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<br />,
<br />
<br />"
<br />
<br />the Obligations (whether or not other portions of the Note have been paid)
<br />Beneficiary shall take all steps and execute all documents necessary to release all
<br />remaining Property from the encumbrance of this deed of trust.
<br />
<br />10, Events of Default; The occurrence of any of the following shall constitute an event
<br />of default hereunder: (a) faiiure to pay any of the Obligations when due and the .
<br />expiration of the cure period provided therefor in the loan agreement between Maker
<br />and Beneficiary; (b) faiiure to perform or observe any other covenant contained in this
<br />deed of trust within 60 days after notice from Beneficiary; (c) any warranty, .
<br />representation or statement of grantor in this deed of trust proves to have been false
<br />in any material respect when made or furnished; or (d) dissolution of, termination of
<br />the existence of, insolvency of, appointment of a receiver for any part of the property
<br />of, assignment for the benefit of creditors by, or the commencement of any
<br />proceeding under any bankruptcy or insolvency laws by or against Grantor and, with
<br />respect to any involuntary action or proceeding against Grantor or the Property,
<br />such action or proceeding is not dismissed within 60 days after its commencement.
<br />
<br />11, Remedies Upon Default: Upon the occurrence of any event of default and the
<br />expiration of any applicable cure or grace period herein or in the loan agreement
<br />between Maker and Beneficiary, Beneficiary shall have the following rights and
<br />remedies which shall be cumulative and which may be exercised after notice to
<br />Grantor, and which may be exercised separately, independently or concurrently and
<br />more than once in any order, and without any election of remedies to be deemed
<br />made, and without affecting the right of Beneficiary to exercise any other remedy
<br />hereunder or which Beneficiary may have in law, and without regard to other
<br />remedies then, theretofore or thereafter pursued to being pursued: (a) to declare
<br />any or all of the Obligations immediately due and payable; (b) to take immediate
<br />possession, management and control of the Property; (c) to collect and receive any
<br />and all rents, issues and profits from the Property and to apply the same to the
<br />Obligations in any manner; (d) to apply for and obtain, ex parte and without notice,
<br />the appointment of a temporary receiver and after notice, the appointment of a
<br />permanent receiver for the Property or of the rents, issues and profits thereof, or
<br />both, and to 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 waste
<br />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 this deed
<br />of trust through the Trustee or through the courts as the Beneficiary may ,desire~.and
<br />to become the purchaser of the Property at any foreclosure sale, If foreclosure is.
<br />made through the Truste~, such forec.losure shall be conducted fntlle manner.
<br />provid~d\..b}:: the law.s\~f me"State of Colorado, c>; ;.,' \
<br />, . , "J ... . " . ", " ~ '. , .
<br />The proceeds of any foreclosure sale shall first be applied to reimburse Beneficiary
<br />for (a) reasonable costs and expenses of foreclosure Ilnd (b) reasonable attorneys~
<br />fees and (c) the balance of the proceeds, shall be paid first to Benefici~iy to pay the
<br />Obligations, with thesurplus, if any, to be paid to Grantor, .,' . ;' .
<br />
<br />If Beneficiary becomes the owner of any of the Property or of any o'thershares of
<br />Maker's stock (whether previously held by Grantor or a third party) by foreclosure or
<br />other exercise of its rights as lender to Maker, Beneficiary shall not be prohibited
<br />from opposing the Water Court. applications of any other owner of such shares
<br />(including Grantor) to prevent injury to Beneficiary' instream flow water rights solely
<br />by reason of its interest in said shares. The foregoing agreement and waiver shall
<br />survive the termination of this deed of trust but are personal to Beneficiary, Le" they
<br />shall grant no rights to any third-party purchaser at foreclosure or any successor or
<br />assignee of Beneficiary, "
<br />
<br />Notwithstanding anything to the contrary herein or in the Note, (a) in the,event of a
<br />default under this deed of trust or the Note, Beneficiary shall look only to the
<br />
<br />111111111111111111I111111111111111111111111111111111111
<br />6697S3 09/17/1998 04:4SP 1S9 Sara Fisher
<br />3 of 8 R 31,00 D 0,00 N 0,00 Ea.le CO
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