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<br />Property for repayment of amounts due hereunder or under the Note, and shall not
<br />look to the Grantor or any official, employee. officer. director or shareholder thereof
<br />for any amounts determined to be owed. including any deficiencies between the
<br />amounts owed and the value of the Property; and (b) no portion of any proceeds of
<br />foreclosure or other monies received by Beneficiary hereunder shall be applied to
<br />any amounts outstanding under the Note other than the Obligations.
<br />
<br />Notwithstanding the execution, delivery and recording of this deed of trust, Grantor
<br />acknowledges and agrees that, consistent with Colo. Rev, Stat. ~~38-30-102 and 4-
<br />9-102(3) or any equivalent statutory provisions, upon the occurrence of an event of
<br />default Beneficiary at its option may treat the Property described in paragraph 4(a)
<br />above solely as personal property and may proceed to exercise its rights and
<br />remedies with respect to such portion of the Property solely under the Colorado
<br />Uniform Commercial Code and the General Security Agreement of even date
<br />herewith executed by Grantor for the benefit of Beneficiary and covering such
<br />portion of the Property. and Grantor waives any right it may have to assert
<br />affirmatively or as a defense that such portion of the Property must be foreclosed
<br />under the Colorado real property foreclosure statutes. If Beneficiary exercises the
<br />foregoing option. in the event of any inconsistency between this deed of trust and
<br />such General Security Agreement, the General Security Agreement shall control.
<br />The foregoing shall not limit the effect of this deed of trust as constructive notice of
<br />Beneficiary's interest in the Property.
<br />
<br />12, Miscellaneous: (a) This deed of trust and each of its provisions shall be' binding
<br />upon the successors and assigns of Grantor and shall inure to the benefit of the
<br />Trustee. the Beneficiary and its successors and assigns; (b) this deed of trust may
<br />be amended or modified only by an instrument in writing signed by the party
<br />charged with such amendment or waiver; (c) the terms "Grantor", "Beneficiary",
<br />"Trustee", "Maker". "Property". "Obligations", and "Note" are defined in paragraphs
<br />one through five. respectively; (d) the Trustee may. upon production of the Note,
<br />duly canceled. and payment of all fees and costs by Grantor release this deed of
<br />trust without further showing as to payment of the Obligations; (e) the Trustee may
<br />release parts of the Property from the lien of this deed of trust upon the request of
<br />the Beneficiary without impairing any rights or priority Beneficiary may have in the
<br />,.. remainder of the Property; and (f) failure on the Beneficiary's part to exercise its
<br />. "':''1 right~)n the,.event of anyone default shall not constitute a waiver of such rights in
<br />, : ",;:,,."'~fiEte\l~ni'cifany subsequent default.
<br />" '.' - \"'1 ('" ." ." I.. ',oj " , ~~~'~'"
<br />,. c. ,) ,," , ,," '"" .,,,,;1-
<br />;,. (:/;.":':.1::'::): "'",;\7~\ VAIL ASSOCIATES, INC" a Colorado
<br />.;,!. '~. ,............"...,."..I..;.~ ". ','I'" corporrJ
<br />',/." 'If-'~ '.", ';1'" ," ';V:l~._ ". .~/ ~ ,,','-"
<br />,;i..'jt:'I<.il~sr.Ac:t2. ~.'. ,/_~
<br />,,: ,~..,~.~:, ....'1. ,\ 1..- ~ ~" .
<br />,,_~t..,\ ;i:~.,y't~'\'.\J 1,. "~.:\-:_ = ' By .
<br />1<., {. .'l'I "'l'. ''':LL: ' . . "-
<br />P :.V{ .....'A Ij'Esl: :,' . :'1 }., . President
<br />:, .,,:t::A';i'~y;';/:">~" ~ .
<br />
<br />,,~,";:\;ifj~' tp' .,'S. Mandel, Secretary .
<br />,1,:, ,.:':. r_.'~, " ~'i' \~;
<br />st~TE 0' q LORADO )
<br />. . ) ss,
<br />COUNTY OF Gl. e )
<br />
<br />The foregoigg instru .ent was acknowledged beforj'l me this !l!!!! day of {lv.J waf , 1998. by
<br />w " (!!..! as, '?re51C')e.~ and James S, Ma del as Secretary.
<br />on Va' Associates, Inc, Witness my hand and official seal.
<br />~<;;. ....:...,,01;;' 0 J 'I1('Y . , /? . J .1.~
<br />Y:.'t:,01'fi~slon,. I fJ.';{ 1'16 I ,/'......J v l(j('fi~
<br />/"O'Aliy'\ 1 /-J
<br />
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<br />~"" ,ollSL\t ,/~
<br />-?,;'..., ,..,...:s:>
<br />'~Q;'co~~~r.
<br />
<br />
<br />
<br />
<br />Notary Public
<br />
<br />1111111111111111111111111111111111111111111111111111111
<br />ee97e3 09/17/1998 04.4ep lee Sara Fisher
<br />4 of 6 R 31,00 D 0.00 N 0.00 Ea.l. CO
<br />
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