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herein or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice
<br />to Lender shall be in writing and shall be given and be effective upon (1) delivery to Lender or (2) mailing such
<br />notice by first -class U.S. mail, to Lender's address stated herein or to such other address as Lender may designate by
<br />notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been
<br />given to Borrower or Lender when given in any manner designated herein.
<br />17. Governing Law; Severability. The Note and this Deed of Trust shall be governed by the law of
<br />Colorado. In the event that any provision or clause of this Deed of Trust or the Note conflicts with the law, such
<br />conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the
<br />conflicting provision, and to this end the provisions of the Deed of Trust and Note are declared to be severable.
<br />18. Acceleration; Foreclosure; Other Remedies. Except as provided in § 24 (Transfer of the Property;
<br />Assumption), upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust, or upon any
<br />default in a prior lien upon the Property, (unless Borrower has exercised Borrower's rights under § 6 above) at
<br />Lender's option, all of the sums secured by this Deed of Trust shall be immediately due and payable (Acceleration).
<br />To exercise this option, Lender may invoke the power of sale and any other remedies permitted by law. Lender
<br />shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this Deed
<br />of Trust, including, but not limited to, reasonable attorney's fees.
<br />If Lender invokes the power of sale, Lender shall give written notice to Trustee of such election. Trustee
<br />shall give such notice to Borrower of Borrower's rights as is provided by law. Trustee shall record a copy of such
<br />notice and shall cause publication of the legal notice as required by law in a legal newspaper of general circulation
<br />in each county in which the Property is situated, and shall mail copies of such notice of sale to Borrower and other
<br />persons as prescribed by law. After the lapse of such time as may be required by law, Trustee, without demand on
<br />Borrower, shall sell the Property at public auction to the highest bidder for cash at the time and place (which may be
<br />on the Property or any part thereof as permitted by law) in one or more parcels as Trustee may think best and in such
<br />order as Trustee may determine. Lender or Lender's designee may purchase the Property at any sale. It shall not be
<br />obligatory upon the purchaser at any such sale to see to the application of the purchase money.
<br />Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses
<br />of the sale, including, but not limited to, reasonable Trustee's and attorney's fees and costs of title evidence; (b) to
<br />all sums secured by this Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto.
<br />19. Borrower's Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any
<br />sums due hereunder, the owners of the Property or parties liable hereon shall be entitled to cure said defaults by
<br />paying all delinquent principal and interest payments due as of the date of cure, costs, expenses, late charges,
<br />attorney's fees and other fees all in the manner provided by law. Upon such payment, this Deed of Trust and the
<br />obligations secured hereby shall remain in full force and effect as though no Acceleration had occurred, and the
<br />foreclosure proceedings shall be discontinued.
<br />20. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security
<br />hereunder, Borrower hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to
<br />Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, have the
<br />right to collect and retain such rents as they become due and payable.
<br />Lender or the holder of the Trustee's certificate of purchase shall be entitled to a receiver for the Property
<br />after Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) and shall also be so entitled during the
<br />time covered by foreclosure proceedings and the period of redemption, if any; and shall be entitled thereto as a
<br />matter of right without regard to the solvency or insolvency of Borrower or of the then owner of the Property, and
<br />without regard to the value thereof. Such receiver may be appointed by any Court of competent jurisdiction upon ex
<br />parte application and without notice; notice being hereby expressly waived.
<br />Upon Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the
<br />Property, Lender, in person, by agent or by judicially- appointed receiver, shall be entitled to enter upon, take
<br />possession of and manage the Property and to collect the rents of the Property including those past due. All rents
<br />collected by Lender or the receiver shall be applied, first to payment of the costs of preservation and management of
<br />the Property, second to payments due upon prior liens, and then to the sums secured by this Deed of Trust. Lender
<br />and the receiver shall be liable to account only for those rents actually received.
<br />21. Release. Upon payment of all sums secured by this Deed of Trust, Lender shall cause Trustee to
<br />release this Deed of Trust and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and
<br />shall pay the statutory Trustee's fees. If Lender shall not produce the Note as aforesaid, then Lender, upon notice in
<br />accordance with § 16 (Notice) from Borrower to Lender, shall obtain, at Lender's expense, and file any lost
<br />instrument bond required by Trustee or pay the cost thereof to effect the release of this Deed of Trust.
<br />TD72 -8 -10. DEED OF TRUST (DUE ON TRANSFER— STRICT) Page 4 of 7
<br />Escrow No. F0487990- 397DGO
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