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HomeMy WebLinkAbout97- Bozeman Interfaith Housing Montana Trust Indenture , ,> f .. '... i .. . " -,. ~- fflM 112'.1630 MONTANA TRUST INDENTURE TI-IIS TRUST INDENTURE, Made this -+ day ~ ' 1997, between BOZEMAN INTERFAITH HOUSING, INC. [I] (INTERFAITH) whose mailing address is P.O. Box 7090, Bozeman, Montana 59715, as GRANTOR, PAUL 1. LUWE, Bozeman City Attorney, with principal office at 411 East Main Street, as .rRUSTEE, and CITY OF BOZEMAN, with principal office at 411 East Main Street, Bozeman, Montana, as BENEFICIARY, WITNESSETH: That Grantnr hereby irrevocably GRANTS, BARGAINS, SELLS, CONVEYS AND WAIUtANTS TO TRUSTEE IN TRUST, neverthekss, WITH POWER OF SALE, that certain real property, which does not exceed thirty (30) acres in area, situated in thc County of Gallatin, Statc of Montana, particularly described as follows, to-wit: Lots 5 and 6 in Block I of the Correction Plat of Westlake's First Addition to Bozeman, according to the ollieial plat thereof on tllc and of record in thc otnce of the County Clerk and Recorder, Gallatin County, Montana TOGETHER WITH: (I) All buildings, thtures and improvcments thereon and all water rights, rights"ot~way, tencments, hereditaments, privileges and appurtenances thereunto belouging, now owned or hereafter acquired, however evidenced, used or enjoycd with said prcmises or belonging to the salllc; (2) All right, title and interest hereafter acquired in or to any of said premiscs, hercby also rcleasing, relinquishing and waiving all exemptions. rights of surviving spouse and homestead in or to said premises, vested or inchoate; (3) All heating, air conditioning, plumbing and lighting facilities, equipment and fixtures now or hereafter installed upon or within said premises, used or proper or necessary to constitute the said premiscs a habitable, usable or operating unit-all of said property being designated and deemed for the purposes of this instrument a part of the realty; and (4) All of the rent~, issues and profits of said premises, SU13JECT, ~IOWEVER, to the right, power and authority hereinlllter con1t:rred upon Beneficillry to collect and lIpply such rents, issues and protits; FOR TilE PURPOSE OF SECURING: (I) Payment of the principal sum of Forty Thousllnd lInd Noll 00 Dollars ($40,000,00) with " intcrest thereon according to the terms of 1I promissory note, dated -' 1996 (lInd lIny extensions andlor renewals or moditlcations thereot), Imide by Gnlntor pllyable to the order of Bendicillry in Inonthly installments of Two Hundred Twenty Two and 22/100 Dollllrs ($222,22), and the 11Ist pllyment of Two Hundred Twenty Two and 62/1 DO Dollllrs ($222,62), unless sooner paid, shllll be due lInd payable on or before July I, 20 II; (2) Payment of all sums expended or advanced by Beneficiary under or pursuant to the tcrms hereot: together with interest thereon as herein provided; and (3) Performance of cach agreement of Grantor hereiu and in said note contained, TO PROTECT THE SECURITY OF THIS TRUST INDENTURE, AND FOR OTHER PUIU'OSES, GRANTOR AGREES: , L To keep said propcrty in good condition and repair; not to remove or demolish any building thereon; to complete and restore prornptly and in a good and workmanlike manner any bnilding which may be constructcd, damllged or destroyed thereon, and to pay ,-"hcn due all claims for labor perllmned lInd materillls furnished therefor; to comply with all laws, covenants and restrictions affecting said property; not to commit or permit waste thcreof; not commit, suffer or permit any act upon said property in violation of the law; to do all othcr acts which from the character or lIse of said property lI1'IY be reasonably nceessary, the specific enumerations herein not excluding the genera!; lInd if the loan secured hereby or any pllrtthereof is being obtained fiJr the purpose of tinancing construction of improvements on said property, Grantor 1\lrther agn:es: (a) To commence construction promptly and to p,irsue the same with