|
not be required to commence proceedings against such successor or refuse to extend time for payment or othenvise modify
<br /> amortization of the stuns secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower's
<br /> successors in interest.
<br /> 13. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy
<br /> hereunder,or otherwise afforded by law,shall not be a waiver or preclude the exercise of any such right or remedy.
<br /> 14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulative
<br /> to all other rights or remedies under the Note and this Deed of Trust or afforded by law or equity, and may be exercised
<br /> concurrently,independently or successively.
<br /> 15. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
<br /> herein contained shall bind, and the rights hereunder shall inure to,the respective successors and assigns of Lender and Borrower,
<br /> subject to the provisions of§ 24 (Transfer of the Property; Assumption). All covenants and agreements of Borrower shall be joint
<br /> and several. The captions and headings of the sections in this Deed of Trust are for convenience only and are not to be used in
<br /> interpret or define the provisions hereof.
<br /> 16. Notice. Except for any notice required by law to be given in another manner, (a)any notice to Borrower provided
<br /> for 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 /> 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 /> 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 /> 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 such
<br /> other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust
<br /> shall be deemed to have been 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 Colorado. In
<br /> the 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 /> provisions of the Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the
<br /> 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 default in a prior
<br /> lien upon the Property, (unless Borrower has exercised Borrower's rights under § 6 above), at Lender's option, all of the sums
<br /> secured by this Deed of Trust shall be immediately due and payable (Acceleration). To exercise this option, Lender may invoke
<br /> the power of sale and any other remedies permitted by law. Lender shall be entitled to collect all reasonable costs and expenses
<br /> incurred in pursuing the remedies provided in this Deed of Trust,including,but not limited to,reasonable attorney's fees.
<br /> If Lender invokes the power of sale,Lender shall given written notice to Trustee of such election. Trustee shall give such
<br /> notice to Borrower of Borrower's rights as is provided by law. Trustee shall record a copy of such notice and shall cause
<br /> publication of the legal notice as required by law in a legal newspaper of general circulation in each county in which the Property is
<br /> situated, and shall mail copies of such notice of sale to Borrower and other persons as prescribed by law. After the lapse of such
<br /> time as may be required by law, Trustee, without demand on Borrower, shall sell the Property at public auction to the highest
<br /> bidder for cash at the time and place(which may be on the Property or any part thereof as permitted by law)in one or more parcel
<br /> as Trustee may think best and in such order as Trustee may determine. Lender or Lender's designee may purchase the Property at
<br /> any sale. It shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money. Trustee
<br /> shall apply the proceeds of the sale in the following order: (a)to all reasonable costs and expenses of the sale, including,but not
<br /> limited to,reasonable Trustee's and attorney's fees and costs of title evidence; (b)to all sums secured by this Deed of Trust;and(c)
<br /> 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 sums due
<br /> hereunder, the owners of the Property or parties liable hereon shall be entitled to cure said defaults by paying all delinquent
<br /> principal and interest payments due as of the date of cure, costs, expenses, late charges, attorney's fees and other fees all in the
<br /> manner provided by law. Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and
<br /> effect as though no Acceleration had occurred,and the foreclosure proceedings shall be discontinued.
<br /> 20. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
<br /> Borrower hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under § 18
<br /> (Acceleration;Foreclosure;Other Remedies)or abandonment of the Property,have the right to collect and retain such rents as they
<br /> become due and payable. 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 time covered by
<br /> foreclosure proceedings and the period of redemption, if any;and shall be entitled thereto as a matter of right without regard to the
<br /> solvency or insolvency of Borrower or of the then owner of the Property, and without regard to the value thereof. Such receiver
<br /> may be appointed by any Court of competent jurisdiction upon ex parte application and without notice; notice being hereby
<br /> expressly waived. Upon Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property,
<br /> Lender, in person,by agent or by judicially-appointed receiver, shall be entitled to enter upon,take possession of and manage the
<br /> Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be
<br /> applied, first,to payment of the costs of preservation and management of the Property, second,to payments due upon prior liens,
<br /> and then to the sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually
<br /> received.
<br />
|