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Home My WebLink About970324.tiffc34& RESOLUTION RE: APPROVE EXCHANGE OF COLLATERAL - MEADOW VALE FARM, INC. 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 September 25, 1996, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance), and a Road Maintenance and Improvements Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Meadow Vale Farm, Inc., concerning property described as Part of the SW'% of Section 4, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, pursuant to said agreements, a Deed of Trust from Meadow Vale Farm, Inc., to Weld County for property described as Lot 1, Block 1, First Filing, Meadow Vale Farm PUD was submitted to Weld County as collateral, and WHEREAS, Floyd Oliver, President of Meadow Vale Farm, Inc., has requested an exchange of collateral, specifically, the Deed of Trust currently held by Weld County for Lot 1, Block 1, First Filing, being exchanged for a Deed of Trust for Lot 2, Block 1, First Filing, aND WHEREAS, it has been determined by the Board that the collateral being offered in exchange is of equal value to secure said Improvements Agreement, and WHEREAS, upon recommendation of the Department of Planning Services staff, the Board deems it advisable to exchange said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Deed of Trust from Meadow Vale Farm, Inc., to Weld County for property described as Lot 1, Block 1, First Filing, Meadow Vale Farm PUD be, and hereby is, cancelled and released. BE IT FURTHER RESOLVED by the Board that the Deed of Trust from Meadow Vale Farm, Inc., to Weld County for property described as Lot 2, Block 1, First Filing, Meadow Vale Farm PUD be, and hereby is, accepted. 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 party. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign the Release of Deed of Trust for Lot 1, Block 1, First Filing, Meadow Vale Farm PUD. GC : PM) F/; /72,tdouu VieFan m/7/i ver 2535246 B-1593 P-1135 02/27/1997 02:45P PG 1 OF 2 REC Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00 DOC ---i24 110 CANCEL COLLATERAL - EXCHANGE OF COLLATERAL PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 19th day of February, A.D., 1996. BOARD OF COUNTY COMMISSIONERS WELD ACOUNTY,COLORADO Geor gBaxter, Chair ��-?-f.A'i2,A.." /r stance L. Harbert Pro- em �GG Dale K. Hall Barbara J. Kirkmeyer W W. HeTister 2535246 B-1593 P-1135 02/27/1997 02:45P PG 2 OF 2 970324 PL1010 Reci o'clock M .. .................. ... . Reci c9 17 Recorder. 0 Book Page c� Deed of aTrus t.`GPublic `Trustee THIS DEED OF TRUST is a conveyance in trust of real property to the Public Trustee of the county in Colorado in which the Property described below is located. It has been signed and delivered by the"Debtor" to secure the "Indebtedness" owing to the "Beneficiary". THE SPECIFIC TERMS OF THIS INSTRUMENT ARE: Debtor(s): (Give the name(s) and address(es) of each Debtor) Meadow Vale Farm, Inc., a Colorado corporation 4250 West 16th Street, #46, Greeley, CO 80634 Beneficlary(les): (Give the name(s) and address(es) of each Beneficiary) Weld County 915 10th Street, Greeley, CO 80631 Indebtedness: (Give the date, amount, and maturity of the note(s); or the description of other form of obligation; indi- cate if future advances are provided for) Real Property Description: (Include county and street address) Lot 2, Block 1 of the First Filing Meadow Vale Farm P.U.D. located in the Southwest Quarter (SW+) of Section Four (4), Township 2 North, Range 68 West of the 6th P.M., County of Weld, State of Colorado Default Interest Rate: 0.0% Prior Encumbrances (If any): This Deed of Trust is given to secure the obligations of the Debtor pursuant to the Improvements Agreement according to Policy Regarding Collater-1 for Improvements (Private Road Maintenance) dated October 9, 1996, recorded under Reception No. 2517107 of the real estate records of the Clerk and Recorder of Weld THE GENERAL TERMS OF THIS INSTRUMENT ARE: County. Conveyance and Warranties. For valuable consideration, the Debtor hereby conveys the Property to the Public Trustee of the county in Colorado in which the Property is located, in trust for the Beneficiary. The"Property" includes the real estate described above (under Specific Terms) together with all of the improvements located on the Property, now or in the future, and all easements, rights, royalties, minerals, property interests under leases, water rights and rights to transport water (including any wells, pumps and motors) and all other appurtenances to the Properly of whatever description, includ- ing replacements and additions. The Debtor hereby warrants title to the Property, subject to the following matters: (i) the lien of the general property tax for the year of this Deed of Trust, (ii) any special assessments for indebtedness not due and payable on the date of this Deed of Trust, I iii) easements, rights -of -way. reservations, covenants, restrictions, and mineral or other leases, to the extent that any of those items has been established by an instru- ment recorded prior to the date of this Deed of Trust in the real estate records of the county In which the Property is located, or to the extent that any of those items has been established by use, and (iv) any prior encumbrances specifically referred to above (under Specific Terms). This conveyance is in trust for the benefit of the Beneficiary, and the Debtor acknowledges that the Public Trustee of the county in which the Property is located, as well as any duly appointed successor, shall have. with respect to the Property, all of the rights, powers and authority granted by applicable Colorado law and by the terms of this Deed of Trust, including thel power of sale in the event of default. Assignment of Rents and Royalties. In conjunction with the conveyance of the Properly to the Public Trustee the Debtor hereby assigns to the Beneficiary as additional security for the Indebtedness all