reasonable diligence to completion in accordance with plans and speeilications satisfactory to the Beneticiary, and (b) To allow Beneficiary to inspcct said property at all timcs during construction, Trustee, upon presentation to it of an al1idavit signed by Beneliciary, sctting forth fact~ showing a default by Grantor undcr this numbered paragraph, is authorized to accept as true and conclusive all filcts and statements therein, and to act thereon as provided in this instrument, and as allowed by law, 2. To provide, maintain and deliver to Bcncticillry, insurance of such type or types and amounts as BeneficialY may require, on thc improvements now existing or hereafter erectcd or placed on said property, Such insurance shall be carried in companies approved by the Bcncticiary with loss payable c1l1use in Iilvor of and in form acceptabk to Bencticiary, In the event of loss, Grantor shall give immediate notice 10 13eneticiary, who may make proof or loss and each insurancc company concerned is hereby authoriz.ed and directed to make payment li)1' such loss directly to Bendiciary instead oflO Grantor and Beneticiary jointly, and the insurance proceeds, or any partthcreot; may be applied hy Bcneficiary. at its option, to the reduction of the indebtedness hcrcby secured or to the restoration or repair of the property damaged, 3, To deliver to, pay for and maintain with Benel1ciary until the indebtedness secured hereby is paid in full, such evidence of title as Bcneticiary may relluire, including abstracts oftitle or policies of title insurancc and any extensions or renewals thcreof or supplements thereto, 4, To pay before delinquent all taxes and llsseSoments, including interest and penlllties, al1"ecting said premiscs and il\\provemcnts; to promptly pay and discharge all encumhrances, charges and liens on said properly whkh at any tinl'~ lire, or lIppear to be, prior or superior hereto, In addition to the payments due in accordance with the terms of thc note hereby secured, Grantor shall, at the option and on demand of the l1eneticiary, pay to the Beneticiary monthly and concurrently with payment of principal and interest, a sum equal 10 olle-twellUl (1/12) of the annual taxes, assessments, insurance premiums, maintenancc and other charges upon the propcrty, as estimated by the Beneficiary, in trust nevcrtheless Il)r Grantor's use and bene lit and for payment by Ilendiciary of any such items when due, The failurc of Grantor to mllke any such payments shall constitute a denlUlt under this trust. 5, Except as otherwise expressly provided herein, to pay all costs, fees and expenses of this trust, including cost of search and evidence of lille, advertising and recording expense, docUlnentary taxes and Trustee's and attorney's fees as allowed by law, 6, Should Grantor fail to make any payment or to do any act as herein provided, then Beneficimy or Tl'lIstee. without obligation so to do and without notice 10 or demand upon Grantor and without rclellsing Grantor trom lIny obligation hereof, may make or do the same in such manner and to such extcnt as either may deem necessary to protect the security hereof, Ueneliciary or Trustee heing authorized to enter upon said property for such purposes, { ,Co I .. \ ,', . . ..~ 4. fn~ t '2 fACE 1631 " 7, To pay immediately and without demand all SlllllS expended hereunder by Beneficiary or Trustee, with interest from date of expcnditure at the rate of eight percent (8%) per annum until paid, and the payment thereof shall be securcd hereby. IT IS MUTUALLY AGREED THAT: . .8,. Without affecting the ~iability of any pcrson, ineluding Grantor, lor thc payment of .lIly indebtedncss secured herchy, or thc hen 01 thiS Trust Indcnture on the remamdcr of the property tor the full amount of any indchtcdness unpaid, Bcneficiary and Trustee arc rcspectivcly cmpowcrcd as follows; Beneficiary may trom time to time and without notice: (a) Relcasc any person liable for payment of any of the indebtedness, (b) Extend thc timc or othcrwise altcr the terms