|
<br />~^'
<br />", 1
<br />
<br />9, Deed of trust. The security provided for this loan and as evidenced by the executed deed of trust as
<br />shown in Appendix B shall be an undivided one hundred percent (100%) interest in the following:
<br />
<br />All open space parcels owned by the Kings Row Homeowners Association, a Colorado
<br />nonprofit corporation, as depicted in Filings I and /I of the Kings Row Subdivision, as recorded
<br />respectively on the recorded plats thereof recorded in the Office of the Clerk of Garfield
<br />County, Colorado on April 20, 1976, as Reception No. 272247, and on August 24, 1978, as
<br />Reception No, 287943, and in the Office of the County of Eagle County, Colorado on
<br />September 6, 1977, as Reception No. 155774 in Box 259, Page 431, and on March 6, 1979,
<br />as Reception No. 179414 in Book 283, Page 008, State of Colorado, and all appurtenant
<br />structures thereto.
<br />
<br />Which security the BORROWER warrants is not encumbered in any way,
<br />
<br />10. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or
<br />default in the performance of any covenant or agreement contained herein, the STATE, at its option, may:
<br />
<br />a. declare the entire principal amount and accrued interest then outstanding immediately due and
<br />payable;
<br />
<br />b, for the account of the BORROWER, incur and pay reasonable expenses for repair, maintenance,
<br />and operation of the PROJECT herein described and such expenses as may be necessary to cure the
<br />cause of default;
<br />
<br />c. take possession of the PROJECT, repair, maintain, and operate or lease it;
<br />
<br />d, act upon the deed of trust, security interest, and promissory note;
<br />
<br />e. take any other appropriate legal action,
<br />
<br />All remedies described herein may be simultaneously or selectively and successively enforced, The
<br />provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of
<br />previous defaults by the BORROWER, through judicial proceedings to require specific performance of this
<br />contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure
<br />compliance with provisions of this contract and the laws and regulations under which this contract is entered
<br />into.
<br />
<br />11. No sale or conveyance of any collateral until the loan is repaid. The BORROWER shall not sell, convey,
<br />assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PROJECT or any portion thereof
<br />or the assessment pledged to repay the loan herein, so long as any of the principal and any accrued interest
<br />required by the promissory note provisions of the contract remain unpaid without the prior written concurrence
<br />of the STATE.
<br />
<br />12. This contract controls if there is a conflict. In the event of conflict between the terms of this contract
<br />and conditions as set forth in any of the appendices, the provisions of this contract shall control.
<br />
<br />13, Pledge of assessments. The BORROWER agrees that the specific assessments to be pledged to repay
<br />the STATE shall include, but not be limited to, an assessment levied for that purpose as authorized by resolution
<br />of the BORROWER. Furthermore, BORROWER agrees that
<br />
<br />a, Assessments for this loan are to be kept separate. The BORROWER hereby pledges such assessments
<br />to repay the STATE loan, ag'rees that these assessments will be' set aside and kept separate from other
<br />BORROWER assessments, warrants that these assessments will not be used for any other purpose, and
<br />agrees to provide the STATE a perfected security interest such that the STATE has priority over all other
<br />competing claims for such secured assessments.
<br />
<br />KINGS ROW HOMEOWNERS ASSOCIATION
<br />
<br />Page 5 of 11
<br />
<br />LOAN CONTRACT
<br />
|