rents. royalties and other payments attributable to the use or consumption of the Property. However, the Debtor shall, unless and until the Beneficiary exercises his acceleration rights following a default, have the right to collect and retain all such rents. royalties and other such payments as they become due and payable, Condemnation Awards. The Debtor hereby assigns to the Beneficiary all condemnation awards paid with respect to the Property, except for any portion of the award which exceeds the balance of the Indebtedness and except for any portion of the award which the Beneficiary elects not to accept. The words "condemnation award" include all payments made by any condemning authority for the taking of or for damage to the Property or any portion of the Property. and also include payments made in lieu of condemnation. The Debtor retains the right to that portion of the award which exceeds the amount of Indebtedness due at the time of the award. Waiver of Homestead. The Debtor hereby fully and absolutely waives and releases his right under any Colorado or federal law, including any en- acted in the future, to claim the Property as a homestead Or to claim any other exemption with respect to the Property. This paragraph is made for the benefit only of the Beneficiary (as defined below) and may not be relied upon by any other person. Debtor's Retained Rights. The Debtor retains the right to the possession, use and enjoyment of the Property. except as otherwise provided in this Deed of Trust. The Debtor also retains the right to require the Public Trustee to fully release the interest in the Property convoyed to the Public Trustee by this Deed of Trust at such time as the Indebtedness has been fully paid or otherwise satisfied; and the Debtor retains the right to require partial release by the Public Trustee, if provisions for partial releases have been added or referred to below. The Debtor shall be entitled to reimbursement from the Benefi- ciary for all costs incurred by the Debtor in obtaining releases or partial releases, to the extent the costs are related to a failure or a refusal of the Benefi- ciary to deliver to the Public Trustee the note evidencing the Indebtedness and to deliver any other instruments lawfully required by the Public Trustee. Additions to Indebtedness. The Indebtedness with respect to which this Deed of Trust is given includes not only the balance from time to time of the Indebtedness described above (under Specific Terms). but also includes all amounts owing under extensions of the note(s) evidencing the Indebted- ness, plus future advances made by the Beneficiary to the Debtor and interest on future advances (if the description of the Indebtedness under Specific Terms mentions future advances). plus all expenditures rightfully made or incurred by the Beneficiary to protect the security of this Deed of Trust and to correct any violations by the Debtor of the covenants of this Deed of Trust, together with interest on the amounts of such expenditures calculated at the default interest rate set forth under Specific Terms. Covenants by Debtor. In addition to warranting title to the Property, the Debtor covenants and agrees: (a) to pay the Indebtedness according to the terms and requirements of the note(s) or other documents evidencing the Indebtedness; (b) to keep the Property in good condition and repair and to neither demolish nor move any improvements without the written consent of the Beneficiary; to neither commit nor permit any act by which the value of the Property would be impaired: to neitherviolate nor permit the violation of any law affect- ing the use and maintenance of the Property: and to neither commit nor suffer waste to the Properly; lc) to pay. within the time allowed by law all taxes. assessments and any other charges levied on the Property, if such taxes, assessments and other charges could have priority over this Deed of Trust, (d) to keep all buildings and other insurable structures on the Property continuously insured, at the cost of the Debtor, against perils covered by a stand- ard fire insurance policy with endorsements for extended coverage, vandalism, malicious mischief, and optional perils: or, at the choice of the Debtor, to keep in force a standard all-risk policy. In any case, such coverage shall be provided by one or more companies authorizegtb issue insurance in Colorado and the amount of the coverage shall be equal to the full insurable value of all the buildings and other insurable structurgs; unless (lii eene- f 'diary agrees in writing to a lower amount of coverage. The Beneficiary shall be named as an additional Insured of all such pbilciea'undpr a standard mortgage clause. Each such policy also shall contain a provision requiring written notice to the Beneficiary at least 30days prior to thee:%ctive data of any cancellation or non -renewal of the policy. At the request of the Beneficiary, all Insurance policies required by this paragraph, prcopiea of the policies. shall be kept in his possession: O C) c 1281 UPDATE LEGAL FORMS 2535247 B-1593 P-1136 02/27/1997 02:45P PG 1 OF 2 REC DOC P.O. Box 1215 Greeley. Colorado 80632 Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00 1303) 3561199 N, After recording. return to. r� is rD is =as }Ia% see4aryy C T/ 1p Tr; -, JvLTN62 .y h o,i ft,ciai seal •. ')asycpmntrisiori.tit r si 02/02/98 By n cis! fel if the Property constitutes an interest in a condominium unit, to comply with all restrictions and requirements imposed by the condominium declara- tion and by the bylaws, rules and regulations of the homeowner's assouiation, (I) to refrain from changing the zoning of the Property, without the written consent of the Beneficiary: (9) to pay when due the Indebtedness secured by any prior encumbrance; (h) to reimburse the Beneficiary for any amounts which the Beneficiary advances in order to cure defaults by the Debtor with respect to the payment of