|
Best CD RECEIVED
<br /> COPY Available
<br /> DEED OF TRUST OCT 10 2017
<br /> (Continued) Page?J'AT[�RR�ESOURCES
<br /> waste on or to the Property or any portion of the Property. Without limiting the generals of the fore ATE ENGINEER COLD.
<br /> generality going,Grantor will vel
<br /> remove,or grant to any other perry the right to remove,any timber,minerals(including oil and gall,cool,clay,scoria, all,grovel
<br /> or rock products without Lender's prior written consent.
<br /> Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Leader's RECEIVED
<br /> prior written consent. As a condition to the removal of any Improvements,Lender may require nte Grantar to make arrargeme
<br /> satisfactory to Lender to replace such Improvements with Improvements of at West equal vale.
<br /> Lenders Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender's Interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and OCT 2 2U1!7
<br /> conditions of this Deed of Trust.
<br /> Compliance with Governmental Requirements. Grantor shall promptly comply with all laws,ordinances,and regulations,now or
<br /> hereafter in affect,of all governmental authorities applicabe to the use or occupancy of the Property. Grantor may contest In WATER RESOURCES
<br /> good faith any Such law,ordinance,or regulation and withhold compliance during any proceeding,Including appropriate appeals, STATE ENGINEER
<br /> an long as Grantor has notified Lender In writing Prior to doing so and so long as,In Lender's sole opinion,Lender's Interests in COLO
<br /> the Property are not Jeopardized. Lender may require Grantor to Post adequate security or a surety bond,reasonably satisfactory
<br /> to Lender,to protect Lender's interest.
<br /> Duty W Is v at. Grantor agrees neither to abandon or leave unattended the Progeny. Grantor shall do all other acts,In addition
<br /> to those acts tit forth above in this section, which from the character and use of the Property are reasonably necessary to
<br /> Protect and preserve the Property.
<br /> DUE ON SALE-CONSENT BY LENDER. Lender may, at Lender's option,declare immediately due and payable all sums secured by
<br /> this Deed of Trust upon the sale or transfer, without Lender's poor written consent of all or any part of the Real Progeny,or any
<br /> interest in the Real Property. A-sale or transfer' fneanq the oomreyance of Real Property or any right, tide or interest in the Real
<br /> Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, Installment sale
<br /> contract,land contract,contract for deed,leasehold interest with a term greater than three(31 years,lame optioncontract.or by sale,
<br /> assignment,or transfer of any beneficial interest in or to any land trust holding tide to the Real Property,or by any other method of
<br /> conveyance of an Interest in the Reel Property. However,this option shall not he exercised by Lender if such exercise is prohibited by
<br /> federal law at by Colorado law.
<br /> TAXES AND LIENS. The following provislons relating to the taxes and liens on the Property ere part of this Dead of Trust:
<br /> Payment. Grantor shall pay when due lend in all events prior to delinquencyl all taxes, special taxes, assessments, charges
<br /> (including water and sewed,fines and impositions levied against or on account of the Property,and shall pay when due all claims
<br /> for work done on or for services rendered or material famished to the Property. Grantor shell maintain the Property free of all
<br /> liens having priority over or equal to the Interest of Lender under this Deed of Trust,except for the lien of taxes aad assessments
<br /> rot due and except as otherwise provided in this Deed of Trust.
<br /> Right to Contest. Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over
<br /> the obligation to pay, so long as Lender's interest In the Property is not Jeopardized. If a lien arises or is filed as a result of
<br /> nonpayment,Grantor shall within fifteen 1161 days after the lien arises or,if a lien is filed,within fifteen 116)days after Grantor
<br /> he.nwtice of the filing, secure the discharge of the hen,or If requested by Lender, deposit with Leader cash or a sufficient
<br /> corporate surety bond or other security smmsfnctory to Lender in an amount sufficient to discharge the lien plus any costa and
<br /> attorneys' fees, or other charges that could accrue as a result of a foreeioaure or sale under the lien. In any contest,Grantor
<br /> shall defend itself and Leader and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall
<br /> name Lender as an additional obligee under any surety bond famished In the contest proceedings.
