HomeMy WebLinkAbout97- Bozeman Interfaith Housing Montana Trust Indenture (2)
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MONTANA TRUST INDENTURE FILM 1?2 rACf1634
THIS TRUST INDENTURE, Made thisd}.t..,~~__ day of I?Azl.-<.],J..... , 1997, between BOZEMAN
INTERFAlTH HOUSING, INC. [II] (INTERFAITH) whose mailing address is P.O~ Box 7090, Bozeman, Montana
5977]-7090, as GRANTOR, PAUL 1. LUWE, Bozeman City Attorney, with principal office at 411 East Main Street,
as TRUSTEE, and CITY OF BOZEMAN, with principal office at 41 I East Main Street, Bozeman, Montana, as
BENEFICIARY,
WITNESSETH: That Grantor hereby irrevocably GRANTS, I3ARGAINS, SELLS, CONVEYS AND WARRANTS TO TRUSTEE
IN TRlIST, nevertheless, WITH POWER OF SALE, tbat certain real property, which does not exceed thirty (30) acres in area, situated in the
County of Gallatin, State or Montana, particularly described as follows, to.wit: .
Lot 2 of thc Bozeman Interfaith Housing 2 Subdivision, located in the Southwest one.quarter (SWV.) of Section 11,
Township 2 South, Range 5 East, P,M.M" according to the official plat thereof on file and of reeord in the ollice of the
County Clerk and Recorder, Gallatin County, Montana
TOGETHER WITI I: (I) All buildings, fixtures and improvements thereon and all water rights, rights-ol~way, tenements, hereditaments,
privileges and appurtenances thereunto belonging, now owned or hereafter aequired, however evideneed, used or enjoyed with said premises or
belonging to the smne; (2) All right, title alld interest hereafter aequired in or to any of said premises, hereby also releasing, relinquishing and
waiving all exnllptions, rights of snrviving spollse and hOlnestead in or to said premises, vested or inchoate; (3) All heating, air conditioning,
plllmbing and lighting lilcilitics, cquipmcnt and tixturcs now or hereafter installed upon or within said premises, used or proper or necessary to
constitute the said premises a habitable, usable or operating unit-all of said property being designated aud deemed for the purposes of this
instnnncnt a part of the realty; and (4) All of the rents, issues and profits of said premises, SUBJECT, HOWEVER, to the right, power and
authority hereinal1er conferred upon l3enelieiary to collect and apply such rents, issues and profits;
FOR THE PURPOSE OF SECURING: (I) Payment of the prineipal sum of Twenty tive Thousand and Noll 00 Dollars ($25,000,00)
with interest thereon aecording to the terms of a promissory note, dated __ J'. 41R , 1997 (and any extensions andlor renewals
or modilications thereoJ), made by Grantor payable to the order of l3eneficiary in monthly installments of One Hundred Fifty One and 50/100
Dnllars ($151,50), and the last payment of One Hundred Forty Nine and 73/1 00 Dollars ($149,73); (2) Payment of all sums expended or advanced
by l3eneJiciary under or pursuant to the terms hereol; together with interest thereon as herein provided; and (3) Performance of each agreement
of Grantor herein and in said note eontained,
TO PROTECT THE SECURITY OF TillS TRUST INDENTURE, AND fOR OTHER PURPOSES, GRANTOR AGREES:
1. To keep said property in good condition and repair; not to remove or demolish any building thereon; to eomplete and restore
prnlnptly and in a good and workmanlike manner any building which may be constructed, dalnaged or destroyed thereon, and to pay when due
all claims for lahor performed and rnaterials furnished therefor; to comply with all laws, covenants and restrictions affecting said property; not
to commit or permit waste thcreof; not eommit, suftcr or permit any act upon said property in violation of the law; to do all other aets whieh
