Fillable Printable Home Advantage Deed of Trust - Washington
Fillable Printable Home Advantage Deed of Trust - Washington
Home Advantage Deed of Trust - Washington
(Rev. 5/1/2014) Wa
shington State Housing Finance Commission (Page 1 of 7)
After recording, return to:
_________________________________________
_________________________________________
_________________________________________
Grantor/Borrower: _____________________________________________________________
Grantee/Beneficiary: The Washington State Housing Finance Commission
Grantee/Trustee: _____________________________________________________________
Legal Description/
Abbreviated Form: _____________________________________________________________
(Please attach the full legal description as an Exhibit at the end of this document)
Assessor’s Tax Parcel ID#: _____________________________
THIS DEED OF TRUST is made this ________ day of _______________ , 20 _____ , among the
Grantor, ___________________________________________________ (herein “Borrower”);
______________________________________________________________ , (herein “Trustee”); and the
Beneficiary, the Washington State Housing Finance Commission, a public body corporate and politic and an
instrumentality of the State of Washington (herein “Lender”), whose address is 1000 2nd Avenue, Suite
2700, Seattle, WA 98104-3601.
BORROWER, consideration of the indebtedness herein recited and the trust herein created,
irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property
located in the County of ___________________ , State of Washington, which has the address of
______________________________________________________
____________ ,
___________________________ , Washington ______________ (herein “Property Address”);
HOME ADVANTAGE
DEED OF TRUST
CLICK TO RESET
(Rev. 5/1/2014) W
ashington State Housing Finance Commission (Page 2 of 7)
TOGETHER with all the improvements now or hereafter erected on the property, and all
easements, rights, appurtenances and rents (subject however to the rights and authorities given herein to
Lender to collect and apply such rents), all of which shall be deemed to be and remain a part of the property
covered by this Deed of Trust; and all of the foregoing, together with said property (or the leasehold estate if
this Deed of Trust is on a leasehold) are hereinafter referred to as the “Property”;
TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower’s note dated
_______________________ and extensions and renewals thereof (herein “Note”), in the principal sum of
US$ _______________ , with any interest due thereon, with the indebtedness, if not sooner paid, due and
payable on the earlier of (a) _______________________ [30 years];
(b) the date on which Borrower ceases to use the Property as Borrower’s primary residence; (c) the date
on which the Property (or any interest therein) is sold or otherwise transferred; (d) the date on which the
Primary Loan is refinanced (the earlier of such dates is called the “Maturity Date”) or (e) the date on
which the Primary Loan is paid in full. This Deed of Trust also secures the payment of all other sums,
with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust, and
the performance of the covenants and agreements of Borrower herein contained. “Primary Loan” as used
herein is a loan made by Lender to Borrower secured by a first deed of trust on the Property.
Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the
right to grant and convey the Property, and that the Property is unencumbered except for encumbrances of
record. Borrower covenants that Borrower warrants and will defend generally the title to the Property
against all claims and demands, subject to encumbrances of record.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Debt. Borrower shall promptly pay when due the indebtedness evidenced by the
Note, interest and late charges, if any, as provided in the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender,
Borrower shall pay to Lender on the day monthly payments of a sum (herein “Funds”) equal to one-twelfth of the
yearly taxes and assessments (including condominium and planned unit development assessments, if any) which
may attain priority over this Deed of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly
premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance,
if any all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and
reasonable estimates thereof. Borrower shall not be obligated to make such payments to Lender to the extent that
Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional
Lender.
If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of
which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution).
Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not
charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments
and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a
charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trust that interest shall
be paid on the Funds. Unless such agreement is made or applicable law requires such interest to be paid, Lender
shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without
charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each
debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Deed of
Trust.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable
prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required
to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at
Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds.
(Rev. 5/1/2014) W
ashington State Housing Finance Commission (Page 3 of 7)
If the am
ount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and
ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one
or more payments as Lender may require.
Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower
any Funds held by Lender. If under paragraph 16 hereof the Property is sold or the Property is otherwise acquired
by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by
Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of
Trust.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by
Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts
payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the
principal of the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of
Borrower’s obligations under any mortgage, deed of trust or other security agreement with a lien which has priority
over this Deed of Trust, including Borrower’s covenants to make payments when due. Borrower shall pay or cause
to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may
attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on
the Property insured against loss by fire, hazards included within the term “extended coverage”, and such other
hazards as Lender may require and in such amounts and for such periods as Lender may require.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall
be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable
to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any
mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made promptly by Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from
the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance
benefits, Lender is authorized to collect and apply the insurance proceeds at Lender’s option either to restoration or
repair of the Property or to the sums secured by this Deed of Trust.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit
Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment
or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on a
leasehold. If this Deed of Trust in on a unit in a condominium or a planned unit development, Borrower shall
perform all of Borrower’s obligations under the declaration or covenants creating or governing the condominium or
planned unit development, the by-laws and regulations of the condominium or planned unit development, and
constituent documents.
