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HomeMy WebLinkAboutSale of Prop - StanageDeschutes County Board of Commissioners 1300 NW Wall St., Suite 200, Bend, OR 97701-1960 (541) 388-6570 -Fax (541) 385-3202 -www.deschutes.org AGENDA REQUEST & STAFF REPORT For Board Business Meeting of March 5,2014 DATE: February 28,2014 FROM: Susan Ross Property & Facilities 541-383-6713 TITLE OF AGENDA ITEM: Consideration of Board Signature of Documents Related to Sale of Property to Russell Stanage for Property on Bill Martin Road in Bend, Oregon. PUBLIC HEARING ON THIS DATE? No BACKGROUND AND POLICY IMPLICATIONS: The Board of County Commissioners authorized the sale of certain property, including 64815 Bill Martin Road, Bend, Oregon, by public auction. Section 5 of the Order states that if any parcels are not sold at auction, they may be sold privately without further notice. A public auction was held on August 9, 2013, and there were no bids on the Bill Martin Road parcel. Russell Stanage subsequently submitted a written offer to purchase the property for the established minimum bid of $ 136,000. There are numerous documents related to this transaction: Document #2014-026, Bargain & Sale Deed conveying property to Russell Stanage Document #2014-129, Purchase & Sale Agreement between Deschutes County and Russell Stanage Document #2014-130, Promissory Note with Russell Stan age Document #2014-131, Trust Deed with Russell Stanage FISCAL IMPLICATIONS: $136,000 purchase price; 20% down payment; balance financed for 10 years at 5.5%. RECOMMENDATION & ACTION REQUESTED: Staff recommends Board signature of Documents 2014-026,129, 130, and 131 ATTENDANCE: Susan Ross DISTRIBUTION OF DOCUMENTS: Originals to Susan Ross for recording. DESCHUTES COUNTY DOCUMENT SUMMARY (NOTE: This fonn is required to be submitted with ALL contracts and other agreements, regardless of whether the document is to be on a Board agenda or can be signed by the County Administrator or Department Director. If the document is to be on a Board agenda, the Agenda Request Fonn is also required. If this fonn is not included with the document, the document will be returned to the Department. Please submit documents to the Board Secretary for tracking purposes, and not directly to Legal Counsel, the County Administrator or the Commissioners. In addition to submitting this fonn with your documents, please submit this fonn electronically to the Board Secretary.) Please complete all sections above the Official Review line. Date: ~/28/20 141 Department: IProperty & Facilitie~ Contractor/Supplier/Consultant Name: Russell Stana e, Bu e Contractor Contact: Contractor Phone #: 541-480-5758 Type of Document: Sale Agreement, Bargain & Sale Deed, Promissory Note, Trust Deed, Goods and/or Services: N/A Background & History: The Board of County Commissioners authorized the sale of certain property, including 64815 Bill Martin Road, Bend, Oregon, by public auction. Section 5 of the Order states that if any parcels are not sold at auction, they may be sold privately without further notice. A public auction was held on August 9, 2013, and there were no bids on the Bill Martin Road parcel. Russell Stanage subsequently submitted a written offer to purchase the property for the established minimum bid of $136,000. There are numerous documents related to this transaction: Document #2014-126, Bargain &Sale Deed conveying property to Russell Stanage Document #2014-129, Purchase &Sale Agreement between Deschutes County and Russell Stan age Document #2014-130, Promissory Note with Russell Stanage Document #2014-131, Trust Deed with Russell Stanage Agreement Starting Date: IUpon signatur~ Ending Date: N/A ment, N/A D Insurance Certificate ReCeiVjd (ChjCk box) Insurance Expiration Date: N/A Check all that apply: D RFP, Solicitation or Bid Process D Informal quotes «$150K) D Exempt from RFP, Solicitation or Bid Process (specify ­see DCC §2.37) N/A Funding Source: (Included in current budget? DYes D No If No, has budget amendment been submitted? DYes D No 2/28/2014 Is this a Grant Agreement providing revenue to the County? 