READ BEFORE SIGNING. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS, IF ANY, UNDER ORS 197.352. THIS INSTRUMENT DOES NOT ALLOW USE OF THE Page 2 of 3 - NOTE EXH9 JBJTR-1W6 PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES, TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 197.352. PROMISOR: Page 3 of 3 -NOTE Date: Date: EXIdlB6T~9 01988-2003 STEVENS-NESS LAW PUBLISHING P.0 PGBTI A— - - e.......... FORM No. 881 - TRUST DEED (Assignment Restricted). OF ANY STEVENS-NESS FORM MAY BE REPRODUCED IN ANY FORM OR BY ANY ELECTRONIC OR MECHANICAL MEANS. TRUST DEED Grantor's Name and Address _______________________ry._______-__ Beneficia s Name and Address After recording, return to (Name, Address, Zip): THIS TRUST DEED, made on STATE OF OREGON, County of } SS. I certify that the within instrument was received for recording on at o'clock M., and recorded in book/reel/volume No. on page FOR SPACE ERVED and/or as fee/file/instrument/microfilm/reception RECORDER'S USE No. Records of this County. Witness my hand and seal of County affixed. NAME TITLE fk FBy Deputy. between as Grantor, as Trustee, and as Beneficiary, WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee, in trust, with power of sale, the property in County, Oregon, described as: EXHIBIT .W. S 'b L+OF together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto belonging or in any way now or hereafter appertaining, and the rents, issues and profits thereof, and all fixtures now or hereafter attached to or used in con- nection with the pproppertyy. FOR THE PURP6SE OF SECURING PERFORMANCE of each agreement of grantor herein contained and payment of the sum of Dollars, with interest thereon according to the terms of a promissorynote of even date herewith, payable to beneficiary or order and made by grantor, the final payment of principal and interest, if not sooner paid, to be due and payable on The date of maturity of the debt secured by this instrument is the date, stated above, on which the final installment of the note becomes due and payable. Should the grantor either agree to, attempt to, or actually sell, convey, or assign all (or any part) of the property, or all (or any part) of grantor's interest in it without first obtaining the written consent or approval of the beneficiary, then, at the beneficiary's option*, all obligations secured by this instrument, irrespective of the matu- rity dates expressed therein, or herein, shall become immediately due and payable. The execution by grantor of an earnest money agreement** does not constitute a sale, conveyance or assignment. To protect the security of this trust deed, grantor agrees: 1. To protect, preserve and maintain the property in good condition and repair; not to remove or demolish any building or improvement thereon; and not to commit or permit any waste of the property. 2. To complete or restore promptly and in good and habitable condition any building or improvement which maybe constructed, damaged or destroyed there- on, and pay when due all costs incurred therefor. 3. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the property; if the beneficiary so requests, to join in exe- cuting such financing statements pursuant to the Uniform Commercial Code as the beneficiary may require, and to pay for filing the same in the proper public office or offices, as well as the cost of all lien searches made by filing officers or searching agencies as may be deemed desirable by the beneficiary. 4. To provide and continuously maintain insurance on the buildings now or hereafter erected on the property against loss or damage by fire and other haz- ards, as the beneficiary may from time to time require, in an amount not less than written by one or more companies acceptable to the beneficiary, with loss payable to the latter. All policies of insurance shall be delivered to the beneficiary as soon as issued. If the grantor shall fail for any reason to procure any such insurance and to deliver the policies to the beneficiary at least fifteen days prior to the expiration of any policy of insur- ance now or hereafter placed on the buildings, the beneficiary may procure the same at grantor's expense. The amount collected under any fire or other insurance pol- icy may be applied by beneficiary upon any indebtedness secured hereby and in such order as beneficiary may determine, or at option of beneficiary the entire amount so collected, or any part thereof, may be released to grantor. Such application or release shall not cure or waive any default or notice of default hereunder or invali- date any act done pursuant to such notice. 5. To keep the property free from construction liens and to pay all taxes, assessments and other charges that may be levied or assessed upon or against the property before any part of such taxes, assessments and other charges becomes past due or delinquent and promptly deliver receipts therefor to beneficiary. Should the grantor fail to make payment of any taxes, assessments, insurance premiums, liens or other charges payable by grantor, either by direct payment or by providing beneficiary with funds with which to make such payment, beneficiary may, at its option, make payment thereof, and the amount so paid, with interest at the rate set forth in the note secured hereby, together with the obligations described in paragraphs 6 and 7 of this trust deed, shall be added to and become a part of the debt secured by this trust deed, without waiver of any rights arising from breach of any of the covenants hereof. For such payments, with interest as aforesaid, the proper- ty hereinbefore described, as well as the grantor, shall be bound to the same extent that they are bound for the payment of the obligation herein described. All such payments shall be immediately due and payable without notice, and the nonpayment thereof shall, at the option of the beneficiary, render all sums secured by this trust deed immediately due and payable and shall constitute a breach of this trust deed. 6. To pay all costs, fees and expenses of this trust, including the cost of title search, as well as the other costs and expenses of the trustee incurred in con- nection with or in enforcing this obligation, and trustee and attomey fees actually incurred. 