The URL can be used to link to this page

Browse Search

Home My WebLink About20243125.tiffRESOLUTION RE: APPROVE CANCELLATION AND FULL RELEASE OF PROJECT COLLATERAL FOR BUFFALO RIDGE ESTATES, S-414, AND AUTHORIZE CHAIR TO SIGN - MARTIN BROTHERS, 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, on January 29, 1997, the Board approved the application of Martin Brothers, LLC, 2016 Beth Avenue, Fort Lupton, Colorado 80621, for a Major Subdivision Final Plat on the following described real estate, to wit: Part of the S1/2 NW1/4 and part of the SW1/4 of Section 12, Township 1 North, Range 66 West of the 6th P.M., Weld County, Colorado WHEREAS, on July 2, 1997, the Board of County Commissioners of Weld County, Colorado, approved an Agreement for Road Improvements for County Roads 35 and 10, as well as an Amended Agreement approved on July 31, 2000, both between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Martin Brothers, LLC, with further terms and conditions being as stated in said agreement and amendment, and WHEREAS, on April 4, 2001, Board of County Commissioners of Weld County accepted Deeds of Trust as the project collateral for Buffalo Ridge Estates, Phases 5, 6, and 7, and WHEREAS, on May 7, 2003, the Board approved the request of Martin Brothers, LLC, to release the Deeds of Trust for Phases 5 and 6, as project collateral for Buffalo Ridge Estates, and the roads were accepted onto the County Road system for full maintenance, and WHEREAS, on October 24, 2024, the Department of Planning Services received a request from Martin Brothers, LLC, to release the project collateral for Buffalo Ridge Estates, Phase 7, and staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral, and WHEREAS, upon recommendation of staff, the Board deems it advisable to release said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the currently held project collateral, procured in the form of a Deed of Trust, 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 Full Release of Deed of Trust and Release by Holder of the Evidence of Debt Without Production of Evidence of Debt. 4998918 Pages: 1 of 2 12/09/2024 10:41 AM R Fee:$0.00 $0.00 /I /�.• Carly Koppes, Clerk and Recorder, Weld County , CO •0 lkirdITIVRVITirelitit loYiikiliVAIMMOIAillYi II III rs 2024-3125 PL1909 CANCELLATION AND FULL RELEASE OF PROJECT COLLATERAL (S #414, BUFFALO RIDGE ESTATES, PHASE 7) - MARTIN BROTHERS, LLC PAGE 2 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. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 27th day of November, A.D., 2024. ATTEST: .4114.0: Weld County Clerk to the Boar Deputy CI AP +•VED Counttorney Date of signature: _10242 4998918 Pages: 2 of 2 12/09/2024 10:41 AM R Fee:$0.00 Carly Koppes, Clerk and Recorder, Weld County , CO 11111 U4110116 r'16 !WOW. 11 III BOARD OF COUNTY COMMISSIONERS W=YILORADO Kevin D. Ross, Chair L. Buck, Pro-Tem �✓1.2,Qivv�s.--�--. Scott K. James 257,4,,L. Lori Saine 2024-3125 PL1909 Original Note and Deed of Trust Returned to: CL.--e-k- -17)17'j-: " eCiAla When recorded return to: //ob C 5 r Prepared/Received by: g. 1 -6`i' ( U)) 1'O%3 REQUEST FOR FULL © / PARTIAL ❑ RELEASE OF DEED OF TRUST AND RELEASE BY HOLDER OF THE EVIDENCE OF DEBT WITHOUT PRODUCTION OF EVIDENCE OF DEBT PURSUANT TO § 38-39-102 (1) (a) and (3), COLORADO REVISED STATUTES November 27, 2024 Date Martin Brothers, LLC Original Grantor (Borrower) 3856 N. Glebe Rd, Arlington, VA 22207-4356 Current Address of Original Grantor, Assuming 0 Check here if current address is unknown Party, or Current Owner County of Weld, State of Colorado Original Beneficiary (Lender) March 30, 2001 ,�.