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<br />under and by virtue of any act of the United States Congress. now existing or which may hereafter be passed in relation
<br />thereto and that the same is free and clear of all liens and encumbrances whatever, and the above bargained Property in the
<br />quiet and peaceable possession of the PUBLIC TRUSTEE. its successors an'd assigns, against all and every person or persons
<br />lawfully claiming or to claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend.
<br />
<br />Until payment in full of the indebtedness. the GRANTOR shall timely pay all taxes and assessments levied on the
<br />. Property; any and all amounts due on account of principal and interest or other sums on any senior encumbrances, if any;
<br />and will keep the Property insured in accordance with the requirements of the Contract. Should the GRANTOR fail to insure the
<br />Property in accordance with the Contract or to pay taxes or assessments as the same fail due, or to pay any amounts
<br />payable upon senior encumbrances, if any, the beneficiary may make any such payments or procure any such insurance.
<br />and all monies so paid with interest thereon at the rate of ten percent (10%) per annum shall be added to and become a part ._;0;;
<br />of the indebtedness secured by this deed of trust and may be paid out of the proceeds of the sale of the Property if not paid ~ ~
<br />by the GRANTOR. In addition and at 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 required by this paragraph. ~ ~
<br />
<br />And that in case of any default, whereby the right of foreclosure occurs hereunder, the PUBLIC TRUSTEE. the State Ii!
<br />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, 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
<br />delivered to the PUBLIC TRUSTEE, the State as holder of the note, or the holder of said certificate of purchase on request and
<br />on refusal. the delivery of the Property may be enforced by the PUBLIC TRUSTEE, the State as holder of the note, or the holder
<br />of said certificate of purchase by an appropriate civil suit or proceeding, and the PUBLIC TRUSTEE, or the holder of said note or
<br />certificate of purchase, or any thereof, shall be entitled to a Receiver for said Property, and of the rents, issues and profits
<br />thereof, after such default, including the time covered by foreclosure proceedings and the period of redemption, if any there
<br />be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the GRANTOR or of the then
<br />owner of said Property and without regard to the value thereof, and such Receiver may be appointed by any court of
<br />competent jurisdiction upon ex parte application and without notice, notice being hereby expressly waived, and all rents,
<br />issues and profits. income and revenue therefrom shall be applied by such Receiver to the payment of the indebtedness
<br />hereby secured, according to the law and the orders and directions of the court.
<br />
<br />And, that in case of default in any of said payments of principal or interest, according to the tenor and effect of said
<br />promissory note or any part thereof, or of a breach or violation of any of the covenants or agreements contained herein and in
<br />the Contract, by the GRANTOR, its personal representatives or assigns. then and in that case the whole of said principal sum
<br />hereby secured, and the interest thereon to the time of the sale, may at once, at the option of the legal holder thereof,
<br />become due and payable. and the said 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 attomey's fee in a reasonable amount for services in the
<br />supervision of said foreclosure proceedings shall be allowed by the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if
<br />foreclosure be made through the courts a reasonable attomey's fee shall be taxed by the court as a part of the cost of such
<br />foreclosure proceedings.
<br />
<br />It is further understood and agreed, that if 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
<br />and in the Contract shall extend to and be binding upon the heirs or assigns of the respective parties hereto; and that the
<br />singular number shall include the piural. the plural the singular, and the use of any gender shall be applicable to ail genders.
<br />
<br />Executed the day and date first written above.
<br />
<br />Smith Irrigation Ditch, a Colorado nonprofit corporation
<br />
<br />
<br />ATTEST:
<br />
<br />State of conrado " .
<br />
<br />County of lDf-htt
<br />
<br />1997, by
<br />
<br />My commission expires
<br />
<br />i
<br />~ Comm/8SIOIl Exrl/r8s Jan. 6, ~ 1
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