7. Protection of Lender’s Security. If Borrower fails to perform the covenants and agreements
contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender’s
interest in the Property, then Lender, at Lender’s option, upon notice to Borrower, may make such appearances,
disburse such sums, including reasonable attorney’s fees, and take such action as is necessary to protect Lender’s
interest. If Lender required mortgage insurance as a condition of making the loan secured by this Deed of Trust,
Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for
such insurance terminates in accordance with Borrower’s and Lender’s written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to
other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action
hereunder.
(Rev. 5/1/2014) W
ashington State Housing Finance Commission (Page 4 of 7)
8. Inspection.
Lender may make or cause to be made reasonable entries upon and inspections of the
Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause
therefor related to Lender’s interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of
condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust
or other security agreement with a lien which has priority over this Deed of Trust.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Deed of Trust granted by Lender to any
successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower’s successors in interest. Lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed
of Trust by reason of any demand made by the original Borrower and Borrower’s successors in interest. Any
forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall
not be a waiver of or preclude the exercise of any such right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and
agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns
of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of
Borrower shall be joint and several. Any Borrower who co-signs this Deed of Trust, but does not execute the Note,
(a) is co-signing this Deed of Trust only to grant and convey that Borrower’s interest in the Property of Trustee
under the terms of this Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust, and (c)
agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other
accommodations with regard to the terms of this Deed of Trust or the Note, without that Borrower’s consent and
without releasing that Borrower or modifying this Deed of Trust as to that Borrower’s interest in the Property.
12. Notice. Except for any notice required under applicable law to be given in another manner, (a)
any notice to Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice
by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate
by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender’s
address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein.
Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given
in the manner designated herein.
13. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be
the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability
of Federal law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which
can be given effect without the conflicting provision, and to this end the provisions of this Deed of Trust and the
Note are declared to be severable. As used herein, “costs”, “expenses” and “attorneys’ fees” include all sums to the
extent not prohibited by applicable law or limited herein.
14. Borrower’s Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of
Trust at the time of execution or after recordation hereof.
15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower’s obligations under any
home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender,
at Lender’s option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials
or services in connection with improvements made to the Property.
16. Transfer of the Property or a Beneficial Interest in Borrow er. If all or any part of the Property
or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is
not a natural person), the date on which such sale or transfer occurs shall be the Maturity Date (unless an earlier
Maturity Date has occurred). Upon occurrence of the Maturity Date, Borrower shall immediately pay in full all
sums secured by this Deed of Trust.
If Borrower fails to pay these sums when due, Lender may invoke any remedies permitted by this Deed of
Trust without further notice or demand on Borrower.
(Rev. 5/1/2014) W
ashington State Housing Finance Commission (Page 5 of 7)
NON-UNIFORM CO
VENANTS. Borrower and Lender further covenant and agree as follows:
17. Acceleration; Remedies. Upon Borrower’s breach of any covenant or agreement of Borrower in
this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Borrower shall
be in default under this Deed of Trust and Lender may accelerate the Note and exercise any of its rights and
remedies hereunder or available at law. Lender, prior to acceleration, shall give notice to Borrower as provided in
paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than
10 days from the date of notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to
cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this
Deed of Trust and sale of the Property. Lender shall be entitled to collect all reasonable costs and expenses incurred
in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorney’s fees and
costs of evidence of title.
If Lender invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the
occurrence of an event of default and Lender’s election to cause the Property to be sold. Trustee and Lender shall
take such action regarding notice of sale and shall give such notices to Borrower and to other persons as applicable
law may require. After the lapse of such time as may be required by applicable law, Trustee, without demand on
Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms
designated in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may
postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously
scheduled sale. Lender or Lender’s designee may purchase the Property at any sale.
Trustee shall deliver to the purchaser Trustee’s deed conveying the Property so sold without any covenant
or warranty, expressed or implied. The recitals in the Trustee’s deed shall be primo facio evidence of the truth of the
statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable
costs and expenses of the sale, including, but not limited to, reasonable Trustee’s and attorneys’ fees and costs of
title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the person or persons
legally entitled thereto.
18. Assignment of Rents; Appointment of Receiver; Lender in Possession. Borrower hereby
assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17
hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and
payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, Lender, in person, by agent
or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property and to
collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be
applied first to premiums on receiver’s bonds, costs of management of the Property, collection of rents, and
reasonable attorneys’ fees, and then to the sums secured by this Deed of Trust. Lender and the receiver shall be
liable to account only for those rents actually received.
