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<br />Until payment in full of the indebtedlless, the GRANTOR shall timely pay all taxes and as.essments levied on the Property; any and
<br />all amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will. keep the Property
<br />insured in accordance with the requirements of the Contract. Should the GRANTOR fail to insure the Property in accordance with the
<br />Contract or to pay taxes or assessments as the 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 so paid with interest thereon at the rate of ten
<br />percent (10%) per annum shall be added to 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 ~ not paid by the GRANTOR. In addition, and at its option, the beneficiary may declare the
<br />indebtedness secured hereby and this Deed of 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 by the GRANTOR, the beneficiary, at its option, may
<br />declare the entire balance of the note immediately due and payable.
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<br />And that in case of any default, whereby the right of foreclosure occurs hereunder, the PUBLIC TRUSTEE, the
<br />State 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 aforesaid, 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 delivered to
<br />the PUBLIC TRUSTEE, the State as holder of the note, or the holder of said certificate of purchase on request and on refusal, the delivery
<br />of the Property may be enforced by the PUBLIC TRUSTEE, the State as holder of the note, or the holder of said certificate of purchase by
<br />an appropriate civil suit or proceeding, and the PUBLIC TRUSTEE, or the holder of said note or certificate of purchase, or any thereof,
<br />shall be enUUed to a Receiver for said Property, and of the rents, issues and profits thereof, after such default, including the time
<br />covered by foreclosure proceedings and the period of redemption, ~ any there be, and shall be entitled thereto as a matter of right
<br />without regard to the solvency or insolvency of the GRANTOR or of the then 'owner of said Property and without regard to the value
<br />thereof, and such Receiver may be appointed by any court of competent jurisdiction upon ex parte application and without notice -
<br />notice being hereby expressly waived - and all rents, issues and profits, income and revenue therefrom shall be applied by such
<br />Receiver to the payment of the indebtedness hereby secured, according to the law and the orders and directions of the court.
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<br />And!, that in case of default in any of said payments of principal or interest, according to the tenor and effect of said promissory
<br />note or any part thereof, or of a breach or violation of any of the covenants or agreements contained herein and in the Contract, by the
<br />GRANTOR, its personal representatives or assigns, then and in that case the whole of said principal sum hereby secured, and the
<br />interest thereon to the time of the sale, may at 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 ~ said indebtedness had matured, and that if foreclosure be made by the
<br />PUBLIC TRUSTEE, an attomey's fee in a 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 made through the courts a reasonable
<br />attorney's fee shall be taxed by the court a:.a part of the cost of such foreclosure proceedings.
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<br />II t is frnrtheJr uJrnd!eJrstood! and agreed, that ~ 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 and in the
<br />Contract shall extend to and be binding upon the heirs or assigns of the respective parties hereto; and that the singular number shall
<br />include the plural, the plural the singular, and the use of any gender shall be applicable to all genders.
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<br />Executed the day and date first written above.
<br />
<br />GRANTOR; Aristocrat Ranchette Water Project, Inc.
<br />
<br />By:
<br />
<br />Cathy L. Clamp, President
<br />
<br />(SEAL)
<br />
<br />ATTEST:
<br />
<br />State of Colorado
<br />
<br />SS
<br />
<br />County of
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<br />The foregoing instrument was acknowledged before me this
<br />Cathy L. Clamp. Witness my hand and official seal.
<br />
<br />day of
<br />
<br />1997, by
<br />
<br />Notary Public
<br />
<br />My commission expires:
<br />
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