HomeMy WebLinkAbout850341.tiff AR202a712
ill II
RESOLUTION
RE: APPROVE SUBORDINATION AGREEMENT BETWEEN WELD COUNTY AND
PARKLAND HOMEOWNERS ASSOCIATION, INC. AND AUTHORIZE CHAIRMAN
TO SIGN
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home z t
Rule Charter, is vested with the authority of administering the of
affairs of Weld County, Colorado, and l0C
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WHEREAS, a Subordination Agreement between Weld County and
Parkland Homeowners Association, Inc. , for completion of the first z
phase of the paving plan, has been presented to the Board of kc
County Commissioners for its approval, and zn
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WHEREAS, the terms and conditions of said Subordination c
Agreement are as stated in the Agreement, a copy of which is mn
attached hereto and incorporated herein by reference, and mn
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WHEREAS, the Board deems it appropriate to approve said yV
Subordination Agreement. HL
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NOW, THEREFORE, BE IT RESOLVED by the Board of County nc
Commissioners of Weld County, Colorado, that the Subordination m �
Agreement between Weld County and Parkland Homeowners Association, w
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Inc. be, and hereby is, approved. c
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BE IT FURTHER RESOLVED by the Board that the Chairman be, and zn
hereby is, authorized to sign said Agreement. n
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The above and foregoing Resolution was, on motion duly made 0t
and seconded, adopted by the following vote on the 25th day of zy
September, A.D. , 1985 . c
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BOARD OF COUNTY COMMISSIONERS d
ATTEST:., , ,.,� WELD COUNTY, COLORADO
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Weld County Clerk and Recorder hIne"
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oand lerk �,7ato the Boardill son, Chairman n n c
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B Stb120,, n , it ,_a/ 4kcr2r4ro-Tem
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lAPPROVED AS TO FORM: C.W. Ki
Go L C .
Frank
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County Attorney
Frank Yamagu i
vas / C V 850341
1
AR2026713
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made effective this 28th day
of May, 1985 , between THE PARKLAND HOMEOWNERS ASSOCIATION, INC. ,
as owner of the land (hereinafter referred to as "Owner) whose
address is 4732 Sylvia Lane, Erie, Colorado 80516 , and COUNTY OF
WELD, STATE OF COLORADO, the beneficiary of that certain
undertaking by the owner entitled "Assumption of Subdivision
Agreement" (hereinafter referred to as the "Undertaking") and
secured by a Deed of Trust, whose address is 915 10th Street,
Greeley, Colorado 80631, (hereinafter referred to as
"Beneficiary" ) .
RECITALS
The Parkland Homeowners Association, Inc. , the owner of
certain parcels of real property situate in the County of Weld,
State of Colorado, more fully described as follows:
Lots 1, 12 , 13 , 18 , 20 , 21, 22 and 23 , Block 1;
Lots 2 and 3 , Block 2;
Lot 6 , Block 3 ; and
Lots 3 , 5 and 7 , Block 4 ,
PARKLAND ESTATES ,
a Subdivision of WELD COUNTY
did execute a Deed of Trust dated October 17 , 1984 , to the Public
Trustee in and for the County of Weld to secure the Undertaking
dated October 17 , 1984 , and payable to Weld County. Said Deed of
Trust was recorded on November 16 , 1984 , in Book 1049 , Reception
No. 1988865 , of the records of said county.
The owner has executed, or will execute, a Deed of Trust and.
note in the original principal amount of $44 ,321 .00 bearing
interest at the rate of 12% per annum, dated May 28 , 1985 ,
payable to Frontier Materials, Inc. (hereinafter referred to as
"Lender") .
It is the desire of the parties and to the mutual benefit of
all parties that the lien of the Deed of Trust in favor of the
Beneficiary be subordinate to the lien of the Deed of Trust for
the use and benefit of the Lender.
NOW, THEREFORE, for and in consideration of the mutual
benefits accruing to the parties hereto, and the promises set
forth, and other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:
B 1086 REC 02026713 09/30/85 16: 02 $0.00 1/008
F 0397 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
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1. The Deed of Trust securing said note in favor of the
Lender, together with extensions or renewals thereof, shall
unconditionally be, and at all times remain, a lien or charge
upon the property described therein which is prior and superior
to the lien or interest created by the Deed of Trust held by the u
Beneficiary.
