HomeMy WebLinkAbout20052928.tiff 359
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR MINOR
SUBDIVISION, MF #1001 -W. B. FARMS ESTATES, LLC
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, by Resolution dated March 24, 2004, the Board approved the application of
W. B. Farms Estates, LLC, 13388 Weld County Road 80, Eaton, Colorado 80615, for a Minor
Subdivision Final Plan, MF#1001, for Eight(8) Estate Zoned Lots on the following described real
estate, to wit:
Lot A of Recorded Exemption #3473; being part of
the NW1/4 of Section 20, Township 7 North, Range
66 West of the 6th P.M.,Weld County, Colorado, and
WHEREAS, on July 26, 2004, the Board of County Commissioner of Weld County,
Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for
Improvements(Private Road Maintenance)between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and W. B. Farms Estates, LLC with
terms and conditions being as stated in said agreement, and accepted a Deed of Trust for Lot A
of RE #3473, valued in the amount of$163,600.00, as collateral for said agreement, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommends release of said collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Deed of Trust for Lot A of RE #3473, valued in the amount of
$163,600.00, and recorded in the office of the Weld County Clerk and Recorder on July 28, 2004,
at Reception Number 3202955,and re-recorded on March 3,2005,at Reception Number 3265452,
be, and hereby is, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign the Release of Deed of Trust, a copy of which is attached hereto and incorporated herein by
reference.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is,
directed to return said collateral to the appropriate issuing party.
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CANCEL COLLATERAL -W. B. FARMS ESTATES, LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 5th day of October, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
I . / % WELD COUNTY, COLORADO
ATTEST: Lie
illiam H. J- e, Chair
Weld County Clerk to the
V 7-7 7
M. eeile, Pro-Tern
De ty Cler to the Boar• A �
D \" n VU�1
ED AST
Robe . Masden
/County Attorney 14,12
Glenn Vaad
Date of signature: to` /t//o5
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fetes, MEMORANDUM
Wm`Pe. TO: Board of County Commissioners
COLORADO DATE: September 20, 2005
FROM: Sheri Lockman, Planner II
SUBJECT: Release of Collateral
WB Farms
Case Number MF-1001
Carl Hill
The Departments of Planning Services and Public Works have reviewed the improvements for
WB Farms and are requesting that the collateral be released.
All items covered under the Improvements Agreement According to Policy Regarding Collateral
for Improvements (Private Road Maintenance) have been completed to the satisfaction of the
Departments of Planning Services and Public Works.
The request for release of collateral is for the following improvements:
Site grading $ 13,950.
Street grading $ 22,320.
Water mains $ 47,170.
Fire hydrants $ 3,048.
Survey and street monuments and boxes $ 6,880.
Street name signs/stop sign $ 700.
Landscaping $ 16,000.
Road culvert $ 6,006.
Electric $ 37,542
Engineering and supervision $ 10,000.
Total Estimated Cost of Improvements $163,616.
•
2005-2928
Notebook Stationery Page 1 of 1
Sheri Lockman
From: Peter Schei
Sent: Wednesday, July 20, 2005 7:23 AM
To: Sheri Lockman
Cc: Josh Holbrook; Tracy Dyer
Subject: MF-1001 WB Farms Estates Minor Subdivision
Importance: High
Good Morning, Sheri:
Public Works has inspected and accepted on-site development improvements associated with stormwater and
transportation.
The applicant is requesting the release of said collateral monies bonding these improvements and Public Works is
in agreement.
Please proceed with the release of on-site collateral associated with this development.
(Note that improvements associated with Planning or other Departments will need to be verified.)
Thank you for your assistance.
Have a nice day, Peter.
Peter SCHEI,P.E.,N.S.P.E.
Public Works Department
Weld County
1111 -H Street
Greeley,CO 80632
gschei@co.weld.co.us
"Making the County a better place to do business"
"Making the County a better place to live"
From: Josh Holbrook
Sent: Tuesday, July 19, 2005 1:09 PM
To: Peter Schei
Subject: WB Farms
Joshua Holbrook
Engineer Tech I
(970)304-6496 ext. 3745
Fax: (970)304-6497
Mobile: (970) 301-2622
jholbrook@co.weld.co.us
07/20/2005
MEMORANDUM
TO: Peter Schei DATE: 7-15-2005
FROM Joshua Holbrook
SUBJECT: WB Farms
Jim Rawson from Snowdance has requested the release of collateral for the WB Farms subdivision.
I have verified that all the items in the improvements agreements have been completed, including the seeding.
o ,tom
Ault-Pierce Fire Department
P.O. Box 1135
Ault, Co. 80610
Ault Pierce Fire@msn.com
To Whom It May Concern:
The WB Farms Estates property, located on WCR 80
between WCR 27 and WCR 29, has been reviewed for the
Fire Hydrant location and it has been installed per the print
provided.
Larry Sheets
Fire Chief
Ault-Pierce Fire
9-13-2005
E00/E00 'd OPE£ ESE 016(X83) 1dJS30 H9IH/3JNU0M0NS 14 11 (N0W)S002-6t-d3S
of
REQUEST FOR RELEASE OF DEED OF TRUST AND RELEASE
(WITHOUT PRODUCTION OF EVIDENCE OF DEBT PURSUANT TO§38-39-102(33),C.R.S.)
October 5, 2005
Date
W. B. Farms, LLC Original Grantor(Borrower) •
Board of County Commissioners, Weld Original Beneficiary
(Lender)
July 22, 2004 Date of Deed of Trust
July 28, 2004
March 3. 2005 (Rerecorded) Recording Date of
Deed of Trust
Weld County County of Recording
3202955 (7/28/2004) •
3265452 (3/3/2005 Rerecorded) of Recorded Deed of Trust
Reception Na a -Ne and/or Book No./Page Na
TO THE PUBLIC TRUSTEE OF
Weld County(The Public"Itustee to whom the above Deed of Trust conveys the said property.)
PLEASE EXECUTE AND RECORD A RELEASE OF THE ABOVE-DESCRIBED PEED OF TRUST pursuant to§38-39-102(3.5),
C.R.S.In support of this Request for Release of Deed of Trust,the undersigned,as the owner of the evidence of debt secured by the above-
described Deed of Trust or the agent or attorney thereof,in lieu of the production or exhibition of the original evidence of debt with this
Request for Release,certifies as follows:
1. The purpose of the Deed of Trust has been fully satisfied.
2. The original evidence of debt is not being exhibited or produced herewith.
3. The owner of the evidence of debt agrees that it is obligated to indemnify the Public Trustee pursuant to§38-39-102(3.5)(a),C.R.S.for
any and all damages,costs,liabilities,and reasonable attorney fees incurred as a result of the action of the Public Trustee taken in
accordance with this Request for Release.