0 Yes ~ No Special conditions attached to this grant: Deadlines for reporting to the grantor: If a new FTE will be hired with grant funds, confirm that Personnel has been notified that it is a grant-funded position so that this will be noted in the offer letter: 0 Yes 0 No Contact information for the person responsible for grant compliance: Name: Phone#: Departmental Contact and Title: ISusan Rosij Phone #: 541-383-6713 Department Director Approval: ~£-;Z/7CC/t'l tSlgf1BtlJre Date Distribution of Document: Original documents to Susan Ross for recording and transmittal to the buyer. Official Review: County Signature Required (check one): 0 SOCC 0 Department Director (if <$25K) o Administrator (if >$25K but <$150K; if >$150K, SOCC Order No. _____) Legal Review Date Document Number 2014-026, '29, 130, 131 2/28/2014 REVIEWED LEGAL COUNSEL After Recording, Return To: Deschutes County Property & Facilities PO Box 6005 Bend. Oregon 97708 After Recording, Forward All Tax Statements To: Russell Stanage 22333 Calgary Drive Bend, Oregon 97702 For Recording Stamp Only BARGAIN AND SALE DEED DESCHUTES COUNTY, a political subdivision of the State of Oregon, Grantor, conveys to Russell T. Stanage, Grantee, the real property described as: Parcel Two (2), Partition Plat No. 2011-11, recorded November 1, 2011 in Partition Cabinet 4, Page 93, Deschutes County, Oregon. SUBJECT TO all encumbrances of record and those common and apparent on the land. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT. THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS. IF ANY, UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007. THIS INSTRUMENT DOES NOT ALLOW USE OF THE 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 THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, 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 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007. The true consideration for this conveyance is $136.000. BARGAIN & SALE DEED DC 2014-026 DESCHUTES COUNTY DOCUMENT NO. 2014-026 DATED this __day of _______, 2014 BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON TAMMY BANEY, Chair ANTHONY DEBONE, Vice Chair ATTEST: Recording Secretary ALAN UNGER, Commissioner State of Oregon ) ) ss. County of Deschutes ) Before me, a Notary Public, personally appeared TAMMY BANEY, ANTHONY DEBONE. and ALAN UNGER, the above-named Board of County Commissioners of Deschutes County, Oregon and acknowledged the foregoing instrument on behalf of Deschutes County, Oregon. DATED this __day of ______" 2014 Notary Public for Oregon My Commission Expires: ________ BARGAIN & SALE DEED DESCHUTES COUNTY DOCUMENT NO. 2014-026 REVIEWED LE GAL COUNSEL For Recording Stamp Only SALE AND PURCHASE AGREEMENT SELLER: DESCHUTES COUNTY, Oregon, a political subdivision of the State of Oregon, 14 NW Kearney Street Bend, Oregon 97701 BUYER: RUSSELL T STANAGE, an Individual 22333 Calgary Drive Bend, Oregon 97702 THE PROPERTY: Parcel Two (2), Partition Plat No. 2011-11, recorded November 1,2011, in Partition Cabinet 4, Page 93, Deschutes County, Oregon, commonly known as 64815 Bill Martin Road, Bend, Oregon. PURCHASE PRICE: One Hundred Thirty-Six Thousand and No/IOO Dollars ($136,000.00) 1. Recital. Pursuant to authority of ORS 275.200, the Board of County Commissioners for Deschutes County (the "Board") has authorized the sale of the real property described above. Buyer wishes to purchase from Seller the real property described above (the nproperty") with all improvements located thereon, for cash or cashier's check, the amount shown above ("Purchase Price") in full. This Agreement and the Buyer's act of tendering payment shall constitute a binding commitment to purchase the Property. In accepting Buyer's payment, Seller is acting in reliance upon Buyer's commitment to purchase the Property. 2. Payment of Purchase Price. Buyer agrees to pay a cash down payment of 20% of the purchase price (Twenty-Seven Thousand Two Hundred and No/lOO Dollars; $27,200), with the balance to be paid in equal monthly installments over a period of ten (10) years, with a fixed loan rate of 5.5%, secured by a promissory note and trust deed. Additionally, Buyer shall pay to Seller a late charge of five percent (5%) of any monthly installment not received by Seller within ten (10) days after the installment is due. Buyer may prepay the principal amount outstanding in whole or in part without any prepayment penalty. 