Ji'tlm the chameter or use or said propcrly rnay be reasonably necessary, the specific enumemtions herein not excluding the general; and if the
loan secured hereby or any part thereof is being obtained for the purpose of tinaneing construction of improvements on said property, Grantor
further agrees:
(a) To commence construction promptly and to pursue the same with reasonable diligence to completion in aeeordanee with plans
and speci1ications satisfactory to the BeueJiciary, and
(b) To allow lleneJieiary to inspeet said property at all times during construction,
Trustee, upon presentation to it of an llll1davit signed by Benelieiary, selting forth filcts showing a default by Grantor under this nUlnbered
pamgnlph, is authoril,ed to accept as true and conclusive alllilcts and statements therein, and to act thereon as provided in this instrument, and
as allowed by law,
2, To providc, rnaintain and deliver to l3eneliciary, insuranee of such type or types and amounts as BeneJieiary may require,
on the improvements now existing or hcrcal1cr erected or placed on said property, Sueh insurance shall be carried in companies approved by
the Beneficiary with loss payable clause iu favor of and in form acceptable to Beneficiary, In the event of loss, Grantor shall give irnmediate
notice to Bencticiary, who may make proof of loss and each insurance company concerned is herehy authorized and directed to make payment
t"r such loss directly to Beneliciary instead of to Gmntor and Benetieiary jointly, and the insurance proceeds, or any part thereof, may be applied
by BcneJiciary, at its option, to the reduetion of the indehtedness hereby secured or to the restoration or repair of the property damaged,
3. To deliver to, pay lilr and maintain with Beneliciary until the indebtedness secured hereby is paid in full, such evidence
ortitk as Beneliciary may require, including abstracts of title or polieies oftitle insurance and any extensions or renewals thereof or supplements
thereto,
4. To pay beti.H'e dclinqnent all taxes and assessments, including interest l)nd penalties. al'rccting said premises and
improvements; to prnrnptly pay and discharge all encumbrances, eharges aud liens on said property which at any time arc, or appear to be, prior
or sliperior Irereto, III addilint) t<) the payments due in llccordanee with the tcrms or the note hereby secured, Grantnr shall, at the oplion and On
dcrnand or the Benelieiary, pay to the ikne1ieiary monthly and concurrently with payment of principal and interest, a sum equal to one"twelfth
(1/12) of the annual taxes, assessments, insunlnce pr~nliums, maintenance and other charges upon the property, as estirnated by the Ueneliciary,
in trust nevertheless for Ciralltor's use and benclit and 1'lH' payment by Ucndieiary of any such items when due, The I,dlure or Grantor to make
any such payments Sklll constitute a de/:Ilrltunder Ihis trust.
5, Exeept as otherwise expressly provided herein, to pay all costs, fees and expenses or this trust, ineluding eost of search and
evidcncc or title, advertising and recordiug expense, doeumentary taxcs and Trustee's and attorney's fees as allowed by law,
(" Should Grantor /:lil to make any payment or to do any aet as herein provided, then l3eneficiary or Trustee, without obligation
so to do and without notice to or demand upon Grantor and without releasing Grantor fi'om any obligation hereoC may make or do the samc in
sueh manner and to such exteut as either may deelllneeessary to protect the security hereof, Beneficiary or Trustee being authorizcd to enter upon
said properly Ii,r snch purposes.