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2 . This agreement shall be controlling with regard to the fog
priority of the Deeds of Trust specified above, and the terms
hereof shall supersede any provisions contained in the Deed of
Trust for the use and benefit of the Beneficiary regarding M n
subordination. o
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3 . The Beneficiary has reviewed the terms and conditions Z rn
of the note and Deed of Trust in favor of the Lender, and hereby ' -i
approves those terms and conditions, together with those terms at,,
and conditions of all other agreements between the Lender and the z
Owner. Beneficiary understands that the Lender is under no m 0
obligation to supervise the application of the proceeds received -,
from the Lender, and Beneficiary agrees that an endorsement will z o
be placed upon the Undertaking held by the Beneficiary to the n
effect that the Deed of Trust securing said Undertaking has been r
subordinated to the lien created by the Deed of Trust for the use
and benefit of the Lender named above. Beneficiary understands x
that the Lender may not have made the loan or may not have r
advanced funds to the Owner without this Subordination Agreement. Ma
`�j�� f- to
ATTEST A0C;AV4JWt�y County of Weld, State of Colorado 0
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Deput'yl, , unt clerk _ � �► . .. xtn in
Ch:irm% , Board o County Commissioners r g
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STATE OF COLORADO )
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ss. no
COUNTY OF ) O03
The foregoing instrument was subscribed and sworn to before
in the County of this day of
, 19 , by .
Witness my hand and official seal.
My commission expires:
Notary Public
Address:
JTA2d
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PROMISSORY NOTE
$44 ,321 . 00 May 28 , 1985
Erie, Colorado
FOR VALUE RECEIVED, PARKLAND HOMEOWNERS ' ASSOCIATION, INC. ,
4732 Sylvia Lane, Erie, Colorado 80516 promises to pay to the
order of FRONTIER MATERIALS, INC. , 3600 Highway 52 , Erie ,
Colorado 80516 , the sum of Forty-four thousand three hundred
twenty-one Dollars ($44 ,321 .00) in U.S . currency, together with
interest at the rate of twelve percent (12%) per annum,
compounded annually payable as follows:
If not sooner paid, the entire principal amount and accrued
interest shall be due and payable on May 28 , 1988 , (three years
from the date of execution of this note) .
This note may be prepaid in part or in full at any time
without notice , premium or penalty, however, partial payments
shall first be applied to current, accrued interest.
It is agreed that if this note is not paid within five (5)
days after it becomes due or is declared due hereunder, the
unpaid principal balance thereon shall draw interest from the
date due at the rate of fourteen percent (14%) . The maker hereof
waives presentment for payment, protest, notice of non-payment
and of protest, and agrees to any extension of time of payment
and partial payments before, at, or after maturity, and if this
note or interest thereon is not paid when due, or suit is
brought, agrees to pay all reasonable costs of collection,
including a reasonable sum for attorney' s fees.
IN WITNESS WHEREOF, the maker has caused this note to be
executed as of the date first above written.
PARKLAND HOMEOWNERS ' SOCCIATION, INC.
By: PIALl--4,, k, 1G' �C\ mot C Y
Michael Pratt
Its President
B 1086 REC 02026713 09/30/85 16: 02 $0. 00 3/008
F 0399 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
(- I C .
STATE OF COLORADO
ss.
COUNTY OF WELD
The foregoing instrument was subscribed and sworn to before
me in Weld County, Colorado, this 28th day of May 1985, by
Michael Pratt , President of Parkland Homeowner ' s Association,
Inc.
Witness my hand and official seal.
, 'My commission expires: March 21, 1986
Notary P�lic
1655 Grant Street
Denver, CO 80203
JTA2d
B 1086 REC 02026713 09/30/85 16: 02 $0. 00 4/008
F 0400 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
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The prim,'Daruon%,,f this farm.0 prn•ed h.