4. It is one of the entities described in§38-39-102(3.5)(b),C.R.S.
Board of County Commissioners Weld County, Colorado
Current Owner and Holder of the Indebtedness Secured by Deed of Trust(Lender)
William H. Jerke, Chair ■ (_' .*(l.ti4).. .
Name and Title of Agent or Officer of Current Owner and Holder
P.O. Box 758 915 10th Street Greeley, CO80632 I �♦
Address of Current IHolHolderOwner and ,
At teqty1/4 0
Signet= By: ' . A--1/� ►9a rt
State of Colorado,County of Weld ,.*••* a O- j y Cle to the Bo d
The foregoing Request for Release was acknowledged before me on �P'�� C•'S'
October 5, 2005 (date)by*r pp NOTARY'.11';itness my hand and official seal
William H. Jerke, Chairman, Board of --s— 'o
County Commissioners
t
Weld County, Colorado * UBU
P c4
94 / raj &DO8 Date Commission Expires tPF�a�rp 7 Notu''Pu�
_ RELEASE OF �)S'1'n)ill•2088
WHEREAS,the above referenced Grantor(s),by Deed of Trust,conveyed certain real property described in said Deed of Trust to the
Public Trustee of the County referenced above,in the State of Colorado,to be held in trust to secure the payment of the indebtedness
referred to therein;and
WHEREAS,the purpose of the Deed of Trust has been fully satisfied according to the written request of the current owner and holder
of the said indebtedness;
NOW THEREFORE,in consideration of the premises and the payment of the statutory sum,receipt of which is hereby acknowledged,
I,as the Public Trustee in the County first referenced above,do hereby remise,release and quitclaim unto the present owner or owners of
said real property,and unto the heirs,successors and assigns of such owner or owners forever,all the right,title and interest which I have
under and by virtue of the aforesaid Deed of Trust in the real estate described therein,to have and to hold the same,with all the privileges
and appurtenances thereunto belonging forever,and further I do hereby fully and absolutely release,cancel and forever discharge said Deed
of Trust. -
State of Colorado,County of
OCT
y1IFl [,�5 F Public huge.
The foregoing i q��J Lowledged before me on / 121 /1/• (1 / In , ,' /
(date)by by l �(
Deputy PubOc TruHce
CANDI GORE as the
Deputy Public Trustee of Witness my hand and official seal
W E) D County,Colorado.
Date Commission Expires NOTARIZATION IS
If applicable,insert title of agent or officer and name of current owner and holder.
Original Deed of Trust Returned to:
Received by_ -- Mary A,
— p�blk 411 e
1 111111 11111 11111 111111 IIII 11111 1111111 III 11111 IIII IIII 38-39-102(3.5),C.R-S.)
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IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION.CONSULT LEGAL COUNSEL.
THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD,LEGAL.TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.
DEED OF TRUST
(Due on Transfer-Strict)
THIS DEED OP TRUST is made on this day of July 22, 2004 ,between
W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY COMPANY (Borrower),
whose address is 13388 WCR 80 , EATON, CO 80615
and the Public Trustee of the County in which the Property(see paragraph 1)is situated(Trustee);for the benefit of
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY (Lender),
whose address is 915 TENTH STREET
Borrower and Lender covenant and agree as follows:
I.Property in Trust. Borrower,in consideration of the indebtedness herein recited and the trust herein created,hereby grants
and conveys to Trustee in trust,with power of sale,the following described property located in the
County of wELD ,State of Colorado: CANCELLED
/B4IaW+{4JF�'�IA�'i 44/
LOTS 2 THROUGH 8, BLOCK 1, W.B. FARMS ESTATES, COUNTY OF
WELD, STATE OF COLORADO• Oct O 5 2005
**RERECORDED 1O CORRECT LEGAL DESCRIPTION.** MARY HERGERT
which has the address of VACANT LAND WELD COUNTY ROAD 80, EATON, CO 80615 PUBLIC TRUSTEE
W COUNTY, CtlLO$ADQ
(Complete Address)
(Property Address),together with all its appurtenances(Property).
2.Note;Other Obligations Secured. This Deed of Trust is given to secure to Lender:
A.the repayment of the indebtedness evidenced by Borrower's note(Note)dated July 22, 2004
in the principal sumof *** One Hundred Sixty Three Thousand Six Hundred Sixteen and 00/100 ***
U.S. Dollars,with interest on the unpaid principal balance from July 26, 2004 ,until
paid,at the rate of -0- percent per annum,with principal and interest payable at
915 TENTH STREET
or such other place as the Lender may designate,in SEE TERMS BELOW ** payments of:
*** N/A and /100 *** Dollars(U.S.N/A
due on the ** day of **
beginning ;such payments to continue until the entire indebtedness evidenced
by said Note is hilly paid;however,if not sooner paid,the entire principal amount outstanding and accrued interest thereon,
shall be due and payable on July 26, 2005 �j o
•• PSY1oRNANCI Or TB.OBLIGATIONS CONTAINID IN nOROVp ./IY aNT9 AORINNE AT RACaplION* 2OZ 95y .
and Borrower is to pay to lender a late charge of N/A %of any payment not received by the Lender
within NA days after payment is due;and Borrower has the right to prepay the principal amount
outstanding under said Note,in whole or in part,at any time without penalty except
NA
III B.the payment of all other sums,with interest thereon at N/A %per annum,disbursed by Lender in
accordance with this Deed of Trust to protect the security of this Deed of Trust;and
C.the per!'onnance of the covenants and agreements of Borrower herein contained.
3.Title. Borrower covenants that Borrower owns and has the right to grant and convey the Property,and warrants title to
the same,subject to general real estate taxes for the current year,easements of record or in existence,and recorded declarations,
restrictions,reservations and covenants,if any,as of this date and except
4.Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness
evidenced by the Note,and late charges as provided in the Note and shall perform all of Borrower's other covenants contained
in the Note.
r S.Application of Payments.All payments received by Lender under the terms hereof shall be applied by Lender first in payment
of amounts due pursuant to paragraph 23(Escrow Funds for Taxes and Insurance),then to amounts disbursed by Lender pursuant
to paragraph 9(Protection of Lender's Security),and the balance in accordance with the terms and conditions of the Note.
