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HomeMy WebLinkAboutDeed APPLICANT 9/23/2020IF I P PrLOR)rNU RLI URN in (/ :IASCAOt. UTLE COMPANY S1 wILIAMETrE ST, EUGENE, OR 9740I Lane County Clerk 011.000931 ��� Lane County Deeds and Records NY; 3L,� u� III III III IIII IIIII 11111111111111111 $127.00 AFTER RECORDING RETURN 1'O: John D. Gumaseo 01623988201700009310140149 Schwabe, Williamson & Wyatt 01/06/2017 02:54:41 PM 1211 SW Fifth Avenue, Suite 1800 RPR—DTR Cnt-4 Stne40 CASHIER Ol Portland, Oregon 47204 $15.00 $70.00 $10.00 $11.00 $21.00 LINE OF CREDIT INSTRUMENT Maximum principal amount to be advanced: $2,200,000.00; however, such maximum principal amount may be exceeded by principal advances made pursuant to ORS 86.155. Maturity dale: The earlier to occur of (i) 185 days following the date of this Deed of Trust, or (it) the sale or disposition of the Premises (defined below) by Grantm'to Beneficiary in accordance with that certain Qualified Exchange Accommodation Agreement dated '�wyAnM _t_ 2011 , executed by Grantor, Beneficiary, and National Safe Harbor Exchanges, a California corporation, exclusive of options to renew or extend, if any. COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS (OREGON) Dated January 3 , 2017 Grantor: Parr Lumber Company Springfield LLC, an Oregon limited liability company Trustee: Cascade Title Co., an Oregon corporation Beneficiary: Parr Lumber Company, an Oregon corporation ADDITIONAL STATUTORY NOTICES: (a) The address of the entity holding a lien or other interest created by this instrument is: Parr Lumber Company 5360 NW Century Boulevard Hillsboro, Oregon 97124 (b) The tax account numbers for the property subject to the lien or in which the interest is created are: 0317261 and 0302016 (c) Type of transaction: Creation of decd of trust lien and security interests encumbering the property or properties described herein. T141S DOCUMENT CONSTITUTES A FIXTURE FILING IN ACCORDANCE WITH THE UNIFORM COMMERCIAL CODE. 1- COMMERCIAL DEED OF TR UST, SECURITY AGREEM EN I AND FIXTURE FILING (OREGON) PDX\068169@ I8805U6A 19]48141, I COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING This Deed of Trust is made and executed this 3rd day of January, 2017, by and among Part Lumber Company Springfield LLC, an Oregon limited liability company, as grantor and debtor ("Grantor'), whose address is 60 E. Rio Salado Parkway, Suite 1103, Tempe, Arizona 85281, Attention: Paulo Sanchez, Cascade Title Co., an Oregon corporation, as trustee ('Trustee"), whose address is 811 Willamette Street, Eugene, Oregon 97401, and Pan Lumber Company, an Oregon corporation, as beneficiary and secured party ("Bengficiarv"), whose address is 5360 NW Century Boulevard, Hillsboro, Oregon 97124. Recitals Grantor is the owner of fee simple title to the real property described on Exhibit "A" attached hereto. This Deed of Trust is given to secure, among other things, payment and performance of a promissory note of even date herewith (the "Note") made by Grantor and payable to Beneficiary in the principal sum of $2,200,000.00, together with interest as set forth therein (the "Loan"). The final payment of principal and accrued interest under the Note is due and payable on the earlier to occur of (i) one hundred and eighty-five days (185) days following the date of this Deed of Trust, or (ii) the sale or disposition of the Premises (defined below) by Grantor to enefieiary in accordance with that certain Qualified Exchange Accommodation Agreement datedora�, 201'-1 , executed by Grantor, Beneficiary, and National Safe Harbor Exchanges, a California co tion (the "Exchanee Aineement" and, together with any and all other documents and agreements executed in connection with the Exchange Agreement, the "Exchange Documents"). This Deed oFTmst is further given to secure (i) payment and performance of any renewals, extensions, substitutions and modifications of the Note and future advances under the Note; (ii) payment and performance of all indebtedness, obligations and responsibilities of Grantor, now existing or hereafter arising, under that certain Line of Credit Agreement of even date herewith between Grantor, as borrower, and Beneficiary, as lender (the "Credit Aercement", and, together with any and all other documents and agreements evidencing and/or securing the Loan, the "Loan Documents'), the Note, this Deed of Trust, and any other Loan Documents; and (iii) performance of all obligations and responsibilities of Grantor under the Exchange Documents, including (without limitation) the obligation of Grantor to convey the Premises to Beneficiary in accordance with the terms thereof. Agreement Therefore, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: I. Grant and Conveyance. For the purposes set forth in the Recitals, Grantor irrevocably grants, conveys, bargains and sells to Trustee, in trust, with power of sale, for the benefit of Beneficiary, all of Grantor's right, title and interest, whether now owned or hereafter acquired, in and to the following described properties, and all income, revenues and profits derived from such items of property (all sometimes referred to herein collectively as the "Premises"): LI The Real Property. The real property described on Exhibit A attached hereto, together with all rights, interests and hereditaments appurtenant thereto (the "Real Property'); 2 - COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDX\068369118875VBA\19748141.1 1.2 The Improvements. All buildings, structures, fixtures and other improvements Of every kind and nature now or hereafter located on or about the Real Property, together with all renewals, replacements, substitutions, accessions, additions and products thereof (the "Improvements'); 1.3 The Personal Property. All personal property (the "Personal Property'), if any, of every kind now owned or hereafter acquired and situated upon or used in connection with the operation, ownership, use or maintenance of the Real Property and Improvements, including (without limitation) the following: (a) all stoves, refrigerators, building materials, fixtures, equipment, component parts of work in progress, furnishings, furniture, machinery, tools, washers, dryers and window coverings, together with all renewals, replacements, substitutions, revenues, accessions and additions to the foregoing; (b) all leases, sales contracts, warranties, plans, drawings, licenses, agreements, contracts, and permits related to the Real Property and/or Improvements; and (e) all rents, income, accounts, contract rights, profits, royalties, general intangibles, legal and equitable claims, judgments, and awards now or hereafter accruing to the benefit of the Premises or the owner thereof; and 1.4 Proceeds. All insurance and condemnation proceeds and awards (including title insurance proceeds) related to the Premises or any interest in the Premises, regardless of form or generation and regardless of the source of payment, and all proceeds (of any generation) of any of the items of properly included in the Premises (the "Proceeds"). This Deed of Trust constitutes a security agreement within the meaning of the Uniform Commercial Code as adopted in the State of Oregon and Grantor grants Beneficiary a security interest in all elements or constituent parts of the Premises which are, or are deemed to be, fixtures or personal property. The patties intend that Beneficiary shall have a security interest in all of the operating revenues of the Premises, whether those revenues are deemed to be derived from or related to the Real Property, the Improvements, the Personal Property or any other source. 