2011-08-09_REVISION - M1981185 (51)

Home Browse Search

award) shall be divided between Lender and Borrower, in the same ratio as the amount of the sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower's equity in the Property immediately prior to the date of taking. Borrower's equity in the Property means the fair market value of the Property less the amount of sums secured by both this Deed of Trust and all prior liens (except taxes) that ate to receive any of the award, all at the value immediately prior to the date of taking. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condenuror offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice Is given, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust Any such application of proceeds to principal shall not extend or postpone the dne date of the installments referred to in paragraphs 4 (Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) nor change the amount of such installments. 12. Borrower not Released. Extension of the time for payment or modification of amortization of the sums secured bit this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower, nor Borrower's successors in interest, from the original terms of this Deed of Trust Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower's successors in interest 13. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder;,;or otherwise afforded by law, shall not be a waiver or preclude the exercise of any such right or remedy. 14. Remedies;Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulathie to all other rights or remedies under the Note and this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 25. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 24 (Transfer of the Property; Assumption). All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs in this Deed of Trust are for convenience only and are not to be used to interpret or define tie provisions hereof, 16. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Borrower provided,.for in this Deed of Trust shall be in writing and shall be given and be effective upon (I) delivery to Borrower or (2) mailing such notice by first -class U.S. mail, addressed to Borrower at Borrower's address 'stated herein or at such other address as Borrower may designate by notice to Lender as provided herein;. and (b) any notice to Lender shall be in writing and shall be given and be 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 other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for'in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in any mannet designated herein. 17. Governing• Law; Severability. The Note and this Deed of Trust shall be governed by the law of Colorado. In 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 provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Deed of Trust and Note are declared to be severable 18. Acceleration; Foreclosure; Other Remedies. Except as provided in paragraph 24 (Transfer of the Property; Assumption), upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust, or upon any default in a prior lien upon the Property, (unless Borrower has exercised Borrower's rights under paragraph 6 above), at Lender's option, all of the sums secured by this Deed of Trust shall be immediately due and payable (Acceleration). To exercise this option. Lender may invoke the power of sale and any other remedies permitted by law. Lender shall be entitled to collect all reasonable costs aril expenses incurred in pursuing the remedies provided in this Deed of Trust, including, but not limited to, reasonable attorney's fees. If Lender invokes the power of sale, Lender shall give written notice to Trustee of such election. Trustee shall give such notice to Borrower of Borrower's rights as is provided by law. Trustee shall record a copy of such note as required by law. Trustee shall advertise the time and place of the sale of the Property, for not less than four weeks in a newspaper of general circulation in each county in which the Property is situated; and shall mail copies of such notice of sale to Borrower and other persons as prescribed by law. After the lapse of such time as may be required by law, Trustee, without demand on Borrower, shall sell ,the Property at public auction to the highest bidder for cash at the time and place (which maybe on tite.Property or any part thereof as permitted by law) in one or more parcels as Trustee may think best and in such order as Trustee may determine. Lender or lender's designee may purchase the Property at any sale. It shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money. Trustee shall apply the proceeds of the sale in the following order. (a) to all reasonable costs and expenses of the said /including, but not limited to, reasonable Trustee's and attorney's fees and costs of title evidence; (b) teall sums secured by this Deed of Trust and (c) the excess, if any, to the person or persons legally entitled thereto. No. TD72d3.04. DEED OF TRUST (DUE ON TRANSFER - STRICI) Page3of5 (,v-C- I Initial