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<br /> E""COpygvallable RECENEC
<br /> DEED OF TRUST OCT10 +7
<br /> (Continued) Page C 2017.
<br /> release of the lien for all such additional sums and expenditures made pursuoM to this Deed of Trust. Lender agrees to coopenY.MTER RESOURCES
<br /> with Grantor in obtaining such release and releasing the other collateral securing the Indebtedness. Any release fees required FATE ENGINEER COLO.
<br /> shall be paid by Grantor,If permitted by applicable law.
<br /> EVENTS OF DEFAULT. At Lender's option,Grantor will be In default under this Deed of Trust if any of the following happen:
<br /> Payment Default. Grantor fails to make any payment when due under the Indebtedness.
<br /> Brisk Other Promises. Grantor breaks any promise made to Lender or fails to perform promptly at the time end strictly in the /'y
<br /> manner provided in this Deed of Trust or in any agreement misted to This Dead of Truat. RECEIVED
<br /> Compliance Default. Failure to comply with a"other term,obligation,covenant or condition contained in This Dead of Trust,the
<br /> Note or in any of the Related Documents.
<br /> Default on Other Payments. Failure of Grantor within the time required by this Deed of Trust to make any payment for taxes or OCT Q L A 4 �O�7
<br /> insurance,or any other payment necessary to prevent filing of or to effect discharge of any lien. Q 1.
<br /> Default in Favor of Third Partin. Should Grantor default under any ben,extension of credit,security agreement, purchase or
<br /> sales agreement,or any.,her agreement,in favor of any other creditor or person That may materially affect any of Grantors ✓ TER RESOURCES
<br /> property or Gramor'.ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Deed of .STATE ENGINEER
<br /> Trust or any of the Related Documents. COLO
<br /> Fates Statements. Any representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this
<br /> Deed of Trust or the Related Documents is false or misleading in any materiel respect, either now or at the time made or
<br /> furnished.
<br /> Defective Collateraliaation. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including
<br /> failure of any collateral document to create a valid and perfected security Interest or lien)at any time and for any reason.
<br /> Death or,Insolvency. The death of Grantor,the insolvency of Grantor,the appointment of a receiver for any pert of Grantor's
<br /> property, any assignment for the benefit of creditors, any type of creditor workout,or the commencement of any proceeding
<br /> under any bankruptcy or insolvency laws by or against Grantor.
<br /> Taking of that Property. Any creditor or governmental agency tries to take any of the Property,or any other of Grantor's property
<br /> in wNch Lender has a lien. This includes,taking of. gamishing of or levying on Grantor's accounts with Lender. However, It
<br /> Grantor disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable, and It
<br /> Grantor gives Lender written notice of the claim and furnishes Lender with monies or a surety band satisfactory to Lender to
<br /> satisfy the claim,then this default provision will not apply.
<br /> Breach of Other Agreement. Any breech by Grantor under the terms of any other agreement between Grantor and Lender that is
<br /> not remedied within any grace period provided therein,including without limitation any agreement concerning any indebtedness or
<br /> Mher obligation of Grantor to Lender,whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or
<br /> accommodation party of any of the Indebtedness or any guarantor,endorser,surety,or accommodation party dies or becomes
<br /> incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness.
<br /> Inseeurhy. Lander he good faith believes itself Insecure.
<br /> Right m Cure. If any default,other than a default in payment,is curable and if Grantor was rot been given a miles of a breach of
<br /> the same pwylsion of this Deed of Trust within the preceding twelve(12)month,R may be cured IT Grantor,after Lender sends
<br /> written notice to Grantor demanding cure of such default; (11 cues the default within twenty(20)days;or 42) if the cure
<br /> requires more than twenty,1201 days,immediately initiates steps which Lender deems in Lender's sole discretion to he sufficient
<br /> to cure the default and thereafter continue.and completes all reasonable and necessary steps sufficient to produce compliance
<br /> as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trost, at any time thereafter. Trustee or
<br /> Lender may exercise any one or more of the following rights and remedies:
<br /> Election M Remedies. All of Lender'.rights and remedies will be cumulative and may be exercised alum or together. An election
<br /> by Lender to choose any one remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to
<br /> Perform any of Grantor's obligations under this Dead of Twat,after Grantor's failure to do se,that decision by Lender will rat
<br /> affect Lender's right to declare Grantor in default and to exercise Lender's remedies.
<br /> Accelerate Indebsedne cs. Lender shall have the fight 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 /> Foradceuf 1. 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 R as if it were reel property,to be sold by the Trustee according to the laws of the State of Colorado as respects
<br /> foreclosures against real property. Thu Trustee shell give notice In accordance with the laws of Colorado. The Trustee shell
<br /> apply the proceeds of the sale In the following order: (e)to all costs and expenses of the sale, including but rat limited to
<br /> Trustee's fees,attorneys fees,and the coat of title evidence; lb)to all sums sewed by this Deed of Trust;and (a)the excess,
<br /> if any,to the person or persons legally emitted to the excess.
<br /> UCC Remedies. With respect to all or any Part of The Personal Property, Lender shall have ell the rights and romadies of a
<br /> secured party under the Uniform Commercial Code.
<br /> COS.&Reno. Lender shall he.the right,without notice to Grantor to take possession of and manage tha Property and collect
<br /> the Rents, including amounts pest due and unpaid, and apply the net proceeds, over and above Lender's coats, against[he
<br /> Ind ebtadnese. In furtherance of this right,Lender may require any tenant or other user of the Pnoparty to make payment.of rent
<br /> or use teas directly to Lender. If the Rents are collattrd by Lender, then Grantor irrevocably designates Lender ae Grantor's
<br /> sttorney-infact to endorse instruments received in peymem thereof in the name of Grantor and to negotiate the same and collect
<br /> the proceeds. Payments by tenants or other more be 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 lights under
<br /> this subparagraph either in person,by"am,or through a receiver.
<br /> Appoint Receiver. Lander shall have the fight to have a receiver appointed to take possession of all or any Pert of the Property.
<br /> with the power to protect and preserve the Property, to operate Me Property preceding foreclosure or sale, and To collect the
<br /> Rents from flue Property ant apply The Proceeds,over and shove the cost of the receivership, against the Indebtedness. The
<br /> receiver may verve 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 shell not disqualify
<br /> a person from serving as a receiver. Receiver may he eppoinned by a court of competent jurisdiction upon ex pane application
<br /> and without notice,notice being expressly waived.
<br /> Tenancy,at Sufferance. If Grantor remains in possession of the Properly 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 shall, at Lenders option,either (1) pay a reeeonsble rental for the use of The
<br /> Property,or (2) vace e,The Property immediately,upon The demand of Lender.
<br /> Other Remedies. Trustee or Lender shall have any other right or remedy,provided In this Dead of Twat or me Note or available at
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