3. As Is. All deeds are bargain and sale deeds pursuant to OR 93.860, and conveyance shall be subject to any and all encumbrances of record or apparent upon the land. Seller makes no representations or warranties regarding the possible use of any property offered for sale, the quality of title passed, the physical condition of the real property sold or any defect therein. Additionally, Buyer represents that it has accepted and executed this Agreement on the basis of Page 1 of 4 -Purchase and Sale Agreement Deschutes County DOC #2014-129 DC 2 0 14 ~ 1 ;:> 9 Buyer's own examination and personal knowledge of the Property; that Seller and Seller's agents have made no representations, warranties, or other agreements concerning matters relating to the property; that Seller and Seller's agents have made no agreement or promise to alter, repair, or improve the Property; and that Buyer takes this Property in the condition, known or unknown, existing at the time of this Agreement, "AS IS." Further, Buyer acknowledges that based upon Buyer's own inspection and investigation, Buyer is satisfied that the premises 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, Buyer agrees that, as between Seller and Buyer, Buyer will assume responsibility and liability and shall indemnify Seller 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 property. Buyer's obligations, responsibilities and liabilities of this section are continuing obligations, responsibilities and liabilities and shall not be extinguished by termination of this Agreement or merger with the deed or its recordation in the official records. Finally, Buyer acknowledges that Seller is exempt under ORS 105.470 from the Seller Disclosure Statement requirements of ORS 105.452 to 105.490 because the sale/transfer of the property is by a governmental agency. 4. Binding Effect! Assignment Restricted. This Agreement is binding on and will inure to the benefit of Seller, Buyer, and their respective heirs, legal representatives, successors, and assigns. Nevertheless, Buyer agrees not to assign its rights under this Agreement. Sale of real property is subject to the approval and confirmation of sale by the Board, and to the right of any municipal corporation to purchase such property as provided by law. In the event such sale shall not be approved, or said property shall be purchased by a municipal corporation, those sums paid shall be promptly refunded to Buyer, less any recording fees or costs incurred by Seller. 5. Down Payment Refund (if a down payment was made). If (1) Seller does not approve this Agreement; or (2) Seller fails to complete this transaction in accordance with this Agreement, or perform any other act as herein provided through no fault of Buyer, then all the down payment shall be promptly refunded to Buyer. Acceptance by Buyer of the refund shall constitute a waiver of other legal remedies available to Buyer. If Seller approves this Agreement and (1) Buyer has misrepresented Buyer's financial status; or (2) Buyer's bank does not pay, when presented, any check given as a down payment; or (3) Buyer fails to complete this transaction in accordance with this Agreement, or perform any other act as herein provided, then twenty percent (20%) of all down payment paid or agreed to be paid shall be paid to Seller either as liquidated damages or as otherwise allowed under Oregon law, and this transaction shall be of no further binding effect. It is the intention of the parties that SeDer's sole remedy against Buyer for Buyer's failure to close this transaction shall be limited to the amount of earnest money paid or agreed to be paid herein. 6. Time Is of the Essence. Time is of the essence of each and every provision of this Agreement. 7. Closing. Closing shall take place within thirty (30) days of notification to Seller's Property Manager by Seller that all funds tendered with Buyer's cashier's check have been fully deposited in Seller's account. Page 2 of 4 Purchase and Sale Agreement Deschutes County DOC #2014-129 8. Deed. On the Closing Date, Seller shall execute and deliver to Buyer a statutory bargain and sale deed conveying to Buyer any interest Seller has in the Property. 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon without regard to principles of conflicts of law. Any claim, action, suit or proceeding (collectively, "Claim") between Seller and Buyer that arises from or relates to this Agreement shall be brought and conducted solely and exclusively within the Circuit Court of Deschutes County for the State of Oregon; provided, however, if a Claim shall be brought in federal forum, then it shall be brought and conducted solely and exclusively within the United States District Court for the District of Oregon. BUYER, BY EXECUTION OF THIS AGREEMENT, HEREBY CONSENTS TO THE IN PERSONUM JURISDICTION OF SAID COURTS. The parties agree that the UN Convention on International Sales of Goods shall not apply. 