�. ' Date of Deed of Trust 05p �c21) Date of Recording and/or Re -Recording of Deed of Trust Rcpt. No. 3062580 Recording Information County Rcpt. No. and/or Film No. and/or Book/Page No. and/or Torrens Reg. No. TO THE PUBLIC TRUSTEE OF WELD COUNTY (The County of the Public Trustee who is the appropriate grantee to whom the above Deed of Trust should grant an interest in the property described in the Deed of Trust) PLEASE EXECUTE AND RECORD A RELEASE OF THE DEED OF TRUST DESCRIBED ABOVE. The indebtedness secured by the Deed of Trust has been fully or partially paid and/or the purpose of the Deed of Trust has been fully or partially satisfied in regard to the property encumbered by the Deed of Trust as described in the Deed of Trust as to a full release or, in the event of a partial release, only that portion of the real property described as: (IF NO LEGAL DESCRIPTION IS LISTED THIS WILL BE DEEMED A FULL RELEASE.) Pursuant to § 38-39-102 (3), Colorado Revised Statutes, in support of this Request for Release of Deed of Trust, the undersigned, as the holder of the evidence of debt secured by the Deed of Trust described above, or as a Title Insurance Company authorized to request the release of a Deed of Trust pursuant to § 38-39-102(3)(c), Colorado Revised Statutes, 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 or partially satisfied. 2. The original evidence of debt is not being exhibited or produced with this request for release of Deed of Trust. 3. It is one of the following entities (check applicable box): a. 8 The holder of the original evidence of debt that is a qualified holder, as specified in § 38-39-102(3)(a), Colorado Revised Statutes, that agrees that it is obligated to indemnify the Public Trustee 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; b. ❑ The holder of the evidence of debt requesting the release of a Deed of Trust without producing or exhibiting the original evidence of debt that delivers to the Public Trustee a corporate surety bond as specified in § 38-39-102(3)(S), Colorado Revised Statutes; c. ❑ A title insurance company licensed in Colorado, as specified in § 38-39-102(3)(c), Colorado Revised Statutes, that agrees that it is obligated to indemnify the Public Trustee pursuant to statute as a result of the action of the Public Trustee taken in accordance with this request for release and that has caused the indebtedness secured by the deed of trust to be satisfied in full, or in the case of a partial release, to the extent required by the holder of the indebtedness; or d. 0 A holder, as specified in § 38-39-102 (3)(d)(I), Colorado Revised Statutes, that agrees that it is obligated to indemnify the Public Trustee pursuant to statute as a result of the action of the Public Trustee in accordance with this Request for Release and that has caused the indebtedness secured by the Deed of Trust to be satisfied in full, or in the case of a partial release, to the extent required by the holder of the indebtedness. E -FILE ONLY County of Weld, State of Colorado Name and address of the holder of the evidence of debt secured by Deed of Trust (lender) or name and address of the Title insurance Company authorized to request the release or a Deed of Trust Kevin D. Ross, Board of County Commissioners, Chair Name, title, and address of officer, agent, or attorney of the holder of the evidence of debt se of Trust (lender) 0 Signature State of c.o.d. , County of Weld The foregoing Request for Release was acknowledged before me on November 27, 2024 by Kevin D. Rosa, Board of County Commissioners, Chair .If applicable, insert title of officer and name of current holder Witness my hand and official seal I IVV1llW► l Mo5icu aya HOUSTAN MARIE ARAGON (Date) NOTARY PUBLIC VATagyigaiCOLORADO NOTARY ID 20244035426 20,2028 Notary Public U D_1_ Com .:ae:e....p:r.,a RELEASE OF DEED OF TRUST WHEREAS, the Grantor(s) named above, by Deed of Trust, granted certain real property described in the 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 in the Deed of Trust; and 1111111111 !/ WHEREAS, the indebtedness secured by the D��lyylfy or partially paid and/or the purpose of the Deed of Trust has been fully or partially satisfied according to ,��' tip t� • Y�i pf of the evidence of debtor Title Insurance Company authorized to request the release of the De* Oy• •••• d, //i NOW THEREFORE, in consideration t gibes and the paymefffe 4atutory sum, receipt of which is hereby acknowledged, I, as the Public Trustee in the County ttttcktileve, do hereby fully and u�l�y releas cancel and forever discharge the Deed of Trust or that portion of the real propel c)rlbed ab! a 4a+; f l=ust, t3*ether ith all privileges and appurtenanceis belonging to the real property. a , • • (Public Trustee use only; use appropriate la�) • • I) • g: i in. i)( fa • O (If applicable: Notary Seal) % •• ••Zs Deputy Public Trustee (If