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i m shall be paid to Lender as herein provided. However, all of the rights of Borrower and Lender hereunder with respect to such
<br /> 117 proceeds are subject to the rights of any holder of a prior deed of trust
<br /> i l s In the event of a total taking of the Property,the proceeds shall be applied to the sums scoured by this Deed of Trust,with the
<br /> 119 excess,if any,paid to Borrower.In the event of a partial taking of the Property,the proceeds remaining after tatting out any part of
<br /> 120 the award due any prior lien holder(net award)shall be divided between Lender and Borrower,in the same ratio as the amount of
<br /> 121 the sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower's equity in the Property
<br /> 122 immediately prior to the date of taking. Borrower's equity in the Property means the fair market value of the Property less the
<br /> 123 amount of sums secured by both this Deed of Trust and all prior liens(except taxes)that are to receive any of the award,all at the
<br /> 124 value immediately prior to the date of taking.
<br /> 125 If the Property is abandoned by Borrower or if, after notice by Lender to Borrower that the condemnor offers to make an
<br /> 126 award or settle a claim for damages,Borrower fails to respond to Lender within 30 days after the date such notice is given,Lender
<br /> 127 is authorized to collect and apply the proceeds, at Lender's option,either to restoration or repair of the Property or to the sums
<br /> 128 secured by this Deed of Trust.
<br /> 129 Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§4
<br /> 130 (Payment of Principal and Interest)and 23(Escrow Funds for Taxes and Insurance)nor change the amount of such installments.
<br /> 131 12. Borrower not Released. Extension of the time for payment or modification of amortization of the sums secured by this
<br /> 132 Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release,in any manner,the liability of
<br /> 133 the original Borrower, nor Borrower's successors in interest, from the original terms of this Deed of Trust. Lender shall not be
<br /> 134 required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of
<br /> 135 the sums secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower's successors in interest.
<br /> 136 13. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder,or
<br /> 137 otherwise afforded by law,shall not be a waiver or preclude the exercise of any such right or remedy.
<br /> 138 14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulative to all
<br /> 139 other rights or remedies under the Note and this Deed of Trust or afforded by law or equity,and may be exercised concurrently,
<br /> 140 independently or successively.
<br /> 141 15. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein
<br /> 142 contained shall bind,and the rights hereunder shall inure to,the respective successors and assigns of Lender and Borrower,subject
<br /> 143 to the provisions of§24 (Transfer of the Property;Assumption). All covenants and agreements of Borrower shall be joint and
<br /> 144 several.The captions and headings of the sections in this Deed of Trust are for convenience only and are not to be used to interpret
<br /> 145 or define the provisions hereof.
<br /> 146 16. Notice. Except for any notice required by law to be given in another manner,(a)any notice to Borrower.provided for
<br /> 147 in this Deed of Trust shall be in writing and shall be given and be effective upon(1) delivery to Borrower or(2)mailing such
<br /> 148 notice by first class U.S,mail,addressed to Borrower at Borrower's address stated herein or at such other address as Borrower may
<br /> 149 designate by notice to Lender as provided herein, and (b) any notice to Lender shall be in writing and shall be given and be
<br /> 150 effective upon(1)delivery to Lender or(2) mailing such notice by first class U.S. mail,to Lender's address stated herein or to
<br /> 151 such other address as Lender may designate by notice to Borrower as provided herein.Any notice provided for in this Deed of
<br /> 152 Trust shall be-deemed to have been given to Borrower or Lender when given in any manner,designated herein.
<br /> 153 17. Governing Law; Severability. The Note and this Deed of Trust shall be governed by the law of Colorado. In the
<br /> 154 event that any provision or clause of this Deed of Trust or the Note conflicts with the law,such conflict shall not affect other
<br /> 155 provisions of this Deed of Trust or the Note which can be given effeot without the conflicting provision, and to this end the
<br /> 156 provisions of the Deed of Trust and Note are declared to be severable.
<br /> 157 18. Acceleration; Foreclosure; Other Remedies. Except as provided in §24 (Transfer of the Property; Assumption),
<br /> 158 upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust,or upon any default in a prior lien upon
<br /> 159 the Property,(unless Borrower has exercised Borrower's rights under §6 above), at Lender's option, all of the sums secured by
<br /> 160 this Deed of Trust shall be immediately due and payable(Acceleration).To exercise this option,Lender may invoke the power of
<br /> 161 sale and any other remedies permitted by law. Lender shall be entitled to collect all reasonable costs and expenses incurred in
<br /> 162 pursuing the remedies provided in this Deed of Trust,including,but not limited to,reasonable attorney's fees.
<br /> 163 If Lender invokes the power of sale,Lender shall give written notice to Trustee of such election.Trustee shall give such notice
<br /> 164 to Borrower of Borrower's rights as is provided by law.Trustee shall record a copy of such notice and shall cause publication of
<br /> 165 the legal notice as required by law in a legal newspaper of general circulation in each county in which the Property is situated,and
<br /> 166 shall mail copies of such notice of sale to Borrower and other persons as prescribed by law.After the lapse of such time as may be
<br /> 167 required by law,Trustee,without demand on Borrower,shall sell the Property at public auction to the highest bidder for cash at the
<br /> 168 time and place(which may be on the Property or any part thereof as permitted by law)in one or more parcels as Trustee may think
<br /> 169 best and in such order as Trustee may determine.Lender or Lender's designee may purchase the Property at any sale.It shall not
<br /> 170 be obligatory upon the purchaser at any such sale to see to the application of the purchase money.
<br /> 171 Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale,
<br /> 172 including, but not limited to,reasonable Trustee's and attorney's fees and costs of title evidence; (b) to all sums secured by this
<br /> 173 Deed of Trust;and(c)the excess,if any,to the person or persons legally entitled thereto.
<br /> TD72-8.10. DEED OF TRUST(Due an Transfer—Strict) Pat;o3of5
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