taxes, assessments, insurance premiums, and amounts due on prior encumbrances, and to pay interest on the amount advanced at the default Inter- est rate: the Debtor hereby authorizes the Beneficiary to cure any such defaults by the Debtor; (it if a foreclosure proceeding is Commenced, to pay all of the costs of the proceeding including but not necessarily limited to public trustee's fees, publi- cation costs, the cost of obtaining title evidence, and reasonable attorney's fees and to reimburse the Beneficiary for any of those Items paid by the Beneficiary together with interest at the default interest rate; (j) to surrender possession of the Property peacefully at such time as the Debtor's right of possession of the Property terminates; (k) If the Property consists in part or entirely of the Debtor's interest as a lessee. to comply with and Satisfy in a timely manner all of the obligations under the lease Default and Acceleration. The Debtor will be considered to have defaulted under this Deed of Trust if the Debtor (i) defaults on the note(s) or other instrument evidencing the Indebtedness or iii) fails to perform or observe any other covenant or term of this Deed of Trust, or (iii) Is adjudicated a bank- rupt or makes a general assignment for the benefit of his creditors. In the event of any such default, the Beneficiary may declare the entire balance of the Indebtedness immediately due and payable p. e., may "accelerate" the Indebtedness) and may then take the following remedial actions: the Beneficiary may take immediate possession and control of the Property and repair and maintain it at the expense of the Debtor; the Beneficiary may collect and re- ceive any and all rents, issues, and profits from the Property; and the Beneficiary may apply for the appointment of a receiver and shall be entitled to such appointment as a matter of right, without regard to the solvency or insolvency of the Debtor and without regard to the value of the Property and its ade- quacy as security for the Indebtedness', the receiver may be appointed by a court of competent jurisdiction upon ex parte application and without notice, notice being expressly waived by the Debtor. In addition, the Beneficiary may institute foreclosure, as provided in the next paragraph. Foreclosure. I t the Debtor defaults under this Deed of Trust, and whether or not the Beneficiary elects to accelerate the Indebtedness (as allowed un- der the preceding paragraph) the Beneficiary may institute the sale of the Property by making the demand and giving the notices required by Colorado law. The sale may be held pursuant either to a court foreclosure suitor to an administrative proceeding conducted by the Public Trustee. The sale shall be scheduled and conducted and notice of the sale and of the rights to cure defaults and to redeem shall be given, all as provided by Colorado law. Unless Colorado law provided otherwise, notice of sale shall be advertised weekly for not less than four weeks in Some newspaper of general circulation in the county where the Property is located. The sale shall be public and shall be held at the front door of the court house in which the Property is located, or at such other lawful place as provided by law. The Property shell be sold to the highest bidder, The Beneficiary may become a purchaser of the Property et the sale. The Property shall be sold in separate parcels or as one parcel, as the Public Trustee determines would be meet advantageous. ThePublicTrus- tee shah issue all certificates and deeds as authorized and required by Colorado law The Public Trustee shall deal with the proceeds of the sale as pro• vided by Colorado law. and no purchaser shall be obligated to see to the application of those proceeds. The sale shall forever bar the Debtor from claiming any interest in the Properly. subject to all rights of redemption provided by Colorado law. Application of Funds. Amounts payable by i nsurors under hazard insurance policies covering the Property, whether paid to the Debtor or the Bene- ficiary, shall be used to restore or repai r the Property unless, in the reasonable judgement of the Beneficiary, it would be necessary to apply all or a portion of the proceeds to the Indebtedness in order to protect the security of the Beneficiary. In order to enable the Beneficiary to exercise his rights under this paragraph. the Debtor shall promptly inform the Beneficiary as to the fact of any loss or damage to the Property, the amount of available insurance pro- ceeds. the cost of restoration or repair. and as to all other information reasonably requested by the Beneficiary. Any insurance proceeds which are to be paid on the Indebtedness, following the Beneficiary's reasonable determination that such payment is necessary to protect his security, and any amounts received by the Beneficiary or by a receiver from condemning authorities or from persons paying rent or royalties after a default. shall be applied in the following manner in the following order. Iii as a payment to the Beneficiary to reimburse him for costs, including reasonable attorney's fees, incurred to collect such amounts, (it) as a payment in satisfaction of any past -due payments on the Indebtedness; (iii) as a prepayment on the Indebtedness; and (iv) as a refund to the Debtor, to the extent that the Indebtedness has been fully paid. Any amounts applied as a partial prepayment of the Indebtedness shall not defer or alter the timing and amounts of installments of Indebtedness thereafter falling due, except to the extent that the installments last falling due are satisfied by virtue of any partial pre -payment. Subsequent Parties. All references in this Dead of Trust to the "Beneficiary" include not only the Beneficiary named under Specific Terms above, but also any person or entity who becomes the owner of the note(s) or other evidence of the Indebtedness after the date of this Deed of Trust; the refer- ence also includes the holder of