applicable, name and address of person creating neetIVI descript c .5, Colorado Revised Statutes) l' htT tee In fq /n0a2/ oC,f ( a BOARD OF COUNTY COMMISSIONERS PASS -AROUND REVIEW PASS -AROUND TITLE: BOCC Agenda Item — Full Release of Deed of Trust for Buffalo Ridge Estates, Phase 7 — Martin Brothers LLC — S #414 DEPARTMENT: Planning Services DATE: November 19, 2024 PERSON REQUESTING: Jazmyn Trujillo -Martinez Brief description of the problem/issue: The Department of Planning Services received a request from Dana Martin, representative of Martin Brothers LLC, requesting that the Board of County Commissioners release the currently held Deed of Trust for Buffalo Ridge Estates, Phase 7. Weld County Planning Services and Public Works Departments performed a site inspection, at the above -mentioned site, and observed the following: • All items on Exhibit A, of the Improvements Agreement According to Policy Regarding Collateral for Improvements Document Tyler #971278, have been completed and are found to be acceptable. What options exist for the Board? (include consequences, impacts, costs, etc. of options): 1. Have this BOCC Hearing item be placed on the next available agenda as part of the Regular Agenda. 2. Have this BOCC Hearing item be placed on the next available agenda as part of the Consent Agenda. 3. Have this BOCC Hearing item not placed on the next available agenda as neither part of the Consent Agenda nor the Regular Agenda. Weld County Collateral List: Buffalo Ridge Estates, Martin Brothers LLC (2001-1030) S#414 #3 Deed of trust - Lots 1-7, Block 7 (Phase 7) Consequences: • None — The work has been completed. Impacts: • None —The developer has completed the work and maintenance responsibilities will fall under the developer. Costs (Current Fiscal Year / Ongoing or Subsequent Fiscal Years): • None — The maintenance responsibilities for Phase 7 will fall under the developer/ HOA. Recommendation: Option 1. The Departments of Planning Services, Public Works, and the County Attorney's Office are recommending approval of the full release of the Deed of Trust for Buffalo Ridge Estates, Martin Brothers LLC - S # 414, and that this item be placed on the next regularly scheduled BOCC Hearing, as part of the Regular Agenda. Support Recommendation Schedule Place on BOCC Agenda Work Session Other/Comments: Perry L. Buck, Pro-Tem Mike Freeman Scott K. James Kevin D. Ross, Chair Lori Saine 2024-3125 I/ 21 p) l lo_ 1 Jazmyn Trujillo Martinez From: Sent: To: Subject: Follow Up Flag: Flag Status: Dana Martin <danavmartin@msn.com> Thursday, October 24, 2024 1:56 PM Jazmyn Trujillo Martinez Release of Deed of Trust Phase VII Buffalo Ridge Estates Follow up Flagged ICaution: This email originated from outside ofWeld County Government. Do not click links strop sander and know the content is safe. Dear Jasmine, ttachments unless you ri This email is to request Weld County's release of the Deed of Trust dated March 30, 2001, and recorded on May 14, 2003 (Recording No. 3062580), and release of any collateral that may still be held by Weld County. Martin Brothers has completed the work in Phase VII of Buffalo Ridge Estates, the PUD phase corresponding to the aforementioned Deed of Trust. I will forward to you as quickly as possible the as -built drawings for Phase VII. Martin Brothers has signed a contract for the sale of the 7 lots in Phase VII. It was during the related title work that we discovered this Deed of Trust still encumbered the property. As a result, this matter is quite urgent. We would be grateful for anything you can do to help expedite the release. Sincerely, Dana V. Martin, Manager Martin Brothers, LLC 3856 N. Glebe Rd. Arlington, VA 22207-4356 703.517.1946 Jazmyn Trujillo Martinez From: Sent: To: Subject: Nick Marquez Wednesday, November 13, 2024 8:37 AM Jazmyn Trujillo Martinez RE: Buffalo Ridge Mornin' Jaz, I was out there on the 29`h of October and everything looked good. No issues with the road or bridge. Of course, not being there for the construction of either i can't speak towards the material or methods of construction. The plans call out Rip Rap to be placed in the canal under and 10' past the edge of the bridge but it's so silted in it was impossible to tell and I couldn't