|
<br />*2 0 0 4- 02"3""2 *
<br />'20040232 2/17/20042:13:00 PM PATTI NICKELL
<br />20f3 DT R $16.00 D $0.00 Bent County. CO
<br />
<br />This indenture is between the GRANTOR, and the Public Trustee of the above referenced
<br />COUNTY, State of Colorado ("PUBLIC TRUSTEE"),
<br />
<br />Factual Recitals
<br />
<br />1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the
<br />LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with
<br />TERMS OF REPAYMENT and in accordance with the Promissory Note or until loan is paid in full.
<br />
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest
<br />of said Promissory Note to the BENEFICIARY.
<br />
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described
<br />COLLATERAL.
<br />
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that
<br />in case of default in the payment of said Promissory Note, or any part thereof, or the interest
<br />thereon, or in the performance of any covenants hereinafter set forth or in said Promissory Note or
<br />LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said
<br />PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four weeks in some
<br />newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner
<br />provided by law in effect at the time of~ling said notice and demand, at public auction for cash, at
<br />any proper place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC
<br />TRUSTEE shall retain or pay first all fees, charges and costs and all moneys advanced for taxes,
<br />insurance and assessments, or on any prior encumbrance, with interest thereon and pay the
<br />principal and interest due on said Promissory Note, rendering the overplus, if any, unto the
<br />GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall execute
<br />and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said
<br />COLLATERAL or any part thereof at such sale.
<br />
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well seized
<br />of the COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and
<br />convey the same in the manner and form as aforesaid. The GRANTOR fully waives and releases all
<br />rights and claims it may have in or to said COLLATERAL as a Homestead Exemption or other
<br />exemption, now or hereafter provided by law. The GRANTOR further covenants that the collateral is
<br />free and clear of all liens and encumbrances whatever and that the GRANTOR shall warrant and
<br />forever defend the COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, its
<br />successors and assigns, against all and every person or persons lawfully claiming or to claim the
<br />whole or any part thereof.
<br />
<br />Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and
<br />assessments levied on the COLLATERAL; any and all amounts due on account of the principal and
<br />interest or other sums on any senior encumbrances, if any; and will keep the COLLATERAL insured
<br />in accordance with the requirements of the LOAN CONTRACT. In the event of the sale or transfer of
<br />the COLLATERAL, the BENEFICIARY, at its option, may declare the entire balance of the note
<br />immediately due and payable.
<br />
<br />In case of default in any of said payments of the principal or interest, according to the terms
<br />of said Promissory Note or LOAN CONTRACT, by the GRANTOR, its successors or assigns, then said
<br />principal sum hereby secured, and interest thereon, may at once, at the option of the BENEFICIARY,
<br />
<br />EaQe 2 of ?
<br />
<br />503462
<br />
<br />Pag.: 2 of 3
<br />03/09/2004 03:35P
<br />
|