10. Notice. Except as otherwise expressly provided in this Agreement, any communications between the parties hereto or notices to be given hereunder shall be given in writing, to Buyer or Seller at the address or number set forth below or to such other addresses or numbers as either party may hereafter indicate in writing. Delivery may be by personal delivery, facsimile, or mailing the same, postage prepaid. a. Any communication or notice by personal delivery shall be deemed delivered when actually given to the designated person or representative. b. Any communication or notice sent by facsimile shall be deemed delivered when the transmitting machine generates receipt of the transmission. To be effective against Seller, such facsimile transmission shall be confirmed by telephone notice to Seller's Director of Administrative Services. c. Any communication or notice mailed shall be deemed delivered five (5) days after mailing. Any notice under this Agreement shall be mailed by first class postage or delivered as follows: To Buyer: To Seller: Russell T. Stanage, an Individual Director of Property & Facilities 22333 Calgary Drive PO Box 6005 Bend, Oregon 97702 Bend, Oregon 97708 Phone: 541-480-5758 Fax No.: 541-317-3168 11. Counterparts. This Agreement may be executed in several counterparts, all of which when taken together shall constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. Each copy of this Agreement so executed shall constitute on original. 12. Attorney Fees. In the event an action, lawsuit or proceeding, including appeal there from, is brought for failure to observe any of the terms of this Agreement, each party shall be responsible for their own attorney fees, expenses, costs and disbursements for said action, lawsuit, proceeding or appeal. Page 3 of 4 Purchase and Sale Agreement Deschutes County DOC #2014-129 13. Entire Agreement. This Agreement and the attached exhibits constitute the entire agreement between the parties. All understandings and agreements between the parties and representations by either party concerning this Agreement are contained in this Agreement. No waiver, consent, modification or change in the terms of this Agreement shall bind either party unless in writing signed by both parties. Any written waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 14. Applicable Law. This Agreement shall be construed, applied, and enforced in accordance with the laws of the sate of Oregon. 15. Acceptance. The undersigned, as Buyer, does hereby accept the terms of this Agreement. THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007. 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 THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007. DATE: SELLER: DESCHUTES COUNTY, OREGON Tammy Baney, Chair Anthony DeBone, Vice Chair Recording Secretary Alan Unger, Commissioner BUYER _____________DATE:______ Russell T. Stanage Page 4 of 4 Purchase and Sale Agreement Deschutes County DOC #2014-129 REVIEWED LEGAl COUNSEL For Recording Stamp Only NOTE PARTIES: Promisor: Russell Stanage, an Individual 22333 Calgary Drive Bend, OR 97702 Promisee: DESCHUTES COUNTY, a political subdivision of the State of Oregon Finance Department PO Box 6005 NW Wall Street Bend,Oregon 97701 FOR VALUE RECEIVED, Promisor promises to pay Promisee, at Promisee's order, the purchase price, which consists of the principal sum of this note plus the twenty percent (20%) previously paid to Promisee as a down payment, for the real property commonly known as (64815 Bill Martin Rd., Bend OR 97701) and legally described as: Parcel Two (2), Partition Plat No. 2011-11, recorded November 1, 2011, in Partition Cabinet 4, Page 93, Deschutes County, Oregon. In the principal sum of ONE HUNDRED EIGHT THOUSAND, EIGHT HUNDRED and No/100 DOLLARS ($108,800.00) with interest on the unpaid principal balance from March _,2014, until paid, at the rate of Five and One-half per cent (5.5%) per annum. Principal and interest shall be payable to Deschutes County Treasurer, Finance Department, PO Box 6005, Bend, Oregon 97708, or in person at 1300 N.W. Walll Street, Suite 200, Bend, Oregon 97701, or such other place as Promisee may designate, in consecutive monthly installments of ELEVEN HUNDRED EIGHTY NINE and 19/100 DOLLARS ($1,189.19), on the first day of each month beginning April 1, 2014. 