find a safe way to get down or out of the canal. Please let me know if you have any questions. Nick Marquez Construction Inspector Weld County Public Works 1 1 1 1 H Street, P.O. Box 758 Greeley, CO 80632 (970)400-3765 Confidentiality Notice: This electronic transmission and any attached documents or other ii risings are intended only for the person or entity to which it rs addressed and may contain information that is privileged, confidential or otlrenri.se protected from disclosure. If you have received this communication in error. please immediately not05, sender b>> return e-mail and destroy the communication. Any disclosure. copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Jazmyn Trujillo Martinez <jtrujillomartinez@weld.gov> Sent: Tuesday, November 12, 2024 2:20 PM To: Nick Marquez <nmarquez@weld.gov> Subject: Buffalo Ridge Nick, Just wanted to follow upon Buffalo Ridge to see how the final release inspection was coming. Best, Jazmyn Trujillo -Martinez Development Review Weld County Planning Services 1402 North 17th Avenue P.O. Box 758 Greeley, CO 80631 (970) 400-3711 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise Weld County Public Trustee Escrow 1400 N 17th Ave Greeley, CO 80631 US rferguson@weld.gov INVOICE BILL TO Martin Brothers, LLC 3856 N. Glebe Rd. Arlington, VA 22207-4353 INVOICE # 33232 DATE 12/03/2024 DUE DATE 01/02/2025 TERMS Net 30 DATE ACTIVITY Services DESCRIPTION Release of Deed of Trust. BALANCE DUE QTY 1 RATE AMOUNT 43.00 43.00 $43.00 Weld County Treasurer's Office / Public Trustee -- 1400 N 17'" Avenue L PO Box 458 l ` > Greeley, CO 80632 s o - Phone: 970-400-3290 Payment Received From: Payment for: �.�D�Q. D-Qed 0+171-64 Reference: (Account #, Ticket #) 30(p kcer Received By: M&f�ha'sL- raiym tnt Date: 12/6/M02i '/3. 580 ItNIIMlIfil11pj1NIU9INIIMAlIIN1II DEED OF TRUST THIS DEED OF TRUST is made this 30. day of March, 2001, between MARTEN BROTHERS, LLC ("Debtor"), whose address is 147 South Denver Avenue, Ft. Lupton, Colorado 80621; and the Public Trustee of the County of Weld, Colorado ("Trustee"); for the benefit of the COUNTY OF WELD, STATE OF COLORADO, acting through its Board of County Commissioners ("Beneficiary"), whose address is 915 10. Street, Greeley, Colorado 80631. Debtor and Beneficiary covenant and agree as follows: 1. Property in Trust. Debtor, 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: Lots 1-7, Block 7 Buffalo Ridge Estates (Phase 7) commonly known as: vacant land 2. Obligation. This Deed of Trust is given to secure to Beneficiary the performance of the obligations of the Debtor pursuant to the Improvements Agreement According to Policy Regarding Collateral for improvements (Publicly Maintained Roads) dated May 22, 1997, and recorded in Book 1615, Page 270, at Reception No. 2557393 of the records of the Weld County Clerk and Recorder, as amended pursuant to the Addendum dated July 31, 2000, and recorded at Reception No. 2786670 of the records of the Weld County Clerk and Recorder and the Second Addendum dated January 22, 2001, and recorded at Reception No. 2823988 of the records of the Weld County Clerk and Recorder. 3. Title. Debtor covenants that Debtor 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, and recorded declarations, restrictions, reservations and covenants, if any, as of this date and except none other. 4. Priority Mortgages and Deeds of Trust; Charges; Liens. Debtor shall perform all of Debtor's obligations under any deed of trust and any other liens which have priority over this Deed of Trust or to which this Deed of Trust is subordinated. Debtor 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. Despite the foregoing, Debtor shall not be required to make payments otherwise required by this paragraph if Debtor, after notice to Beneficiary, 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. S. Preservation and Maintenance of Property. Debtor 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. Debtor shall perform alI of Debtor's obligations under any declarations, covenants, by-laws, rules or other documents governing the use, ownership or occupancy of the Property. 