7. To appear in and defend any action or proceeding purporting to affect the security rights or powers of beneficiary or trustee; and in any suit, action or pro- ceeding in which the beneficiary or trustee may appear, including any suit for the foreclosure of this deed or any suit or action related to this instrument, including but not limited to its validity and/or enforceability, to pay all costs and expenses, including evidence of title and the beneficiary's or trustee's attomey fees. The amount of attomey fees mentioned in this paragraph in all cases shall be fixed by the trial court, and in the event of an appeal from any judgment or decree of the trial court, grantor further agrees to pay such sum as the appellate court shall adjudge reasonable as the beneficiary's or trustee's attorney fees on such appeal. It is mutually agreed that: 8. In the event that any portion or all of the property shall betaken under the right of eminent domain or condemnation, beneficiary shall have the right, if it so elects, to require that all or any portion of the monies payable as compensation for such taking which are in excess of the amount required to pay all reasonable costs, expenses and attomey fees necessarily paid or incurred by grantor in such proceedings, shall be paid to beneficiary and applied by it first upon any reasonable costs and expenses and attorney fees, both in the trial and appellate courts, necessarily paid or incurred by beneficiary in such proceedings, and the balance applied upon the indebtedness secured hereby. Grantor agrees, at its own expense, to take such actions and execute such instruments as shall be necessary in obtaining such compensation promptly upon beneficiary's request. NOTE: The Trust Deed Act provides that the trustee hereunder must be either an attorney who is an active member of the Oregon State Bar, a bank, trust company or savings and loan association authorized In do business under the laws of Oregon or the United States, a title insurance company authorized to insure title to real property of thte state, its subsidiaries, affiliates, agents or branches, the United States or any agency thereof, or an escrow agent licensed under ORS 696.505 to 696.585. WARNING: 12 USC 1701]-3 regulates and may prohibit exercise of this notion. 0 9. At any time, and from time to time upon written request of beneficiary, payment of its fees and presentation of this deed and the note for endorsement (in case of full reconveyances, for cancellation), without affecting the liability of any person for the payment of the indebtedness, trustee may (a) consent to the making of any map or plat of the property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination or other agreement affecting this deed or the lien or charge thereof; or (d) reconvey, without warranty, all or any part of the properly. The grantee in any reconveyance may be described as the "per- son or persons legally entitled thereto;' and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustee fees for any of the services mentioned in this paragraph shall be not less than $5. 10. Upon any default by grantor hereunder, beneficiary may, at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the property or any part thereof, in its own name sue or otherwise collect the rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collec- tion, including reasonable attorney fees, upon any indebtedness secured hereby, and in such order as beneficiary may determine. 11. The entering upon and taking possession of the property, the collection of such rents, issues and profits, or the proceeds of fire and other insurance poli- cies or compensation or awards for any taking or damage of the property, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default hereunder, or invalidate any act done pursuant to such notice. 12. Upon default by grantor in payment of any indebtedness secured hereby or in grantor's performance of any agreement hereunder, time being of the essence with respect to such payment and/or performance, the beneficiary may declare all sums secured hereby immediately due and payable. In such event, the beneficiary may elect to proceed to foreclose this trust deed in equity as a mortgage or direct the trustee to foreclose this trust deed by advertisement and sale, or may direct the trustee to pursue any other right or remedy, either at law or in equity, which the beneficiary may have. In the event the beneficiary elects to foreclose by advertise- ment and sale, the beneficiary or the trustee shall execute and cause to be recorded a written notice of default and election to sell the property to satisfy the obliga- tion secured hereby whereupon the trustee shall fix the time and place of sale, give notice thereof as then required by law and proceed to foreclose this trust deed in the manner provided in ORS 86.735 to 86.795. 13. After the trustee has commenced foreclosure by advertisement and sale, and at any time prior to 5 days before the date the trustee conducts the sale, the grantor or any other person so privileged by ORS 86.753 may cure the default or defaults. If the default consists of a failure to pay, when due, sums secured by the trust deed, the default may be cured by paying the entire amount due at the time of the cure other than such portion as would not then be due had no default occurred. Any other default that is capable of being cured may be cured by tendering the performance required under the obligation or trust deed. In any case, in addition to curing the default or defaults, the person effecting the cure shall pay to the beneficiary all costs and expenses actually incurred in enforcing the obligation of the trust deed, together with trustee and attorney fees not exceeding the amounts provided by law. 14. Otherwise, the sale shall be held on the date and at the time and place designated in the notice of sale or the time to which the sale may be postponed as provided by