of paymcnt of any of thc iudebtcdness, (c) Aller, substitute or rcleasc any propcrty securing the indebtcdncss; Trustee may, at any timc and fi'OI11 timc to time, upon the written request of Beneficiary: (a) Consent to the making of any lllap or plat of the property, (b) Join in granting any easement or crcating any rcstrietion thcrcon, (c) Join in any subordination or uther agreement affecting this Trust Indenturc or licn or charge thcreot: (d) Reconvey, without warranty, all or any part of the property, 9a, Both partics agree that Bcnc1iciary may, if Beneficiary so elects, procure and thereaner continue dming the tcrl11 of this Indcnture, for as long as Beneficiary desires, a lOl'ln of insurance acceptable to Beneficiary insuring Beneficiary against any loss sustained by Beneticiary by reason of any default in payment by GrPJltor ofthe secmed indebtedncss, If l3enefieiary elects to procurc such insurance, Grantor shall promptly reimburse Beneficiary the full amount of the initial premium for such insurance. During the term of this Indenturc, Grantor shall each month deposit in escrow with Beneficiary 1!l2th of the next following anticipated annual prcmium tor such insurance, said deposit to be made at the same timc and place as Grantor makes monthly payments on thc a]lJrementioncd promissory note, Benel1ciary may thereafter pay all annual renewal premiums trom such escrow, Should the amount dcposited in escrow be insufficient to pay any renewal premium in full as the same become due, Granlor shall immediately upon demand deposit with or pay to Iknelieiary such additional amount as may be sufficient to pay the renewal premium in full, Failure of Grantor to payor deposit any of thc amounts referred to herein shall constitute a default of the terms of this Indenture, Mortgagor further agrees to deposit in escrow with Beneficiary 1112 orthe annual premium tor hazard insurance coverage and annual taxes and assessments each month, Failure ofthe Grantor to deposit any of the above amounts in the escrow account shall constitute a default of the terms of this indenture, 9b, Upon written request of l3enefieiary stating that all sums secmed hereby have been paid, and upon surrender of this Trust Indentme and said note to Trustee lor cancellation and retention and upon payment by Bcnclicinry of its lecs, Trustee shall reconvey to Granlor, without warranty, the property then held hereunder. 10. As additional security, Grantor hereby assigns to Beneficiary, during the continuance of thcse trusts, all rents, issues, royalties, and prolits of the property affected by this Trust Indenture and of any personal property located thereon. Until Grantor shall default in the payment of any indebtedness secured hereby or in the perJo/'lnance of any agreement hereunder, (3ranlor shall have the right to collect all such rents, issues, royalties, and pro II IS earned prior to default as they beeoule due and payable, If Grantor shall dcfault as atoresaid, Grantor's right to collect any of such monies shall cease and Beneficiary shall have the right, with or without taking possession of the property afleeted hereby, to collect all rcnts, roynlties, issues, and profits, Failure or discontinuance of l3eneliciary at any time 01' 1[om time to time to collect any such monies shall not in any manner affect the subsequent enforcement by Beneticiary of the right, power, and authority to collect thc same, Nothing contained hcrein, nor the exercise of the right by Bencfidary to eollcet, shall be, or bc construed to be, an a01nnation by Bcne1iciary of any tcnancy, lease or option, nor an assumption of liability under, nor subordination or the lien or charge of'this Trust Indentme to any such tenancy, lease or option. II. Upon any default by Grantor hereunder, Beneficiary may at any time without notice, either in person, by agent, 01' by a recciver to be appointed by a court (Grantor hereby consenting to the appointment of Beneficiary as such receiver), and without regard to., the adequacy of any