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387709 1131/2023 4:17 PM M- celix
<br /> 5 of 7 R$43.00 D50.00 Alamosa Cc clerk and Recorder
<br /> DEED OF TRUST
<br /> Loan No: 16028 (Continued) Page 5,
<br /> Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy,and an election to
<br /> make expenditures or to take action to perform an obligation of Grantor under this Deed of Trust, after Grantor's failure to
<br /> perform,shall not effect Lender's right to declare a default and exercise Its remedies.
<br /> Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness
<br /> immediately due and payable,including any prepayment penalty which Grantor would be required to pay.
<br /> Foreclosure. Lender shall have the right to cause all or any part of the Real Property,and Personal Property,If Lender decides to
<br /> proceed against it as if it were real property,to be sold by the Trustee according to the laws of the State of Colorado as respects
<br /> foreclosures against real property. The Trustee shell give notice in accordance with the laws of Colorado. The Trustee shall
<br /> apply the proceeds of the sale in the following order: (a) to all costs and expenses of the sale,including but not limited to
<br /> Trustee's fees,attorneys'fees,and the coat of title evidence; (b)to all sums secured by this Deed of Trust;and (c)the excess,
<br /> if any,to the person or persons legally entitled to the excess.
<br /> UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a
<br /> secured party under the Uniform Commercial Code.
<br /> Collect Rents. Lender shall have the right,without notice to Grantor to take possession of and manage the Property and collect
<br /> the Rents, including amounts past due and unpaid,and apply the net proceeds, over and above Lender's costs, against the
<br /> Indebtedness. In furtherance of this right,Lender may require any tenant or other user of the Property to make payments of rent
<br /> or use fees directly to Lender. If the Rents are collected by Lender,then Grantor irrevocably designates Lender as Grantor's
<br /> attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect
<br /> the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for
<br /> which the payments are made,whether or not any proper grounds for the demand existed. Lender may exercise its rights under
<br /> this subparagraph either in person,by agent,or through a receiver.
<br /> Appoint Receiver. Lender shell have the right to have a receiver appointed to take possession of all or any part of the Property,
<br /> with the power to protect and preserve the Property,to operate the Property preceding foreclosure or sale,and to collect the
<br /> Rents from the Property and apply the proceeds,over and above the cost of the receivership, against the indebtedness. The
<br /> receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not
<br /> the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify
<br /> a parson from serving as a receiver. Receiver may be appointed by a court of competent jurisdiction upon'ex parte application
<br /> and without notice,notice being expressly waived.
<br /> Tenancy at Sufferance. If Grantor remains In possession of the Property after the Property Is sold as provided above or Lender
<br /> otherwise becomes entitled to possession of the Property upon default of Grantor,Grantor shall become a tenant at sufferance of
<br /> Lender or the purchaser of the Property and shell, at Lender's option,either (11 pay a reasonable rental for the use of the
<br /> Property,or (21 vacate the Property Immediately upon the demand of Lender.
<br /> Other Remedies. Trustee or Lender shall have any other right or remedy provided in this Deed of Trust or the Note or available at
<br /> law or in equity.
<br /> Safe of the Property. In exercising its rights and remedies, Lender shall be free to designate on or before it files a notice of
<br /> election and demand with the Trustee,that the Trustee sell all or any part of the Property together or separately,in one sale or by
<br /> separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. Upon any sale of the
<br /> Property,whether made under a power of sale granted In this Deed of Trust or pursuant to judicial proceedings,if the holder of
<br /> the Note Is a purchaser at such sale, it shall be entitled to use and apply all, or any portion of,the Indebtedness for or in
<br /> settlement or payment of all,or any portion of,the purchase price of the Property purchased,and,in such case,this Deed of
<br /> Trust,the Note,and any documents evidencing expenditures secured by this Deed of Trust shall be presented to the person
<br /> conducting the sale in order that the amount of Indebtedness so used or applied may be credited thereon as having bean paid.
<br /> Attorneys'Fees;Expanses. If Lender forecloses or institutes any suit or action to enforce any of the terms of this Deed of Trust,
<br /> Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys'fees at trial and upon any appeal.
<br /> Whether or not any court action Is involved,and to the extent not prohibited by law,all reasonable expenses Lender incurs that in
<br /> Lender's opinion are necessary at any time for the protection of Its interest or the enforcement of Its rights shall become a part of
<br /> the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid.
<br /> Expenses covered by this paragraph include,without limitation, however subject to any limits under applicable law, Lender's
<br /> attorneys'fees whether or not there is a lawsuit,including attorneys'fees and expenses for bankruptcy proceedings(including
<br /> efforts to modify or vacate any automatic stay or injunction),appeals,and any anticipated post-judgment collection services,the
<br /> cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees, title
<br /> insurance,and fees for the Trustee,to the extent permitted by applicable law. Grantor also will pay any court costs,in addition
<br /> to ell other sums provided by law.
<br /> Rights of Trustee. To the extent permitted by applicable law,Trustee shall have all of the rights and duties of Lender as set forth
<br /> in this section.
<br /> NOTICES. Any notice required to be given under this Deed of Trust,including without limitation any notice of default and any notice
<br /> of sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless
<br /> otherwise required by law),when deposited with a nationally recognized overnight courier,or,if mailed,when deposited in the United
<br /> States mail, as first class,certified or registered mall postage prepaid. directed to the addresses shown near the beginning of this
<br /> Deed of Trust. All copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust shall be sent
<br /> to Lender's address,as shown near the beginning of this Deed of Trust. Any party may change its address for notices under this
<br /> Deed of Trust by giving formal written notice to the other parties,specifying that the purpose of the notice Is to change the party's
<br /> address. For notice purposes,Grantor agrees to keep Lender Informed at all times of Grantor's current address. Unless otherwise
<br /> provided or required by law,if there is more than one Grantor,any notice given by Lender to any Grantor Is deemed to be notice given
<br /> to all Grantors.
<br /> MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br /> Amendments. This Deed of Trust,together with any Related Documents,constitutes the entire understanding and agreement of
<br /> the parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be
<br /> effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or
<br /> amendment.
<br /> Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lander, upon
<br /> request,a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such
<br /> form end detail as Lender shall require. Net operating income" shall mean ell cash receipts from the Property less all cash
<br /> expenditures made in connection with the operation of the Property. •
<br /> Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret
<br /> or define the provisions of this Deed of Trust.
<br /> Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other Interest or estate in the
<br /> Property at any time held by or for the benefit of Lender In any capacity,without the written consent of Lender.
<br /> Governing Law. This Deed of Trust will be governed by federal law applicable to Lender and,to the extent not preempted by
<br /> federal law,the laws of the State of Colorado without regard to its conflicts of law provisions. This Deed of Trust has been
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