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~ 53 forfeiture of the Property or any part thereof only upon Borrower making all such contested payments and other payments as
<br /> 59 ordered by the court to the registry of the court in which such proceedings are filed.
<br /> 60 7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property;insured
<br /> 61 against loss by fire or hazards included within the term "extended coverage" in an amount at least equal to the lesser of(a)the
<br /> 62 insurable value of the Property or(b) an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior
<br /> 663 encumbrances on the Property,All of the foregoing shall be known as"Property Insurance."
<br /> (4 The insurance carrier providing the insurance shall be qualified to write Property Insaraacc in Colorado and shall be chosen
<br /> 65 by Borrower subject to bender's right to reject the chosen carrier for reasonable cause.All insurance;policies and renewals thereof
<br /> 66 shalI include a standard mortgage clause in favor of Lender,and shall provide that the insurance carries shall notify Lender at least
<br /> 67 ten(10)days before cancellation,termination or any material change of coverage.Insurance policies shall be furnished to Lender
<br /> 68 at or before closing.Lender shall have the right to hold the policies and renewals thereof.
<br /> 69 In the event of loss,Borrower shall give prompt notice to the insurance carrier and Lender.Lender may make proof of loss if
<br /> 70 not made promptly by Harrower.
<br /> 71 Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided said restoration or repair is
<br /> 72 economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not
<br /> 73 economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the
<br /> 74 sums secured by this Deed of Trust, with the excess, if any, paid to Borrower.If the Property is abandoned by Borrower, or if
<br /> 75 Borrower fails to respond to Leader within 30 days from the date notice is given in accordance with.§ 16 (Notice)by Lender to
<br /> 76 Borrower that the insurance carrier offers to se_tle a claim for insurance benefits, Lender is authorized to collect and apply the
<br /> 77 insurance proceeds,at Lender's option,either to restorarion or repair of the Property or to the sums secured by this]Teed of Trust.
<br /> 78 Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§4
<br /> 79 (Payment of Principal and Interest)and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such installments.
<br /> go Notwithstanding anything herein to the contrary, if under § 18 (Acceleration; Foreclosure; Other Remedies) the Property is
<br /> 81 acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof
<br /> 82 resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
<br /> 83 Deed of Trust immediately prior to such sale or acquisition.
<br /> 84 Ail of the rights of Borrower and Lender hereunder with respect to insurance carriers,insurance policies and insurance proceeds
<br /> 35 are subject to the rights of any holder of a prior deed of trust with respect to said insurance carriers,policies and proceeds.
<br /> 86 8. Preservation and Maintenance of Property. Borrower shall keep the Properly in good repair and shall not commit
<br /> 87 waste or peanit impairment or deterioration of the Property and shall comply with the provisions of any (ease if this Deed of Trust
<br /> 88 is on a leasehold.Borrower shall perform all of Borrower's obligations under any declarations,covenants,by-laws,rules,or other
<br /> 99 documents governing the use,ownership or occupancy of the Property.
<br /> 90 9. Protection of Leader's Security. Except when Borrower has exercised Borrower's rights under §6 above; if
<br /> 91 Borrower fails to perform the covenants and agreements conuined in this Deed of Trust or if a defauh occurs in a prior lien,or if
<br /> 92 any acction or proceeding is commenced which materially affects Lender's interest in the Property,ther.Lender,at Leader's option,
<br /> 93 with notice to Borrower if required by law,may make such appearances, disburse such sums and take such action as is necessan•
<br /> 94 to protect Lender's interest,including:but not limited to:
<br /> 95 9.1. any general or special taxes or ditch or water assessments levied or accruing against the Property;
<br /> 96 9.2. tlx:premiums on any insurance necessary to protect any improvements comprising a part of the Property;
<br /> 91 9.3. sums due on any prior lien or encumbrance on the Property;
<br /> 98 9.4. if the Property is a leasehold or is subject to a lease,all sums due under such lease;
<br /> 99 9.5. the reasonable costs and expenses of defending,protecting,and maintaining the Property and Lender's interest in
<br /> 1 Of) the Property, including repair and tnaintemanee costs and expenses, costs and expenses of protecting and securing the Property,
<br /> 101 receivers fees and expenses,inspection fees,appraisal fees,court costs,attorney fees and costs,and fees and costs of an attorney
<br /> 102 in the employment of Lender or holder of the certificate of purchase;
<br /> 103 9.6. all other costs and expenses allowable by the evidence of debt or this Deed of'rrust;and
<br /> I M 9.7. such other costs and expenses which may be authorized by a court of competent jurisdiction.
<br /> IDS Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by
<br /> 106 law or otherwise to cure any default under said prior encumbrance,
<br /> 141 Any amounts disbursed by Lender pursuant to this §9, with interest thereon,shall become additional indebtedness of Borrower
<br /> 108 secured by this Deed of Trust.Such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof,and
<br /> 109 Lender may bring suit to collect any amounts so disbursed plus interest specified iu§2.2(Note:Other Obligation.,Secured),Nothine.
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