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 April 1,2024. Promisee acknowledges receipt of a down payment in the amount of TWENTY-SEVEN THOUSAND TWO HUNDRED and NO/100 DOLLARS ($27,200.00). If any monthly installment under this Note is not paid when due and remains unpaid after DC 2 0 1~· - 1 3 0 Page 1 of3 Stan age Note (64815 Bill Martin Road) Deschutes County Doc #2014-130 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. 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, Deschutes County Document 2014-026, 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. Page 2 of 3 Stanage Note (64815 Bill Martin Road) Deschutes County Doc #2014-130 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 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 THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL AS DEFINED IN ORS 92.010 OR 215.010, TO VERITY THE 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: Date: -------­Russell T. Stanage Page 3 of3 Stanage Note (64815 Bill Martin Road) Deschutes County Doc #2014-130 FORM No. 881 -TRUST DEED (Assignment Restricted). II:> 1988-2003 STEVENS·NESS LAW PUBLISHING CO" PORTLAND, OR www.stev.nsn....com EA NO PART OF ANY STEVENS·NESS FORM MAY BE REPRODUCED IN ANY FORM OR BY ANY ELECTRONIC OR MECHANICAL MEANS. :~: TRUST DEED _______~y._''i~_~J.J,__St_~!t~&.~..:__~IJ__::;!tg.ly.lg!!.~1.___ _ _______Z~_~3_~__G~_l&.~T~__lQT_t~_~_____________________ _______B~_Qd_~_jJr_~&.Q!t_9_Z1_Q2_______________________ Grantor's Name and Address ______ J}~_~~_QY._t~_~__G9J!P_tY_______~_________________ _ ______J:O__ __ 9_QO_~_________________________________»_I!~ _______B~J1d_~_jJT_~&.QP__ 9_Z]_QB_~9_QO_~______________ _ Beneficiary's Name and Address After recording, ratum to (Neme. Address. Zip): ______ J}~_~~.hy._t~~':__G~J!!tty__ :-J~J'_QPJ~J'-tY_-M.~!t'U;.~ ______J:O __ ________________________________ ___»_Q~ 9_QO~ ______ Jl~1!d~_jJr_~&.QP__ 9_Z1_QB_~9_QO_~_______________ STATE OF OREGON, } ss. County of I certify that the within instrument was received for recording on _________________________ , at ____________ o'clock _____ .M., and recorded in book/reel/volume No. on page ________ _ SPACE RESERVED and/or as fee/file/instrument/microfilm/receptionFOR No. ___________ , Records of this County. RECORDER'S USE Witness my hand and seal of County affixed. NAME TITLE By _______________________________________ , Deputy. THIS TRUST DEED, made on ___________________________________________________________________________________ , between ________~~_~~~':~~~_~__~~_~V3l~~~~__~_I!__lvs!~~!s!~J!!~~_____________________________________________________________ , as Granto~ ________~~_!9~_~~4~_!§_Q!l_~__G9_~V_~j'__~_4~!~!§_tr_~t_Qr_~~____________________________________________________ ,asTrustee, and ________~~.Q~_!'!f_Q:!:l_~~Jz __G9_~~tY..!.__"!_.P9J·!.t,;;!.~~1 __~!!.Q4.!.~!.§.!Q~__Q.f_.!Q..!LA~S!.~~_Q:LOJ;:~ZQ1!~_~______ , as Beneficiary, WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee, in trust, with power of sale, the property in ______!?_~§I_S!tE.t~~________________ County, Oregon, described as: Parcel Two (2), Partition Plat No. 2011-11, recorep.d November I, 2011; in Partition Cabinet 4, Page 93, Deschutes County, Oregon, Commonly known as 64815 Bill Martin Road, Bend. Oregon. 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 property. FOR THE PURPOSE OF SECURING PERFORMANCE of each agreement ofrantor herein contained and payment of the sum of _____________________ _________~~g~~__~~~~!"_r:.~__'!'.!!!_~~1::_~!~_~~'..l_~~E~__~_I!~__!.i.Q __!g_Q_.Q9_U_~!"_~__{l!~_~.!_Q9_QLQ91~_~_____________________ Dollars, with interest thereon according to the terms of a promissory note 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 ----A~il.-l...--2'O'14------------------------. 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: I. 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 may be constructed, damaged or destroyed there· on, and pay when due all costs incurred therefor. 3. To comply with aU 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 dam¥e ~re and ether 'l>t2 ards, as the beneficiary may from time to time require, in an amount not less than $..:th.e_.fuJ.l.._I:.emain:f:ng._p_~it.!dj:ial..