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<br />been paid) Beneficiary shall take all steps and execute all documents <br />necessary to release all remaining Property from the encumbrance of this deed <br />of trust. <br /> <br />10, Events of Default. The occurrence of any of the following shall <br />constitute an event of default hereunder: (a) failure to pay any of the <br />Obligations when due and the expiration of the cure period provided therefor <br />in the loan agreement between Maker and Beneficiary; (b) failure to perform or <br />observe any other covenant contained in this deed of trust within 60 days <br />after notice from Beneficiary; (c) any warranty, representation or statement <br />of grantor in this deed of trust proves to have been false in any material <br />respect when made or furnished; or (d) dissolution of, termination of the <br />existence of, insolvency of, appointment of a receiver for any part of the <br />property of, assignment for the benefit of creditors by, or the commencement <br />of any proceeding under any bankruptcy or insolvency laws by or against <br />Grantor and, with respect to any involuntary action or proceeding against <br />Grantor or the Property, such action or proceeding is not dismissed within <br />60 days after its commencement. <br /> <br />11. Remedies Upon Default. Upon the occurrence of any event of default and <br />the expiration of any applicable cure or grace period herein or in the loan <br />agreement between Maker and Beneficiary, Beneficiary shall have the following <br />rights and remedies which shall be cumulative and which may be exercised after <br />notice to Grantor, and which may be exercised separately, independently or <br />concurrently and more than once and in any order, and without any election of <br />remedies to be deemeq, made, and without affecting the right of Beneficiary to <br />exercise any other remedy hereunder or which Beneficiary may have in law, and <br />without regard to other remedies then, theretofore or thereafter pursued to <br />being pursued: (a) to declare any or all of the Obligations immediately due <br />and payable; (b) to take immediate possession, management and control of the <br />Property; (c) to collect and receive any and all rents, issues and profits <br />from the Property and to apply the same to the Obligations in any manner; <br />(d) to apply for and obtain, ex parte and without notice, the appointment of a <br />temporary receiver and after notice, the appointment of a permanent receiver <br />for the Property or of the rents, issues and profits thereof, or both, and to <br />have such receivers appointed as a matter of right without regard to the <br />solvency of any person or the adequacy of any security or the existence of <br />waste and to have sums received by such receivers, after deducting and paying <br />reasonable costs and expenses of such receiverships, including reasonable <br />attorneys' fees of Beneficiary, applied to the Obligations; (e) to foreclose <br />this deed of trust through the Trustee or through the courts as the <br />Beneficiary may desire and to become the purchaser of the Property at any <br />foreclosure sale. If foreclosure is made through the Trustee, such <br />foreclosure shall be conducted in the manner provided by the laws of the State <br />of Colorado. <br /> <br />The proceeds of any foreclosure sale shall first be applied to reimburse <br />Beneficiary for (a) reasonable costs and expenses of foreclosure and <br />(b) reasonable attorneys' fees, and (c) the balance of the proceeds, shall be <br />paid first to Beneficiary to pay the Obligations, with the surplus, if any, to <br />be paid to Grantor. <br /> <br />D-3 <br />