Assignment of Trust Indenture/H&H Enterprisesro
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CITY OF KALISPEt T a municipal corporation, of P.O. Box 1997, Kalispell, Montana
59903, hereinafter called "Assignor", for good and valuable consideration do by these
presents gram, bargain, se 1, assign, transfer and set over unto GLACIER AFFORDABLE
HOUSING FOUNDATION, of P.O. Box 27, Kalispell, MT 59903, its successors and
assigns, hereinafter called "AssignW, their interest as Beneficiary in and to that certain
Montana Trust Indenture as follows:
Montana Trust Indenture made and executed by H dt H Enterprises to Assignor as
Beneficiary, recorded as Reception No.
records of Flathead County, Montana, given to
secure the payment of Promissory Note for the sum of MA§= together with
interest.
Together with the obligations therein described and the money due and to become due
thereon with the interest.
TO HAVE AND TO HOLD the same unto GLACIER AFFORDABLE HOUSING
FOUNDATION, its successors and assigns, for its own use and benefit.
IN WITNESS WHEREOF, the Beneficiary has hereunto set its hand and seal this
day of 19
STATE OF MONTANA
ss:
County of Flathead }
On this - day of 19� before me, the
undetsild, a Notary Public for the State afo aid, personally appeared
L TI11eG�/V known to me to be the
TFAl tC G/1'11 -N- f}-is&W . whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the
day and year in this certificate last above written.
o 95 Pu lic f r th Stag f ontana
Residing at
My commission expire :
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The following is a copy of Provisions 1 through 22 which are incorporated by reference in the Trust Indenture appearing on the reverse side hereof,
TO PROTECT THE SECURITY OF THIS TRUST INDENTURE, AND FOR OTHER PURPOSES, GRANTOR AGREES:
1. To keep said property in good condition and repair, not to remove or demolish any building thereon; to complete and restore promptly and in a good and workmanlike manner
any building which may be constructed, damaged or destroyed thereon, and to pay when due all claims for labor performed and materials furnished therefore; to comply with all laws, covenants and
restrictions affecting sold property, not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of the law, to do all other acts which from the character
or use ofsaid property may be reasonably necessary, the specific enurncrabo s herein not excluding the general; and, if the loan secured hereby or any part hereof is being obtained for the purpose of fmancing
construction lion of improvements on said property, Grantor further agrees:
and (a) To carnrence erection promptly and to pursue the same with reasonable diligence to completion in accordance with plans and specifications satisfactory to the Beneficiary;
(b) To allow Beneficiary to inspect said property at all times during construction.
Trustee, upon presentation to it of an affidavit signed by Beneficiary, setting forth facts showing a default by Grantor under this numbered paragraph, is authorized to accept as true and conclusive
all facts and statements therein, and to act thereon as provided in this instrument and as allowed by law.
2. To provide, maintain and deliver to Beneficiary, insurance of such type or types and amounts as Beneficiary may require on the improvements now existing, or hereafter erected
or placed on sold property. Such aatiaarm shall be canned in companies approved by the Beneficiary with some payable clause in favor of and in form acceptable to Beneficiary. In the event of loss, Grantor
shall give immediate notice to Beneficiary, who may make proof of loss, and each insurance company concerned is hereby authorized to make payment for such loss directly to Beneficiary instead of to
Grantor and Berieficiaryjointly; and the insurance per, or any part thereo£ may be applied by Beneficiary, at its option, to the reduction of the indebtedness hereby secured or to the restoration or repair
of the property damaged.
3. To deliver to, pay for and maintain with Beneficiary until the indebtedness secured hereby is paid in fiill, such evidence of title as Beneficiary may require, including abstracts
of title or policies of title insurance and any extension or renewals thereof or supplements thereto.
4. To pay before delinquent all taxes and assessments, including interest and penalties, affecting said premises and improvements; to promptly pay and discharge all encumbrances,
charges and liens on said property which at any time are, or appear to be, prior or superior hereto. In addition to the payments due in accordance with the terms of the note hereby secured, Grantor shall,
at the option and an demand of the Beneficiary, pay to the Beneficiary monthly and concurrently with payment of principal and interest, a sum equal to one -twelfth (1/12th) of the annual taxes, assessments,
insurance pranitmLs, maidenarm and other charges upon the property, as estimated by the Beneficiary, in trust nevertheless for Grantor's use and benefit and for payment by Beneficiary of any such items
when dune. The failure of Grantor to make any of such payments shall constitute a default under this bust
5. Except as otherwise expressly provided herein, to pay all costs, fees and expenses of this trust, including cost of search and evidence of title, advertising and recording expenses,
documentary taxes and Trustee's and attorney's fees as allowed by law.