2. Grantor's Covenants and Warranties. Grantor warrants, covenants and agrees with and to Trustee and Beneficiary as follows: 2.1 Title This Deed of Trust is and shall remain a valid and enforceable first lien on the Premises free of all liens, claims, security interests, encumbrances, casements and restrictions arising by or through Grantor. Grantor has full power and authority to convey the Premises in the manner and form herein conveyed. Grantor and its successors and assigns shall warrant and defend such title to the Premises forever against all claims arising by or through Grantor. Grantor shall ftnnish to Beneficiary written notice of any litigation, lien, or notice of default affecting the Premises when received. Grantor shall, at its cost, do all further acts, and shall execute and deliver all further documents as Beneficiary shall from time to time require to perfect, continue, assure, convey and confirm the Premises to the Trustee or Beneficiary. 2.2 Payment and Performance. The Note and all other obligations set forth in the Recitals, including all obligations and duties of Grantor hereunder, are collectively refeITed to as the "Secured Obligations." Grantor shall pay and perform as and when due all of the Secured Obligations without offset and without prior notice or demand. 2.3 Construction, Maintenance and Repair. In the event any maintenance, restoration, repairs, or replacements are necessary to restore the Real Property, Improvements or Personal Property due to damage caused by Grantor, Grantor shall make or cause its tenant to make, all repairs necessary to the Real Property, Improvements and Personal Property and shall complete and restore promptly and in good and workmanlike manner any portion of the same which may be damaged or destroyed; the same shall be restored and repaired so as to be at least equal in value and of substantially 3 COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDXW68869C 18895,1EA\1994814 L 1 the same character as existed prior to such damage or destruction. Grantor shall not remove from the Real Property or demolish any of the Improvements or Personal Property. 2.4 Compliance with Laws, Grantor shall comply or cause its tenant to comply with all laws, ordinances, regulations, easements, agreements, covenants, conditions and restrictions now or hereafter affecting the Premises or the use or operation thereof. Grantor shall not cause any violation of any of the foregoing. Grantor shall indemnify and hold or cause its tenant to indemnify and hold Beneficiary, its officers, directors, employees, members and agents (`Beneficiary Parties"), and the Premises, harmless from any claim, cost, damage or expense, including attorney fees and penalties, with respect to any breach or alleged breach of the covenants set forth in this Section. In no event shall Greater bring onto, store upon, bury, use upon, emit or release from, nor allow to be brought onto, stored upon, buried, used upon, or emitted or released from, the Real Property or the Improvements, any Hazardous Materials in violation of any Environmental Laws, nor cause or permit any underground tanks to be installed on the Real Property. Grantor shall indemnify and hold or cause its tenant to indemnify and hold Beneficiary, Beneficiary Patties and the Premises, harmless from any claim, cost, damage or expense, including attorney fees, monitoring costs, response costs and penalties, with respect to any breach or alleged breach of these warranties and covenants. These warranties and covenants shall survive the exercise of any remedies by Beneficiary, including (without limitation) foreclosure of the lien of this Deed of Trust or obtaining title to the Premises in lieu of foreclosure. For purposes hereof, the phrase "Hazardous Materials" shall mean and include any oil, petroleum, hazardous substance, pollutant, contaminant, hazardous waste, hazardous material, dangerous waste, extremely hazardous waste, toxic waste, asbestos, urea formaldehyde, radon or air pollution, as any such term or similar term is now or hereafter defined, regulated, used or understood in or under any Federal, slate, county, city or other governmental statute, law, code, role, regulation, ordinance, order or decree which (x) is applicable to the Premises and (y) relates in any way to the protection of any aspect of human health or the environment, animal habitats, environmentally sensitive areas, or the use, quality or condition of air, soil, water, Shorelines or wetlands ("Lnvironmenlal Laws"). 2.5 Casualty. If all or any part of the Premises is damaged or destroyed, then any and all proceeds of insurance shall be payable and paid to Beneficiary, and the net amount of the same shall be, at Beneficiary's election and in Beneficiary's sole and absolute discretion, be used to restore the damaged property. Grantor hereby authorizes and directs any affected insurance company to make payment of such insurance proceeds directly to Beneficiary. 2.6 Condemnation, The Grantor, immediately upon obtaining knowledge of any contemplated condemnation of the Premises or any portion thereof, or of the institution of any proceeding for the condemnation of the Premises or any portion thereof, shall notify Beneficiary of the pendency thereof Grantor assigns, transfers and sets over to Beneficiary all compensation, rights of action, the entire proceeds of any award and any claim for damages for any of the Premises taken or damaged under the power of eminent domain or by condemnation or by sale in lieu thereof. Beneficiary may, at its option, commence, appear in and prosecute, in its own name, any action or proceeding, or make any compromise or settlement, in connection with such condemnation, taking under the power of eminent domain or sale in lieu thereof. Grantor agrees to execute such further assignments of any compensation, award, damages, right of action and proceeds as Beneficiary may require. 2.7 Liens and Encumbrances. Grantor shall pay, when due, all obligations, lawful claims or demands of any person arising by or through Grantor which, if unpaid, might result in, or permit the creation of, a lien or encumbrance on the Premises or any portion thereof, including all claims of contractors, laborers, suppliers and others for work or labor performed or materials or supplies furnished or rented in connection with any work, alteration, improvement of or construction upon the Premises. 