The printed portions of this form approved by the Colorado Real Estate Commission(TD72-7-96)
No. TD72-7-96.I DEED OF TRUST(DUE ON TRANSFER-STRICT) bra/01W
Borrower(s) Page 1 of 4 FC25043634 }Meets)_ad
RETURN TO: WELD COUNTY BOARD OF COUNTY COMMISSIONERS togs-
915 TENTH STREET
GREELEY, CO 80632
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6. Prior Mortgages and Deeds of Trust;Charges;Liens. Borrower shall perform all of Borrower's obligations under any prior
deed of trust and any other prior liens.Borrower shall pay all taxes,assessments and other charges, fines and impositions
'attributable to the Property which may have or attain a priority over this Deed of Trust,and leasehold payments or ground rents,
if any,in the manner set out in paragraph 23(Escrow Funds for Taxes and Insurance)or,if not required to be paid in such
'manner,by Borrower making payment when due,directly to the payee thereof.Despite the foregoing,Borrower shall not be
required to make payments otherwise required by this paragraph if Borrower,after notice to Lender,shall in good faith contest
such obligation,by or defend enforcement of such obligation in,legal proceedings which operate to prevent the enforcement of
the obligation or forfeiture of the Property or any part thereof,only upon Borrower making all such contested payments and
other payments as ordered by the court to the registry of the court in which such proceedings are filed.
7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against
loss by tire or hazards included within the term"extended coverage"in an amount at least equal to the lesser of(1)the insurable
value of the Property or(2)an amount sufficient to pay the sums secured by this Deed of Trust as any prior incumbrances on die
Property.All of the foregoing shall be known as"Property Insurance'.
The insurance carrier providing the insurance shall be qualified to write Property Insurance in Colorado and shall be chosen by
Borrower subject to Lender's nght to reject the chosen carrier for reasonable cause.Alt insurance policies and renewals thereof
shall include a standard mortgage clause in favor of Lender,and shall provide that the insurance carrier shall notify Lender at
least ten(10)days before cancellation,termination or any material change of coverage.Insurance policies shall be furnished to
Lender at or before closing.Lender shall have die right to hold the policies and renewals thereof.
In the event of toss,Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not
made promptly by Borrower.
Insurance proceeds shall be applied to restoration or repair of the Property damaged,provided such restoration or repair is
economically feasible and the security of this Deed of Trost is not thereby impaired.If such restoration or repair is not
economically feasible or if the security of this Deed of Trust would be impaired,the insurance proceeds shall be applied to the
sums secured by this Deed of Trust,with the excess,if any,paid to Borrower.If the Property is abandoned by Borrower or if
Borrower tails to respond to Lender within 30 days from the date notice is given in accordance with paragraph 16(Notice)by
Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authonzed to collect and
apply die insurance proceeds,at Lender's option,either to restoration or repair of the Property or to die sums secured by this
Deed of Trust.
Any such application of proceeds to principal shall not extend or postpone the due date of the installnients referred to in
paragraphs 4((Payment of Principal and Interest)and 23(Escrow Funds for Taxes and Insurance)or change the amount of such
installments. Notwithstanding anything herein to the contrary,if under paragraph 18(Acceleration;Foreclosure;Other Remedies)
the Property is acquired by Lender,all right,title and interest of Borrower any insurance policies and in and to the proceeds
thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums
secured by this Deed of Trust inunediately prior to such sale or acquisition.
All of die rights of Borrower and Lender hereunder with respect to insurance carriers,insurance policies and insurance proceeds
are subject to die rights of any holder of a prior deed of trust with respect to said insurance carriers,policies and proceeds.
8. Preservation and Maintenance of Property.Borrower shall keep the Property in good repair and shalt not commit waste or
permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on
I a leasehold.Borrower shall perform all of Borrower's obligations under any declarations,covenants,by-laws,rules,or other
documents governing the use,ownership or occupancy of doe Property.
9. Protection of Lender's Security. Except when Borrower has exercised Borrower's rights under paragraph 6 above,if the
Borrower fails to perform the covenants and agreements contained in this Deed of Trust,or if a default occurs in a prior lien,or
if any action or proceeding is commenced which materially affects Lender's interest in the Property,then Lender,at Lender's
option,with nonce to Borrower if required by law,may make such appearances,disburse such sums and take such action as is
necessary to protect Lender's interest,including,but not limited to:
(a) any general or special taxes or ditch or water assessments levied or accruing against the Property.
(b) the premiums on any insurance necessary to protect any improvements compnsing a part of the Property;
(c sums due on any pnor lien or encumbrance on the Property;
(d if the Property is a leasehold or is subject to a lease,all sums due under such lease;
(e the reasonable costs and expenses of defending,protecting,and maintaining the Property and Lender's interest in the
Property,including repair and maintenance costs and expenses,costs and expenses of protecting and securing the property,
receiver's fees and expenses,inspection fees,appraisal fees,court costs,attorney fees and costs,and fees and costs of an
attorney in the employment of the Lender or holder of the certificate of purchase;
(f) all other costs and expenses allowable by the evidence of debt or this Deed of Trust,and
(g) such other costs and expenses which may be authorized by a court of competent jurisdiction.
Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on.the Property or by law
or otherwise to cure any default under said prior encumbrance.
Any amounts disbursed by Lender pursuant to this paragraph 9,with interest thereon shall become additional indebtedness of
Borrower secured by this Deed of Trust.Such amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof,and lender may bring suit to collect any amounts so disbursed plus interest specified in paragraph 2B(Note;Other
Obligations Secured). Nothing contained in this paragraph 9 shall require Lender to incur any expense or take any action
hereunder.
10. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property,provided that
Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender's interest
in die Property.
• 11. Condemnation.The proceeds of any award or claim for damages,direct or consequential,in connection with any con-
demnation or other taking of the Property,or part thereof,or for conveyance in lieu of condemnations are hereby assigned and
•shall be paid to Lender as herein provided.However,all of the rights of Borrower and Lender hereunder with respect to such
proceeds are subject to die rights of any holder of a prior deed of trust.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust,with the
,excess, if any,paid to Borrower.In the event of a partial taking of the Property,the proceeds remaining after taking out any part
of the award due any prior lien holder(net award)shall be divided between Lender and Borrower,in the same ratio as the amount
of die sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower's equity in the Property
inunediately 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 are to receive any of the award,all at
the value immediately prior to the date of taking.
i If the Property is abandoned by Borrower,or if,after notice by Lender to Borrower that the condemnor offers to make an award
or settle a claim for damages,Borrower fads to respond to Lender within 30 days after die 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 due 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.
