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RECEPTION#: 668920, 09/30/2020 at 02:01:45 PM, Pgs 4 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 4
<br /> I Pro arty shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay a ed interest, and the
<br /> intent finder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any Proceed after payment In full
<br /> !of t Indebtedness,such proceeds shall be paid to Grantor as Grantor's Interests may appear.
<br /> Com liance with Existing Indebtedness. During the period In which any Existing Indebtedness describe I below is in effect,
<br /> com lance, with the insurance provisions contained in the Instrument evidencing such Existing Ind bted ess shall constitute com l lance with the insurance provisions under this Deed of Trust, to the extent compliance with the t me of this Deed of Trust
<br /> woud constitute a duplication of Insurance requirement. If any proceeds from the Insurance bec me ayable on loss, the
<br /> prov sions in this Deed of Trust for division of proceeds shall apply only to that portion of the proceeds not ayable to the holder
<br /> of th Existing Indebtedness.
<br /> LENDER' EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security intei astsi encumbrances, and
<br /> other clai, s, (B) to provide any required insurance on the Property, (C) to make repairs to the Property or to comply with any
<br /> obligation to maintain Existing Indebtedness in good standing as required below,then Lender may do so. If a iy action or proceeding is
<br /> commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behat may, but is not required
<br /> to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for
<br /> such purposes will then bear Interest at the rate charged under the Credit Agreement from the date incurrec or paid by Lender to the
<br /> date of re ayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lenders o tion,will (A) be payable
<br /> on demo d; (8) be added to the balance of the Credit Agreement and be apportioned among and be pay able lwith any installment
<br /> payments to become due during either (1) the term of any applicable insurance policy; or (2) the re ins term of the Credit
<br /> Agreement;or (C) be treated as a balloon payment which will be due and payable at the Credit Agreemen s m turity. The Deed of
<br /> Trust als will secure payment of these amounts. The rights provided for in this paragraph shall be in addil ion t1c,any other rights or
<br /> any reme ies to which Lender may be entitled on account of any default. Any such action by Lender shall n t b construed as curing
<br /> the defau t so as to bar Lender from any remedy that it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part thi Deed of Trust:
<br /> Title. Grantor warrants that: (a)Grantor holds good and marketable title of record to the Property in fee simple,free and clear of
<br /> all li ns and encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section
<br /> belo or in any title Insurance policy, title report, or final title opinion Issued in favor of, and accepted by, Lender in connection
<br /> with his Deed of Trust, provided,however,to the extent any such Real Property description,title Insurance ipolicy,title report or
<br /> final title opinion includes any reference to or any document referencing "statutory exceptions", Grantor shall nonetheless
<br /> warr it and forever defend the title to the Property against all such statutory exceptions, and (b) rant r has the full right,
<br /> pow r,and authority to execute and deliver this Deed of Trust to Lender.
<br /> Date se of Title. Subject to the exception in the paragraph above, Grantor warrants and will forev r d end the title to the
<br /> Prop rty against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's
<br /> title r the interest of Trustee or Lender under this Deed of Trust, Grantor shall defend the action at G nto s expense. Grantor
<br /> may a the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in
<br /> the p casting by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered,to Lender such instruments
<br /> as Lender may request from time to time to permit such participation.
<br /> Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing
<br /> applicable laws,ordinances,and regulations of governmental authorities.
<br /> Survl ral of Promises. All promises, agreements, and statements Grantor has made in this Deed o Tri.st shall survive the
<br /> exec tion and delivery of this Deed of Trust, shall be continuing in nature and shall remain in full force End effect until such "me
<br /> as B rrower's Indebtedness is paid in full.
<br /> EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of 1 rust:
<br /> Exists itil Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Grantor
<br /> expre sly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to pre mnt any default on such
<br /> indeb edness,any default under the instruments evidencing such indebtedness, or any default under any security documents for
<br /> such ndebtedness.
<br /> No M 3clification. Grantor shall not enter Into any agreement with the holder of any mortgage, deed tru at, or other security
<br /> agree ant which has priority over this Deed of Trust by which that agreement Is modified, amende , extended. or renewed
<br /> with t the prior written consent of Lender. Grantor shall neither request nor accept any future at vances under any such
<br /> secur ty agreement without the prior written consent of Lender.
<br /> CONDEM ATION. The following provisions relating to condemnation proceedings are a part of this Deed of uet:
<br /> Proce dings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in wi itin and Grantor shall
<br /> promptly take such steps as may be necessary to defend the action and obtain the award. Grantor me be a nominal party in
<br /> such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented In t e proceeding by counsel
<br /> of Its own choice, and Grantor will deliver or cause to be delivered to Lender such instruments and d cumentation as may be
<br /> reque ted by Lender from time to time to permit such participation.
<br /> Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedir gs or by any proceeding
<br /> or pur hale in lieu of condemnation,Lender may at its election require that all or any portion of the net p=eeds of the award be
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