FORM No. 881 — TRUST DEED (Assignment Resiricted). © 1886-2014 STEVENS-NESS LAW PUBLISHING CO., PORTLAND, OR www.stevensness.oom Returned at Counter BC NO PART OF ANY STEVENS-NESS FORM MAY BE REPRODUCED IN ANY FORM OR BY ANY ELECTRONIC OR MECHANICAL MEANS. TRUST DEED 2026-005189 Klamath County, Oregon ___.JOHN W._RUTLEDGE ___Klamath Falls. OR 97603 ‘ Grantor’s Name and Address 00357350202600051890020023 Andrew C. Brandsness 411 Pine Street 06/11/2026 03:19:36 PM Fee: $92.00 Klamath Falls, OR 97601 " rom Trustee’s Name and A-drese RECORDER'S USE Mel Stewart & Mary Lou Stewart 5761 Glenridge Way Klamath Falls, OR 97603 Beneficlary’s Name and Address After recording, return to (Name and Address): THIS TRUST DEED, made on , between John W. Rutledge . as Grantor Andrew C. Brandsness ) as:h'ustee anci T _ Me lvin. Stewart and Mary Lou S—t_eyar;:., I:I;s:gand and Wife as Beneficiary WITNESSETH: That Grantor irrevocably grants, bargains, sells and conveys to trustee, in trust, with power of sale, the prop- erty in Klamath County, Oregon, described as follows (legal description of property): The Northwesterly 72 feet of Tract 44, Homedale, according to the official plat thereof on file in the office of the County Clerk, Klamath County, 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 of grantor herein contained and payment of the sumof _Two Hundred Seventy-Five Thousand ($275,000.00) - (Promissory Notes-$235,000.00 & $40,000.00) 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 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 matn- rity dates expressed therein, or berein, shall become immediately due and payable. The execution by grantor of an earnest money agreement** does not constitute a sale, conveyance or assignment. To protect the security of this trust deed, grantor agrees: 1. To protect, preserve and maintain the property in good condition and repair; not to remove or demolish any building or improvement thereon: and not to commit or permit any waste of the property. ’ 2. To complete or restore promptly and in good and habitable condition any building or improvement which may be constructed, damaged or destroyed there- on, and pay when due all costs incurred therefor. 3. To comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the perty; if the beneficiary so requests, to join i cuting such financing statements pursuant to the Uniform Commercial Code as the beneficiary may e amrtg pay for filing the same 181? the propértopi,:l)alll:cl 1:)1%{; or offices, as well as the cost of all lien searches made by filing officers or searching agencies as may be deemed desirable by the beneficiary. 4. To provide and continuously maintain insurance on the buildings now or hereafter erected on the property against loss or damage by fire and other haz- ards, as the beneficiary may from time to time require, in an amount not less than $ Full Insurable Value 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 be y 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 ance now or hereafter placed on the buildings, the beneficiary may procure the same at grantor's e . The amount collected under icy may be applied by beneficiary upon any indebtedness secured hereby and in such order as bem:;lpeme anty firo or other s0 collected, or any part thereof, may be released to grantor. Such application or release shall not cure or waive any default or notice of defalllltary o oatire amouat date any act done pursuant to such notice. hereunder or invali- 5. To keep the property free from construction liens and to pay all taxes, assessments and other charges that mav be levied or i property before any part otP:uch taxes, assessments and other charges becomes past due or delinquent andh;r‘r;mptly delizer recei rofor oo Lbon of against the therefor to beneficiary. Should beneficiary with funds with which to make such payment, beneficiary may, at its option, make ayment thereof, and the amount so paid, w?t?n intel;e;rat;};himmwtedl:egt to and become a part of the debt erty hereinbefore described, as well as the grantor, shall be bound to the same extent that they are bound for the payment of the obllitgagl o torcsaid, thelprop- trust deed immediately due and payable and shall constitute a breach of this trust deed. ' 6. To pay all costs, fees and expenses of this trust, including the cost of title search, as well as the other costs and . . ) nection with or in enforcing this obligation, and trustee and attorney fees actually incurred. expenses of the trustee incurred in con 7. To appear in and defend any action or proceeding purporting to affect the security rights or powers of beneficiary or trustee: i i i ceeding in which the beneficiary or trustee may appear, including any suit for the foreclosure %f this geed or any suit or action rclate’datxtl)dti?sany s duaraond but not limited to its validity and/or enforceability, to pay all costs and expenses, including evidence of title and the benefici 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 grantor further agrees to pay such sum as the appellate court shall adjudge reasonable as the beneficiary’s or 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 of condemnation, beneficiary ight, if i 80 elects, to require that all or any portion of the monies payable as compensation for such taking which are in excess of the I}a;n:unt o havo the right, i it costs, cx(fcnscs and attorney fees necessarily paid or incurred by grantor in such proceedings, shall be paid to beneficiary and applied I:;qlt firstttgpg?xya:l; m?t costs and expenses and attorney fees, both n 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 neces i ini compensation promptly upon beneficiary’s request. sary in obtaining such (CONTINUED) NOTE: The Trust Deed Act that the trustee hereunder must be sither an attor ho Is assoolation authortzed 1o g:"m"m stee mu an attorney who Is an active member of the Oregon State Barabank,h‘uoteolmyornvi\goandloan iness under the laws of Oregon or the United States, a titls Insurance an&authoriudtohmtl?etc')realproportyof- state, its subsidiaries, nis or branches, the United States or agency thereof, or an escrow agent licensed und:rmg?s to 696.585. *WARNIN(aag:?IZUSC1701]-3regulatasandmy axamLe this on. of **The publisher suggests that an agreement address the lssue of obtaining benefiolary’s consent In completa detali. ) 9. At any time, and from time to time upon written request of beneficiary, payment of its fees and presentation of this deed and the note for endorse- =+ ment (in case of full reconveyances, for cancellation), without affecting the liability of any person for the payment of the indebtedness, trustee may (a) consent to the making of any map or plat of the property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination or other agreement affecting this deed or the lien or charge thereof; or (d) reconvey, without warranty, all or any part of the 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 there- of. Trustee fees for any of the services mentioned in this paragraph shall be not less than $5. 