112. Burrower Not Released. Extension of the time for payment or modification of amortization of sums secured by this Deed of
Trust granted by Lender to ally 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 conmieoce proceedings against such successor or refuse to extend time for payment or otherwise
modify anortizatioo of the sums secured by this Deed of Trust by reason of any demand made by the original 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.
The primed ponioiia ofihu form approved by the Colorado Real 6tete Conmiission(TD72'7.961 6,0777.4/
Nn. TD12-7-96.11 DEED OF TRUST(DUE ON TRANSFER-STRICT) d
Borrower(s) Page 2 of 4 l�eder(s)flvjt wfs!-
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14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from any cumulative 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.
• 15.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.
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 the 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
I Deed of Trust shall be in writing and shall be given and be effective upon(1)delivery to Borrower or(2)mailing such notice by
I 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
I effective upon(1)delivery to Lender ur(2)mailing such notice by first-class U.S.nail,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
manner designated herein.
17.Governing Law;Severability. The Note and this Deed of Trust shall be governed by the law of Colorado.1n 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
I 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 lei¢upon
die Property,(unless Borrower has exercised Borrower's rights under paragraph 6 above),at Lender's option,all of the sums
I 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 and 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 notice 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 may be on the Property or any
pan 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 die 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 sale,including
but not limited to,reasonable Trustee's and attorney's fees and costs of title evidence;(b)to all sums secured by this Dad of
I Trust;and(c)the excess,if any,to the person or persons legally entitled thereto.
, 19.Borrower's Right to Cure Default. V/henever foreclosure is commenced for nonpayment of any sums due hereunder,the
owners of the Property ur parties liable hereon shall be entitled to cure said defaults by paying all delinquent principal and interest
payments due as of the date of cure,costs,expenses, late charges,attorney's fees and other fees all in the manner provided by law
Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as though no
Acceleration had occured,and the foreclosure proceedings shall be discontinued.
20.Assignment of Rents;Appointment of Receiver;Lender in Possession. As additional security hereunder,Borrower hereby
assigns to Lender the rents of the Property;however,Borrower shall,prior to Acceleration under paragraph 18(Acceleration;
I Foreclosure;Other Remedies)or abandonment of the Property,have the right to collect and retain such rents as they become due
land payable.
Lender or the holder of the Trustee's certificate of purchase shall be entitled to a receiver for the Property after Acceleration
under paragraph 18(Acceleration;Foreclosure;Other Remedies),and shall also be so entitled during the time covered by
foreclosure proceedings and the period of redemption,if any;and shall be entitled thereto as a matter of right without regard
to the solvency or insolvency of Borrower or of the then owner of the Property,and without regard to the value thereof.
Such receiver may be appointed by any Court of competent jurisdiction upon ex parte application and without notice-notice
being hereby expressly waived.
Upon Acceleration underparagraph 18(Acceleration;Foreclosure;Other Remedies)or abandonment of the Property,Lender,
in person,by agent or by judicially-appointed receiver,shall be entitled to enter upon,take possession of and manage the Property
'and to collect the rents of the Property including those past due.All rents collected by Lender or the receiver shall be applied
first,to payment of the costs of preservation and management of the Property second,to payments due upon prior liens,and
'then to the sums secured by this-Deed of Trust.Lender and the receiver shall be liable to account only for those rents actually
received.
21,Release.Upon payment of all sums secured by this Deed of Trust,Lender shall cause Trustee to release this Deed of Trust
and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the statutory Trustee's fees.
,If Lender shall not produce the Note as aforesaid,then Lender,upon notice in accordance with paragraph 16(Notice)from
Borrower to Lender,shall obtain,at Lender's expense,and file any lost instrument bond required by Trustee or pay the cost
thereof to effect the release of this Deed of Trust.
22.Waiver of Exemptions. Borrower hereby waives all right of homestead and any other exemption in the Property under
state or federal law presently existing or hereafter enacted.
i 23.Escrow Funds for Taxes and Insurance. This paragraph 23 is not applicable if Funds as defined below are being paid
pursuant to a prior encumbrance.Subject to applicable law, Borrower shall pay to Lender,on each day installments of principal
and interest payable under the Note,until the Note is paid in full,a sum(herein referred to as"Funds")equal to
a of the yearly taxes and assessments which may attain priority over this Deed of Trust
o of yearly premium installments for Property Insurance,all as reasonably estimated initially and
'trot rime to time by Lender on the basis of assessments and bills and reasonable estimates,thereof,taking into account any
excess Funds not used or shortages.
The principal of the Funds shall be held in a separate account by the Lender in trust fur die benefit of the Borrower and deposited
in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency.
Lender shall apply the-Funds to pay said taxes,assessments and insurance premiums.Lender may not charge for so holding and
applying the Funds,p analyzing said account or verifying and compiling said assessments and bills.Lender shall not be required
to pay Borrower any interest or earnings on the Funds.Lender shall give to Borrower,without charge,an annual accounting of
the Funds showing credits and debits to the Funds and die purpose for which each debit to the Funds was made.
The Funds are pledged as additional security for the sums secured by this Deed of Trust.
If die amount of the Funds held by Lender shall not be sufficient to pay taxes,assessments and insurance premiums as they fall
due,Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is given
in accordance with paragraph 16(Notice by Lender to Borrower requesting payment thereof.Provided however,if the loan
secured by,this Deed of Trust is subject to RESPA or other laws regulating Escrow Accounts,such deficiency,surplus or an
I other required adjustment shall be paid,credited or adjusted in compliance with such applicable laws.
Upon payment in full of all sums secured by this Deed of Trust,Lender shall simultaneously refund to Borrower any Funds
held by Lender. If under paragraph 18(Acceleration; Foreclosure;Other Remedies)the Property is sold or the Property is
otherwise acquired by Lender,Lender shall apply,no later than immediately prior to the sale of the Property or its acquisition
Lender,whichever occurs first,any Funds held by Lender at the time of applicationas a credit against the sums secured by
this Deed of Trust.