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7, To pay immediately and without demand all sums expended hereunder by Benelleiary or Trustee, with jnter,c,~t hom date
of expenditure at the rate of eight percent (8%) per annum until paid, and the payment thereof shall bc secured hereby,
IT IS MlITlJALLY AGREED THAT:
8 Without alTceting the liability of any person, including Grantor, for the payment of any indebtedness secured hereby, or
the lien of this Trust Indenture on the remainder of the property for the full amount of aUY iudebtedness unpaid, Bcneticiary and Trustee are
respectively empowered as follows; Beneticiary may from time to time and without notice:
(a) Release any person liable for payment of any of the indebtedncss,
(b) Extend thc time or othcrwise alter thc terms of paymcnt of any of thc indebtcdness,
(c) Alter, substitutc or rei case ,lilY propcrty securing tbc indebtedness;
Trustcc may, at any time and IhJl11 time to timc, upon thc written requcst of Ikuei"ieiary:
(a) Conscnt to thc making of any map 01' plat of the property,
(b) .loin in granting any casement or crcating any rcstriction thcrcon,
(c) Join in any subordination or othcr agreement affccting this Trust Imknturc or lien or ehargc thcreol:
(d) Rcconvey, without warranty, all or any part of thc property,
9a, 130th parties agree that 13enelieialY nUlY, if Bcnefieiary so c1ects, procurc amI thereafter continue during the tcrm of this
Indenturc, for as long as Benelleiary desires, a form of insurance aceeptahle to Beneficiary inslll'ing Beneficiary against any loss sustaincd by
Bcneticiary by rcason of any default in payment hy Grantor of the secured indcbtedness, If Ilcnellciary e1ccts to procurc such insunmee, (JrantOT
shall promptly reimburse 8encl1ciary thc full amount of thc initial premium fur such insurance, During the term of this Indenture, (;rantor shall
each month deposit in escrow with Beneficiary 1/12th ofthc ncxtlollowing anticipated annual premium for such insurance, said deposit to b~
made at thc same time and plaec as Grantor makes monthly payments on the aforementioned promissory note, Benc1kiary Illay thercaJkr pay
all annual rcnewal premiums Irom such escrow, Should the amount deposited in escrow be insufficient to pay any rcncwal preminm in hIiI >IS
the smne become due, Grantor shall immediately upon demand deposit with or pay to Benellciary such additional amount as may be sumeient
to pay the rcncwal premium in thl\. Failure of Grantor to payor deposit any of the amounts relC.l'l'ed to herein shall constitute a delruIit of the
tcrms ofthis Indenture, Mortgagor further agrees to deposit in escrow with 13enelleiary IIl2 of the annual prelnium fill' hazard insurance coverage
and annual taxes and assessments each month, Failure of the Grantor to deposit any ofthe above amounts in the escrow account shall constitute
a dcfault of the tcrms of this indenturc,
9b, Upon written rcquest of Bencfieiary stating that all sums secured hereby have hcen paid, and upon surrender of this Trust
Indenture and said note to Trustee for eanccllation and retention and upon payment by Bencliciary of its fee.s, Trustee shall reconvey to (Jrantor,
without warranty, the property thcn held hercunder.
10, As additional seemity, Grantor hereby assigns to Benel1eiary, during the eontinuann' of these trusts, all rents, issucs,
royalties, aud pmlits of the property affeetcd by this Trust Indenture and of any pcrsonal property located thereon, Until (jrantor shall dcfau\(
in thc payment of any indebtedness secured hereby or in the performance of any agreement hcrcunder, Grantor shall have the right to coiled all
such rents, issues, royalties, and prol1ts carned prior to default as thcy bccome due and payable, If Grantor shall delrlUlt as aforesaid, Grantor's
right to eollcct any of such lTlonies shall ccas\: and Bcnefieiary shall have thc right, w:th or without taking possession of the property affectcd
hercby, to eollcct all rents, royaltics, isslles, and prollts, Failure or discontinuance of Bencticiary at any time or from time to limc to colkct any
such monies shall not in any manner affect the subsequent enforcement by Bcnelieiary of the right, power, and authority to collect the samc,
Nothing contained herein, nOT the cxereise of the right hy Beneticiary to collect, shall he, or be eonstrucd to be, an affirmation by BencJlciary
of any tenancy, lease or option, nor an assumption of liability nndcr, nor suhordination of the lien or charge of this Trust Indenture to any such
tenancy, lease or option,
\I, Upon any default hy Grantor hcreunder, Benel1eiary may <It any time without notice, either in person, by agcnt, 01' by a
receiver to hc appointcd by a court (Grantor herehy consenting to the appointment of Denel1eiary as such recciver), and without regard to thc
adequacy or any security for the indebtedness hereby secured, entcr upon and take possession of said property or any part thereof, in its own namc