a certificate of purchase issued in conjunction with a foreclosure sale under this Deed of Trust. If any person other than the Debtor acquires any interest in the property in the future, that person shall be subject to all of the covenants. obligations, and restrictions of this Deed of Trust to the same extent as the Debtor, and accordingly, all references in this Deed of Trust to the "Debtor" include that person; this shall not, however, release the original Debtor or any intervening Debtor from obligation on this Deed of Trust and on the note or other instrument evidencing the Indebted- ness, to the extent that those obligations otherwise exist. Due on Sale. II all or any part of the Property or any interest in the Property is sold or transferred in a transaction which Is a "prohibited sale or trans- fer", the Beneficiary may, at his option, treat this Deed of Trust as being in default and may accelerate the Indebtedness as provided above. Ilthe Benefi- ciary is prohibited by Colorado law from dec lacing the default and acceleration, the Beneficiary may nevertheless require the transferee to accept a lawful interest rate increase. the refusal or failureol the transferee toaccept in writing the lawful interest rate increase shall constitute in Itself a default under this Deed of Trust. A "prohibited sale or transfer" is any sale or transfer, including one in which the conveyance of title is deferred, and including the granting of an option to purchase exercisable at a future date, but not including fit the creation of a lien or encumbrance subordinate to this Deed of Trust, (H) the transfer of title by devise or descent, or by operation of law upon the death of a joint tenant, (iii) the grant of any leasehold interest of three years or less not containing an option to purchase, or (iv) a sale or other transfer to which the Beneficiary consents in writing. Notwithstanding any other provision of this paragraph. the Beneficiary shall have no right to declare a default if the Beneficiary and the transferee mutually agree in writing to the assumption of the Indebtedness by the transferee. (This paragraph is optional end is to be crossed -out if not agreed 10.) Miscellaneous Provisions. The following miscellaneous provisions shall apply; (a) any forebearance by the Beneficiary in exercising any right or remedy shall not affect the rights of the Beneficiary with respect to subsequent defaults or violations; Ip) all remedies provided by this Deed of Trust aredistinct and cummulatwe to any Other right or remedy either under this Deed of Trust or available by any law or statute, and an such remedies may be exercised concurrently. independently, or successively; Ic) if two or more persons have signed as "Debtor'',they are Jointly and severally obligated; Id) in the event that any provision or clause of this Deed of Trust is in conflict with applicable law, the conflict shall not affect other provisions of this Deed of Trust which can be given effect without the conflicting provision; le) the procedural provisions of this Deed of Trust shall be deemedto beautomatically amended as necessary to conform to any Colorado statute or rule of Lou rt. now existing or adopted alter the date of this Deed of Trust, to the extent that such statute or rule Of court provides procedures which are in r: ^•'Kt with those set forth in this Deed of Trust and to the extent that the statute or rule of court is applicable to the security transaction which isthe subject of this Deed of Trust. 111 if the Debtor and the Beneficiary have agreed to additional terms and conditions respecting this security transaction, including as an example an agreement to establish a fund to be used to pay taxes and insurance premiums or an agreement providing for partial releases of this Deed of Trust, then any such supplimental agreement, if in writing, signed and acknowledged, shall be given effect and if any 01 its provisions conflict with those set forth in this Deed of Trust the provisions of the supplimental agreement shall control: if this Deed of Trust has been recorded, the supplimental agreement, to be effective. also must be recorded; Igi words in this Deed of Trust denoting the singular shall be read as denoting the plural, and masculine pronouns shall be reed as feminine or neuterpro- nouns. if the circumstances so require' in) paragraph headings are for the 'caller's convenience and shall not be considered in determining the meaning of this instrument. Date of this Deeo of Trust February 11. 1997 Executed by the Debtors) as of the above date Signature Clause for Corporation, Partnership or Association: Signature Clause for Indlvldual(s): MEADOW VALE FARM, INC., a Colorado corporation of %.ore on Partnership or Association Debtor L IVER,_�L yresident Debtor .V U i THARINE H. OLIVER, Secretary STATE OF COLORADO COUNTY OF WELD 1 ss. .•ura 10/e@gtigiS`skyment was acknowledged before me this 11th day of �t1j 11.• February er;.• JR., and KATHARINE H. OLIVER, as President and Secretary, respectively, of MEADOW i�SIC. a Colox�do cos ation toe's' or if ebtor is orporati0 ail nership or Association, then identify signers as president or vice president and secretary or *oration or as parinerisi of partnership or as authorized member(s) or association.) Debtor tary Public 2535247 B-1593 P-1136 02/27/1997 02:45P PG 2 OF 2 970321 February 12, 1997 Mr. Todd Hodges Planner Weld County Planning Greeley, Colorado 80631 Dear Todd, Weld County is holding two Deeds of Trust as collateral for the development of 1st phase of Meadow Vale Farm. Both lots are under contract for sale. Lot 1, Blk 1 is scheduled to close on February 21, 1997, the other is to close on May 15, 1997. I request that you release Lot 1, Blk 1 so that we can have our scheduled closing. If you feel that you still need two lots as collateral I am willing to substitute Lot 2, Blk 1 for the release of Lot 1. I feel that one lot is sufficient collateral at this time On phase 2 we will be furnishing a letter of credit from the Eaton Bank. I will have a commitment letter for you from the Eaton Bank soon. When the release of Lot1, Blk 1 is signed I would like to pick it up and deliver it to Weld County Title, because they will be handling the closing. Thank you. Sincerely, MEADOW VALE FARM, INC. D.