|
1
<br /> under and by virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation
<br /> thereto and that the same is free and clear of all liens and encumbrances whatever, and the above bargained Property in the
<br /> quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or persons
<br /> lawfully claiming or to claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend.
<br /> Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the
<br /> Property; any and all amounts due on account of principal and interest or other sums on any senior encumbrances, if any;
<br /> and will keep the Property insured in accordance with the requirements of the Contract. Should the GRANTOR fail to insure the
<br /> Property in accordance with the Contract or to pay taxes or assessments as the same fall due, or to pay any amounts
<br /> payable upon senior encumbrances, if any, the beneficiary may make any such payments or procure any such insurance,
<br /> and all monies so paid with interest thereon at the rate of ten percent(10%) per annum shall be added to and become a part
<br /> of the indebtedness secured by this deed of trust and may be paid out of the proceeds of the sale of the Property if not paid 4 ij
<br /> by the GRANTOR. In addition and at its option, the beneficiary may declare the indebtedness secured hereby and this deed of
<br /> cv trust to be in default for failure to procure insurance or make any further payments required by this paragraph.
<br /> And that in case of any default,whereby the right of foreclosure occurs hereunder, the PUBLIC TRUSTEE, the State 04.
<br /> as holder of the note, or the holder of a certificate of purchase, shall at once become entitled to the possession, use and
<br /> enjoyment of the Property, and to the rents, issues and profits thereof, from the accruing of such right and during the
<br /> pendency of foreclosure proceedings and the period of redemption, if any there be, and such possession shall at once be
<br /> delivered to the PUBLIC TRUSTEE, the State as holder of the note, or the holder of said certificate of purchase on request and
<br /> a on refusal, the delivery of the Property may be enforced by the PUBLIC TRUSTEE, the State as holder of the note, or the holder
<br /> of said certificate of purchase by an appropriate civil suit or proceeding, and the PUBLIC TRUSTEE, or the holder of said note or
<br /> N certificate of purchase, or any thereof, shall be entitled to a Receiver for said Property, and of the rents, issues and profits
<br /> N thereof, after such default, including the time covered by foreclosure proceedings and the period of redemption, if any there
<br /> be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the GRANTOR or of the then
<br /> O owner of said Property and without regard to the value thereof, and such Receiver may be appointed by any court of
<br /> m competent jurisdiction upon ex parte application and without notice, notice being hereby expressly waived, and all rents,
<br /> • issues and profits, income and revenue therefrom shall be applied by such Receiver to the payment of the indebtedness
<br /> - hereby secured, according to the law and the orders and directions of the court.
<br /> And, that in case of default in any of said payments of principal or interest, according to the tenor and effect of said
<br /> promissory note or any part thereof, or of a breach or violation of any of the covenants or agreements contained herein and in
<br /> - the Contract, by the GRANTOR, its personal representatives or assigns, then and in that case the whole of said principal sum
<br /> hereby secured, and the interest thereon to the time of the sale, may at once, at the option of the legal holder thereof,
<br /> become due and payable, and the said Property be sold in the manner and with the same effect as if said indebtedness had
<br /> matured, and that if foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable amount for services in the
<br /> (V
<br /> • supervision of said foreclosure proceedings shall be allowed by the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if
<br /> foreclosure be made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such
<br /> foreclosure proceedings.
<br /> c� It is further understood and agreed, that if a release or a partial release of this Deed of Trust is required, the
<br /> GRANTOR, its successors or assigns will pay the expense thereof; that all the covenants and agreements contained herein
<br /> and in the Contract shall extend to and be binding upon the heirs or assigns of the respective parties hereto; and that the
<br /> • singular number shall include the plural,the plural the singular, and the use of any gender shall be applicable to all genders.
<br /> Executed the day and date first written above.
<br /> ,n Smith Irrigation Ditch, a Colorado nonprofit corporation
<br /> co
<br /> co
<br /> ( E A ) ,�(///� Keith Pandy, President
<br /> ATTEST: may G� /,��, :; __
<br /> .,ci
<br /> Julie Davidson, Secretary • '•
<br /> State of Col rado f, `)':
<br /> ) SsAzzaP'O ,
<br /> County of u I L ln�• I/c) r
<br /> The foregoing instrument was acknowledged before m` his'`: C_�..o (11/VUV ^ �� J �' 1997, by
<br /> Keith Pankey as President of Smith Irrigation Ditch. Witnes-• .5e1 and offi '.1 seal.
<br /> �/ i
<br /> '1�. �:�i�: fNotary Public
<br /> My commission expires 4yCommlesan&OresJan.6,2001 ,
<br />
|