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See Exhibit A attached hereto
<br />1111111 �I Ilil II''.:II I�IIIII
<br />947034 11/29/ AM Linda Daley
<br />I of 6 DT R.131.00 D$0.00 Laplata County Clerk
<br />4 - f .73h - E .
<br />The printed portions of thin Sinn, except differentiated additions, h ave been ado Real approved by the Color kstate nmussl®. (TD72.
<br />IF THIS 'FOAM LS MILD INACONSUL= QQDrTTRANSACT1Ov .t a.'MSULTLCCALCOCHM.
<br />THUS IS A =AL INSTRUMLYt O NOT QNDElIsmOD,LUGAL,TAX OR OTIRR COUNSLL SHOULD IECO.ISULTEO IMRE SICHFIC.
<br />DEED OF TRUST
<br />(Due on Transfer — Strict)
<br />COLORADO LAND TITLE CO.
<br />gin Main Ave P.O. Box 3389
<br />Durango, Colora do 81302
<br />(910)247.5464
<br />/,_-5:99d3/ .6
<br />THIS DEED OF TRUST is made this 77th day of tdrnrrxnin,r 9 nil h
<br />2006, between James M. Clements (Borrower), whose address is 3643 Baker St., San Diego, CA 92117 and
<br />the Public Trustee of the County in which the Property (see paragraph 1) is situated (Trustee); for the
<br />benefit of Old Idaho Properties, LLC (Lender), whose address is 4432 CR 124, I-iesperus, CO 81326.
<br />Borrower and lender covenant and agree as follows:
<br />1. Property in Trust. Borrower, in consideration of the indebtedness herein recited and the trust
<br />herein created, hereby grants and conveys to Trustee in with power of sale, the following described
<br />property located in the County of La Plata, State of Colorado:
<br />which has the address of nia (Property Address), together with all its appurtenances (Property).
<br />2. Note; Other Obligations Secured. This Deed of Trust is given to secure to Lender:
<br />A. the repayment of the indebtedness evidenced by Borrower's note (Note) of the same date of this
<br />Deed of Trust dated.
<br />.the principal sum of $425,000.00 U.S. Dollars, with interest on the unpaid principal balance from November
<br />13, 2006, until paid, at the rate of 7.6 percent per annum, with principal -and accrued interest payable at 4432
<br />County Road 124, Hesperus, Colorado, 81326, or such other place as the Lender may designate, in monthly
<br />payments of Two Thousand Seven Hundred and Sixty Two Dollars and Fifty Cents (U.S. $2,762.50), due on
<br />the first day of each month, beginning December 1, 2006, i tue-un e- entire
<br />, The entire principal amount
<br />outstanding and accrued interest thereon shall BALLOON and be due and payable on November 13, 2011.
<br />and Borrower is to pay to Lender a late charge of 10% of any payment not received by the Lender within
<br />10 days after payment is due; and Borrower has the right to prepay the principal amount outstanding
<br />under said Note, in Whole or in part, at any time without penalty except.
<br />B. the payment of all other sums, with interest thereon at 12% per annum, disbursed by lender in
<br />accordance with this Deed of Trust to protect the security of this Deed of Trust; and
<br />C. the performance of the covenants and agreements of Borrower herein contained.
<br />3. Title. Borrower covenants that Borrower owns and has the right to grant and convey the
<br />Property, and warrants title to the same, subject to general teal estate taxes for the current year,
<br />easements of record or in existence, and recorded declarations, restrictions, reservations and covenants, if
<br />any, as of this date and- except.
<br />4. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and
<br />interest on the indebtedness evidenced by the Note, and late charges as provided in the Note and shall
<br />perform all of Borrower's other covenants contained in theNote.
<br />5. Application of Payments. All payments .received by Lender under the terms hereof shall be
<br />applied by Lender first in payment of amounts due pursuant to paragraph 23 (Escrow Funds for Taxes
<br />and Insurance), then to amounts disbursed by Lender pursuant to paragraph 9 (Protection of Lender's
<br />Security), and the balance in accordance with the terms and conditions of the Note.
<br />6. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
<br />obligations under any prior deed of trust and any other prior bens. Borrower shall pay all taxes,
<br />assessments and other charges, fines and impositions attributable to the Property which may have or
<br />attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner
<br />set out in paragraph 23 (Escrow Funds for Taxes and Insurance) or, if not required to be paid in such
<br />manner, by Borrower making payment when due, directly to the payee thereof. Despite the foregoing,
<br />Borrower shall not be required to make payments otherwise required by this paragraph if Borrower, after
<br />notice to Lender, shall in good faith contest such obligation by or, defend enforcement of such obligation
<br />in, legal proceedings which operate to prevent the enforcement of the obligation or forfeiture of the
<br />Property or any part thereof, only upon Borrower making all such contested payments and other
<br />payments as Ordered : by the court to the registry of the court in which such proceedings are filed.
<br />7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected
<br />on the Property insured against loss by fire or hazards included within the term "extended coverage" in
<br />an amount at least e44l to the lesser of (1) the insurable value of the Property or (2) an amount sufficient
<br />to pay.the sums secured by this Deed of Trust as well as any prior encumbrances on the Property. All of
<br />the foregoing shall be known as "Property Insurance."
<br />The insurance carrier providing the insurance shall be qualified to write Property Insurance in
<br />Colorado and shalt be chosen by Borrower subject to Lender's right to reject the chosen carrier for
<br />reasonable cause. All insurance policies and renewals thereof shall include a standard mortgage clause in
<br />No. TD72 -5-04. DEED OF TRUST (DUE 0214RANSFER - STRICT)
<br />n`.;.
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