� Floyd Oliver President 4250 W. 16th Street, #46 KO Greeley, CO 80634 Phone • 970-339-9404 l$ Cellular • 970-396-5035 l!i Fax • 970-339-8556 970324 itt; COLORADO MEMORANDUM TO: Board of County Commissioners February 18, 1997 From: Todd A. Hodges, Current Planner II SUBJECT: S-403, exchange of deed of trust as collateral for Meadow Vale Subdivision 1st Filing improvements The Department of Planning Services and Attorneys office have reviewed the proposed exchange of deeds as collateral for the Meadow Vale Subdivision 1st filing improvements. The applicant is requesting that the Board of County Commissioners release Lot 1, Blk 1 for the exchange of Lot 2, Blk. 1. The lots being exchanged are comparable in value and will not affect the existing improvements agreement or form of collateral for Meadow Vale Subdivision 1st filing. The Department of Planning Service's staff recommends that the Board of County Commissioners release Lot 1, Blk 1 in exchange for Lot 2, Blk 1. Attached is a copy of the applicants request letter and deeds. 970324 I at o'clock M., 10 , No Recorder Book Page c- `Deed ef Trust Ic rug tie "V THIS DEED OF TRUST is a conveyance In trust of real property to the Public Trustee of the county in Colorado in which the Property described below is located. It has been signed and delivered by the "Debtor" to secure the "Indebtedness" owing to the "Beneficiary". THE SPECIFIC TERMS OF THIS INSTRUMENT ARE: Debtor(s): (Give the name(s) and address(es) of each Debtor) Meadow Vale Farm, Inc., a Colorado corporation 4250 West 16th Street, #46, Greeley, CO 80634 Beneficiary(les): (Give the name(s) and address(es) of each Beneficiary) Weld County 915 10th Street, Greeley, CO 80631 Indebtedness: (Give the date, amount, and maturity of the note(s); or the description of other form of obligation: indi- cate if future advances are provided for) 2517108 B-1573 P-465 10/23/96 04:29P PG 1 OF 2 REC DOC Weld County CO JA Suki Tsukamoto Clerk & Recorder 11.00 Real Property Description: (Include county and street address) Lot 1, Block 1 of the First Filing Meadow Vale Farm P.U.D. located in the Southwest Quarter (SW+) of Section Four (4), Township 2 North, Range 68 West of the 6th P.M., County of Weld, State ofr'Colorado Default Interest Rate: 0.0 Prior Encumbrances (if any)frhis deed of trust is given to secure the obligations of the Debtor pursuant to the Improvements Agreement according to Policy Regarding Collateral For Improvements (Private Road Maintenance) dated October 9, 1996 recorded at&3/7/07of the records of the Weld County ClErk THE GENERAL TERMS OF THIS INSTRUMENT ARE: and Reccrder. Conveyance and Warranties. For valuable consideration, the Debtor hereby conveys the Property to the Public Trustee of the county in Colorado in which the Property is located, in trust for the Beneficiary. The"Property" includes the real estate described above (under Specific Terms) together with all of the improvements located on the Property, now or in the future, and all easements, rights, royalties, minerals, property interests under leases, water rights and rights to transport water (including any wells, pumps and motors) and all other appurtenances to the Property of whatever description, includ- ing replacements and additions. The Debtor hereby warrants title to the Property, subject to the following matters (i) the lienof the general property tax for the year of this Deed of Trust. (ii) any special assessments for indebtedness not due and payable on the date of this Deed of Trust. (iii) easements. rights -of -way, reservations, covenants, restrictions, and mineral or other leases, to the extent that any of those items has been established by an instru- ment recorded prior to the date of this Deed of Trust in the real estate records of the county in which the Property is located, or to the extent that any of those items has been established by use, and (iv) any prior encumbrances specifically referred to above (under Specific Terms). This conveyance is in trust for the benefit of the Beneficiary, and the Debtor acknowledges that the Public Trustee of the county in which the Property is located, as well as any duly appointed successor, shalt have. with respect to the Property. all of the rights, powers and authority granted by applicable Colorado law and by the terms of this Deed of Trust. Including the! Power of sale in the event of default. Assignment of Rents and Royalties. In conjunction with the conveyance of the Property to the Public Trustee the Debtor hereby assigns to the Beneficiary as additional security for the Indebtedness all rents, royalties and other payments attributable to the use or consumption of the Property. However, the Debtor shall. unless and until the Beneficiary exercises his acceleration rights following a default, have the right to collect and retain all such rents, royalties and other such payments as they become due and payable. Condemnation Awards. The Debtor hereby assigns to the Beneficiary all condemnation awards paid with respect to the Property, except for any portion of the award which exceeds the balance of the Indebtedness and except for any portion of the award which the Beneficiary elects not to accept. The words "condemnation award" include all payments made by any condemning authority for the taking of or for damage to the Property or any portion of the Property, and also include payments made In lieu of condemnation. The Debtor retains the right to that portion of the award which exceeds the amount of Indebtedness due at the time of the award. Waiver of Homestead. The Debtor hereby fully and absolutely