6. Protection of Beneficiary's Security. If Debtor fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a priority lien, or if any action or proceeding is commenced which materially affects Beneficiary's interest in the Property, then Beneficiary, at Beneficiary's option, without notice to Debtor unless required by law, may make such appearances, disburse such sums and take such action as is necessary to protect Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Debtor hereby assigns to Beneficiary any right Debtor 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 Beneficiary pursuant to this paragraph, with interest thereon, shall become additional indebtedness of Debtor secured by this Deed of Trust. Such amounts shall be payable upon notice from Beneficiary to Debtor requesting payment thereof, and Beneficiary may bring suit to collect any amounts so disbursed plus interest as specified in the Note. Nothing contained in this paragraph shall require Beneficiary to incur any expense or take any action hereunder. (W0704019 CGEt DEED OF TRUST THIS DEED OF TRUST is made this 30. day of March, 2001, between MARTIN BROTHERS, LLC ("Debtor"), whose address is 147 South Denver Avenue, Ft. Lupton, Colorado 80621; and the Public Trustee of the County of Weld, Colorado ("Trustee"); for the benefit of the COUNTY OF WELD, STATE OF COLORADO, acting through its Board of County Commissioners ("Beneficiary"), whose address is 915 10. Street, Greeley, Colorado 80631. Debtor and Beneficiary covenant and agree as follows: 1. Property in Trust. Debtor, 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: Lots 1-7, Block 7 Buffalo Ridge Estates (Phasa 7) commonly known as: vacant land 2. Obligation. This Deed of Trust is given to secure to Beneficiary the performance of the obligations of the Debtor pursuant to the Improvements Agreement According to Policy Regarding Collateral for Improvements (Publicly Maintained Roads) dated May 22, 1997, and recorded in Book 1615, Page 270, at Reception No. 2557393 of the records of the Weld County Clerk and Recorder, as amended pursuant to the Addendum dated July 31, 2000, and recorded at Reception No. 2786670 of the records of the Weld County Clerk and Recorder and the Second Addendum dated January 22, 2001, and recorded at Reception No. 2823988 of the records of the Weld County Clerk and Recorder. 3. Title. Debtor covenants that Debtor 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, and recorded declarations, restrictions, reservations and covenants, if any, as of this date and except none other. 4. Priority Mortgages and Deeds of Trust; Charges; Liens. Debtor shall perform all of Debtor's obligations under any deed of trust and any other liens which have priority over this Deed of Trust or to which this Deed of Trust is subordinated. Debtor 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. Despite the foregoing, Debtor shall not be required to make payments otherwise required by this paragraph if Debtor, after notice to Beneficiary, 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. 5. Preservation and Maintenance of Property. Debtor 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. Debtor shall perform all of Debtor's obligations under any declarations, covenants, by-laws, rules or other documents governing the use, ownership or occupancy of the Property. 6. Protection of Beneficiary's Security. If Debtor fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a priority lien, or if any action or proceeding is commenced which materially affects Beneficiary's interest in the Property, then Beneficiary, at Beneficiary's option, without notice to Debtor unless required by law, may make such appearances, disburse such sums and take such action as is necessary to protect Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Debtor hereby assigns to Beneficiary any right Debtor 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 Beneficiary pursuant to this paragraph, with interest thereon, shall become additional indebtedness of Debtor secured by this Deed of Trust. Such amounts shall be payable upon notice from Beneficiary to Debtor requesting payment thereof, and Beneficiary may bring suit to collect any amounts so disbursed plus interest as specified in the Note. Nothing contained in this paragraph shall require Beneficiary to incur any expense or take any action hereunder. {W0704019 CGE} 7. Inspection. Beneficiary may make or cause to be made reasonable entries upon and inspection of the Property, provided that Beneficiary shall give Debtor notice prior to any such inspection specifying reasonable cause therefor related to Beneficiary's interest in the Property. 