4 - COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILMG (OREGON) PDX\068169@ 18875UBA\19748141.1 2.8 Indemnification. Grantor shall itself, or shall cause its tenant to, appear in and defend any suit, action or proceeding that, in the sole judgment of Beneficiary, may affect title to the Premises or the rights and powers of Trustee or Beneficiary. Grantor shall indemnify or shall cause its tenant to indemnify Beneficiary, the Beneficiary Parties and Trustee from and against any claim, loss, cost, damage or expense (including attomey fees) arising out of or related to this Deed of Trust, the Premises or the condition (whether now existing or hereafter arising) thereof, to the extent that any such claim, loss, cost, damage or expense arises as a result of the negligence, willful misconduct of Grantor, or breach by Grantor of any term or provision contained in the Note, this Deed of Trust, any other Loan Documents, or any of the Exchange Documents. The indemnity obligations of Grantor shall survive the reconveyance or foreclosure hereof. 2.9 Sale of Premises. In addition to any other right available hereunder, at law or in equity, Beneficiary may declare all sums secured hereby immediately due and payable if, without Beneficiary's prior written consent: (a) Grantor sells, assigns, transfers, conveys, contracts or agrees to sell (as by execution of a land sale contract), enters into a complete lease, a master lease, or a ground lease with respect to, encumbers, mortgages, assigns for security purposes, or otherwise disposes of, hypothecates or alienates, voluntarily or involuntarily, all or any pan of the Premises or any interest of Grantor therein; (b) Grantor suffers title to or any interest in the Premises to be divested, whether voluntarily or involuntarily; or (c) if Grantor any ownership interest in Grantor is sold, transferred, hypothecated or otherwise disposed. The foregoing acts are herein referred to as a "Sale" and a Sale without the prior written consent of Beneficiary shall be an Event of Default hereunder. Beneficiary may withhold such consent in its sole and absolute discretion. Any consent by Beneficiary to one Sale shall not constitute a waiver of Beneficiary's rights hereunder with respect to any subsequent Sale. In the event of a Sale which is a conveyance without the prior written approval of Beneficiary, the Beneficiary may, without notice to the Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and the Note in the same manner as with Grantor, without in any way releasing, discharging or otherwise affecting the liability of Grantor hereunder or under the Note or any other document evidencing or securing any Secured Obligation. No Sale shall affect Grantor's obligation to perform each term and provision hereof or in the other Loan Documents, nor release Grantor from any liability hereunder. Notwithstanding the foregoing, the parties acknowledge that Grantor, as landlord, and Beneficiary, as tenant and exchanger, will enter into a Lease Agreement of even date herewith pursuant to which Grantor will lease to Beneficiary the Premises and that the same will not constitute a breach of this Section 29. 2.10 Advances. If Grantor shall fail to perform any of the covenants contained herein, in the Note, in any instrument constituting additional security for the Note, or in any document evidencing or securing any Secured Obligation, Beneficiary may, but without obligation to do so, make advances to perform same on behalf of Grantor, and ail sums so advanced shall be secured by this Deed of Trust. Grantor shall repay on demand all suns so advanced in its behalf with interest at the rate of eighteen percent (I8%) per annum or the highest rate permitted to be charged by applicable law, whichever is the lesser (the "Advance Rate'), from the date of expenditure until the date repaid. Nothing herein contained shall prevent any such failure to perform on the part of Grantor from constituting an Event of Default and no exercise by Beneficiary of any right hereunder shall constitute a waiver of such Event of Default. 2.11 Time. Grantor agrees that time is of the essence with respect to all obligations of Grantor under this Deed of Trust. 2.12 Additional Security Agreement Provision. Grantor warrants that the Personal Property, if any, shall be free from any lien, security interest or encumbrance arising by or through Grantor, except that in favor of Beneficiary; (b) Grantor will defend title to the Personal Property any $ — COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDXN68869HI9845V8AV 994a14LI such claims and demands of all persons whomsoever; and (c) if Grantor is an entity, the state of organization of Grantor stipulated herein is true and cortect. Grantor shall, upon request, execute and deliver such financing statements and other documents and agreements as Beneficiary may request to perfect and continue Beneficiary's security interest in the Personal Property, and Grantor authorizes Beneficiary to file any financing statements Beneficiary may deem necessary from time to time without the joinder or approval of Grantor. A carbon, photographic, or other reproduction of this Deed of Trust may be filed and suffice as a financing statement. Information pertaining to the security interest imposed hereby may be obtained from Grantor and Beneficiary at their respective addresses set forth herein. 2.13 Inspections. Beneficiary, and its agents, representatives and workmen, are authorized, but not obligated, to enter at any reasonable time upon or in any part of the Premises for the purpose of inspecting the same, and for the purpose of performing any of the acts it or Grantor is authorized to perform under the terms of this Deed of Trust. 2.14 Land Use Matters. Grantor shall not cause any zone change or comprehensive plan change with respect to the Real Property or the Improvements, submit the Premises to any form of condominium or planned community ownership, cause or allow any subdivision or partition with respect to the Premises or consent to the inclusion of the Premises in a special or local improvement district, without in each instance, obtaining the prior written consent of Beneficiary, which may be withheld by Beneficiary in its sole and absolute discretion. DEFAULT. 