security tor the indebtedness hereby secmed, enter upon and take possession of said property or any partlhereof, in its ownnmne sue for or otherwise collect said rents, issues, and protits, including those past due and unpaid, and apply the same, less cost and cxpenses of operation and collection, including reasonable attO/'lley's fees, lIpon any indebtedness seemed hereby, and in such order as I3eneticiary may determinc, ' . ,.."'''' "1;;tJY ... ,~~ 12, Thc entering upon and taking possession of said property, the collection of such rents, issues, and prolits 01' the pro~~ds of fire 0/' other insurance policies, or compensation 0/' awards lor any taking 0/' damage of said properly, and the application 0/' rclease th'ereof as aforesaid, shall not cme or waive any default or notice of default hereunder or invalidate any act done pmsuant to such notice, ~ 13, Time is of the essence hereof. Upon default by Grantor in the payment of any indebtedness secmed hcreby or in the perlo/'ll1ance of any agreement hereunder, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary, Bencficiary shall deposit with Trustee the note and all documents evidencing expenditmes secured hereby, 14, After the lapse of such time as may then he rcquircd by law following the recordation of notice of salc, Trustee, or its atto/'lley, without demand on Grantor, shall sell said property on the date and at the time and place designated in said notice of salc, cither as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of Grantor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold), at public auction to the highest bidder, thc purchase price payable in cash in lawti.t1money of the United States at the timc of sale, The person conducting the sale may, Illr any cause he deems expcdicnt, postpone the sale for a period not exceeding tifken (15) days, 0/' such additional period as may be allowed by law, by public proclamation by such person at the timc and place fixed in the notice of sale, and no other notice of the postponed sale need bc given, Trustee shall execute and deliver to the purchaser its deed conveying said property so sold, but without any covenant of warranty, exprcss or implied, The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person including Beneficiary (but excluding Trustee) may bid at the sale, Aller deducting all costs and expenses of exercising the power of sale and of the sale, ineluding cost of search and evidence or litle, advertising and recording expense, doeulllentary taxes and Trustees' and attorney's lees, Trustec shall apply thc proceeds of sale to payment of all amounts secured hereby and due hereunder, including all sums expended by thc Trustee and lkndiciary, or either of them, with accrued interest thereon at the rate of eight percent (8%) per annum from the date of expcnditure thereof, and the surplus, if any, to the person or persons legally entitled thereto; provided that the Trustee, in its discretion, 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 of the hereinabove described trusl property to the purchaser at the alorcsaid sale on the tenth (10th) day following said sale, in the event such possessioll has not previously been delivered by Grantor. L '" .;..,. ..... " .. ~ .. .. Jt.l1.1::,..:" 1, fiLM 1?2PACf16J2 "! ~.!:; .,~ ,.~ . 16, Each abstract of title, title insurance policy and all otber evidences of tille, and all hazard insurance policies placed or depllsited with thc Bend1ciary shall be deemed an incident to the title to the trust property and upon foreclosure by exercise of power of sale, or otherwise, shall pass to the purchaser allll thc samc are hereby pledged as additional security tllr payment ofthe indebtedness secured hereby, 17, Upon the oCCllrrence of any default hereunder, Bene1ieiary shall have the option to declare all sums secured hereby innllediatcly due and payable and foreclose this Trust Indenture in the manner provided by law for the foreclosure of mortgages on real ptoperty and Benelleiary shall be entitled to recover in such proceedings all costs and expenses incident thereto, including a rel\sonable attorney's fee in such amount as shall be tixed by the Cour\. 