10. Upon any default by grantor hereunder, beneficiary may, at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the property or any part thereof, in its own name sue or otherwise collect the rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collec- tion, including reasonable attorney fees, upon any indebtedness secured hereby, and in such order as beneficiary may determine. 11. The entering upon and taking possession of the property, the collection of such rents, issues and profits, or the proceeds of fire and other insurance poli- cies or compensation or awards for any taking or damage of the property, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default hereunder, or invalidate any act done pursuant to such notice. 12. Upon default by grantor in payment of any indebtedness secured hereby or in grantor’s performance of any agreement hereunder, time being of the essence with respect to such payment and/or performance, the beneficiary may declare all sums secured hereby immediately due and payable. In such event, the beneficiary may elect to proceed to foreclose this trust deed in equity as a mortgage or direct the trustee to foreclose this trust deed by advertisement and sale, or may direct the trustee to pursue any other right or remedy, either at law or in equity, which the beneficiary may have. In the event the beneficiary elects to foreclose by advertise- ment and sale, the beneficiary or the trustee shall execute and cause to be recorded a written notice of default and election to sell the property to satisfy the obliga- tion secured hereby whereupon the trustee shall fix the time and place of sale, give notice thereof as then required by law and proceed to ¥:reclose 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 defanlt that is capable of being cured may be cured by tendering the performance required under the obligation or trust deed. In any case, in addition to curing the default or defaults, the person effecting the cure shall pay to the beneficiary all costs and expenses actually incurred in enforcing the obligation of the trust deed, together with trustee and attorney fees not exceeding the amounts provided by law. | 14. Otherwise, the sale shall be held on the date and at the time and place designated in the notice of sale or the time to which the sale may be postponed as provided by law. The trustee may sell the 1[]n'opcrty 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 a Ely 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 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 trusiee named herein or to any successor trustee appointed hereunder. Upon such appointment, and without conveyance to the successor trustee, the latter shall be vested with all title, powers and duties conferred upon any trustee herein named or appointed hereunder. Each such appointment and substitution shall be made by written instrument executed by beneficiary, which, when recorded in the mortgage records of the county or counties in which the property is situated, shall be conclusive proof of proper appointment of the successor trustee. | 17. Trustee accepts this trust when this deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other deed of trust or of any action or proceeding in which grantor, beneficiary or trustee shall be a party unless such action or proceeding is brought by trustee. : The grantor covenants to and agrees with the beneficiary and the beneficiary’s successors in interest that the grantor is lawfully seized in fee simple of the real property and has a valid, unencumbered title thereto, except as may be set forth in any addendum or exhibit attached hereto, and that the grantor will warrant and 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 cover- age. 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 applica- ble law. ; prantor warran t the procee hQve cribed note. and .?b KR E00% B e Bocee s LI IR JORE o0 B Ao e ceseenen (b) for an organization, or (even if grantor is a natural person) are for business or commercial purposes. This deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, personal representatives, successors and assigns. The term beneficiary shall mean the holder and owner, including pledgee, of the contract secured hereby, whether or not named as a benefi- ciary herein. In construing this instrument, where the context so requires, the singular includes the plural, and all grammatical changes shall be made so that this instru- ment shall apply equally to businesses, other entities and to individuals. IN WITNESS WHEREOF, grantor has executed this instrument the date stated above; any signature on behalf of a business or other entity is made with v-the authority of that entity. *IMPORTANT NOTICE: Delete,.by lining out, whichever warranty (a) or (b) Is inapplicable. If warranty (a) is applicable and the beneficlary is a creditor as such word Is defined In the Truth-In-Lending Act and Regulation Z, the beneficlary MUST comply with the Act and Regulation by makln? required disclosures. compllance with the Act Is not required, disregard this notice. bis trust deed are (choose one):* STATE OF OREGON, County of _____Y<\Ro~atn S5. This record waszfgowledged before me on Dyasa, -CR2 A by ) Q\'\ MR \D~ K’-—&-\ A This record was acknowledg§d before me on OFFICIALSTAMP |} G- JULIE ANN BLAIR orUregon / NOTARY PUBLIC - OREGON My commission expires QS (2 20294 5 COMMISSION NO. 1059244 MY COMMISSION EXPIRES MAY 27, 2029 REQUEST FOR FULL RECONVEYANCE (To be used only when obligations have been pald.) 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 full 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 evigcnoes of indebtedness secured by the trust deed (which are delivered to you herewith together with the trust deed) and to reconvey, without warranty, to the parties desig- nated by the terms of the trust deed, the estate now held by you under the same. Mail the reconveyance and documents to DATED Do not lose or destroy this Trust Deed OR THE NOTE which i secures. Both should be delivered to the trustee for cancellation before reconveyance Is made. Beneficiary