|
0$/21/2002 11 : 20 REC FEE : $20 . 00 PAGE # : 0003 OF 0004
<br /> MOFPAT COUNTY, CO, BEVERLY iOHNSON - CLERK/RECORDER DOCU# : 2002L 3734
<br /> insured in accordance with the requirements of the Contract. Should the GRANTOR fail to
<br /> insure the Property in accordance with the Contract or to pay taxes or assessments as the
<br /> same fall due, or to pay any amounts payable upon senior encumbrances, if any, the
<br /> beneficiary may make any such payments or procure any such insurance, and all monies
<br /> so paid with interest thereon at the rate of ten percent (10%) per annum shall be added to
<br /> and become a part of the indebtedness secured by this Deed of Trust and may be paid out
<br /> of the proceeds of the sale of the Property if not paid by the GRANTOR. In addition, and at
<br /> its option, the beneficiary may declare the indebtedness secured hereby and this Deed of
<br /> Trust to be in default for failure to procure insurance or make any further payments
<br /> required by this paragraph. In the event of the sale or transfer of the Property, the
<br /> beneficiary, at its option, may declare the entire balance of the note immediately due and
<br /> payable.
<br /> And that in case of any default, whereby the right of foreclosure occurs hereunder,
<br /> the PUBLIC TRUSTEE, the State as holder of the note, or the holder of a certificate of
<br /> purchase, shall at once become entitled to the possession, use and enjoyment of the
<br /> Property aforesaid, and to the rents, issues and profits thereof, from the accruing of such
<br /> right and during the pendency of foreclosure proceedings and the period of redemption, if
<br /> any there be, and such possession shall at once be delivered to the PUBLIC TRUSTEE, the
<br /> State as holder of the note, or the holder of said certificate of purchase on request and on
<br /> refusal, the delivery of the Property may be enforced by the PUBLIC TRUSTEE, the State as
<br /> holder of the note, or the holder of said certificate of purchase by an appropriate civil suit or
<br /> proceeding, and the PUBLIC TRUSTEE, or the holder of said note or certificate of purchase,
<br /> or any thereof, shall be entitled to a Receiver for said Property, and of the rents, issues and
<br /> profits thereof, after such default, including the time covered by foreclosure proceedings
<br /> and the period of redemption, if any there be, and shall be entitled thereto as a matter of
<br /> right without regard to the solvency or insolvency of the GRANTOR or of the then owner of
<br /> said Property and without regard to the value thereof, and such Receiver may be
<br /> appointed by any court of competent jurisdiction upon ex parte application and without
<br /> notice - notice being hereby expressly waived - and all rents, issues and profits, income
<br /> and revenue therefrom shall be applied by such Receiver to the payment of the
<br /> indebtedness hereby secured, according to the law and the orders and directions of the
<br /> court.
<br /> And, that in case of default in any of said payments of principal or interest,
<br /> according to the tenor and effect of said promissory note or any part thereof, or of a breach
<br /> or violation of any of the covenants or agreements contained herein and in the Contract, by
<br /> the GRANTOR, its personal representatives or assigns, then and in that case the whole of
<br /> said principal sum hereby secured, and the interest thereon to the time of the sale, may at
<br /> once, at the option of the legal holder thereof, become due and payable, and the said
<br /> 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
<br /> reasonable amount for services in the supervision of said foreclosure proceedings shall be
<br /> allowed by the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if foreclosure be
<br /> made through the courts a reasonable attorney's fee shall be taxed by the court as a part
<br /> of the 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 GRANTOR, its successors or assigns will pay the expense
<br /> thereof; that all the covenants and agreements contained herein and in the Contract shall
<br /> extend to and be binding upon the heirs or assigns of the respective parties hereto; and
<br />
|