3.1.1 Events of Default. The following, in addition to all other acts, events, and conditions declared to be events of default herein, are events of default hereunder ("Events of Default'): (a) The occurrence crony event of default with respect to the Note or any other instrument or agreement which evidences or secures any of the Secured Obligations other than this Deed of Trust. (b) The occurrence of any event of default by Grantor or National Safe Harbor Exchanges under the Exchange Agreement or other Exchange Documents. (c) Failure by Grantor to make any payment to Beneficiary or to any third party when due in accordance with the terms of this Deed of Tmst. (d) Failure by Grantor to perform, when due, any of the terms, covenants and conditions set forth in this Deed of Trust other than the obligations mentioned in Sections 3.1(a) through (c); provided, however, that Grantor shall have a period of fifteen (15) days following notice from Beneficiary to cute any such Event of Default under this Deed of Trust if (i) Grantor promptly requests such cure period, in writing, and (it) in Beneficiary's opinion (1) such Event of Default can be cured within such time period, and (2) the lapse of such time period would notjcopardize Beneficiary's interest in the Premises or Beneficiary's ability to collect all amounts secured hereby (e) Breach of any warranty or representation given by Grantor to Trustee or Beneficiary. (t) Without implying consent of Beneficiary to the creation of any lien encumbering the Premises, institution of foreclosure or other proceedings (eitherjudicial or nonjudicial) to enforce any security interest or other lien or encumbrance Qunior or senior) of any kind upon the Premises or any portion thereof or interest therein. 6 —COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDX\06836z1I8875'JSA\ I914a 141.1 (g) Grantor, any member of Grantor, any guarantor of any Secured Obligation, or any successor or assign thereof: (i) files a voluntary petition in bankruptcy or for an arrangement or reorganization pursuant to the Federal bankruptcy statutes, or any similar law, state or Federal (`Bankruptcy Proceedine"); (it) is the object of any involuntary Bankruptcy Proceeding which is not stayed or dismissed within sixty (60) days of filing; (iii) is adjudicated a bankrupt or declared insolvent in any Bankruptcy Proceeding; (iv) has a trustee or receiver appointed for it or has any court take jurisdiction of any of its property in any reorganization, arrangement, dissolution or liquidation proceeding, unless such trustee or receiver is discharged or if such jurisdiction be relinquished or vacated within thirty (30) days of appointment or commencement; or (v) makes an assignment for the benefit of its creditors or consents to an appointment of a receiver or trustee of any of its property. 3.2 Remedies. In addition to any other rights and remedies provided herein, in the Note, in any document evidencing or securing the Secured Obligations, or available at law or in equity, Beneficiary shall have the following rights and remedies upon the occurrence of any Event of Default: (a) Acceleration. Beneficiary, by written notice given to Grantor, may declare the entire principal of the Note then outstanding and all accrued and unpaid interest thereon, and all other Secured Obligations, to be due and payable immediately. (b) Possession and Receiver. The Trustee or Beneficiary, personally or by its agents or attorneys, or through a duly appointed receiver, may enter into and upon all or any part of the Premises, and each and every part thereof, and may exclude the Grantor and its agents wholly therefrom; and may possess, use, operate, manage, improve and control the Premises. Trustee or Beneficiary shall be entitled to collect and receive all earnings, revenues, issues, profits and income of the Premises whether or net Beneficiary, Trustee, or a receiver is then in possession of the Premises. Beneficiary shall be entitled to the appointment of a receiver as a matter of right, whether or not the apparent value of the Premises exceeds the indebtedness secured hereby, and any receiver appointed may serve without bond. Employment by Beneficiary shall not disqualify a person from serving as a receiver. The exercise of any right under this section shall not be deemed an election of remedies nor a "pending action" so as to preclude the exercise of any other right or remedy. Upon taking possession of all or any pan of the Premises, the receiver may (i) Possess, manage, control, and conduct the business of the Premises and make expenditures for all maintenance and improvements as in its judgment are proper; and (ii) Collect all revenues, income, issues, profits, contract rights, accounts, accounts receivable and general intangibles from the Premises and apply such sums or the proceeds thereof to the expenses of use, operation and management. If the revenues IS by the Premises are insufficient to pay expenses, the receiver may borrow, from Beneficiary or otherwise, such sums as it deems necessary for the purposes stated herein and repayment of such sums shall be secured by the lien hereof. The amounts borrowed from or advanced by Beneficiary shall bear interest at the Advance Rate from the date of expenditure until repaid, and such amounts and interest shall be an indebtedness of Grantor secured hereby. (c) Uniform Commercial Code. Beneficiary shall have all of the remedies of a secured party under the Uniform Commercial Code as adopted in the State of Oregon and any other applicable law. To the extent permitted by law, Grantor expressly waives any notice of sale or other disposition and notice of the exercise of any other right or remedy of Beneficiary arising by reason of an Event of Default hereunder, and to the extent any such notice is required and cannot be waived, Grantor agrees, for the purpose of this paragraph only, that if such notice is mailed, postage prepaid, to the 7 — COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND F1xrURE FILING (OREGON) PDx1e69369U]S 75VIIA\197ds101.1 Grantor at the above address at least five (5) days before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice. (d) Sale. The Trustee may, and upon the written request of Beneficiary, shall, and the Beneficiary may to the extent permitted by law, with or without entry, personally or by its agents or attorneys insofar as applicable: (i) Sell the Premises and otherwise exercise the power of sale granted herein as a nonjudicial foreclosure of this Deed of Trust in the manner provided by applicable laws pertaining to the foreclosure of deeds of trust; (ii) Institute proceedings for the complete or partial judicial foreclosure of this Deed of Trust as a mortgage in the manner provided by applicable law; and/or (iii) Apply to any court of competent jurisdiction for the appointment of a receiver for the Premises to operate the same and collect all the earnings, revenues, issues, profits and income therefrom. (e) Proceeds. In the event of anyjudiclal or nonjudicial foreclosure sale made under or by virtue of this section, the entire principal of and interest on the Note, if not previously due and payable, and all other sums secured hereby, immediately thereupon shall become due and payable. The proceeds of any sale made under or by virtue of this section, together with any other sums which then may be held by the Trustee or Beneficiary tinder this Deed of Trust shall be applied in the manner provided by law. Upon any judicial or nonjudicial sale made under or by virtue of this section, the Beneficiary may bid for and acquire the Premises or any part thereof and in lieu of paying cash therefor may make