24. Transfer of the Property;Assumption. The following events shall be referred to herein as a "Transfer":(0 a transfer or
conveyance of tide(or any portion thereof,legal or equitable)of the Property(or any part thereof or interest therein),
(ii)the execution of a contract or agreement creating a right to title(or any portion thereof,legal or equitable)in the Property
'(or any part thereof or interest therein),(iii)or an agreement granting a possessory right in the Property(or any portion thereof),
The printed portions of this form approved by the Colorado Real Estate Conunission(TD72-7-96) it i
No. TD72-7-96.ill DEED OF TRUST(DUE.ON TRANSFER-STRICT) /
Borrower(s)_ Page 3 of 4 imkr(s) '1 vii$'
SKLD LG 172 . 20 . 16 . 31 WE 3202955-2004 . 003
11111111111111111 IIII{1I111u OF 111111 III liiii 1111111 111111111111 III 111111111111 III 111111 III 11111 11111111
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CO
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00 D 0.00 Steve MorenoClerk& Recorder
in excess of three(3)years,(iv)a sale or transfer of,or the execution of a contract or agreement creating a right to acquire or
receive, more than fifty percent(50%)of the controlling interest or more than fifty percent(50%)of the beneficial interest in the
Borrower,(v)the reorganization, liquidation or dissolution of the Borrower.Not to be included as a Transfer are(i)the creation
of a lien or encumbrance subordinate to this Deed of Trust,(ii)die creation of a purchase money security interest for household
appliances,or(iii)a transfer by devise,descent or by operation of the law upon the death of a joint tenant. At the election of
Lender,in the event of each and every Transfer:
(a)All sums secured by this Deed of Trust shall become immediately due and payable(Acceleration).
(b)If a Transfer occurs and should Lender not exercise Lender's option pursuant to paragraph 24 to Accelerate,Transferee
shall be deemed to have assumed all of the obligations of Borrower under this Deed of Trust including all sums secured hereby
whether or not the instrument evidencing such conveyance,contract or grant expressly so provides.This covenant shall run
with the Property and remain in full force and effect until said sums are paid in full.The Lender may without notice to Borrower
deal with Transferee in the same manner as with the Borrower with reference to said sums including the payment or credit to
Transferee of undisbursed reserve Funds on payment in full of said sums,without in any way altering or discharging the
Borrower's liability hereunder for the obligations hereby secured.
! (c)Should Lender not elect to Accelerate upon the occurance of such Transfer then,subject to(b)above,the mere fact of
I lapse of time or the acceptance of payment subsequent to any of such events,whether or not Lender had actual or constructive
notice of such Transfer,shall not be deemed a waiver of Lender's right to make such election nor shall Lender be estopped
therefrom by virtue thereof.The issuance on behalf of the Lender of a routine statement showing the status of the loan,whether
or not Lender had actual or constructive notice of such Transfer,shall not be a waiver or estoppel of Lender's said rights.
25. Borrower's Copy. Borrower acknowledges receipt of a copy of the Note and this Deed of Trust.
BORROWER(S):
//// ,,
t0 i F..NMJ I/0.
W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY
COMP FIT
WY CARL V. HILL, MEMBER
III BY WESL BRETT HILL,
CHARION GREENSMITH
STATE OF Colorado ) NOTARY PUBLIC
)ss. STATE OF COLORADO
�COUNTY rif/-Cll4 )
My Commission Expires Mar,8,2007
The foregoing instrument was acknowledged before me on this day of July 22, 2004 ,
by W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY COMPANY BY CARL V. HILL AND
WESLEY BRETT HILL MEMBERS
Witness my hand and official seal.
My commission expires: 27 4 di/O//;(1i,
Notary Public
The prime portions of this form approved by the Colorado Real Estate Commisslcm(TU72-7-96) Qa-,.�.rry yi
No.1'072-7-96.IV DEED OF TRUST(DUE ON TRANSER-STRICT) F�u� ^--^�.,I
Borrower(s) Page 4 of 4 tasaaer(s)eta. WO*
SKLD LG 172 . 20 . 16 . 31 WE 3202955-2004 . 004
955 I IIIIII VIII VIII IIIIIII VIII IIII IIIIII III IIIiI IIII IIII
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1 of 5 R 26.00 0 0.00 Steve Moreno Clerk & Recorder
IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION,CONSULT LEGAL COUNSEL.
THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.
DEED OF TRUST
(Due on Transfer - Strict)
THIS DEED OF TRUST is nude on this day of July 22, 2004 , between
W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY COMPANY (Borrower),
whose address is 13388 WCR 80 , EATON, CO 80615
and the Public Trustee of the County in which the Property (see paragraph 1) is situated (Trustee); for the benefit of
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY (Lender),
whose address is 915 TENTH STREET
Borrower and Lender covenant and agree as follows:
I. Property in Trust. Borrower, in consideration of the indebtedness herein recited and the trust herein created, hereby grants
and conveys to Trustee in trust, with power of sale, the following described property located in the
County of WELD , State of Colorado:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
which has the address of VACANT LAND WELD COUNTY ROAD 80, EATON, CO 80615
(Complete Address)
(Property Address), together with all its appurtenances (Property).
2. Note; Other Obligations Secured. This Deed of Trust is given to secure to Lender:
A. the repayment of the indebtedness evidenced by Borrower's note (Note) dated July 22, 2004
in the principal sum of *** One Hundred Sixty Three Thousand Six Hundred Sixteen and 00/100 ***
U.S. Dollars, with interest on the unpaid principal balance from July 26, 2004 , until
paid, at the rate of -0- percent per annum, with principal and interest payable at
915 TENTH STREET
or such other place as the Lender may designate, in SEE TERMS BELOW ** payments of:
*** N/A and /100 *** Dollars (U.S.N/A
due on the ** day of_ **
beginning ; such payments to continue until the entire indebtedness evidenced
by said Note is fully paid; however, if not sooner paid, the entire principal amount outstanding and accrued interest thereon,
shall be due and payable on July 26, 2005 �/ �-.y/
.. PERFORMANCE OF THE OBLIGATIONS CONTAINED IN IMPROVEMENTS AGREEMENT AT RECEPTION p ✓2O Z / c/ / .
and Borrower is to pay to Lender a late charge of N/A % of any payment not received by the Lender
within NA days after payment is due; and Borrower has the right to prepay the principal amount
outstanding under said Note, in whole or in part, at any time without penalty except
NA
B. the payment of all other sums, with interest thereon at N/A % per annum, disbursed by Lender in
accordance with this Deed of Trust to protect the security of this Deed of Trust; and
C. the performance of the covenants and agreements of Borrower herein contained.
3. Title. Borrower covenants that Borrower owns and has the right to grant and convey the Property, and warrants title to
the same, subject to general real estate taxes for the current year, easements of record or in existence, and recorded declarations,
restrictions, reservations and covenants, if any, as of this date and except
4. Payment of Principal and Interest. Borrower shall promptly pay when due die principal of and interest on the indebtedness
evidenced by the Note, and late charges as provided in the Note and shall perform all of Borrower's other covenants contained
in the Note.