,he Colorad„Hed Eon',C,,mm,.run i TIl 71-2.“
IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION.CONSULT LEGAL COUNSEL
THIS IS A LEGAL INSTRUMENT.IF NOT UNDERSTOOD. LEGAL TAS OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING,
DEED OF TRUST
Tills DEED OF TRUST is made this 28th day of_ May , 19 85,between PARKLAND
HOJ_SOWNERS ASSOCIATION (Borrower),
whoseaddressis 4732 Sylvia Lane, Erie , Colorado 80516 N
and the Public Trustee of the County in which the Property(see paragraph 1)is situated (Trustee); for the benefit of p
FRONTIER MATERIALS , INC . a
3600 Highway 52 , Erie , Colorado 80516 (Lender),whose address is
Borrower Lgg—
and Lender covenant and agree as follows: 'y
1. Property in Trust. Borrower, in consideration of the indebtedness herein recited and the trust herein k
created,hereby_rants and conveys to Trustee in trust,with power of sale.thefollowing described property located in ' ,y
the County of Weld State of Colorado: 2
Lots 1, 12 , 13 , 18 , 20 , 21, 22 and 23 , Block 1; N
Lots 2 and 3 , Block 2 ;
Lots 6 , Block 3 ; and
Lots 3 , 5 and 7 , Block 4
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PARKLAND ESTATES H
a Subdivision of WELD COUNTY
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2- Note;Other Obligations Secured. This Deed of Trust is given to secure to Lender: O
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A.the repayment of the indebtedness evidenced by Borrower's note(Note)dated May 28 ,19 85,in the
principalsulnof Forty-four thousand, three hundred twenty—one
U.S. Dollars, with interest on the unpaid principal balance from May 28 , 19 85, until paid, at the
rate of T59P1 VP perce nt per annum,with principal and interest payable at Erie, Colorado li O
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or such other place as the Lender may designateNXX *XIMI KL XIX O
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bh?E141ft?iN-xxXXx{k.xYYxxxxxxxpoxxxxiEt•w a aiadvd` eakiir`fh'eXXiaNNXiaiXXAXIX i XXX4XMZ}X
s?(MX1`fi}t'WW4XKK(4XIXMXIXYXN.X(X(fJfli{LVAYathe entire principal amount outstanding and accrued interest '
thereon,shall be due and payable on May 28 ,
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' 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
I, warrants title to the same, subject to general real estate taxes for the current year, easements of record or in 'I
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existence,and recorded declaraons,restrict
ions,reservations and covenants,if any, I
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as of this date and except
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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.
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 24(Escrow Funds for Taxes and Insurance),then to amounts
disbursed by Lender pursuant to paragraph J(Protection of Lender's Security), and the balance in accordance with
the terms and conditions of the Note. •
No.TD 71-2-sI.nr En or flu ST.—Bradford Publsh,n.Co..552iW 0th Ave.,Lakewo,d,CuloradoN02I 4-13031233.690U
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6. Prior Mortgages and Deeds of Trust: Changes; Lions. Borrower shall perform all of Borrower's obligation?
1 i under any prior I;deed of trust and ally other prior hens. rrower shall par all taxes,asses,,jents and other charges.
fines and impositions attributable to the Properry which may have or attain a priority over this Deed of'trust. and
leasehold payments or ground rents, if any, n the scanner net nut in paragraph 24 (Escrow Funds for Taxes and
II I nsur:uue)or.if not required to be paid in such manner.by Borrower making panvnlent .vhen due.directly to the payee 'I
1!1 thereof. Despite the foregoing, Borrower shall not be required to make payments otherwise required by t his p;aa-
11 graph if Borrower.after notice to Lender.shall in good faith contest such obligation hy,o, defend enforcement of such
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obligation in, legal proceedings which operate to prevent the enforcement of the obligation or forfeiture of the II
I Property or any part thereof.
<. Property Insurance. Borrower shall keep the im p rev e men tea now existing or hereafter erected un the II
Property insured against loss by fire or hazards ineluded within the term"extended coverage"in an amount at least !
„qua!tothe lesser of(1)the insurable value of the Property or(21 an amount sufficient to pa,':the slims secured by this
Deed of Trust as well as any prior encumbrances on the Property. All of the foregoing shall he known :IS "Property �!
insurance.
The insurance carrier providing the insurance shall lie qualified to write Property Insurance in Colorado and �I
shall be chosen by Burrower subject to Lenders right to reject the chosen carrier for reasonable rrust•.All insurance
policies and renewals thereof shall include a standard mortgage clause in favor of Lender.and shall provide that the
insurance earlier 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
l 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 berrower. If the Property is I
II abandoned by Borrower, or if Borrower fails to respond to Lender within St) nt days fro the date notice is given in
1 accordance with paragraph 16(Notice) by Lender to Borrower that the insurance carrier offers to settle a claim for
;1. insurance benefits, Lender is authorized to collect and apply the insurance proceeds, at Lender's option, either to II
p! 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
I referred to in paragraphs 4 (Payment of Principal and Interest) and 24 (Escrow Funds for Taxes and Insurance) or
change the amount of such installments. Notwithstanding anything herein to the contrary. if under paragraph 19
(Acceleration; Foreclosure: Other Remedies) the Property is acquired by Lender, all right. title and interest of i
Borrower in and to any insurance policies and in and to the proceeds thereof resulting front 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
I immediately prior to such sale or acquisition. I;
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 wit h respect to said insurance
carriers,policies and proceeds. I
II 8. Preservation and Maintenance of Property. Borrower shall keep the Property in good repair and shall not
I commit waste or permit impairment or deterioration of the Property and shall comply wit h the provisions of any lease I!
if this Deed o'Trust is on a leasehold. Borrower shall perform all of Borrower's obligations under any declarations,
II covenants,by-laws,rules,or other documents governing the use,ownership or occupancy of the Property.