Slle for or othcrwisc collect said rents, issues, and profits, including those past due and unpaid, and apply thc same, less cost and expcnses or
operation and collcction, including reasonable attorney's fces, upon any indebtcdness securcd hereby, and il1 such order as Benel1ciary may
detcrmine,
12, Thc cntering upon and taking possession of said propcrty, the collection of such rcnts, issues, and profits 01' the procecds
of lire or other insurance policies, or compensation 01' awards for any taking or damagc of said properly, and the application or releasc th~rcor
as aforesaid, shall not eurc or waivc any dcfault or notice of default hereunder or invalidate any act done pursuant to such notice,
13, Timc is of thc essence hereof Upon default by Grantor in the paymcnt of any indehtedncss secured hereby or in the
performance of any agreemcnt hereunder, all sums sccured hcreby shall immcdiately beeomc duc and payable at the option 01" thc lIenelieiary,
Beneficiary shall deposit with Trustee the note and all documcnts cvidencing cxpenditures secured hereby,
14, Arter th~ lapsc of such lime as may then be required by lawlollowin~ the recordation of notice of sale, Trustee, or ih
"IIOllley, without demand on Grantor, shall scil said property on thc date and at the time and plac~ designated in said notice of sale, either as a
whole or in separate parecls, and in such order as it may determine (but subject to any Slatutory right of Grantor to direct the order in which such
property, if consisting of several known lots or parcels, shall bc sold), at public auction to the highest hidder, thc purchase price paynble in cash
in lawfulllloney of the United States at the time of sale, The person conducting the sale Ill"y, for any cause he deems cxpcdient, postpoue the
salc for a pcriod not exceeding fiftcen (15) days, or sucb additional period as may be allowed by law, by puhlic proelamation by sudl person
at the time and place fixed in tbe notice of sale, and no other notice of the postponcd sale necd be given. Trustee shall executc and deliver 10
the purchaser its dced conveying said property so sold, but without any eovcnant of warranty, express or implied, The recitals in the dced of
any matters or facts shall be conclusive proof of the tnlthfulness thcreof. Any person including lkneliciary (hut excluding Trustee) may bid at
the S<lle, After dcducting all costs and expenses of exercising the power of sale and of the sale, includin~ cost of scarch HIll! evidence of title,
,Illvertising and recording expcnse, documentary taxes and Trustees' and attorney's fccs, Trustec shall apply the proceeds of sale to paymc,nl or
all arnounts sceured hereby and due hereunder, including all sums expended by thc Trustec and I3encliciary, or eithcr or them, with accrued
interest thereon at the wte of eight pcreent (8%) pcr annum from the datc of expenditure thereof, and the surplus, if any, to tht: person or persons
legally entitled thcreto; provided that the Trustee, in its diserction, may deposit such surplus with the County Clerk and Recorder of thc county
in which the sale took place,
15, Grantor agrees to surrender possession ofthc hereinabove described trust pwperty to the purchaser at the al()fesaid sale on
the tenth (10th) day lallowing said sale, in the evenl sHch possession has not previously been delivered by Grantor.
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\ '~J: r ~ I .. · FILM 172'ACf1636
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I.';, Each abstract of tilk, till~ insuranc~ policy and all oth~r ~vid~nces of title, and all hazard insuranc~ policies placed or
deJlosited w;fl".ihe Beneficiary shall be deemed an incident to the title to the trust property and upon foreclosur~ by ~x~rcise of powcr of sale,
or otherwise, shall pass to th~ purchaser and the same are hcr~by plcdg~d as additional s~curity for paymcnt of the indebtedness s~cur~d h~r~by,
17, Upon th~ oceurr~nc~ or any dclilUll h~reund~r, I3~ndiciary shall have the option to declare all sums s~cur~d h~r~by
immediat~ly du~ and payabl~ and lor~c1os~ this Trust Ind~nture in th~ mann~r provided by law for the foreclosure of mortgages on real property
and BcncJiciary shall b~ ~ntitled tu rCCllv~r in sucb pruce~dings all costs and ~xp~ns~s incid~nt thereto, including a reasonabk attorn~y's fee in
such amount as shall be lIxed by the Court
I g, Exeept as may be otherwise provided herein, Grantor agrees to pay to Beneficiary or Trustee the costs and expenses,
including a reasonable attorney's fee, incurr~d by ~ith~r of th~m in instituting, prosecuting or d~fending any Court action in which Grantor does
not prevail, if such action involves the interpre(ntion hereof or performance hereunder by a parly hereto ur the breach of any provision hereof
by a party hereto, including but not limited to an action to obtain possession of the above described property aner exercis~ of th~ pow~r of sale
granted hereunder.