<br /> Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or
<br /> assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the
<br /> taxes and assessments against the Property.
<br /> Notice of Corntructien. Grantor shall notify Lender at least fifteen 051 days before any work is commenced, any services are
<br /> furnished,or any materiels are supplied to the Property,if any mechanic's Ilan,matarialmen's lien,or other lien could be asserted
<br /> on account of the work. services, or materials. Grantor will upon request of Lender furnish to LaMar advance assurances
<br /> satisfactory to Lender that Grantor can and will pay the cost of such improvement..
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property,are a part of this Deed of Trust.
<br /> Maintenance of Insurance. Grantor shall procure and maintain policies of fire Insurance with standard extended coverage
<br /> endorsements on a replacement basis for the full Insurable value covering all Improvements on the Real Property in an amount
<br /> sufficient to m oid application of any coinsurance clause,and with a standard mortgagee clause in favor of Lender,together with
<br /> much other hazard and liability insurance as Leader may reasonebiy require. Policies shell be written In form,amounts,coverages
<br /> and basis reasonably acceptable to Leader and issued by a company or companies reasonably acceptable to Lender. Grantor,
<br /> upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to
<br /> Leader,Including stipulations that coverages will rot be cancelled or diminished without Of least On(10)days prior written notice
<br /> to Lender. Each insurance policy also shell include an endorsement providing that coverage in favor of Leader will act be
<br /> impaired in any way by any act,omission or default of Gramor or any other person. Should the Real Property be located In an
<br /> area designated by the Administrator of the Federal Emergency Management Agency as a special Rood hazard area, Gramor
<br /> agrees to obtain and maintain Federal Flood Insurance,p available,for the full unpaid principal balance of the loan and any prior
<br /> liens on the property securing the loan, up to the maximum Policy limits set under the National Flood Insurance Program,or am
<br /> otherwise required by Lender,and to maintain such Insurance for tiro term of the loan.
<br /> Applicatlan of Proceeds. Grantor shall promptly nody LaMar of any loss or damage to the Property. LaMar may make proof of
<br /> lose if Grantor fails to do so within fifteen 115)days of the casualty. VNTether or act Lender's security W Impaired,Lender may,
<br /> at Larder's election, receive and retain the proceeds of any Insurance and apply the proceeds to the reduction of the
<br /> Indebtedness,payment of any lien affecting the Property,or the restoration and repair of the Property. It Lender elects to apply
<br /> the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner
<br /> satisfactory to Lender. Lender shell,upon satisfactory proof of such expenditure,Pay or reimburse Grantor tram the proceeds for
<br /> the reasonable cost of repair or restoration if Grantor Is not in default under this Deed of Trust. Any proceeds which have act
<br /> been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the
<br /> Property shall be used first to pay,any amount owing to Lender under this Dead of Trust then to pay accrued interest,and the
<br /> remainder,If any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment In full
<br /> of Me Indebtedness,such proceeds shall be paid to Grantor ea Grantor's interest.may appear.
<br /> LENDER'S EXPENDITURES. If Grantor fails IA) to keep the Property free of all taxes,liens, security interests,encumbrances, and
<br /> other claims, (0) to provide any required insurance on the Property,or (C) to make repairs to the Property Men Lender may do so.
<br /> If any action or proceeding is commenced that would materially affect Lender's Interests in the Property,than Leader on Grantor's
<br /> behalf may,but Is act required to,take any action that Lender believes to be appropriate to protect Lender's Interests. All expenses
<br /> incurred or paid by Lender for such purposes will than bear Interest at the rate charged under the Nate from the data incurred or paid
<br /> by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and,at Lender's option,
<br /> will (At be payable on demand; IS) be added to the balance of the Note and be apportioned among and be payable with any
<br /> Installment payments to become due during either (11 the term of any applicable Insurance Policy;of 12f tha remaining term of the
<br /> Note;or (C) be treated as a balloon payment which will be due and Payable at the Note's maturity. The Deed of Trust also will
<br /> secure payment of these amounts. The rights provided far In this paragraph shall be in addition to any other rights or any remedies to
<br />
|