9. Protecti-tn of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Deed of Trust, or of a default occurs in a prior lien, or if any action or proceeding is cots.ntcnced 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 sums and take such action as is necessary to protect Lender's interest.
including,but not limited to,disbursement of reasonable attorney's fees and entry upon the Property to make repairs.
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 sa disbursed plus interest I'
, 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 specil'yi❑g reasonable cause therefor
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 condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are
I 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 stints secured by t his Deed of
Trust,with the excess,if any,paid to Borrower. In the event of a partial taking of the Property.tile proceeds shall be
divided between payment upon the sums secured by this Deed of Trust and payment to tha 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 !I
Borrower's equity in the Property immediately prior to the date of taking.Borrower's equity means t he fair market
value less the amount of sums secured by both this Deed of Trust and all prior liens(except taxes).
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 It days after t he date such
!I notice is given, Lender is authorized to collect and apply the proceeds, at Lender's option. either to restoration or l!
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 24 (Escrow Funds for Taxes anJ Insurance) nor
change the amount of such installments.
12. Borrower Not Released. Extension of the time for payment or modification of amortization of the suns !
secured by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release,
1 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 emu men ce proceedings against such successor or refuse to extend •
time for payment or otherwise modify amar tiz at ion of the suits secured by this Deed of Trust by reason of any
demand made by the original Borrower nor Borrower's successors in interest. •
12. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereun-
der,or otherwise afforded by law.shall not he a waiver or preclude the exercise of any such right or rented y.
14. Remedies Cumulative. Each remedy provided in the Note and this Deed of '[rust is distinct front and
cumulative to all other rights or remedies under the Note and this Deed of Trust or afforded by law or equity,and m;tc g2
be exercised concurrently,independently or successively. - 2
1 15. Successors and Assigns Bound:Joint and Several Liability; Captions. The covenants and agreements herein 2 1
contained shall hind, and the rights hereunder shall inure m. the respective successors and assigns of Lender and � o�e
Z• Borrower. subject to the provisions of paragraph 25 (Transfer of the Property: Assumption). All covenants and
i—
agreements of Borrower shall be pint and several.The captions and headings of the �
J 1 vn paragraphs in this Deed of'Trust
are for convenience only and are not to be used to interpret or define the provisions hrrvnL •o o f
16. Notice. Except for any notice required by law to he given in another manner. tat any notice to Borrower rp
provided for in this Deed of Trust shall be in writing and shall be given and be effective upon,I)deli%cry to Burrower '2 2
or (21 'nailing such notice by certified mail. return receipt requested, addressed to liorr''w VI' at Borrower's •odd rrss '
I stated herein or at such other address as Borrower may designate by notice to Lender as provided herein.and Ill any u a a
notice to Lender shall be in writing and shall be given and let'ffective upon )1) duliVery to Lender or(2, stalling such 'O.°
notice by certified mail, return receipt requested. to Lender's address stated herein or to such other address as 2
Lender may designate by nutlet-to Borrower as provided herein.Any notice provided for nt t nis Deed of Trust shall bedeemed to have been given to Borrower or Lender when given in any manner designated i)ors in. ce
17. Governing Law: Severability. Thu Note and this Deed of Trust shall be governed nt the l;nv of Colorado. In Z
the event that any provision or clause o(this Deed a r Trust er r he Note conflicts wit I the lane. such con: shah not 2
affect other provisions of this Deed of Trust or the Note winch can be given effect wit bout the conflicting provision.
and to this end the provisions of the Deed of Trust and Note are declared to be seyerabie. <
Ike Borrower's(ropy. Borrower acknueiedges receipt id a copy of the Note and of t its Tired of Trust.