8. 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 hereby assigned and shall be paid to Beneficiary as herein provided. However, all of the rights of Debtor and Beneficiary 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 Debtor. In the event of a partial taking of the Property, the proceeds shall be divided between payment upon the sums secured by this Deed of Trust and payment to the Debtor, 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 Debtor's equity in the Property immediately prior to the date of taking. Debtor's equity means the fair market value less the amount of sums secured by both this Deed of Trust and all priority liens (except taxes). If the Property is abandoned by Debtor, or if, after notice by Beneficiary to Debtor that the condemnor offers to make an award or settle a claim for damages, Debtor fails to respond to Beneficiary within 30 days after the date such notice is given, Beneficiary is authorized to collect and apply the proceeds, at Beneficiary's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 9. Debtor Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Beneficiary to any successor in interest of Debtor shall not operate to release, in any manner, the liability of the original Debtor, nor Debtor's successors in interest, from the original terms of this Deed of Trust. Beneficiary 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 Debtor nor Debtor's successors in interest. 10. Forbearance by Beneficiary Not a Waiver. Any forbearance by Beneficiary 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. - 11. Remedies Cumulative. Each remedy provided in this Deed of Trust is distinct from and cumulative to all other rights or remedies under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 12. 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 Beneficiary and Debtor, subject to the provisions of the paragraph hereof entitled "Transfer of the Property; Assumption." All covenants and agreements of Debtor 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. 13. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Debtor provided for in this Deed of Trust shall be in writing and shall be given and be effective upon (1) delivery to Debtor or (2) mailing such notice by certified mail, return receipt requested, addressed to Debtor at Debtor's address stated herein or at such other address as Debtor may designate by notice to Beneficiary as provided herein, and (b) any notice to Beneficiary shall be in writing and shall be given and be effective upon (1) delivery to Beneficiary or (2) mailing such notice by certified mail, return receipt requested, to Beneficiary's address stated herein or to such other address as Beneficiary may designate by notice to Debtor as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Debtor or Beneficiary when given in any manner designated herein. 14. Governing Law; Severability. 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 conflicts with the law, such conflict shall not affect other provisions of this Deed of Trust which can be given effect without the conflicting provision, and to this end the provisions of the Deed of Trust is declared to be severable. 15. Acceleration; Foreclosure; Other Remedies. Except as provided in the paragraph hereof entitled "Transfer of the Property; Assumption," upon Debtor's breach of any covenant or agreement of Debtor in this Deed of Trust, or upon any default in a prior lien upon the Property, at Beneficiary's option, all of the sums secured by this Deed of Trust shall be immediately due and payable ("Acceleration"). To exercise this option, Beneficiary may invoke the power of sale and any other remedies permitted by law. { W0704019 CGE) Beneficiary 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 Beneficiary invokes the power of sale, Beneficiary shall given written notice to Trustee of such election. Trustee shall give such notice to Debtor of Debtor'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 Debtor and other persons as prescribed by law. After the lapse of such time as may be required by law, Trustee, without demand on Debtor, 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. Beneficiary or Beneficiary'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. 