waives and releases his right under any Colorado or federal law, including any en- acted in the future. to claim the Property as a homestead or to claim any other exemption with respect to the Property. This paragraph is made for the benefit only of the Beneficiary (as defined below) and may not be relied upon by any other person. Debtor's Retained Rights. The Debtor retains the right to the possession, use and enjoyment of the Property, except as otherwise provided in this Deed of Trust, The Debtor also retains the right to require the Public Trustee to fully release the Interest in the Property conveyed to the Public Trustee by this Deed of Trust at such time as the Indebtedness has been fully paid or otherwise selisfied; and the Debtor retains the right to require partial release by the Public Trustee. if provisions for partial releases have been added or referred to below. The Debtor shall be entitled to reimbursement from the benefi- ciary for all costs incurred by the Debtor in obtaining releases or partial releases, to the extent the costs are related to a failure or a refusal of the Benefi• ciary to deliver to the Public Trustee the note evidencing the Indebtedness and to deliver any other instruments lawfully required by the Public Trustee, Additions to Indebtedness. The Indebtedness with respect to which this Deed of Trust is given includes not only the balance from time to time of the Indebtedness described above (under Specific Terms), but also includes all amounts owing under extensions of the note(s) evidencing the Indebted• ness, plus tutu re advances made by the Beneficiary to the Debtor and interest on future advances (If the description of the Indebtedness under Specific Terms mentions future advances), plus all expenditures rightfully made or incurred by the Beneficiary to protect the security of this Deed of Trust and to correct any violations by the Debtor of the covenants of this Deed of Trust, together with interest on the amounts of such expenditures calculated at the default interest rate set forth under Specific Terms, Covenants by Debtor. In addition to warranting title to the Property, the Debtor covenants and agrees; (al to pay the Indebtedness according to the terms and requirements of the note(s) or other documents evidencing the Indebtedness: (b) to keep the Property in good condition end repair and to neither demolish nor move any improvements without the written consent of the Beneficiary; to neither commit nor permit any act by which the value of the Property would be impaired: to neither violate nor permit the violation of any law affect- ing the use and maintenance of the Property; and to neither commit nor suffer waste to the Propery: (c) to pay, within the lime allowed by law, all taxes, assessments and any other charges levied on the Properly, if such taxes. assessments and other charges could have priority over this Deed of Trust; (di to keepsll buildings and other insurable structures on the Properly continuously insured, at the cost of the Debtor, against perils covered by a stand- ard fire.insurance policy with endorsements for extended coverage, vandalism, malicious mischief, and optional perils; or, at the choice of the Debtor, to keep ifr force a standard ell -risk policy. In any case, such coverage shall be provided by one or more companies authorized to issue Insurance in Colorado aid the amount of the coverage shall be equal to the lull insurable value of all the buildings nd other insurable structures, unless the Bene- ficiary agrees in writing to a lower amount of coverage. The Beneficiary shall be named as an additional insured of WI such policies under sstandsrd mortgage clause. Each such policy also shall contain a provision requiring written notice to the Beneficiary at least 30 days prior to the effective date of any cancellation or non -renewal of the policy. At the request of the Beneficiary, all Insurance policies required by this paragraph, or copies of the petiole& shell be kept in his possession; of gat UPDATE LEGAL FORMS P.O Boa 1815 Greeie v. Colorado 80632 I:fOll This form contains a due -on -Sale clauns74V24 strike out if clause Innonrenriate. lel if the property constitutes an interest in a condominium unit. to comply with all restrictions and requirementslmposed by the condominium declara- tion and by the bylaws. rules and regulations of the homeowner's association. (f) to retrain from changing the zoning of the Property, without the written consent of the Beneficiary; (g) to pay when due the indebtedness secured by any prior encumbrance; (h) to reimburse the Beneficiary for any amounts which the Beneficiary advances in order to cure defaults by the Debtor with respect to the payment of taxes, assessments, insurance premiums, and amounts due on prior encumbrances, and to pay Interest on the amount advanced at the default Inter- est rate; the Debtor hereby authorizes the Beneficiary to cure any such delaults by the Debtor; (i) if a foreclosure proceeding is commenced, to pay all of the costs of the proceeding including but not necessarily limited to public trustee's fees, publi- cation costs, the cost of obtaining title evidence, and reasonable attorney's fees and to reimburse the Beneficiary for any of those items paid by the Beneficiary together with interest at the default interest rate; (j) to surrender possession of the Properly peacefully at such time as the Debtor's right of ion of the Properly terminates; (k) if the Property Consists in part or entirely of the Debtor's interest as a lessee. to comply with and satisfy in a timely manner all of the obligations under the lease Default and Acceleration. The Debtor will be considered to have defaulted under this Deed of Trust it the Debtor (i) defaults on the note(s) or other instrument evidencing the Indebtedness or (ii) fails to perform or observe any other covenantor term of this Deed of Trust, or (iii) is adjudicated a bank- rupt or makes a general