B 1086 REC 02026713 09/30/85 16: 02 $0.00 6/008
F 0402 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
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19. Act',' ..rit n l retie ure; Other Remedies Except :is provided in n,uagrapin '_5(Transfer of the i'rnnern':
Assumption), upon Borrower's breach ut :,ny covenant at' agreement of Borrower in tins heed of Trust. or anon :my
deisuit in :1 nnor .den +::",n the Property, at Lender' option. all of the sums secure,! be tilts Deed of Trust snail h
immediately dug ;wa ncav •u!e Acceleration). To exercise this opuott. Lender may invoke the power of na:e and any
other remedies pet antic' by law. Lender shall be entitled to collect all reasonable costs and expenses intoned in
pursuing the remedies proc idea in this Deed of Trust,including,but not limited t ',reasonable ;utnrney's lees.
If Lender invokes t bower of sale. Lender shall give written notice to Trustee of such election.Trustee small give
such notice to Borrower .if Borrower's rights as is provided by law. Trustee shall record a copy of such notice as
required by dam.Tru>tee>'naii advertise the time and place of the sale of the Property.for not less than tow'weeks in a
newspaper of general circulation in each county in which the Property is situated,anti shall mail copies of such notice '
• of sale to Burro aver and other uersnns as prescribed by law. After the lapse of such time as may he required by l:tvc.
Trustee. without demand on Borrower.shall sell the Property at public auction to the highest !udder 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 '• KJ
Trustee may t hmi: 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 a
purchase money.
Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the O
sale. including• bur not limited to. reasonable Trustee's and attorney's fees and costs of title evidence;(b) to ail sums la
secured by this Deed of Trust: and(c)the excess,if any,to the person or persons legally entitled thereto.
_0. Borrower's Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due I�
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 !I tC
and other fees all in the manner provided by law. Upon such payment, this Deed of Trust and the obligations secured i.
hereby shall remain in full force:Ind effect as though no Acceleration had occurred,and the foreclosure proceedings I
shall be discontinued.
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"i. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder. z �
Borrower hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under !!
paragraph 19(Acceleration; Foreclosure; Other Remedies)or abandonment of the Property,have the right to collect
and retain such rents as they become due and payable. j'
Lender or the holder of the't'rustee's certificate of purchase shall be entitled to a receiver for the Property after j� z Acceleration under paragraph 19(Acceleration;Foreclosure;Other Remedies),and shall also be so entitled during the :I rz
time covered o 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 it y ,
regard to the value thereof. Such receiver may be appointed by any Court of competent jurisdiction upon ex parte ' tr1 '
application endrwithout notice—notice being hereby expressly waived. ii HI
Upon Accler Lion under paragraph 19 (Acceleration; Foreclosure; Other Remedies) or abandonment of the I; 2 '
• 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 n '
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. )
22. Release. Upon payment of all sums secured by this Deed of Trust,Lender shall cause Trustee to release this N
Deed of Trust and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the q•.
statutory Trustee's fees. If Lender shall not produce the Note as aforesaid, then Lender, upon notice.in accordance
! with paragraph 16(Notice) from Burrower to Lender,shall obtain at Lender's expense, and file, any lost instrument $C I
bond required by Trustee or pay the cost thereof to effect the release of this Deed of Trust. I tai
' 23. )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. O
24. Escrow Funds for Taxes and Insurance. This paragraph 2-i is not applicable if Funds as defined below are r.44 being paid pursuant to a prior encumbrance. Subject to applicable law, Borrower shall pay to Lender on each day
itnstall mment so) principal
r cpo l and Merest are payable under the Note,until the Note is paid in full,a sum therein referred z
equalof the yearly taxes and assessments which may attain priority over
this Deed of Trust, plus N/A of yearly premium installments for Property Insurance, all as rea-• �' <
sonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable ! C+J <
• 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 ;I C7
Borrower and deposited in an institution the deposits or accounts of which are insured or guaranteed by a federal or i'
state agency. Lender shall apply the Funds to pay said taxes,assessments and insurance premiums. Lender may not n
charge for so holding and applying the Funds,analyzing said account or verifying and compiling said assessments and I O
i bills. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to !I
Borrower. ':ithout charge, an annual accounting of the Funds showing credits and debits to the Funds and the Ij n
jI purpose for wi ch each debit to the Funds was made. The Funds are pledged as additional security for the sums ;I 0
� secured by this Deed of Trust. j
I, , If the amount of the Funds held by Lender shall not h sufficient to pay taxes, assessments and insurance
i premiums as they fall due,Borrower shall pay to Lender any amount necessary to make up the deficiency within 30
I I days from the date notice is given in accordance with paragraph 16 (Notice) by Lender to Borrower requesting
! payment thereof.