6. Should Grantor fail to make any payment at to do any act as herein provided, then Beneficiary or Trustee, without obligation so to do and without notice to or demand upon Grantor
and without releasing Grantor from any obligation hereof, may make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof Beneficiary or Trustee
being authorized to enter upon said property for such purpose.
7. To pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with interest from date of expenditure at the highest rate permissible under
Montana law until paid, and the payment thereof shall be secured hereby.
IT IS MUTUALLY AGREED THAT:
8. Without affecting the liability of any person, including Grantor, for the payment of any indebtedness secured hereby, or the lien of this Trust Indenture on the remainder of the
property for the full amount of any indebtedness unpaid, Beneficiary and Trustee are respectively empowered as follows: Beneficiary may from time to time and without notice:
(a) Release any person liable for the payment of any of the indebtedness;
(b) Extend the time or otherwise alter the terms of payment of any of the indebtedness;
(c) Alter, substitute or release any property securing the indebtedness.
Trustee may, at any time and from time to time, upon the written request of Beneficiary:
(a) Consent to the making of any map or plat of the property,
(b) Join in granting any easement or creating any restriction thereto;
(c) Join in any subrogation or other agreement affecting this Trust Indenture or the lien or charge thereof;
(d) Reconvey, without warranty, all or any part of the property.
9a. Both parties agree that Beneficiary may, if Beneficiary so elects, procure and thereafter continue during the term of this Indenture, for as long as Beneficiary desires, a form of
insurance acceptable to Beneficiary insuaingBrneficiary against any lass sustained by Beneficiary by reason of any default in payment by Grantor of the secured indebtedness. If Beneficiary elects to procure
such insurance, Grantor shall promptly reimburse Beneficiary the full amount of the initial premium for such insurance. During the term of this Indenture, Grantor shall each month deposit in escrow with
Beneficiary 1 /12th of the next following anticipated annual premium for such insurance, said deposit to be made at the same time and place as Grantor makes monthly payments on the aforementioned
promissory note. Beneficiary may thereafter pay all annual renewal premiums from such escrow. Should the amount deposited in escrow be insufficient to pay any renewal premium in full as the same
became due, Grantor shall immediately upon demand deposit with or pay to Beneficiary such additional amount as may be sufficient to pay the renewal premium in full. Failure of Grantor to pay or deposit
any ofthe amounts referred to herein shall constitute a default of the temps of this Indenture. Grantor further agrees to deposit in escrow with Beneficiary 1/12th of the annual premium for hazard insurance
coverage and annual taxes and assessments each month. Failure of the Grantor to deposit any of the above amounts in the escrow account shall constitute a default of the terms of this Indenture.
9b. Upon written request ofBeneficiary stating that all sums secured hereby have been paid, and upon surrender of this Trust Indenture and said note to Trustee for cancellation and
retention and upon payment by Beneficiary of its fees, Trustee shall reconvey to Grantor, without warranty, the property then held hereunder.
10. As additional security, Grantor hereby assigns to Beneficiary, during the continuance of these trusts, all rents, issues, royalties, and profits of the property affected by the Trust
Indenture and of any personal property located thereon Until Grantor shall default in the payment of any indebtedness secured hereby or in the performance of any agreements hereunder, Grantor shall
have the right to collect all such rents, issues, royalties, and profits earned prior to default as they become due and payable. If the Grantor shall default as aforesaid, Grantor's right to collect any of such
monies shall cease and Beneficiary shall have the right, with or without taking possession of the property affected hereby, to collect all rent, royalties, issues, and profits. Failure or discontinuance of
Beneficiary at any time or from time to time to collect any such monies shall not in any manner affect the subsequent enforcement by Beneficiary of the right, power, and authority to collect the same.
Nothing contained herein nor the exercise of the right by Beneficiary to collect, shall be, or be construed to be, an affirmation by Beneficiary of any truancy, lease or option, nor an assumption of liability
under, nor a subordination of the lien or charge of this Trust Indenture to any such tenancy, lease or option.
11. Upon any default by Grantor hereunder, Beneficiary may at any time without notice, either in person, or by a receiver to be appointed by a court (Grantor hereby consenting to
the appoinumerit ofBene6ciary as such received and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof,
in its own name sue for or otherwise collect said rents, issues, and profits, including those past due and unpaid, and apply the same, less cost and expense of operation and collection, including reasonable
attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may detemvne.
12. The entering upon and taking possession of said property, the collection of such rents, issues, and profits, or the proceeds of fire or other insurance policies, or compensation or
awards for any taking or damage of said 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.
13. Time is of the essence hereof. Upon default by Grantor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, all sums secured
hereby shall men diately become due and payable at the option of the Beneficiary. In the event of such default, Beneficiary may execute or cause Trustee to execute a written notice of default and of election
to cause such property to be sold to satisfy the obligations hereof; and Trustee or Beneficiary shall file such notice for record, in each county wherein said property or some part thereof is situated. Beneficiary
shall also deposit with the Trustee, the note and all documents evidencing expenditures secured hereby.