settlement for the purchase price by crediting upon the indebtedness of the Grantor secured by this Deed of Trust the net sales price after deducting therefrom the expenses of the sale and the cost of the action and any other sums which the Beneficiary is authorized to deduct under this Deed of Trust. (f) Tenancy at Will. In the event Grantor remains in possession of the Premises after the same have been sold as provided herein or after Beneficiary otherwise becomes entitled to possession of the same, Grantor shall become a tenant at will of Beneficiary or the purchaser of the Real Property and shall pay, while in possession, a reasonable rental for use of the Real Property and Improvements. (g) Remedies Not Exclusive. No remedy granted herein is intended to be exclusive of any other remedy provided herein or at law or in equity, but each shall be cumulative. Each such remedy may be exercised singly, collectively or seriatim, and as often as may be deemed expedient by Trustee or Beneficiary. If there exists additional security for the performance of the obligations secured hereby, Beneficiary, at its sole option and without limiting or affecting any rights or remedies hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder either concurrently with whatever other rights it may have in connection with such other security or in Such order as it may determine. 4. MISCELLANEOUS TERMS AND CONDITIONS. 4.1 Acceptance of Trust; Notice. The Trustee accepts this trust when this Deed of Trust, duly executed and acknowledged, is recorded. 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 Trustee brings such action. 8 - COMMERCIAL DEED UP TatlsT, Si cmu rY AGREEMENT, AND FIXTURE FILING (OREGON) YDX1068869Ui8875J5M[9748141.1 4.2 Powers of Trustee. Trustee or Beneficiary may from time to time apply in any court of competent jurisdiction for aid and direction in the execution of the trusts hereunder and the enforcement of the rights and remedies available hereunder, and Trustee or Beneficiary may obtain orders or decrees directing or confirming acts in the execution of said trusts. Grantor shall pay to Trustee reasonable compensation and reimbursement for services and expenses in the administration of the trusts created hereunder, including reasonable attorney fees, but in no event more than allowed by any applicable statute. Grantor agrees to and does indemnify Trustee and Beneficiary against all losses, claims, demands and liabilities which either may incur, suffer or sustain in the execution of the trusts created hereunder or in the performance of any act required or permitted hereunder or by law. 4.3 Substitution of Trustee. By a writing signed and acknowledged by Beneficiary and filed for record in the office of the recorder of the county in which the Real Property is situated, Beneficiary from time to time may appoint another Trustee to act in the place and stead of Trustee or any successor. 4.4 Marshaling of Assets. Grantor hereby expressly waives all rights to require a marshaling of assets by the Trustee or Beneficiary or to require Trustee or Beneficiary to first resort to the sale of any portion of the Premises which might have been retained by Grantor before foreclosing upon and selling any other portion thereof, 4.5 Nonwaiver. By accepting payment of any sum secured hereby after its due date or late performance of any obligation secured hereby, Beneficiary shall not waive its right against any person obligated directly or indirectly hereunder or on any indebtedness hereby secured either to require prompt payment or performance when due of all other starts and obligations so secured or to declare a default for failure to make such payment. No exercise of any right or remedy by Trustee or Beneficiary hereunder shall constitute a waiver of any other right or remedy allowed herein, in any other document evidencing or securing any Secured Obligation, or at law or in equity. No delay or omission of the Trustee or Beneficiary in the exercise of any right, power or remedy accruing hereunder or arising otherwise shall impair any such right, power or remedy, or be construed to be a waiver of any default or acquiescence therein. 4.6 Rules of Construction. When the identity of the parties or the context of a provision makes it appropriate, the neuter gender shall include the feminine End masculine, Rod the singular shall include the plural. The headings of each section are for information and convenience only and shall not limit or affect the contents of any provisions hereof. In the event of any conflict between this Deed of Treat and the Note, Loan Documents, or Exchange Documents, the terms and provisions of this Deed of Trust shall govern. 4.7 Severability. If any term of this Deed of Trust or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Deed of Trust shall not be affected thereby, and each term of this Deed of Trust shall be valid and enforceable to the fullest extent permitted by law. 4.8 Successors in Interest. Subject to the limitations set forth in Section 2.9, this Deed of Trust applies to, inures to the benefit of, and is binding not only on the parties hereto, but on their heirs, executors, administrators, successors and assigns. The term "Beneficiary" shall mean the holder and owner, including pledgees, of the Note secured hereby, whether or not named as Beneficiary herein. 4.9 Notices. All notices to be given pursuant to this Deed of Trust shall be in writing and shall be sufficient if personally delivered or deposited in the United States Mail, postage prepaid, certified or registered mail, return receipt requested, addressed to the party to wham directed at its address 9 - COMMERCIAL DEED Or TRUST, SECURITY AGRCEMENI', AND FIXTURE FILING (OREGON) PDXb68369'S I S 875 U B A\ 19748141. i shown above. Notices (as distinguished from payments) will be deemed received when personally delivered or two (2) days after deposit in the United States Mail. Any party may change its address set forth herein by giving ten (10) days prior written notice thereof to all other parties. 4.10 Modifications, This Deed of Trust may not be amended, modified or changed except by a written instrument signed by the parties hereto. 