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 19(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
I I 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.
25. Transfer of the Property; Assumption. The following events shall be referred to herein as a "Transfer": A
i transfer or conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or
interest therein), the execution of a contract or agreement creating a right to title (or any portion thereof, legal or i i equitable) in the Property(or any part thereof or interest therein),or an agreement granting a possessory right in
i I the Property(or any portion thereof),in excess of three(1)years.Not to be included as a Transfer are(i)the creation I
of a lien or encumbrance subordinate to this Deed of Trust,(ii) the creation of a purchase stoney security interest for
I! household appliances,or(iii)a transfer by devise,descent or by operation of the law upon the death of a joint tenant. '
HAt the election of Lender in the event of each and every Transfer:
(a) Borrower shall, upon Lender's request. submit information required to enable Lender to evaluate the
I!! creditworthiness of the person("Transferee")who is.or is to he.the recipient of a Transfer,as if a new loan Were being
jj made to Transferee. If Transferee is reasonably determined by the Lender to be financially incapable of retiring the I
indebtedness according to its terms,based upon standards normally used by persons in the business of making loans I
on real estate in the same or similar circumstances, then all sums secured by this Deed of Trust,at Lender's option,
may become immediately due and payable("Acceleration").
(b) If Lender exercises such option to Accelerate,Lender shall give Borrower notice of Acceleration in accordance
with paragraph 16(Notice).The notice shall inform Borrower of the right to assert in the foreclosure proceeding the
nonexistence of a default or any other defense of Borrower to Acceleration and sale. Such notice shall also provide a
period of not less than to days from the date the notice is given within which Borrower may pay the sums declared
due. If Borrower fails to pay such sums prior to the expiration of such period.Lender may,without further notice or
demand on Borrower, invoke any remedies permitted by paragraph 19(Acceleration; Foreclosure; Other Remedies).
Lender shall give notice of such Acceleration,within thirty(30)days after notice of any Transfer is given to Lender by
Borrower or Transferee in accordance with paragraph 16(Notice).if Lender shall not give notice of such Acceleration
within such thirty(30)days,then Lender will have no further right to such Acceleration.
(c) If a Transfer occurs and should Lender not exercise Lender's option pursuant to this paragraph 25 to
Accelerate.Transferee shall be deemed to have assumed all of the obligations of Borrower tinder this Deed of Trust I
jI including all so 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 the Burrower deal with Transferee in the same manner as with the
i I i n Borrower with reference to said sums including the payment or credit to Transferee of und isbu rsed 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. j
(d)Should Lender not elect to Accelerate upon the occurrence of such Transfer then,subject to(b)above.the mere II
fact of a lapse of time or the acceptance of payment subsequent to any of such events, whether or not Lender had
actual or cons t r tic ti ye 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 he a
waiver or estoppel of Lender's said rights.
-------___Continued on reverse side. -- _- � --- -_ —_--
c-, � , O
� 4
2G. DELETIONS. THE PARAGRAPHS DESIGNATED BELOW. WHEN INITIALED BY LENDER AND THE
UNDERSIGNED BORROWER(S),SHALL NOT BE A PART OF THIS DEED OF TRUST.
Initials Paragraph
Lender Borrower
N/A N/A 24. Escrow Funds for Taxes and
Insurance
N/A N/A 25. Transfer of the
Property:Assumption
ms,)cx x174mXtotxxMw'$H.
MIXORIMEINXXXXOCECIIXDORSOCKX
doing business as
IF BORROWER IS CORPORATION:
ATTEST: PARKLAND HOMEOWNERS ' ASSOCIATION , INC
Cams Cr i rand
by AAA A
Secretary Michael Pratt, President
(SEAL)
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IF BORROWER IS PARTNERSHIP: 'p
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by
a General partner
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STATE OF COLORADO
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1.ss. 2
City & COUNTY OF Denver h
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The foregoing instrument was acknowledged before me this 6th day of Jul V b
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19 85 by. Michael S. Pratt
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Witness my hand and official seal. C
My coinr.t;ssies expires: March 21, 1986 t
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`I1 a natural person or persons, insert the name of such persons. If a corporation.insert, fur example. "John Doe as
President and Jane Doe as Secretary of Doe & Co., a Colorado corporation." If a partnership. insert, for example, (
"Sam Smith as general partner in and for Smith&Smith,a general partnership."
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