16. Debtor'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 occurred, and the foreclosure proceedings shall be discontinued. 17. Assignment of Rents; Appointment of Receiver; Beneficiary in Possession. As additional security hereunder, Debtor hereby assigns to Beneficiary the rents of the Property; however, Debtor shall, prior to Acceleration under the paragraph hereof entitled "Acceleration; Foreclosure; Other Remedies" or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Beneficiary or the holder of the Trustee's certificate of purchase shall be entitled to a receiver for the Property after Acceleration under the paragraph hereof entitled "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 Debtor 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 under the paragraph hereof entitled "Acceleration; Foreclosure; Other Remedies" or abandonment of the Property, Beneficiary, 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 Beneficiary 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. Beneficiary and the receiver shall be liable to account only for those rents actually received. 18. Release. Upon performance of all obligations secured by this Deed of Trust as evidenced by a Resolution to that effect executed by the Board of County Commissioners of the County of Weld, State of Colorado ("Resolution"), Beneficiary shall cause Trustee to release this Deed of Trust and shall produce for Trustee a copy of the Resolution. Debtor shall pay all costs of recordation and shall pay the statutory Trustee's fees. 19. Waiver of Exemptions. Debtor hereby waives all right of homestead and any other exemption in the Property under state or federal law presently existing or hereafter enacted. 20. Transfer of the Property; Assumption. The following events shall be referred to as a "Transfer": A 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 equitable) in the Property (or any part thereof or interest therein), or an agreement granting a possessory right in the Property (or any portion thereof), in excess of three (3) years. 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 Beneficiary in the event of each and every Transfer: (W0704019 CGE} • (a) All sums secured by this Deed of Trust shall become immediately due and payable (Acceleration). (b) If a Transfer occurs and should Beneficiary not exercise Beneficiary's option pursuant to this paragraph to Accelerate, Transferee shall be deemed to have assumed all of the obligations of Debtor 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 Beneficiary may without notice to the Debtor deal with Transferee in the same manner as with the Debtor 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 Debtor's liability hereunder for the obligations hereby secured. (c) Should Beneficiary not elect to Accelerate upon the occurrence of such Transfer then, subject to (b) above, the mere fact of a lapse of time or the acceptance of payment subsequent to any of such events, whether or not Beneficiary has actual or constructive notice of such Transfer, shall not be deemed a waiver of Beneficiary's right to make such election nor shall Beneficiary be estoppgd therefrom by virtue thereof The issuance on behalf of the Beneficiary of a routine statement showing the status of the loan, whether or not Beneficiary had actual or constructive notice of such Transfer, shall not be a waiver or estoppel of Beneficiary's said rights. 21. Debtor's Copy. Debtor acknowledges receipt of a copy of this Deed of Trust. EXECUTED as of the day and year first written above. DEBTOR: MARTIN BROTHERS, LLC By:�AOnn;' I.4 C1/c Clara Lee Martin, Manager STATE OF COLORADO ss. COUNTY OF Th o u L D E R ) The foregoing instrument was acknowledged before me this 30`' day of March, 2001, by Clara Lee Martin, as Manager of MARTIN BROTHERS, LLC. Witness my hand and official seal. Notary Public My commission expires: ..2.1/ e /O 3 {W0704019 CGE} Hello