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578733 04/19/2004 10:20A Ann Eddins
<br />2 of 3 R 16.00 D 0.00 Delta Cty, CO Glerk & Rec
<br />The GRaNTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PuB�ic TRUSTEE in trust forever,
<br />the above described Co��arE��.
<br />To have and to hold the same, together with all appurtenances, in trust
<br />nevertheless, that in case of default in the payment of said Promissory Note, or any part
<br />thereof, or the interest fhereon, or in the performance of any covenants hereinafter set
<br />forth or in said Promissory Note or LoaN CoNTRa,cT, then upon the BENEFiciaRY filing
<br />notice of election and demand for sale Sald PUBLIC TRUSTEE after advertising notice of
<br />said sale weekly for not less than four weeks in some newspaper of general circulation in
<br />said CouN�r, shall sell said Co��a,TERa,� in the manner provided by law in effect at the
<br />time of filing said notice and demand, at public auction for cash, at any proper place
<br />designated in the notice of sale. Out of the proceeds of said sale the PUBLIC TRUSTEE
<br />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
<br />the principal and interest due on said Promissory Note, rendering the overplus, if any,
<br />unto the G�,rvroR; and after the expiration of the time of redemption the PUBLIC TRUSTEE
<br />shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
<br />BEtvEFiciaRY may purchase said Co��TEt�a� or any part thereof at such sale.
<br />The G�,NTOR covenants that at the time of the delivery of these presents, it is well
<br />seized of the Co��a,rERa,� in fee simple, and has full power and lawful authority to grant,
<br />bargain, sell and convey the same in the manner and form as aforesaid. The GRa,NroR
<br />fully waives and releases all rights and claims it may have in or to said Co��,TERa� as a
<br />Homestead Exemption or other exemption, now or hereafter provided by law. The
<br />GRANTOR further covenants that the collateral is free and clear of al{ liens and
<br />encumbrances whatever and that the GRaNTOR shall warrant and forever defend the
<br />Co��aTEw4� in the quiet and peaceable possession of the PuBUC TRUSTEE, its successors
<br />and assigns, against all and every person or persons lawfully claiming or to claim the
<br />whole or any part thereof. _
<br />Until payment in full of the indebtedness, the GRaNTOR shall timely pay all taxes
<br />and assessments levied on the CoL�a,TEFta�; any and all amounts due on account of the
<br />principal and interest or other sums on any senior encumbrances, if any; and will keep the
<br />Co��TEw4� insured in accordance with the requirements of the LoAN CoNT�cT. In the
<br />event of the sale or transfer of the COLLATERAL the BENEFICIARY at its option, may
<br />declare the entire balance of the note immediately due and payable.
<br />In case of default in any of said payments of the principal or interest, according to
<br />the terms of said Promissory Note or Loatv CoNTRa,cr, by the GF2a,tvroR, its successors or
<br />assigns, then said principal sum hereby secured, and interest thereon, may at once, at
<br />the OptIOCI Of the BENEFICIARY become due and payable alld the Sald COLLATERAL b2
<br />sold in the manner and with the same effect as if said indebtedness had matured, and
<br />that if foreclosure be made by the Pua�ic TRUSTEE, an attorney's fee in a reasonable
<br />amount for services in the supervision of said foreclosure proceedings shall be allowed by
<br />the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if foreclosure be made
<br />through the courts a reasonable attorney's fee shall be taxed by the court as a part of the
<br />cost of such foreclosure proceedings.
<br />It is further understood and agreed, that if a release or a partial release of this
<br />Deed of Trust is required, the GRatvTOR, its successors or assigns will pay the expense
<br />thereof; that all the covenants and agreements contained herein and in the Promissory
<br />Note and LoaN CoNTwo,cr shall extend to and be binding upon the successors or assigns
<br />of the respective parties hereto; and that the singular number shall include the plural, the
<br />plural the singular, and the use of any gender shall be applicable to all genders.
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