~-, writt;n b~~neeor 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 sueh 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 trost deed immediately due and payable and shall constitute a breach of this trost deed. 6. To pay all costs, fees and expenses of this trost, 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 attorney 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 trostec 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 attorney fees. The amount of attorney 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 rea,onable 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 be taken 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 rea,onable costs, expenses and attorney 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 Dead Act provides that the trustee hereunder muet be either an attomey who is an active member of the Oregon Stale Bar. a bank. trust company or 88vings and loan association authorized to do busineee under the laws of Oregon or the United Stales, a title insurance company authorized to insure title to real property of thie sl8te, its subsidiaries. affilial....gente or branches. the United Stalee or any agency thereof. or an escrow agent licensed under ORS 696.505 to 696.585. :~ARNIN~i:B~!rU!C t70~-3 regulates and may prohibit exe~~,~ of thie 0 il?": ..,. • DCDC DOC NO. 2014-131 ~ ~ written request of beneficiary. paymcnt of its fees and presentation of this deed and the note for endorsement (in t 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 property. 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 eourt, 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. II. 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 respeet 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 exeeute 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 foreelosure 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 defaull 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 eure 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 purehase 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 eompensation of the trustee and a reasonable eharge by trustee's attorney; (2) to the obligation secured by the trust deed; (3) to all persons having reeorded 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 sueh 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 ortrustee 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 suceessors in interest that the grantor is lawfully seized in fee simple of the real property and has a valid, unencumbered title thereto, except as may be set forth in any addendum or exhibit attaehed 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): * Cal 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, ineluding 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 WI1NESS WHEREOF, the grantor has executed this instrument the day and year first written above. "IMPORTANT NOTICE: Delete, by lining out, whichever warranty (a) or '0 •• C! C! ""L c·t"'n~O'F" "n I ndividual(b) is inapplicable. If warranty (a) is applicable and the beneficiary is ______L'IJ.l~.,.:...I. _IOL ........___.. __'d ---------------------------­ a creditor as such word is defined in the Truth-in-Lending Act and By: Regulation Z, the beneficiary MUST comply with the Act and --------------------------------------------------------------­ Regulation by makin~ required disclosures. If compliance with the Act Is not required, disregard this notice. ______(Ruase~L_S_ta:nageJ.________________________________ STATE OF OREGON, County of __.D.e.s!'..bu.t.e.s___________________ ) ss. This instrument was acknowledged before me on _______________________________________________ , by _____________________________________________________________________________________________________ . This instrument was acknowledged before me on _______________________________________________ , by ______~~~~~]L_~__~~_~~_~~_~__________________________________________________________________________ as ______ ~_~__~!l_~~~~_~~~~ of ______~_~!l_~1__Q_~~_g9}!_____________________________________________________________________________ . Notary Public for Oregon My commission expires ________________________________________ _ REQUEST FOR FULL RECONVEYANCE (To be used only when obligations have been paid.) TO: ______________________________________________________ , Trustee 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 ____________________________________ DAllED ______________________________________________________ . Do not lose or destroy this Trust Deed OR THE NOTE which it secures. Beneficiary80th should be delivered to the trustee for cancellation before reconvevance is made.