|
<br />678735 09/18/2006 09:4!A B966 P791 DT
<br />2 of ! R 26.00 D 0.00 N 0.00 Logan County CO
<br />
<br />The GRANTORS, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust
<br />forever, the above described COLLATERAL.
<br />
<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 thereon, or in the performance of any covenants hereinafter set
<br />forth or in said Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing
<br />notice of election and demand for sale, said 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 COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time
<br />of filing said notice and demand, at public auction for cash, at any proper place designated
<br />in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or
<br />pay first all fees, charges and costs and all moneys advanced for taxes, insurance and
<br />assessments, or on any prior encumbrance, with interest thereon and pay the principal
<br />and interest due on said Promissory Note, rendering the overplus, if any, unto the
<br />GRANTORS; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall
<br />execute and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY
<br />may purchase said COLLATERAL or any part thereof at such sale.
<br />
<br />The GRANTORS covenant that at the time of the delivery of these presents, they are
<br />well seized of the COLLATERAL in fee simple, and have full power and lawful authority to
<br />grant, bargain, sell and convey the same in the manner and form as aforesaid. The
<br />GRANTORS fully waive and release all rights and claims they may have in or to said
<br />COLLATERAL as a Homestead Exemption or other exemption, now or hereafter provided by
<br />law. The GRANTORS further covenant that the collateral is free and clear of all liens and
<br />encumbrances whatever and that the GRANTORS shall warrant and forever defend the
<br />COLLATERAL in the quiet and peaceable possession of the PUBLIC 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 />
<br />Until payment in full of the indebtedness, the GRANTORS shall timely pay all taxes
<br />and assessments levied on the COLLATERAL; 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 />COLLATERAL insured in accordance with the requirements of the LOAN CONTRACT. In the
<br />event of the sale or transfer of the COLLATERAL, the BENEFICIARY, at its option, may declare
<br />the entire balance of the note immediately due and payable.
<br />
<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 LOAN CONTRACT, by the GRANTOR, its successors or
<br />assigns, then said principal sum hereby secured, and interest thereon, may at once, at the
<br />option of the BENEFICIARY, become due and payable, and the said COLLATERAL be sold in
<br />the manner and with the same effect as if said indebtedness had matured, and that if
<br />foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable amount for
<br />services in the supervision of said foreclosure proceedings shall be allowed by the PUBLIC
<br />TRUSTEE as a part of the cost of foreclosure, and if foreclosure be made through the courts
<br />a reasonable attorney's fee shall be taxed by the court as a part of the cost of such
<br />foreclosure proceedings.
<br />
<br />It is further understood and agreed, that if a release or a partial release of this
<br />Deed of Trust is required, the GRANTOR, its successors or assigns will pay the expense
<br />
<br />Appendix F
<br />
<br />Loan Contract C150191 Amendment No.1
<br />Page 2 of 5
<br />
|