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2026-002208

Klamath County, Oregon

[
3538 0057

Leatrice Hougland 00 9320260002208005
80 S™M AVE SE

Issaquah, WA 98027

Grantor:

Tracy L. Holden

3537 North Ridge DR
Klamath Falls, OR 97601

Beneficiary:
L.eatrice Hougland
80 5" AVE SE
Issaquah, WA 98027

TRUST DEED
(Due on Sale)

THIS TRUST DEED, made on April 11, 2024, between Tracy Holden, as Grantor, AmeriTitle, LLC,
as Trustee, and Leatrice Hougland , as Beneficiary,

WITNESSETH:
Grantor irrevocably grants, bargains, sells and conveys to trustee in trust, with power of sale, the property
in Klamath County, Oregon, described as:

Lots 13 and 14 in Block 10 of ST. FRANCIS PARK, according to the official plat thereof on file
in the office of the County Clerk of Klamath County, Oregon.

together with all and singular the tenements, hereditaments and appurtenances and all other rights thereunto
belonging or in anywise now or hereafter appertaining, and the rents, issues and profits thereof and all
fixtures now or hereafter attached to or used in connection with the property.

FOR THE PURPOSE OF SECURING PERFORMANCE of each agreement of grantor herein contained
and payment of the sum of One Hundred Twenty Five Thousand , with interest thereon according to the
terms of a promissory note of even date herewith, payable to beneficiary or order and made payable by
grantor, the final payment of principal and interest hereof, if not sooner paid, to be due and payable June 1,
2029.

The date of maturity of the debt secured by this instrument is the date, stated above, on which the final
instaliment of said note becomes due and payable. In the event the within described property, or any part
thereof, or any interest therein is sold, agreed to be sold, conveyed, assigned, or alienated by the grantor
without first having obtained the written consent or approval of the beneficiary, then, at the beneficiary's
option, all obligations secured by this instrument, irrespective of the maturity dates expressed therein or
herein, shall become immediately due and payable.

To protect the security of this trust deed, grantor agrees:

1. To protect, preserve and maintain said property in good condition and repair; not to remove or demolish
any building or improvement thereon; not to commit or permit any waste of said property.

2. To complete or restore promptly and in good workmanlike manner any building or improvement which
may be constructed, damaged or destroyed thereon, and pay when due all costs incurred therefore.

3. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the
property; if the beneficiary so requests, to join in executing such financing statements pursuant to the
Uniform Commercial Code as the beneficiary may require and to pay for filing 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 said
premises against loss or damage by fire and such other hazards, as the beneficiary may from time to time
require, in an amount not less than the . 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

NOTE: The Trust Deed Act providzs 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 to do business under the laws of Oregon
or the United States, a title insurance company authorized to insure title to real property of this 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.

03/12/2026 12:39:11 PM Fee: $107.00

insured. If grantor shall fail for any reason to procure any such insurance and to deliver said policies to
the beneficiary at least fifteen days prior to the expiration of any policy of insurance now or hereafter
placed on said buildings, the beneficiary may procure same at grantor's expense. The amount collected
under any fire or other insurance policy 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 invalidate any act done pursuant to such notice.

. To keep said premises free from construction liens and to pay all taxes, assessments and other charges

that may be levied or assessed upon or against said property before any part of such taxes, assessments
and other charges become past due or delinquent and promptly deliver receipts therefore 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 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 and for such
payments, with interest as aforesaid, the property 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, and 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
constitute a breach of this trust deed.

To pay all costs, fees and expenses of this trust deed including the cost of title search as well as the other
costs and expenses of the trustee incurred in connection with or in enforcing this obligation and trustee's
and attorney's fees actually incurred.

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 proceeding in which the beneficiary or trustee may
appear, including any suit for the foreclosure of this deed, to pay all costs and expenses, including
evidence of title and the beneficiary’s or trustee’s attorney’s fees; the amount of attorney’s fees
mentioned in this paragraph 7 in all cases shall be fixed by the trial court and in the event of an appeal
from any judgment or decrees 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's fees on such appeal.

It is mutually agreed that:

8.

12.

In the event that any portion or all of said 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
reasonable costs, expenses and attorney's fees necessarily paid or incurred by grantor in such
proceedings, shall be paid to beneficiary and applied by it first upon any such reasonable costs and
expenses and attorney's 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; and
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.

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 said 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; (d) reconvey, without warranty, all or any part of the property. The grantee in any
reconveyance may be described as the "person or persons legally entitled thereto," and the recitals
therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustee's fees for
any of the services mentioned in this paragraph shall be not less than $5.

. 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 said 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 collection, including reasonable attorney's
fees upon any indebtedness secured hereby, and in such order as beneficiary may determine.

- The entering upon and taking possession of said property, the collection of such rents, issues and profits,

or the proceeds of fire and other insurance policies 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.

Upon default by grantor in payment of any indebtedness secured hereby or in his 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 an event the
beneficiary at his election may 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 advertisement and sale, the beneficiary or the trustee shall execute and
cause to be recorded his written notice of default and his election to sell the said described real property
to satisfy the obligation 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 86.752 to 86.815.

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
86.778, 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's and attorney's 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 said sale may be postponed as provided by law. The trustee may sell said 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 (1) 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 subsequent 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 his 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 and agrees to and with the
beneficiary and the beneficiary's successor in interest that the grantor is lawfully seized in fee simple of
the real property and has a valid, unencumbered title thereto and that the grantor will warrant and
forever defend the same against all persons whomsoever.

WARNING: Unless grantor provides beneficiary with evidence of insurance coverage as required by
the contract or loan agreement 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 property 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 primarily for (check one):

[] grantor’s personal, family, or household purposes.
q Initial:

OR

E?rganization, or (even if grantor is a natural person) are for business or commercial purposes.
Initial:

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
beneficiary herein.

In construing this trust deed, it is understood that the grantor, trustee and/or beneficiary may 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 hereof apply
equally to corporations and to individuals.

IN WITNESS WHEREOF, said grantor has hereunto set his hand the day and year first above
written.

Tracy Holde

State of Oregon } ss
County of Klamath}

On this /Z&@ day of/hpv\\d , 2024, before me,
e

ySaeawuwvixa a Notary Public in and for said state, personally appeared Tracy
Holden , known or identified to me to be the person(s) whose name(s) is/are subscribed to the within
Instrument and acknowledged to me that he/she/they executed same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this
certificate first above written,

@I

Notary Public for the State of Oregon
Residing at: Klamath Falls OR
Commission Expires: )\ l’?.\ [’)Fj

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 designated by the terms of the trust deed the estate now
held by you under the same.

Mail reconveyance and documents to:

DATED: ,

Beneficiary

Do not lose or destroy this Trust Deed or the Note which it secures.
Both must be delivered to the Trustee for cancellation before reconveyance will be made.