assignment for the benefit of his creditors. In the event of any such default, the Beneficiary may declare the entire balance of the Indebtedness immediately due and payable (i.e., may "accelerate" the Indebtedness) and may then take the following remedial actions: the Beneficiary may take immediate possession and control of the Property and repair and maintain it al the expense 01 the Debtor; the Beneficiary may collect and re- ceive any and all rents, issues, and prof its from the Property; and the Beneficiary may apply for the appointment of a receiver and shall be entitled to such appointment as a matter of right, without regard to the solvency or insolvency of the Debtor and without regard to the value of the Property and Its ade- quacy as security for the indebtedness; the receiver may be appointed by a court of competent jurisdiction upon ex parte application and without notice, notice being expressly waived by the Debtor. In addition, the Beneficiary may institute foreclosure, as provided in the next paragraph. Foreclosure. If the Debtor defaults under this Deed of Trust, and whether or not the Beneficiary elects to accelerate the Indebtedness (as allowed un- der the preceding paragraph) the Beneficiary may institute the sale of the Property by making the demand and giving the notices required by Colorado law. The sale may be held pursuant either to a court foreclosure suit or to an administrative proceeding conducted by the Public Trustee. The sale shall be scheduled and conducted and notice of the sale and of the rights to cure defaults and to redeem shall be given, all as provided by Colorado law. Unless Colorado law provided otherwise, notice of sale shall be advertised weekly for not less than four weeks in some newspaper of general circulation in the county where the Property is located. The sale shall be public and shall be held at the front door of the court house in which the Property is located. or at such other lawful place as provided by law. The Property shall be sold to the highest bidder. The Beneficiary may become a purchaser of the Property at the sale. The Property shall be sold in separate parcels or as one parcel, as the Public Trustee determines would be most advantageous. The Public Trus- tee shall issue all certificates and deeds as authorized and required by Colorado law The Public Trustee shall deal with the proceeds of the sale as pro- vided by Colorado law, and no purchaser shalt be obligated to see to the application of those proceeds. The sale shall forever bar the Debtor from claiming any interest in the Property. sublect l0 all rights of redemption provided by Colorado law. Application of Funds. Amounts payable by'Insurors under hazard insurance policies covering the Property, whether paid to the Debtor or the Bene- ficiary, shall be used to restore or repair the Property unless, in the reasonable judgement of the Beneficiary, II would be necessary to apply all or a portion N of the proceeds to the Indebtedness In order to protect the security of the Beneficiary. In order to enable the Beneficiary to exercise his rights under this paragraph, the Debtor shall promptly inform the Beneficiary as to the fact of any loss or damage to the Property, the amount of available insurance pro - coeds. the cost of restoration or repair, and as to all other information reasonably requested by the Beneficiary. Any insurance proceeds which are lobe paid on the Indebtedness, following the Beneficiary's reasonable determination that such payment is necessary to protect his security, and any amounts received by the Beneficiary or by a receiver from condemning authorities or Irom persons paying rent or royalties alter a default, shall be applied in the following manner in the following order. (i) as a payment IO the. Beneficiary to reimburse him for costs, including reasonable attorney's fees. incurredto collect such amounts; (ii) as a payment in satisfaction of any past -due payments on the Indebtedness; (iii) as a pre -payment on the Indebtedness; and (iv) as a refund to the Debtor, to the extent that the Indebtedness has been fully paid. Any amounts applied as a partial pre -payment of the Indebtedness shall not defer or alter the timing and amounts of installments of Indebtedness thereafter failing due, except to the extent that the installments last falling li due are satisfied by virtue of any partial pre -payment. Subsequent Parties. All references in this Deed of Trust to the "Beneficiary" include not only the Beneficiary named under Specific Terms above. but also any person or entity who becomes the owner of the notes) or other evidence of the Indebtedness after the date of this Deed of Trust; the refer - t, ence also includes the holder Of a certificate of purchase issued in conjunction with a foreclosure sale under this Deed of Trust. If any person other than the Debtor acquires any interest in the property in the future, that person shall be subject to all of the covenants, obligations, and restrictions of this Deed D of Trust to the same extent as the Debtor, and accordingly, all references in this Deed of Trust to the"Debtor" include that person; this shall not. however, release the original Debtor or any intervening Debtor from obligation on this Deed of Trust and on the note or other instrument evidencing the Indebted• ness, to the extent that those obligations otherwise exist. Due on Sale. If all or any part of the Properly or any interest in the Property is sold or transferred in a transaction which is a "prohibited sale or trans- � ter",the Beneficiary may, at rite option. treat this Deed of Trust as being in default and may accelerate the Indebtedness as provided above. If the Benefi- ciary is prohibited by Colorado law from declaring the default and acceleration, the Beneficiary may nevertheless require the transferee to accept a lawful interest rate increase. the refusal or failure of the transferee to accept in writing the