19, This Trust Indenture shall apply (0, inur~ to th~ b~netit of and bind all parti~s hereto, their heirs, legatees, d~vise~s,
lldlllinistrntnrs, executors, successors and assigns, All obligations of the Grantor hereunder are joint and several. The t~rm "B~n~ficiary" shall
rnean the owner and holder, inehHling any pledgec, of the note secured hereby, In this Trust Indenture, whenever Ih~ context so requires, the
mascnline gender includes the feminine and/or neut~r, and the singular number includes the plural.
20, Tl'llstee accepts this Trust wh~n this Trust Ind~ntur~, duly executed and acknowl~dged, is made II public record as pruvi(kd
by law. Tl'lIstee is not obligated to notify any party hereto of a p~nding sale under any other trust indenture or of any aelion or pruc~eding in
which Grantor, 13enellciary, or Trustee shall be a party, unless brought by Trustee.
21. This 'frusl Indenture is made within thc Stale of Montana pursuant to the Small Tract Financing Act of Montana and is
nolmade or taken in substitution j(Jr any mortgage in cxistence on the effective date of said Act.
22, Grantor requests that a copy of any notice of default and of any nDtice of Sllle hereunder be mailed [0 him at the address
hel;sinabove set forth.
23, Upon rccordation of any security instrument, including but not Iirnitcd 10 a trusl indenture or mortgage, betwcen Grantor
and the Montllna Board of Housing or belween Grantor and the Montllna Deparlment of Commerce, this trust indenture shall be subordinale to
the lien Df the Montana Board of lIousing or Munlanll Deparlment of Cummerce security instrument 01' instruments.
IN WITNESS WHEREOF, Ihe Grantor has hei"eunto set his hand the day and year first hereinabove written,
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STATE or MONTANA )
) ss,
County of Gallatin )
On this&_ day of~12q!)_cL~__, 1997, before me, a Notary Public for the State of Washington,
personally appeared the REVEREND GLOVER WAGNER, known to me to be the President of the Bozeman
Interfaith Housing, Inc. (II) and the person(s) whose name is subscribed to the within instrument, and acknowledged
to me Ihat he executed the same for and on behalf of the Bozeman Interfaith HOLlsing, Inc. (II)
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year first
above written.
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REQUEST FOR FULL RECONVEYANCE \
TO: TRUSTI':':E _.._-".'-- ~,.,' ,.,._~_..- 1996
The undersigned is the legal owner and holder of the note and all other indebtedness secured by said Trust
Indenture, has been fully paid and satisf1ed and you are hereby requested and directed on payment to you of any
sums owing to you under the terrns of said Trust Indenture, to cancel said note above mentioned and all other
evidences of indebtedness secured by said Trust Indenture delivered to you herewith, together with said Trust
Indenture and to reconvea', without warranty, to the parties designated by the terms of said Trust Indenture, all the
estate now held by you thereunder.
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Mail reconveyance to:
city of Bozeman, P,O, Box 640, Bozeman, Montana 5977J-0640
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342282
State of M..t., CountY ef Gallatin. ss flied for record APRIL 15 . 19-2L
at 8: 06 A M., and ,reftorded In Book 1 7 2 of M~~~S ~qe 1634
, $.._ .. IhM! Record.r. By
lO^^Lo ~ /'t/Y'fo. Deputy
FEE: $24.00
RT: CITY OF BOZEMAN, ATTN: ROBIN SULLIVAN
P.O. BOX 640
BOZEMAN, MT 59771 ,
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