law. The trustee may sell the property either in one parcel or in separate parcels and shall sell the parcel or parcels at auction to the highest bidder for cash, payable at the time of sale. Trustee shall deliver to the purchaser its deed in form as required by law conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in the deed of any matters of fact shall be conclusive proof of the truthfulness thereof. Any person, excluding the trustee, but including the grantor and beneficiary, may purchase at the sale. 15. When trustee sells pursuant to the powers provided herein, trustee shall apply the proceeds of sale to payment of: (I) the expenses of sale, including the compensation of the trustee and a reasonable charge by trustee's attorney; (2) to the obligation secured by the trust deed; (3) to all persons having recorded liens sub- sequent to the interest of the trustee in the trust deed as their interests may appear in the order of their priority; and (4) the surplus, if any, to the grantor, or to any successor in interest entitled to such surplus. 16. Beneficiary may, from time to time, appoint a successor or successors to any trustee named herein or to any successor trustee appointed hereunder. Upon such appointment, and without conveyance to the successor trustee, the latter shall be vested with all title, powers and duties conferred upon any trustee herein named or appointed hereunder. Each such appointment and substitution shall be made by written instrument executed by beneficiary, which, when recorded in the mortgage records of the county or counties in which the property is situated, shall be conclusive proof of proper appointment of the successor trustee. 17. Trustee accepts this trust when this deed, duly executed and acknowledged, is made a public record as provided by law. 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, beneficiary or trustee shall be a party unless such action or proceeding is brought by trustee. The grantor covenants to and agrees with the beneficiary and the beneficiary's successors in interest that the grantor is lawfully seized in fee simple of the real properly and has a valid, unencumbered title thereto, except as may be set forth in any addendum or exhibit attached hereto, and that the grantor will warrant and for- ever defend the same against all persons whomsoever. WARNING: Unless grantor provides beneficiary with evidence of insurance coverage as required by the contract or loan agree- ment between them, beneficiary may purchase insurance at grantor's expense to protect beneficiary's interest. This insurance may, but need not, also protect grantor's interest. If the collateral becomes damaged, the coverage purchased by beneficiary may not pay any claim made by or against grantor. Grantor may later cancel the coverage by providing evidence that grantor has obtained prop- erty coverage elsewhere. Grantor is responsible for the cost of any insurance coverage purchased by beneficiary, which cost may be added to grantor's contract or loan balance. If it is so added, the interest rate on the underlying contract or loan will apply to it. The effective date of coverage may be the date grantor's prior coverage lapsed or the date grantor failed to provide proof of coverage. The coverage beneficiary purchases may be considerably more expensive than insurance grantor might otherwise obtain alone and may not satisfy any need for property damage coverage or any mandatory liability insurance requirements imposed by applicable law. The grantor warrants that the proceeds of the loan represented by the above described note and this trust deed are (choose one):* (a) primarily for grantor's personal, family or household purposes (see Important Notice below). (b) for an organization, or (even if grantor is a natural person) are for business or commercial purposes. This deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, personal representatives, successors and assigns. The term beneficiary shall mean the holder and owner, including pledgee, of the contract secured hereby, whether or not named as a benefi- ciary herein. In construing this trust deed, it is understood that the grantor, trustee and/or beneficiary may each be more than one person; that if the context so requires, the singular shall be taken to mean and include the plural, and that generally all grammatical changes shall be made, assumed and implied to make the provisions here- of apply equally to corporations and to individuals. IN WITNESS WHEREOF, the grantor has executed this instrument the day and year first written above. 'IMPORTANT NOTICE: Delete, by lining out, whichever warranty (a) or (b) Is Inapplicable. If warranty (a) is applicable and the beneficiary is a creditor as such word Is de tried in the Truth-in-Lending Act and Regulation Z, the beneficiary MUST comply with the Act and Regulation by making required disclosures. If compliance with the Act Is not required, disregard this notice. STATE OF OREGON, County of s4 s. This instrument was acknowledged before me on by This instrument was acknowledged before me on by as of Notary Public for Oregon My commission expires - REQUEST FOR FULL RECONVEYANCE (To be used only when obligations have been paid.) TO: -----------------------------------------------------,Tmstee The undersigned is the legal owner and holder of all indebtedness secured by the foregoing trust deed. All sums secured by the trust deed have been fully paid and satisfied. You hereby are directed, on payment to you of any sums owing to you under the terms of the trust deed or pursuant to statute, to cancel all evidences of indebtedness secured by the trust deed (which are delivered to you herewith together with the trust deed) and to reconvey, without warranty, to the parties desig- nated by the terms of the trust deed, the estate now held by you under the same. Mail the reconveyance and documents to DATED Do not lose or destroy this Trust Deed OR THE NOTE which it secures. ------------------------------------ry Both should be delivered to the trustee for cancellation before Beneficiary EXHIBIT 5oF5