4.11 Attorney Fees. If any litigation or arbitration is instiuted to enforce or interpret any provision hereof, or to foreclose this Deed of Trust, the prevailing party shall be entitled to collect, in addition to all other amounts and relief, its court costs, title search costs, and other reasonable attorney fees, incurred both at and in preparation for trial and any appeal or review, such amount to be set by the court before which the matter is heard- Without limitation on and in addition to the foregoing, Grantor agrees to reimburse Beneficiary for all such costs and fees which Beneficiary may incur in connection with any bankruptcy or similar proceeding wherein the Grantor, or any guarantor, surety or accommodation party is the "debtor," including (without limitation) issues peculiar to Federal bankruptcy law. If Beneficiary is the prevailing party, such costs and attorney fees shall be secured by this Deed of Trust 4.12 Priority of Trust Deed. The terms of the obligation secured hereby may provide that the interest rate, payment terns or balance due may be indexed, adjusted or renewed. The priority of this Deed of Trust shall not be affected by renegotiation or adjustment of the interest rate provided in the Note (which may increase or decrease the amount of periodic payments or extend or shorten the term of this Deed of Trust), any increase in the underlying obligation as a result of deferment of all or a portion of interest payments and the addition of such payments to the outstanding balance of the obligation, or the execution of new agreements which reflect such changes. 4.13 Commercial Trust Deed. This Deed of Trust is a commercial trust deed and is not a residential trust deed, as the phrase "residential must deed" is defined in ORS 86.705, and the provisions of ORS 86.705 through 86.815 applicable to the foreclosure of commercial trust deeds shall apply to this Deed of Trust at the option of Beneficiary, Grantor warrants that the loan secured hereby is for commercial purposes and is not for residential, household, personal or consumer purposes. 4.14 Mutual Negotiation. Beneficiary and Grantor confirm that they have mutually negotiated this Deed of Trust and that none of the terms or provisions of this Deed of Trust shall be presumptively construed against either party. 4.15 Assignment by Beneficiary. Beneficiary may assign this Deed of Trust in whole or in pan to any person and may grant participation in any of its rights under this Deed of Trust, without notice and without affecting Grantor's liability under this Deed of Trust. In connection with any proposed assignment, participation or similar arrangement, Beneficiary may make available to any person all credit and financial data famished or to be furnished to Beneficiary by Grantor or any guarantor of the Note. Grantor agrees to provide to the person designated by Beneficiary any information as such person may reasonably require to form a decision regarding the proposed assignment, participation or other arrangement. 4.16 Statute of Frauds. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US (BENEFICIARY) CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE GRANTOR'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE. 10 - COMMERCIAL DELI) Or TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) `DXn68969QI8VS' mAA19748141.1 4.17 Non -Recourse Obligation. Notwithstanding anything to the contrary contained herein, this is a non-recourse obligation with respect to Grantor. Beneficiary's sole source for repayment of the Secured Obligations is the Premises. Grantor, its directors, officers and assigns shall not have personal liability for the repayment of any amounts evidenced by the Note or the performance or observance of any covenant, indemnification, or condition contained in the Note, this Deed of Trust, or the other Loan Documents. No personal deficiency judgment shall be sought or entered against Grantor by Beneficiary as a result of an Event of Default. [.Signature and notary acknowledgment contained on following page] 11 -COMMERCIAL DEED or TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDX,06836M 1 RM JEIA\ 19)48141.1 Executed RN of the date first above written. GRANTOR: Pair Lumber Company Springfield LLC, an Oregon limited liability company By: National Safe Harbor Exchanges, a California corporation, its Sole Member By: d/ys Pa o Sanche ,sistant Vic res end STATE as. County of This instrument was acknowledged before me this day of , 2017, by Paulo Sanchez, as Assistant Vice President of National Safe Harbor Exchanges, a California corporation, the sole member of Parr Lumber Company Springfield LLC, an Oregon limited liability company, on behalf of the company. NOTARY PUBLIC My Commission Ex Exhibits: A — Legal Description 12 -COMMERCIAL DEED OF TRUST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDx1068369@188751JBA119798141.1 CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT A notary public of other anter completing this orrdficate verifies only the ternary of the individual who signed the document to which Nis deruarate is anached, and not [he trulM1fWness, a<cumry, or validny of due document. State of California County of Santa Clara On 01/03/17 before me, C Molotla , Notary Public, (Here insert nameand not ofthe o2cer) personally appeared Paulo Sanchez who proved to me on the basis of satisfactory evidence to be the person(s) whose names) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (XL 1 4hIU S gnavere ufNotary Public C. MOLOTLA C hournevslen k 2095497 a, i -� NOWryPublle-CalOornia Santa Clara County ina Comm. Firm,,, Jan 26, 2019 J (Notary Seal) ADDITIONAL OPTIONAL INFORMATION DESCRIPTION OF THE ATTACHED DOCUMENT Ui0,ordesa(ptionfanecbeddocument) aah or adndrintio o�aue�nda an<etmentdannnude) Number of Pages_ Document Date (Additional reformmivn) _ CAPACITY CLAIMED BY THE SIGNER El Individual (s) ❑ Corporate Officer (Title) ❑ Pminer(s) ❑ Anomey-in-Fact ❑ Trustee(s) ❑ Other INSTRUCTIONS FOR COMPLETING THIS FORM Airy admarledgmem completed in Calf io bene comeln increase c actly as appear abase in the .,ary sedlian a seportu ndnrmledgment p rotnst be properly completed and attached a that document rye oMy exception 4 f a dodo a to be recorded ourside ofCdf mia. fn and itntancia arty altstmntive acknawledgn¢m verbiage as may be primed an such a document so long as the verbiage does cot require the notary to do someNing that is illegal for o every in Call rata fte, deNpeing the mrtbwized capadiry afde signer). Please deck the decanters arefullyukarproper notarial wording anderarma eform ifregNred State and County information must ba the Sum and County wtrere the document signers) personally appemed before the notary public for acknowledgment. • nam of nohationenmust be the date bet the signers) personally appeared which mustalso re mesame date the icknowletlg our is completed • The notary public mus, it, his ar be, name as it appears within his or her oursonsiver fopmved by v comma and then le, Orfr oaddy public). . print the nomµs) of document slgnerts) who Porsavally appear, at Ne Limo of sutrridavm. • Indicate ,he cohere singular or theca terms by crossing ort' incorrect farms lis. ofemaney-isle lea or circling the dater @rete Failureto cnrrcnly indicate this informationmay Icedmrejectionofbe Gleam recording. The emery e. impression must r clear .1 i pontanneso aphicedg ourrodus, ronacibf a Impression must not cover ,ext or lino. If seal impression smudges, msenl If e sul0case arca permits, otherwise complete a different le a- file 11th three. • Signature ofen, coup public ourmamM1 the signature an file wilA the ani¢ of ,he coonry clerk. Additional iadmis not is no, orimend but couadiff heap to nt n this acdied. file as t is not reactedor anached r a different document. Indicate Nle ca type ofevac claimed by the g n,, number of pages and date. u Indicate the capacity rtIS,by the signer. If the claimed capacity is u corporate notion, nitrate the title (i a CEO, CFO, Secretary). • Secumly 9lu@this documenuolhe signed dmcumenl u on, an, Peissir, sol,1ernc re -e s'.vision —Ic"lic .1cem-ilivirWde Weary&Ma Exhibit "A" Legal Description PARCEL A parcel of '_and situated in the Southeast quarter of Seccior. 