19. Reconveyance. Upon payment of all sums secured by this Deed of Trust, Lender shall request
Trustee to reconvey the Property and shall surrender this Deed of Trust and all notes evidencing indebtedness
secured by this Deed of Trust to Trustee. Trustee shall reconvey the Property without warranty and without charge
to the person or persons legally entitled thereto. Such person or persons shall pay all costs of recordation, if any.
20. Substitute Tru stee. In accordance with applicable law, Lender, may from time to time appoint a
successor trustee to any Trustee appointed hereunder. The successor trustee shall, without conveyance of the
Property, succeed to all the title, powers and duties conferred upon the Trustee herein and by applicable law.
21. Request for Notices. Borrower requests that copies of the notice of default and notice of sale be
sent to Borrower’s address which is the Property Address. Lender requests that copies of notices of sale from the
holder of any lien which has priority over this Deed of Trust given pursuant to RCW 61.24.040 be sent to Lender’s
address, as set forth on page one of this Deed of Trust.
22. Use of Property. The Property is not used principally for agricultural or farming purposes.
23. Subordination. This Deed of Trust is and shall be automatically subordinate to any existing first
deed of trust or mortgage on the Property made by or held by an institutional lender or investor and originated
through a Washington State Housing Finance Commission commitment.
(Rev. 5/1/2014) Was
hington State Housing Finance Commission (Page 6 of 7)
24. Certain Res
trictions Terminate on Foreclosure of HUD-Insured First Mo rt gage. In the event of
foreclosure or deed in lieu of foreclosure of prior security deed or assignment of the first mortgage to the Secretary
of Housing and Urban Development, any provisions herein or any provisions in any other collateral agreement
restricting the use of the property or otherwise restricting the Borrower's ability to sell the Property shall have no
further force or effect. Any person (including his successors or assigns) receiving title to the Property through a
foreclosure or deed in lieu of foreclosure of a prior security deed shal
l receive title to the Property free and clear
from suc
h restrictions.
25. Misrepresentations. The Borrower understands that Lender has relied upon statements contained
in the Mortgagor’s Affidavit and Certificate and all other documents submitted in support of the loan application in
the processing, financing and granting of this loan. Upon discovery of fraud or misrepresentation by the Borrower
with respect to any information provided by Borrower in the loan application or Mortgagor’s Affidavit and
Certificate executed in connection with the Note, Lender may, in its sole discretion, by written notice to Borrower,
declare all obligations secured by the Deed of Trust and all obligations payable under the Note immediately due and
payable and exercise any other remedy allowed by law or provided by the Deed of Trust. Borrower shall notify
Lender promptly in writing of any transaction or event which may give rise to a right of acceleration hereunder.
Borrower shall pay to Lender all damages sustained by reason of the breach of the covenant of notice set forth
herein or by reason of such fraud or misrepresentation.
IN WITNESS WHEREOF, Borrower has executed this Deed of Trust.
Signed: __________________________
_______________ Date: ____________________
_________________________________________ ____________________
STATE OF WASHINGTON )
) ss:
County of ___________________ )
On this _______ day of _______________ , 20 ______ , before me the undersigned, a Notary Public
in and for the State of Washington, duly commissioned and sworn, personally appeared
______________________________________________________________ , to me known to be the
individual(s) described in and who executed the within and foregoing instrument, and acknowledged
to me that he/she/they signed and sealed the said instrument as his/her/their free and voluntary act and
deed for the uses and purposes therein mentioned.
WITNESS my hand and official seal. Signature: _________________________________
Name: ____________________________________
Residing at: ________________________________
(Reserved for offi cia l seal ) ________________________________
My commission expires: ______________________
_________________________________________ ____________________
(Rev. 5/1/
2014) Washington State Housing Finance Commission (Page 7 of 7)
REQUEST FOR RECONVEYANCE
TO TRUSTEE: The undersigned is the holder of the note or notes secured by this Deed of Trust. Said
note or notes, together with all other indebtedness secured by this Deed of Trust, have been paid in full.
You are hereby directed to cancel said note or notes and this Deed of Trust, which are delivered hereby,
and to reconvey, without warranty, all the estate now held by you under this Deed of Trust to the person
or persons legally entitled thereto.
Signed: __________________________
_______________ Date: ____________________
LOAN ORIGINATOR ORGANIZATION: _______________________________________________ NMLSR ID#: ___________
INDIVIDUAL LOAN ORIGINATOR NAME: _____________________________________________ NMLSR ID#: ___________
