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<br />08/21/2002 11:20 REC FEE: $20.00 PAGE #: 0003 OF 0004
<br />MOFFAT COUNTY, CO, BEVERLY JOHNSON - CLERK/RECORDER DOtU#: 2002L 3734
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<br />Insured in accordance with the requirements of the Contract. Should the GRANTOR fail to
<br />insure the Property in accordance with the Contract or to pay taxes or assessments as the
<br />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
<br />so paid with interest thereon at the rate of ten percent (10%) per annum shall be added to
<br />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 if not paid by the GRANTOR. In addition, and at
<br />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
<br />required by this paragraph. .'n the event of the sale or transfer of the. Property, the
<br />beneficiary, at its option, may declare the entire balance of the note immediately due and
<br />payable.
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<br />And that in case of any default, whereby the right of foreclosure occurs hereunder,
<br />the PUBLIC TRUSTEE, the State as holder of the note, or the holder of a certificate of
<br />purchase, shall at once become entitled to the possession, use and enjoyment of the
<br />Property aforesaid, and to the rents, Issues and protlts thereot, trom the accruing of such
<br />right and during the pendency of foreclosure proceedings and the period of redemption, if
<br />any there be, and such possession shall at once be delivered to the PUBLIC TRUSTEE, the
<br />State as holder of the note, or the holder of said certificate of purchase on request and on
<br />refusal, the delivery of the Property may be enforced by the PUBLIC TRUSTEE, the State as
<br />holder of the note, or the holder of said certificate of purchase by an appropriate civil suit or
<br />proceeding, and the PUBLIC TRUSTEE, or the holder of said note or certificate of purchase,
<br />or any thereof, shall be entitled to a Receiver for said Property, and of the rents, issues and
<br />profits thereof, after such default, including the time covered by foreclosure proceedings
<br />and the period of redemption, if any there be, and shall be entitled thereto as a matter of
<br />right without regard to the solvency or insolvency of the GRANTOR or of the then owner of
<br />said Property and without regard to the value thereof, and such Receiver may be
<br />appointed by any court of competent jurisdiction upon ex parte application and without
<br />notice - notice being hereby expressly waived - and all rents, issues and profits, income
<br />and revenue therefrom shall be applied by such Receiver to the payment of the
<br />0__ indebtedness hereby secured, according to the law and the orders and directions of the
<br />court.
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<br />And, that in case of default in any of said payments of principal or interest,
<br />according to the tenor and effect of said promissory note or any part thereof, or of a breach
<br />or violation of any of the covenants or agreements contained herein and in the Contract, by
<br />the GRANTOR, its personal representatives or assigns, then and in that case the whole of
<br />said principal sum hereby secured, and the interest thereon to the time of the sale, may at
<br />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 if said indebtedness had
<br />matured, and that if foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a
<br />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
<br />made through the courts a reasonable attorney's fee shall be taxed by the court as a part
<br />of the cost of such foreclosure proceedings. .
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<br />It is further understood and agreed, that if a release or a partial release of this
<br />Deed of Trust is required, the GRANTOR, its successors or assigns will pay the expense
<br />thereof; that all the covenants and agreements contained herein and in the Contract shall
<br />extend to and be binding upon the heirs or assigns of the respective parties hereto; and
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