14. After the lapse of such tune as may then be required by law following the recordation of said notice of default and of election to cause said property to be sold, and notice of default
and notice of sale having been given as then required by law, Trustee, or its attorney, without demand on Grantor, shall sell said property on the date and at the time and place designated in said notice of
sale, either as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of Grantor to direct the order in which such property, if consisting of several known
lots or parcels, shall be sold), at public auction to the highest bidder, the purchase price payable in cash in lawful money of the United States at the time of sale. The person conducting the sale may, for
any cause to be expedient, postpone the sale for a period not exceeding fifteen (15) days by public proclamation by such person at the time and place fixed in the notice of sate and no other notice of the
postponed sale need be giver Trustee shall execute and deliver to the purchaser its deed conveying said property so sold, but without any covenant of warranty, express or implied. The recitals in the deed
of any or facts shall be conclusive pmofofthe truthfulness thereof. Any person including Beneficiary (but excluding Trustee) may bid at the sale. After deducting all costs and expenses of exercising
the power of sale and of the sale, including cost of search and evidence of title, advertising and recording expense, documentary taxes and Trustees' and attorneys' fees, Trustee shall apply the proceeds
of sale to payment of all amounts secured hereby and due hereunder, including all sums expended by the Trustee and Beneficiary, or either of them, with accrued interest thereon at the highest rate
permissible under Montana law from the date of expenditure thereof; and the surplus, if any, to the person or persons legally entitled thereto; provided that the Trustee, in its discretion, may deposit such
surplus with the County Clerk and Recorder of the county in which the sale took place.
15. Grantor agrees to surrender possession of the hereinabove described trust property to the purchaser at the aforesaid sale on the tenth (10") day following said sale, in the event
such possession has not previously been delivered by Grantor.
16. Each abstract oftitle, title insurance policy and all other evidence of title, and all hazard insurance policies placed or deposited with the Beneficiary shall be deemed an incident
to the title to the trust property and upon foreclosure by exercise of power of sale, or otherwise, shall pass to the purchaser and the same are hereby pledged as additional security for payment of the
indebtedness seemed hereby.
17. Upon the ocxsmence of any default he emeler, Beneficiary shall have the option to declare all sums secured hereby immediately due and payable and foreclose this Trust Indenture
in the mannerprovided by law for the faecicerre ofmongnges on rest property and Beneficiary shall be entitled to recover in such proceedings all costs and expenses incident thereto, including a reasonable
attorney's fee in such amount as shall be fixed by the court.
18. Except as may be otherwise provided herein, Grantor agrees to pay to Beneficiary or Trustee the costs and expenses, including a reasonable attorney's fee, incurred by either of
them in initiating, prosecuting, or defending any Court action in which Grantor does not prevail, if such action involves the interpretation hereof or performance hereunder by a party hereto or the breach
of any provision hereof by a party hereto, including but not limited to an action to obtain possession of the above described property after exercise of the power of sale granted hereunder.
19, This Trust Indenture shall apply to, inure to the benefit of, and shall bind all parties hereto, their heirs, devisees, administrators, personal representatives, successors and assigns.
All obligations of Grantor hereunder are joint and several. The term "Beneficiary" shall mean the owner and holder, including any pledgee, of the note secured hereby. In this Trust Indenture, whenever
the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural.
20, Trustee accepts this Trust when this Trust Indenture, duly executed and acknowledged, is made public record as provided by law. Trustee is not obligated to notify any party hereto
of a pending sale under any other trust indenture or of action or proceeding in which Grantor, Beneficiary, or Trustee shall be a party, unless brought by Trustee.
21. This Trust Indenture is made within the state of Montana pursuant to the Small Tract Financing Act of Montana and is not made or taken in substitution for any mortgage in
existence on the effective date of said Act.
22. Grantor requests that a copy of any notice of default and of any notice of sale hereunder be mailed to him at the address hereinabove set forth.
REQUEST FOR FULL RECONVEYANCE
TO: TRUSTEE 19_
The undersigned is the legal owner and baldertsf the note and all other indebtedness secured by the within Trust Indenture. Said note, together with all other indebtedness secured by said
Trust Inderiture, has been fully paid and sari d ulrid you are hereby requested and directed on payment to you of any sums owing to you under the terms of said Trust Indenture, to cancel said note above
mention and all other evi redness said Trust Indenture delivered to you herewith, together with said Trust Indenture, and to reconvey, without warranty, to the parties designated
by the terns of sai t Ind all the a now eld by you thereunder.
Mail to:
Glacier Bank
P.0, Box 27
Kalispell, MT 59903-0027
TIME: C;1 Z�;--
TO: �ft� FAX#:
FROM: PHONE'
FAX: (406)7584204
RE:
Number of pages including cover sheet., --J--
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