35,-cmnh-p !7 South, Range 3 West, of the Willamette Meridian, -,Ty of Springfield, Lane County, Oregon, being ail that portion of those lands conveyed as Parcels 3, II, II7 and IV in that Statutory warranty Deed recorded October 2, 1905, Retention No. %55397, Lane County Official Records, and all that portion of those lands com�ayed as Parcel 1 in that Bargain and Sale Deed recorded November 3, 1595, Reception Na 95E3422, Lane County Official Records, lying Easterly of the following described line. Beginning at a point on the South margin of South "A" Street in Springfield, lying on the Wast line of lot 1, WASMUMrS ADDIIION to Springfield, said point being referenced by a 578 inch zeta:: thence along said West line of Lot 1, South Oo' 31' West a distance of 327.25 feet, more or less, rc a point on the North margin of the Union Pacific Railroad right of 'way, said point being referenced by a 5!: inch rebar, there terminating, in Lane County, Oregon. PARCEL Beginning at the Southeast corner of Lot 1 of PER7 OF S:ASHB[itvC`B AMMON -0 Sze NGFIELD, as platted and -accrued in Book 2, Page 7 , Lane County Oregon Plat Records; thence North 9' 3S' Best 09.64 feet along the South line of said Lot 1; thence North O' 06' West, 79.37 feet to a p=int on the South right of :ray line of South "A" Street; thence along the South right of way line of South Street, on the arc of a spiral curve to the left (the long chord of -which bears South E9' 49' 3E^ East, E6.52 feet) said point being on the East line of Let 1, PLAT OF WASNBDR.N'S ADDITEON TO SPRINGFIELD; thence South. 0' O6' East, 51.35 feet along the East line of said Lot 1 to the point of beginning, in lane County, Oregon. ALSO: Beginning at the Southeast corner of Lot 1 of PLAT OF WASNBURN'S ADDITION r0 SPAINCFEEID, as platted and recorded in Booi Z, Page 72, Lane County Oregon Plat Records, in Lane County, Oregon; thence North 79' 35' West, 67.E4 feet along the South line of said Lot 1 to a point, said point being the true point of balloting: thence North 79' 35' West, 28'_.':6 feet along the South line of said Lot 1, to the Southwest corner thereof; thence North 0' C-6' West, 38.80 feet to a point on the South right of 'way line of South "A" Street; thence along the South right of 'way _ine of South "A" Street on the arc of a curve to the left hating a radius of 3849.72 feet (the long chord of which bears South 86' 55. 40" East, 136.99 feetl; thence along the South right of way line of South "A" Street on the arc of a spiral curve to the left (the long chord of which bears South E3' 45. 30" East, 140.29 feet}: thence South 0' 06' Ea3t, 45.37 feat to the -rte point of beginning, in Lana County, Oregon. PARCEL 3 Easeae rt for the benefit of Parcels _ and 3 as created by the Declaration of Reciprocal Access Easement, dated Abri': 24, 2015, and recorded Fibril 24, 2.15, Reception No. 275-017146, for Reciprocal Access, over, under and across the land described as follows: A strip of land 35. 63 feet West of the following described line: Beginning at a point on the South right of 'eay line of South A Street, being the Northwest corner of Parcel I described in Exhibit A of instrument recorded April 24, 2015, Reception No. 2015-017146, Lane County Deeds and Records, in Lane County, Oregon; thence along the West line of said lands, South ^s ' 31. CO' West a distance of 327.35, tore or less, to the Southwest corner of said lands, being a point on the North right of way of the Union Pacific Railroad, there terminating. Sub-ect to the terns, provisions, and conditions set forth in said instrument, is lane County, Oregon. 13- CXHIBIT "A" TO COMMERCIAL DEED OF TRIJST, SECURITY AGREEMENT, AND FIXTURE FILING (OREGON) PDXW68369@I MMBA\I9748141.1 Original Principal Balance of $ 2.200,000.00 January U, 2017 Tempe, AZ FOR VALUE RECEIVED, the undersigned Parr Lumber Company Springfield LLC, an Oregon limited liability company (hereinafter called "Maker"), promises to pay to the order of Parr Lumber Company, an Oregon corporation ("Lender"), and each subsequent transferee and/or owner of this Note ("Holder') at 5630 NW Century Blvd., Hillsboro, OR 97124, or at such other place as Holder may from time to time designate in writing to Maker, the principal sum of Two Million Two Hundred Thousand AND 00 /100 DOLLARS ($ 2.200000.00 ) or so much thereof as Holder shall -have advanced to Maker, plus interest at the rate of zero percent (0%) per annum, principal, interest and all other sums payable hereunder to be paid in lawful money of the United States of America on the Due Date (as defined herein). "Default" has the meaning set forth in the Line of Credit Agreement "Due Date" means the earlier of: (i) the sale or disposition by Maker of all of its interest in the Property, or (it) one -hundred eighty-five days after Maker acquires the Property. "Line of Credit Agreement" means that Line of Credit Agreement dated as of January �, 2017, by and between Lender and Maker. "Property" means that real properly commonly known as 1291 South A Street, Springfield, OR and described on ExhibitA. Other capitalized words and phrases used herein shall have the meanings set forth in the Line of Credit Agreement. Maker agrees to an effective rate of interest that Is the rate stated above plus any additional rate of interest resulting from any changes in the nature of interest paid or to be paid by or on behalf of Maker, or any benefit received or to be received by Holder, In connection with this Nate. If any payment required under this Note is not paid within fifteen (15) days after the date such payment is due, then, at the option of Holder, Maker shall pay a "late charge" equal to four percent (4%) of the amount of that payment to compensate Holder for administrative expenses and other costs of delinquent payments. This late charge may be assessed without notice, shall be immediately due and payable and shall be in addition to all other rights and remedies available to Holder. All payments on this Note shall be applied first to the payment of any accrued interest and then to the reduction of the principal balance. This Note is issued pursuant to that Line of Credit Agreement between Maker and Holder is secured by the property. Time is of the essence of this Note. At the option of Holder, the entire unpaid principal balance, all accrued and unpaid interest and all other amounts payable hereunder shall become immediately due and payable thirty (30) days after written notice by Holder to Maker of the occurrence of any Default, as defined in the Line of Credit Agreement, unless Default