5. Application of Payments. All payments received by Lender under the terms hereof shall be applied by Lender first in payment
of amounts due pursuant to paragraph 23 (Escrow Funds for Taxes and Insurance), then to amounts disbursed by Lender pursuant
to paragraph 9 (Protection of Lender's Security), and the balance in accordance with the terms and conditions of the Note.
The printed portions of this form approved by the Colorado Real Estate Commission(TD72-7-96)
No. TO72-7-96.I DEED OF TRUST(DUE ON TRANSFER-STRICT) bor-730`/
Borrower(s) Page 1 of 4 FC25043634 (s) C
RETURN TO: WELD COUNTY BOARD OF COUNTY COMMISSIONERS It)i34-
915 TENTH STREET
GREELEY, CO 80632
•;e'N 411
I 1111 11111 lit lilt 11111 1111 111111 III 11111 Mill
lIII
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6. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any prior
deed of trust and any other prior liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions
attributable to the Property which may have or attain a priority over this Deed of Trust, and leasehold payments or ground rents,
if any, in the manner set out in paragraph 23 (Escrow Funds for Taxes and Insurance) or, if not required to be paid in such
I manner, by Borrower[[taking payment when due, directly to the payee thereof. Despite the foregoing, Borrower shall not be
I required to make payments otherwise required by this paragraph if Borrower, after notice to Lender, shall in good faith contest
such obligation, by or defend enforcement of such obligation in, legal proceedings which operate to prevent the enforcement of
the obligation or forfeiture of the Property or any part thereof, only upon Borrower making all such contested payments and
other payments as ordered by the court to the registry of the court in which such proceedings are filed.
7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against
loss by tire or hazards included within the term "extended coverage" in an amount at least equal to the lesser of(1) the insurable
value of the Property or (2) an amount sufficient to pay the sums secured by this Deed of Trust as any prior incumbrances on the
Property. All of theforegoing shall be known as "Property Insurance".
The insurance carrier providing the insurance shall be qualified to write Property Insurance in Colorado and shall be chosen by
Borrower subject to Lender's right to reject the chosen.carrier for reasonable cause. All insurance policies and renewals thereof
•shall include a standard mortgage clause in favor of Lender, and shall provide that the insurance carrier shall notify Lender at
least ten (10) days before cancellation, termination or any material change of coverage. Insurance policies shall be furnished to
Lender at or before closing. Lender shall have the right to hold the policies and renewals thereof.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not
made promptly by Borrower.
Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is
economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not
economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the
sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower or if
Borrower fails to respond to Lender within 30 days from the date notice is given in accordance with paragraph 16 (Notice) by
Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and
apply the insurance 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 due date of the installments referred to in
paragraphs 4 (Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such
instalments. Notwithstanding anything herein to the contrary, if under paragraph 18 (Acceleration; Foreclosure; Other Remedies)
the Property is acquired by Lender, all right, title and interest of Borrower any insurance policies and in and to the proceeds
thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums
secured by this Deed of Trust immediately prior to such sale or acquisition.
All of the rights of Borrower and Lender hereunder with respect to insurance carriers, insurance policies and insurance proceeds
are subject to the rights of any holder of a prior deed of trust with respect to said insurance carriers, policies and proceeds.
8. Preservation and Maintenance of Property. Borrower shall keep the Property in good repair and shall not commit waste or
permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on
a leasehold. Borrower shall perform all of Borrower's obligations under any declarations, covenants, by-laws, rules, or other
documents governing the use, ownership or occupancy of the Property.
9. Protection of Lender's Security. Except when Borrower has exercised Borrower's rights under paragraph 6 above, if the
Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a prior lien, or
if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's
option, with notice to Borrower if required by law, may make such appearances, disburse such suns and take such action as is
necessary to protect Lender's interest, including, but not limited to:
(a) any general or special taxes or ditch or water assessments levied or accruing against the Property.
(b) the premiums on any insurance necessary to protect any improvements comprising a part of the Property;
(c) sums due on any prior lien or encumbrance on the Property;
(d) if the Property is a leasehold or is subject to a lease, all sums due under such lease;
(e) the reasonable costs and expenses of defending, protecting, and maintaining the Property and Lender's interest in the
Property, including repair and maintenance costs and expenses, costs and expenses of protecting and securing the property,
receiver's fees and expenses, inspection fees, appraisal fees, court costs, attorney fees and costs, and fees and costs of an
attorney in the employment of the Lender or holder of the certificate of purchase;
(f) all other costs and expenses allowable by the evidence of debt or this Deed of Trust, and
(g) such other costs and expenses which may be authorized by a court of competent jurisdiction.
Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by law
or otherwise to cure any default under said prior encumbrance.
Any amounts disbursed by Lender pursuant to this paragraph 9,with interest thereon, shall become additional indebtedness of
Borrower secured by this Deed of Trust. Such amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof, and Lender may bring suit to collect any amounts so disbursed plus interest specified in paragraph 2B (Note; Other
Obligations Secured). Nothing contained in this paragraph 9 shall require Lender to incur any expense or take any action
hereunder.
10. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided that
Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender's interest
in the Property.
11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any con-
demnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnations, are hereby assigned and
shall be paid to Lender as herein provided. However, all of the rights of Borrower and Lender hereunder with respect to such
proceeds are subject to the rights of any holder of a prior deed of trust.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, with the
excess, if any, paid to Borrower. In the event of a partial taking of the Property, the proceeds remaining after taking out any part
of the award due any prior lien holder (net 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 raking. 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 are 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 condemnor 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 due 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 sums secured by 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'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.
The printed portions of this form approved by the Colorado Real Estate Commission(TD72-7-96) 1307-raw,
No. TD72-7-96.II DEED OF TRUST (DUE ON TRANSFER-STRICT)
Borrower(s) Page 2 of 4 (s)/V
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14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from any cumulative 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.
15. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and a rreements herein contained shall
bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
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 the 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(1) 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 writin* and shall be given and be
i 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.
I Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in any
naimer 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 lem upon
the Property, (unless Borrower has exercised Borrower's rights under paragraph 6 above), at Lender's option, all of the sums
secured bythis 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 and 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 notice as required by law.
Trustee shall advertise the tiine 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 may be on the 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 sale, including
but not limited to, reasonable Trustee's and attorney's fees and costs of title evidence; (b) to all sums secured by this Deed of
Trust; and(c) the excess, if any, to the person or persons legally entitled thereto.
19. Borrower's Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due hereunder, the
owners of the Property or parties liable hereon shall be entitled to cure said defaults by paying all delinquent principal and interest
payments due as of the date of cure, costs, expenses, late charges, attorney's fees and other fees all in the manner provided by law.
Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as though no
Acceleration had occured, and the foreclosure proceedings shall be discontinued.
20. Assigmnent of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower hereby
assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under paragraph 18 (Acceleration;
I Foreclosure; Other Remedies) or abandonment of the Property, have the right to collect and retain such rents as they become due
and payable.
Lender or the holder of the Trustee's certificate of purchase shall be entitled to a receiver for the Property after Acceleration
I under paragraph 18 (Acceleration; Foreclosure; Other Remedies), and shall also be so entitled during the time covered by
•foreclosure proceedings and the period of redemption, if any; and shall be entitled thereto as a natter of right without regard
to the solvency or insolvency of Borrower or of the then owner of the Property, and without regard to the value thereof.
I Such receiver may be appointed by any Court of competent jurisdiction upon ex parte application and without notice - notice
being hereby expressly waived.
Upon Acceleration under paragraph 18 (Accelerations; Foreclosure; Other Remedies) or abandonment of the Property, Lender,
in person, by agent or by judicially-appointed receiver, shall be entitled to enter upon, take possession of and manage the Property
and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied
first, to payment of the costs of preservation and management of the Property, second, to payments due upon prior liens, and
then to the sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually
received.
121. Release. Upon payment of all sums secured by this Deed of Trust, Lender shall cause Trustee to release this Deed of Trust
and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the statutory Trustee's fees.
If Lender shall not produce the Note as aforesaid, then Lender, upon notice in accordance with paragraph lb (Notice) front
Borrower to Lender, shall obtain, at Lender's expense, and file any lost instrument bond required by Trustee or pay the cost
thereof to effect the release of this Deed of Trust.
22. Waiver of Exemptions. Borrower hereby waives all right of homestead and any other exemption in the Property under
state or federal law presently existing or hereafter enacted.
23. Escrow Funds for Taxes and Insurance. This paragraph 23 is not applicable if Funds as defined below are being paid
pursuant to a prior encumbrance. Subject to applicable law, Borrower shall pay to Lender, on each day installments of principal
and interest payable under the Note, until the Note is paid in full, a sunk(herein referred to as "Funds") equal to
o of the yearly taxes and assessments which may attain priority over this Deed of Trust
o of yearly premium installments for Property Insurance, all as reasonably estimated initially and
from nine to time by Lender on the basis of assessments and bills and reasonable estimates, thereof, taking into account any
excess Funds not used or shortages.
The principal of the Funds shall be held in a separate account by the Lender in trust for the benefit of the Borrower and deposited
I in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency.
Lender shall apply the Funds to pay said taxes, assessments and insurance premiums. Lender may not charge for so holding and
applying the Funds, analyzing said account or verifying and compiling said assessments and bills. Lender shall not be required
to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of
•the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made.
The Funds are pledged as additional security for the sums secured by this Deed of Trust.
• If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments and insurance premiums as they fall
due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is given
I in accordance with paragraph 16 (Notice by Lender to Borrower requesting payment thereof. Provided however, if the loan
I secured by this Deed of Trust is subject to RESPA or other laws regulating Escrow Accounts, such deficiency, surplus or an
other required adjustment shall be paid, credited or adjusted in compliance with such applicable laws.
Upon payment in full of all sums secured by this Deed of Trust, Lender shall simultaneously refund to Borrower any Funds
I held by Lender. If under paragraph 18 (Acceleration; Foreclosure; Other Remedies) the Property is sold or the Property is
I otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition
by Lender, whichever occurs first, any Funds held by Lender at the time of application as a credit against the sums secured by
this Deed of Trust.
i 24. Transfer of the Property; Assumption. The following events shall be referred to herein as a "Transfer": (i) a transfer or
'conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or interest therein),
(ii) the execution of a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Property
(or any part thereof or interest therein), (iii) or an agreement granting a possessory right in the Property (or any portion thereof),
The printed portions of this form approved by the Colorado Real Estate Commission(TD72-7-96)
No. TD72-7-96.III DEED OF TRUST(DUE ON TRANSFER-STRICT)
Borrower(s) Page 3 of 4 er(s)(y' ./ W(51.
HID 11111 1311111111 11111 IIII 111111 III IIIII liii liii
3202955 07/28/2004 09:24A Weld County, CO
4 of 5 R 26.00 D 0.00 Steve Moreno Clerk& Recorder
in excess.of three (3) years, (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or
receive, more than fifty percent(50%) of the controlling interest or more than fifty percent(50%) of the beneficial interest in the
Borrower, (v) the reorganization, liquidation or dissolution of the Borrower. Not to be included as a Transfer are (i) the creation
of a lien or encumbrance subordinate to this Deed of Trust, (ii) the creation of a purchase money security interest for household
appliances, or(iii) a transfer by devise, descent or by operation of the law upon the death of a joint tenant. At the election of
Lender, in the event of each and every Transfer:
(a) All sums secured by this Deed of Trust shall become immediately due and payable (Acceleration).
(b) If a Transfer occurs and should Lender not exercise Lender's option pursuant to paragraph 24 to Accelerate, Transferee
shall be deemed to have assumed all of the obligations of Borrower under this Deed of Trust including all sums secured hereby
whether or not the instrument evidencing such conveyance, contract or grant expressly so provides. This covenant shall run
with the Property and remain in full force and effect until said sums are paid in full. The Lender may without notice to Borrower
deal with Transferee in the same manner as with the Borrower with reference to said sums including the payment or credit to
Transferee of undisbursed reserve Funds on payment in full of said sums, without in any way altering or discharging the
Borrower's liability hereunder for the obligations hereby secured.