18, Exccpt as may be othcrwise provided herein, Grantor agrees to pay to Bene11ciary or Trustce the costs and expenses, including a reasonable auorney's fee, incurred by either of them in instituting, prosecuting or defending any Court action in which Grantor does not prevail, if such action involves the interpretation hereof or performance hereunder by a party hereto or the breach of any provision hereof by a party hereto, including but notlilnited to an action to obtain possession of the above described property alter exercise of the power of sale granted hereunder. 19, This Trust Indenture shall apply to, inure to the bene lit of and bind all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns, All obligations or the Grantor hereunder are joint and several. The term "Flenetkiary" shall mean the owner and holder, including any pledgee, of tlK note secured hereby, In this Trust Indenture, whenever the context so requires, the masculine gender includes the feminine aud/or neuter, and the singular number includes the plural. 20, Trustee accepts this Trust when this Trust Indenture, duly executed and aekuowledged, is made a public record as provided by law, Trustee is not obligated to notify any party herelo or a pending sale under any other trust indenture or of any action or proceeding in which Grantor, l3enelieiary, or Trustee shall be a party, unless brought by Trustee, 21, This Trust lnd~lllure is Illade within the Stale of MOlltana pursuant to the Small Tract Financing Act or Montana and is not made or taken in substitution li)r any mOltgage in existence on tbe etlective date or said Act. 22, Grantor requests that a copy of any notice of derault and or any notice of sale hereunder be mailed to him althe address hereinabove setll)rth, ~' WH:REor, the O,anlo, h", h"eunto ,et h;, hand th~d'Y and ye" fi," hm;n,hove wdtten. ~,--~- .~~.~~ ~.'- ~,~-~~ STA TE or MONTANA ) ) County of Gallatin ) On this J _u_ day of _1/ iI, I , 1997, before nle, a Notary Public for the State of Montana, personally appeared NICHOLAS DA VIS, known to me to bc Ihc President of the Uozcman lntcrf~lith I-lousing, Inc, (I) and the person(s) whose name is subscribed to the within instrument, and acknowledged to me that hc exccuted the samc for and on behalf of the Bozeman Interfaith I-lousing, Inc. (I) IN WITNESS WHEREor, I have hereunto set my hand and affixed my Notarial Seal the day and year first above written. nfff~l \ . /.~ ','''~EL 't8!i,AL) 77" / 0?'f ,./.....; .' ~.......!? /) r 'Ji," -','L-d. ( LA ',( <t. i (/';\0' '.' :NO}"". ~'\ , Notar)! Public or the State of --:/" ~.,<';~'~ ~,';"'-?''-l''''41,'.;" Washington, rcsiding at 0hJ.-r>t4-.... '-;17 }&7<-&,i..r<--" ~ '~~~>"" .:., ;10 r"" 'It, My Commission EXI)ires drZ/c, /oL 0 ER .... ...,. .. ',' . .,...-' ,- V .'~: :u ~ i , ~ I ~, "', .r~ ~, I ,IJ;,.- t , ~ ..... - .Jj...... 'fL~ ~...,.. .. " ..... ...,.- .'t~'- . ' ,., u ~.,~ ~. 1 . ... . ". \ , ~ , ;! Of .' fltH l.'2PA&E'1633 "j' REQUEST FOR FULL RECONVEYANCE ~ TO: TRUSTEE -',". ~-~'~,.__.,_.~~ 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 satisfied and you are hereby reqllested and directed on payment to you of any slims owing to you under the terms 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 reconvey, without warranty, to the parties designated by the terms of said Trust Indenture, all the estate now held by you thereunder. . "-, -- .-- -,-~. Mail reconveyance to: City of Bozeman, P.Q, Box 640, Bozeman, Montana 59771-0640 ~ 34229.1 srale or M..t.. County 8,1 Gallatin. SS'flled for I'8cord APRIL 15 ,19..2L...,. at 8 : 05 A M., and reaorded in Book 1 72 of MORTGAGES ---paQe 16 30 .L S~'~A..J.J Rlcorder. 8J l.(1J\A10 - b~1l1(Y\t' f'1 r;;f2- Deputy FEE: $24.00 RT: CITY OF BOZEMAN, P.O. BOX 640, BOZEMAN, MT 59715 ATTN: ROBIN SULLIVAN I 7"':"J.7 "I" -"_.;.'~_.".--.' ~,- --.. -,- ...-... -'..-."",. -.. ,-~_._-,.