lawful interest rate increase shall constitute in itself a default under this Deed of Trust. A "prohibited sale or transfer" is any sale or transfer, including one in which the conveyance of title is deferred. and including the granting D of an option to purchase exercisable at a future dale, but not including (i) the creation of a lien or encumbrance subordinate to this Deed of Trust, (ii) the P transfer of title by devise or descent, or by operation of law upon the death of a joint tenant. fiii) the grant of any leasehold interest of three years or less not containing an option to purchase, or (iv) a sale or other transfer to which the Beneficiary consents In writing. Notwithstanding any other provision of this paragraph. the Beneficiary shall have no right to declare a default if the Beneficiary and the transferee mutually agree in writing to the assumption of the Indebtedness by the transferee. (This paragraph is optional and is to be crossed -out if not agreed to.) 1 Miscellaneous Provisions. The following miscellaneous provisions shall apply: (e) any lorebearence by the Beneficiary in exercising any right or remedy shall not affect the rights of the Beneficiary with reapeelto subsequent defaults or violations: tat) all remedies provided by this Deed of Trust are Distinct and cummulative to any other right or remedy either under this Deed of Trust or available by any law or statute. and ail such remedies may be exercised concurrently. independently, or successively; (ci if Iwo or more persons have signed as "Debtor". they are Jointly and severally obligated; Id) in the event that any provision or clause of this Deed of Trust is in conflict with applicable law, the conflict shall not affect other provisions of this Deed of Trust which can be given effect without the conflicting provision; tel Ihn nrocedural provisions of this Deed of Trust shall be deemed to be automatically amended as necessary to conform to any Colorado statute or rule of court, now existing or adopted alter the date of this Deed of Trust. to the extent that such Statute or rule of court provides procedures which are In . ,^ icl with those set forth in this Deed of Trust and to the extent that the statute or rule of Court is applicable to the security transaction which is the subject OI this Deed of Trust. to if the Debtor and the Beneficiary have agreed to additional terms and conditions respecting this security transaction, including as an example an agreement to establish a fund to be used to pay taxes end insurance premiums or an agreement providing for partial releases of this Deed of Trust, then any such supplimental agreement. if in writing. signed and acknowledged, shall be given effect and if any of its provisions conflict with those set forth in this Deed of Trust the provisions of the supplimental agreement shall control; if this Deed of Trust has been recorded, the supplemental agreement. to be effective. also must be recorded; lgl words in this Deed of Trust denoting the singular shall be read as denoting the plural, and masculine pronouns shall be read as feminine or neuter pro- nouns. if the circumstances so require: ihi paragraph headings are for the 'eader's convenience and shalt not be considered in determining the meaning of this instrument. After recording. return to. Dale of this Deed of Trust October cis 1996 Executed by the Debtors) as of the above date Signature Clause for Corporation. Partnership or Association: MEADOW VALE FARM, INC., a Colorado corporation, a Arrest Signature Clause for Individual(s): N me of Corporal n Partnership , a.[t..elation Debtor I �i/ , Jt, P ><adent OLIVER, Secretary Debtor STATE OF COLORADO as. COUNTY OF WELD The foregoing instrument was acknowledged before me this 9th By* FLOYD OLIVER, JR., and KATHARINE H. OLIVER. day of Debtor �EH October -/Sr.•); .IIIIgs V lq • I - name indw,duai Deblonsi or it Debtor is Corporation Partnership or Association. then identity signers as president or vice prof idanpand3$cretry e4 ;• assistant secretary 01 corporation o' as parinensl of partnership Or as authorized members) Or assoUahon I t4 % WITNESS my hand and official seal My commission expires: 212/fers j q(J 0 • • O ; la Public 9x 0324 RELEASE OF DEED OF TRUST February 11, 1997 Date Meadow Vale Farm, Inc., a Colorado corporation Grantor (Borrower) Weld County Original Beneficiary (Lender) 10/09/96 10/23/96 1573 2517108 BOOK NO. RECEPTION NO. Date of Deed of Trust Recording Date of Deed of Trust Book and Reception (or) Page No. of Deed of Trust recorded In Weld County, Colorado. TO THE PUBLIC TRUSTEE OF WELD COUNTY: (The Public Trustee to which the above Deed of Trust conveys the said property) Please execute this release, as the indebtedness has been fully paid and/or the terms and conditions of the trust have been fully satisfied. Weld County Current Beneficiary (Lender) George E. Baxter, Chair, Board of County Commissioners. Weld County. Coloradc Name and Title of Agent Snatii�@r" t._A..UR � STATWOF/ soctlintf,D9 COUNTY/or&p The t reggiraituvenptcfidwieiged before me this 19 91".'1li"'4.��`.'ay 1. -.eYLer F WITNESS trip/nand .n tl official seal. My'commission expires: 6 —€ -9g' ss: /9 f - Signature day of /42�u+�u� Notary Public KNOW ALL MEN, that the above referenced Grantor(s), by Deed of Trust, conveyed certain real property described in said Deed of "Rust, 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. NOW THEREFORE, at the written request of the legal holder of the said indebtedness, and 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 quit claim 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 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. by PUBLIC TRUSTEE DEPUTY PUBLIC TRUSTEE STATE OF COLORADO COUNTY OF WELD The foregoing was acknowledged before me this 19 by Public Trustee of Weld County, Colorado WITNESS my hand and official seal. My commission expires: ss: day of as the Notary Public No. 3563232 Rev.R/90 970324 Hello