(c) Should Lender not elect to Accelerate upon the occurance of such Transfer then, subject to (b) above, the mere fact of
lapse of time or the acceptance of payment subsequent to any of such events, whether or not Lender had actual or constructive
notice of such Transfer, shall not be deemed a waiver of Lender's right to make such election nor shall Lender be estopped
therefrom by virtue thereof. The issuance on behalf of the Lender of a routine statement showing the status of the loan, whether
or not Lender had actual or constructive notice of such Transfer, shall not be a waiver or estoppel of Lender's said rights.
25. Borrower's Copy. Borrower acknowledges receipt of a copy of the Note and this Deed of Trust.
BORROWER(S):
W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY
COMP Y
BY CARL V. HILL, MEMBER
"--)/
BY WESL BRETT HILL, MEMBER
CHARION GREENSMITH
STATE OF Colorado ) NOTARY PUBLIC
/ )55. STATE OF COLORADO
COUNTY rr(/�7 _)
/
My Commission Expires Mar.6,2007
The foregoing instrument was acknowledged before me on this day of July 22, 2004
by W. B. FARMS, LLC, A COLORADO LIMITED LIABILITY COMPANY BY CARL V. HILL AND
WESLEY BRETT HILL MEMBERS
Witness my hand and official seal. //
My commission expires:
Notary Public
The printed portions of this form approved by the Colorado Real Estate Commission(TD72-7-96) �„�,ti
No. TD72-7-96.IV DEED OF TRUST (DUE ON TRANSER-STRICT) 0�'��"�
Borrower(s) Page 4 of 4 I er(s) e Az, W(1+#-
I 111111 III IIIII1111111 III 3 1111��� 111111161IIII
3202955 07/M2004 09:24A Weld County, CO
5 of 5 R 26.00 0 0.00 Steve Moreno Clerk& Recorder
•
EXHIBIT A
LOTS 2-8 , WB FARMS ESTATES, MINOR SUBDIVISION-MS-1001 , COUNTY OF
WELD, STATE OF COLORADO
Filed for record the day of ,A.D. , at o'clock M.
RECORDER.
Reception No. By DEPUTY.
•
WARRANTY DEED •
THIS DEED, Made on this day of July 22, 2004
between WESLEY B. HILL AND JULIE A. HILL
•
•
•
F. of the County of WELD and State of Colorado , the Grantor(s), and
\V_ B. FARMS, LLC, A COLORADO LIMITED LIABILITY COMPANY
whose legal address is : VACANT LAND WELD COUNTY ROAD 80. EATON. CO 80615
of the County of WELD and State of Colorado , the Grantee(s):
WITNESS, That the Grantor(s), for and in consideration of the sum of (
DOLLARS
the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these
presents does grant, bargain, sell, convey and confirm unto the Grantee(s), his heirs and assigns forever, all the
r real property, together with improvements, if any,, situate, lying and being in the County of
WELD and State of Colorado, described as follows: •
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
also known as street number VACANT LAND WELD COUNTY ROAD 80, EATON, CO 80615
TOGETHER with all and singular and hereditaments and appurtenances thereto belonging, or in anywise appertaining
and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all the estate, right
title interest, claim and demand whatsoever of the Grantor(s), either in taw or equity, of, in and to the above bargained
premises, with the hereditaments and appurtenances;
TO HAVE AND TO HOLD the said premises above bargained and described with appurtenances, unto the Grantee(s),
his heirs and assigns forever. The Grantor(s), for himself, his heirs and personal representatives, does covenant, grant,
I; bargain, and agree to and with the Grantee(s), his heirs and assigns, that at the time of the enseating and delivery
of these presents, he is well seized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible
estate of inheritance, in Law, in fee simple, and has good right, full power and lawful authority to grant, bargain,
sett and convey the same in manner and form as aforesaid, and that the same are free and clear from all former and other
grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever,
SUBJECT TO GENERAL TAXES FOR THE YEAR 2004; AND EASEMENTS, RESERVATIONS, RESTRICTIONS, COVENANTS AND
RIGHTS OF WAY OF RECORD, IF ANY; AND DISTRIBUTION UTILITY EASEMENTS; AND MATTERS NOT SHOWN BY THE PUBLIC
RECORDS BUT OF WHICH GRANTEE HAS ACTUAL KNOWLEDGE; AND INCLUSION OF THE PROPERTY WITHIN ANY SPECIAL
TAXING DISTRICT; AND THE BENEFITS AND BURDENS OF ANY DECLARATION AND PARTY WALL AGREEMENTS, IF ANY.
•
The Grantor(s) shall and will WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable
Possession of the Grantee(s), his heirs and assigns, against all and every person or persons lawfully claiming the whole
or any part thereof. The singular number shall include the plural, and the plural. the singular, and the use of any gender
shall be applicable to all genders.
IN WITNESS WHEREOF the Grantor(s) has executed this deed on the date set forth above.
WESLEY B. L •
JU A. HILL •
STATE OF Colorado ) •
gas.
County of WELD CHARIO GREENSMITH
NOTARY PUBLIC
STATE OF COLORADO •
My Commission Expires Mar.6,2007
The foregoing instrument was acknowledged before me on this day of July 22. 2004
by WESLEY B. HILL AND JULIE A. HIILL//�,
My commission expires ✓/6 / ; 2
Witness my hand and official sea( //Cft<,r-'e-2.1<YVA-(.//2r1--,fite
Notary Public
Name and Address of Person Creating Newly Created Legal Description ( 38-35-106.5, C.R.S.)
f Escrow# GR25043634 When Recorded Return to: W. B. FARMS, LLC, A COLORADO LIMITED
Title# F025043634 LIABILITY COMPANY
13388 WCR 80
Form No. 932 Rev 4-94. WARRANTY DEED (Photographic Record WD1) EATON, CO 80615
EXHIBIT A
LOTS 2-8 , WB FARMS ESTATES, MINOR SUBDIVISION_-MS-1001 , COUNTY OF
WELD, STATE OF COLORADO
(ita
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
October 27, 2005
W. B. Farms Estates, LLC
13388 Weld County Road 80
Eaton, Colorado 80615
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Deed of Trust and
Release of Deed of Trust are also enclosed.
If you have questions or need additional information, please do not hesitate to contact me at(970)
356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Carol A. Hardi ,
Deputy Clerk to the Board
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