shall have been fully cured during such thirty (30) day period. Maker shall have the option to prepay this Note, in full or in part, at any time without penalty. Promissory Note LLCODInveelmenl Property Exchange Servkec, Inc., 2016 -All Rgbls Reserved Failure of Holder to exercise any option hereunder shall not constitute a waiver of the right to exercise the same in the event of any subsequent default or in the event of continuance of any existing default after demand for strict performance hereof. Maker waives any and all formalities in connection with this Nate to the maximum extent allowed bylaw, including (but not limited to) demand, diligence, presentment for payment, protest and demand, and notice of extension, dishonor, protest, demand and nonpayment of this Note; and consent that Holder may extend the time of payment or otherwise modify the terms of payment of any part or the whole of the debt evidenced by this Note, at the request of any other person liable hereon, and such consent shall not alter nor diminish the liability of any person hereon. Maker agrees that to the extent Maker makes any payment to Holder in connection with the indebtedness evidenced by this Note, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by Holder or paid over to a trustee, receiver or any other enffiy, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a "Preferential Paymeri then the indebtedness of Maker under this Note shall continue or shall be reinstated, as the case may be, and, to the extent of such payment or repayment by Holder, the indebtedness evidenced by this Note or part thereof intended to be satisfied by such Preferential Payment shalt be revived and continued in full force and effect as if said Preferential Payment had not been made. This Note shall be binding upon Maker and its successors and assigns and shall inure to the benefit of Holder, and any subsequent holders of this Note, and their successors and assigns. All notices required or permitted in connection with this Note shall be given at the place and In the manner provided in the Line of Credit Agreement for the giving of notices. This Note shall be governed by and construed according to the laws of the State in which the Property is located. Notwithstanding anything to the contrary in this Note or in the Line of Credit Agreement, this Is a non-recourse obligation with respect to Borrower. Lender's sole source for repayment of the obligation is the Property. Borrower, its directors, officers and assigns shall not have personal liability for the repayment of any amounts evidenced by this Note or for the performance or observance of any covenant, indemnification, or condition contained in the Line of Credit Agreement or this Note. No personal deficiency judgment shall besought or entered against Borrower by the Lender as a result of any default. IN WITNESS WHEREOF, these presents are executed as of the date first written above Parr Lumber Company Springfield LLC, an Oregon limited liability company By: National Safe Harbor Exchanges, a California corporation Its: Sole Member 8 �sstm amhezIIce President Promissory Note LLC ®InyesMent Property Exchange Services, Inc., 2016- All Rights Reserved EXHIBIT "A" PARCEL 1 A Parcel of land situated in the Southeast q arcer of Section 3S, Toxhmhip 17 South, Range 3 West, of The Willamette Il __dish, City' of Springfield, 'Age rcunty, Oregon, being all That P'ir t' -en a f these '_ands co,. -ayes a3 Fe ones I, Ii, III and I -r that Sca-uTory Warr anti Deed recorded Cctnbar 2, 153`_, Recentian HS- 4555331, Lane County Official Records, and a17 that pori -oh of those lards conveyed as Parcel l in that Bargain end gale Dead reccaded Novexbsr 3 :.ccs, Reception Hc. 55E3422, Lane C:UZTy Cfftcial Records, -iving E6stezly Of thef l'_>'a ln4 described 11aa: Begirnina aL a paint on the South, margin of South "A" Street in Springfield, lyihc or. the War- line of Lot 1, WASWB Rtt'3 ADLITIOI to Sc•__rgfield, said Paint being reroerenced by a 5/5 inch ester; thence along said Gest 1Lna Of Lot 1, Scuch 0•:' °_' West a distance of --:7.-5 fear, More Jr less, to a point :h the .^.firth Cdr;in of the Urian Pacific railroad eight 'way, said toiint being referenced by a 5/E inch rebar, there rerffiinating, in Lane County, 8regon. PARR T -L Beg=nh'lng at the Southeast corner of LOT 1 of FLU CF WASMURN'S ADD TION ?0 SPRINGFI'LD, as platted and Iee4Ldad in Soot. 2, Page ' Lane County Oregon. flat R±c'aLds; thence N^rLh 'e' 35' West E7.E4 feet along the South line of said Lot 1: thence Forth 0' OE' West, 75.37, feat -c. a ceini or. the South right or nay line e` South "A" Street; thence along The Sous: L-$I:L to ray lint of $OGih "n" Street, .tR the fila of C SJ1La1 CIiCPc Lv the left it.*s 1c^g -cord of which beers Simon. Sc• 45, 30" East, EE.SI feet; said Point bei..^.g on the East ! of Lot 1, PLAT OF n.SMB S'S ADDIT-Iv31 TG SPRINGFIELD; Thence South 0' OE' East, 91.39 -set along the East line of said Lon 1 -a the Tint of beginning, in Lane Camay, Oregon. AL30: Beginning ei to Southeast corner of Lot '_ if PLAT OF W;5HBUPIa'B ADDIII01f TO SPRINGFIELD, as el.tred and recorded in Beck 2, Paga il, Lane C unty Oregon Flat Records, In Lane County, Oregon; Thence Dtorth 15' 35' West, Ei. c`4 teat along the South line Cf said Let To a point, said point being the true Point of ba7ins_rg; thence tin^T iY 35' West, '- .?E fax- along The South line of said Loc l o The SrUthwest either thereof; Thence vent 0' OE' Was, 35.80 feet to a pat..^.t on the South richt of way 'line of SeuTh "A" Sheep thence along The SoaLh Li 7hL of i.y !_CB Of South "A" Street JL the art of a CIIr.e Lt The `r having a radius of 3'.53.%_ feet (the long chord of which. bears South SE' 55' 40" East, i3E-9P seeeq: Thence wrong the South right of 'nay line Of South ",i" Street nn the as o a srn-cal curve c., The left (the long chord Of 'which Leets South E-' 45' 30" Ease, 140.29 feet); Thence South i .2 East, 7P,31, fa=_t to The True Point of be7inning, in Lane County, Oragcn. .AA EL 3 rasement for the henafit of Pascals l end I as created by the Declaration of RetfPrpcel Access Easement, dated April =4, 2015, and recorded April 24, 1015, Reception No. '!5>-6;'142, f wecirrecai Access, ever, under and across The -,nd described as follc-,e: A strip of land 35.E3 feat gest Of the ftL'owin4 d`•ser iLad line: Beginning at a point c. tOe 3cn1h right Of aey line of 5,ucbh A Street, being The Nirih'sest corner of Parcel . dn3Crited 1^. Ext --bit A-n3221im ^.0 recorded AP _4, _CIE, PeceCtitn L'S. = -iiii4E, Lane COUrVII DaedS and Records, in lure County, Oregon; Thence along -The Gest trine of said lands, South 90' 31' 00" gest a distance of 32].25, nitre or less, to the Southwest MrnaO f said lands, being a Point c.. -he North right c - of The Ua:cn Pacific Railroad, there Lel4e il&zing. Sab]ecr :o the rates, PL^VisiOL9, and of set forth in said inst.^Lent, -n Lane County, Oragcn. Pmmissmy Note LLC ® Investment Property Exchange Services. Inc., 2017 -All Rights Reserved