|
RECEPTIONM 668 20,09/30/2020 at 02:01:45 PM, Pgs 3 of 9,Janice K.Vos Caudill, Pitkin County, CO
<br /> DWR Division 5
<br /> Received
<br /> 8/10/2021
<br /> # 10014521
<br /> DEED OF TRUST
<br /> (Continued) Page 3
<br /> the roperty are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, asonably satisfactory
<br /> to nder,to protect Lender's interest.
<br /> Du to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall d all ther acts, in addition
<br /> to t ose acts set forth above in this section, which from the character and use of the Property a rea onably necessary to
<br /> Prot ct 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 Dee( of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any
<br /> interest ii the Real Property. A"sale or transfer" means the conveyance of Real Property or any right, t Is or interest In the Real
<br /> Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright se Is, deed, Installment sale
<br /> contract,land contract,contract for deed,leasehold interest with a term greater than three(3)years, lease ptio contract,or by sale,
<br /> assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, r bylany other method of
<br /> conveys ce of an interest in the Real Property. However,this option shall not be exercised by Lender if suc exercise is prohibited by
<br /> federal law or by Colorado law.
<br /> TAX�S AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
<br /> Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, special tax s, assessments, charges
<br /> (inci ding water and sewer),fines and impositions levied against or on account of the Property, and sha I pay when due all claims
<br /> for crk done on or for services rendered or material furnished to the Property. Grantor shall mainta n 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 f taxes and assessments
<br /> not ue,except for the Existing Indebtedness referred to below, and except as otherwise provided in this Deed of Trust.
<br /> Righ 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 /> nonr ayment, Grantor shall within fifteen (15)days after the lien arises or, if a lien is filed, within flfte n (15) days after Grantor
<br /> has lotice of the filing, secure the discharge of the lien, or If requested by Lender, deposit with Le iderl cash or a sufficient
<br /> corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lieu plus any costs and
<br /> yeas nable attorneys'fees, or other charges that could accrue as a result of a foreclosure or sale undei the(lien. In any contest.
<br /> Gran r shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor
<br /> shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. I
<br /> Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of p ym@ nt of the taxes or
<br /> assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a wri en statement of the
<br /> taxe and assessments against the Property.
<br /> Notic a of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is corn me
<br /> d, any services are
<br /> fumi hed,or any materials are supplied to the Property, if any mechanic's lien,materialmen's lien,or o er II n could be asserted
<br /> on account of the work, services, or materials. Grantor will upon request of Lender furnish to Le der dvance assurances
<br /> satis actory to Lender that Grantor can and will pay the cost of such Improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to Insuring the Property are a part of this Dew of Trust.
<br /> Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with sta dardt extended coverage
<br /> endo sements on a replacement basis for the full insurable value covering all Improvements on the Real Property In an amount
<br /> sum lent to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender,together with
<br /> such ther hazard and liability Insurance as Lender may reasonably require. Policies shall be written in f rm, amounts,coverages
<br /> and t asis reasonably acceptable to Lender and Issued by a company or companies reasonably accep ble to Lender. Grantor,
<br /> upon request of Lender, will deliver to Lender from time to time the policies or certificates of Insurani a in form satisfactory to
<br /> Lender, Including stipulations that coverages will not be cancelled or diminished without at least thi (3Q) days prior written
<br /> notic to Lender. Each insurance policy also shall Include an endorsement providing that coverage in fe vor W Lender will not be
<br /> impai ed in any way by any act, omission or default of Grantor or any other person. Should the Real Iroperty be located in an
<br /> area Jesignated by the Administrator of the Federal Emergency Management Agency as a special food hazard area, Grantor
<br /> agree to obtain and maintain flood insurance, If available, within 45 days after notice is given by Le ider that the Property is
<br /> located in a special flood hazard area,for the maximum amount of Borrower's credit line and the full ui paid principal balance of
<br /> any prior liens on the property securing the loan,up to the maximum policy limits set under the National Ico Insurance Program,
<br /> or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Flood ins anc may be purchased
<br /> unde the National Flood Insurance Program, from private insurers providing "private flood Insurance" as defined by applicable
<br /> federal flood insurance statutes and regulations, or from another flood Insurance provider that is both " cep efi e d Lender In its
<br /> ante discretion and permitted by applicable federal flood insurance statutes and regulations.
<br /> Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of
<br /> loss it Grantor falls to do so within fifteen (15)days of the casualty. Whether or not Lender's security Is impaired, Lender may,
<br /> at Le der'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. If Lander elects to apply
<br /> the p oceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner
<br /> satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for
<br /> the reasonable cost of repair or restoration if Grantor is not in default under this Deed of Trust. Any Froceeds which have not
<br /> been Ilsbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the
<br />
|