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1 111111
<br />11111 RE I'll 111111111111111111 ill lull 1111 1111
<br />560142 10/31/2002 03:21P B947 P554 LMcCracken
<br />2 of 3 R 16.00 D 01.00 Delta Cty, CO Clerk & Rec
<br />This indenture is between the GRANTOR, and the Public Trustee of the above referenced
<br />COUNTY, State of Colorado ( "PUBLIC TRUSTEE"),
<br />Factual Recitals
<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,
<br />with terms as shown above and in accordance with the Promissory Note or until loan is paid
<br />in full.
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of
<br />said Promissory Note to the BENEFICIARY.
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does
<br />hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above
<br />described COLLATERAL.
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless,
<br />that in case of default in the payment of said Promissory Note, or any part thereof, or the
<br />interest thereon, or in the performance of any covenants hereinafter set forth or in said
<br />Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and
<br />demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less
<br />than four weeks in some newspaper of general circulation in said COUNTY, shall sell said
<br />COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand,
<br />at public auction for cash, at any proper place designated in the notice of sale. Out of the
<br />proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs
<br />and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance,
<br />with interest thereon and pay the principal and interest due on said Promissory Note, rendering
<br />the overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the
<br />PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
<br />BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well
<br />seized of the COLLATERAL 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 GRANTOR fully
<br />waives and releases all rights and claims it may have in or to said COLLATERAL as a Homestead
<br />Exemption or other exemption, now or hereafter provided by law. The GRANTOR further
<br />covenants that the collateral is free and clear of all liens and encumbrances whatever and that
<br />the GRANTOR shall warrant and forever defend the COLLATERAL in the quiet and peaceable
<br />possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or
<br />persons lawfully claiming or to claim the whole or any part thereof.
<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
<br />and interest or other sums on any senior encumbrances, if any; and will keep the COLLATERAL
<br />insured in accordance with the requirements of the LOAN CONTRACT. In the event of the sale or
<br />transfer of the COLLATERAL, the BENEFICIARY, at its option, may declare the entire balance of the
<br />note immediately due and payable.
<br />In case of default in any of said payments of the principal or interest, according to the
<br />terms of said Promissory Note or LOAN CONTRACT, by the GRANTOR, its successors or assigns,
<br />then said principal sum hereby secured, and interest thereon, may at once, at the option of the
<br />BENEFICIARY, become due and payable, and the said COLLATERAL be sold in the manner and
<br />with the same effect as if said indebtedness had matured, and that if foreclosure be made by
<br />the PUBLIC TRUSTEE, an attorney's fee in a reasonable amount for services in the supervision of
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