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HomeMy WebLinkAbout4.06 Lot 13 Deed of Trust 2853144 08;29/2014 03:48:00 PM Page 1 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded RECORDATION REQUESTED BY: Alpine Bank, A Colorado Banking Corporation Alpine Bank Basalt 400 7th Street South Rite, CO 81650 WHEN RECORDED MAIL TO: Alpine Bank 400 7th Street South RIfle, CO 81650 SEND TAX NOTICES TO: DAVID C. CARSWELL and DENISE B. CARSWELL, Trustees of REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009 under the provisions of a trust agreement DAVID C. CARSWELL and DENISE B. CARSWELL, Trustees of REVOCABLE TRUST OF DENISE B. CARSWELL DATED 9/1112009 under the pmvislons of a trust agreement PO BOX 455 HANALEI, }g 96714-0455 FOR RECORDER'S USE ONLY DEED OF TRUST MAXIMUM PRINCIPAL AMOUNT SECURED. The Lien of this Deed of Trust shaft not exceed at any one lime $500,000.00 except as allowed under applicable Cokxado law. THIS DEED OF TRUST is dated August 26, 2014, among REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AND ANY AMENDMENTS THERETO (AS TO PARCEL A) AND REVOCABLE TRUST OF DAVID C. CARSWELL DATED 9/11/2009 AS TO AN UNDIVIDED 50 PERCENT INTEREST AND THE REVOCABLE TRUST OF DENISE B. CARSWELL DATED 9/11/2009 AS TO AN UNDIVIDED 50 PERCENT INTEREST (AS TO PARCEL 8). ("Grantor"); Alpine Bank, A Colorado Banking Corporation, whose address is Alpine Bank Basalt, 400 7th Street South, Rifle, CO 81650 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and the Public Trustee of GARFIELD County, Colorado (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable consideration, Grantor hereby &revocably grants, transfers and assigns to Trustee to the benefit of Lender as 8enefldary all of Grantors right, title, and Interest in and to the following described real property, together with ail existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, nghts of way, and appurtenances; all water, wafer rights arid ditch rights {including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in GARFIELD County, State of Colorado: PARCEL A: LOT 13 THE RANCH AT COULTER CREEK P.U.D. ACCORDING TO THE PLAT THEREOF RECORDED JUNE 09, 2004, UNDER RECEPTION NO. 653768. COUNTY OF GARFIELD STATE OF COLORADO MORE COMMONLY KNOWN AS 986 CATTLE CREEK RIDGE ROAD PARCEL B: A PARCEL OF LAND SITUATED IN S1/2NE1/4NE1/4 OF SECTION 25, TOWNSHIP 7 SOUTH, RANGE 88 WEST OF THE 8TH PRINCIPAL MERIDIAN, GARFIELD COUNTY, COLORADO, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE EASTERLY BOUNDARY LINE OF SAID S1/2NE1/4NE1/4 WHENCE A BRASS CAP FOUND IN PLACE AND PROPERLY MARKED FOR THE NORTHEAST CORNER OF SAID SECTION 25 BEARS N 01°47'00" E 780.27 FEET; THENCE S 01°47'00" W 570.295 FEET TO THE SOUTHEAST CORNER OF SAID S112NE114NE114; THENCE N 88°51'59" W 1304.31 FEET ALONG THE SOUTHERLY BOUNDARY LINE OF SAID 51!2NE114NE1!4 TO THE SOUTHWEST CORNER OF SAID 51I2NE1/4NE1/4; THENCE N 02°03'18" E 677.93 FEET ALONG THE WESTERLY BOUNDARY LINE OF SAID S/1NE1/4NE1!4 TO THE NORTHWEST CORNER OF SAID S1I2NE1/4NEII4; THENCE S 88°45'07" E 171.80 FEET ALONG THE NORTHERLY BOUNDARY LINE OF SAID S1I2NE1I4NE114; THENCE 5 02°03'18" W 107.25 FEET; THENCE S 88°51'59" E 1129.80 FEET TO THE POINT OF BEGINNING. COUNTY OF GARFIELD STATE OF COLORADO MORE COMMONLY KNOWN AS 5347 COUNTY ROAD 100 The Real Property or its address Is commonly known as 986 CATTLE CREEK RIDGE ROAD! 5347 COUNTY ROAD 100, CARBONDALE, CO 81623. CROSS -COLLATERALIZATION. In addition to the Credit Agreement, this Deed of Trust secures all obligations, debts and liabilities, plus interest thereon, of either Grantor or Borrower to Lender, or any one or more of them, as welt as all claims by Lender against 853144 08129/201 4 03:48:00 PM Page 2 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 056028470i DEED OF TRUST (Continued) Page 2 Borrower and Grantor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Credit Agreement, whether voluntary or otherwise, whether due or not due, direct or Indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Borrower or Grantor may be liable individually or jointly with others, whether obligated ea guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise Unenforceable. REVOLVING UNE QF CREDIT. This Deed of Trust secures the Indebtedness including, without limitation, a revolving Zine of credit, which obligates Lender le make advances to Borrower se long as Borrower complies wtth all the terms of the Credit Agreement Such advances may be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing et any one time, not Including finance charges on such balance at a fixed ar variable rate or sum as provided In the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided tt either the Indebtedness paragraph or this paragraph, shall not exceed the Credit Limit as provided In the Credh Agreement. It Is the Intention of Grantor and Lender that this Deed of Trust secures the balance outstanding under the Credit Agreement from time to time from zero up to the Credlt Limit es provided In the Credit Agreement and any Intermediate balance. Grantor presently assigns to Lender (also (mown as Beneficiary in this Deed of Trust) all of Grantor's right, title, and interest in and to alt present and future leases of the Property and all Rents from the Property. to adctlion, Grantor grants to Lender a Uniform Commercial Code security Interest In the Personal Property and Rents. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST N THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (8) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that (a) this Deed of Trust is executed at Borrowers request and not et the request of Lender; (b) Grantor has the full power, right, and authority to enter Into this Deed of Trust and to hypothecate the Property; (c) the provisions of thla Dead of Trust do not conflict with, or result in a default under any agreement or other Instrument binding upon Grantor and do not result in a violation of any law, regulation, court decree or order applicable to Grantor, (d) Grantor has established adequate means of obtaining from Borrower on a continuing basis information about Borrowers financial condition; and (e) Lender has made no representation to Grantor about Borrower (mcludamg without limitation the creditworthiness of Borrower). GRANTOR'S WAIVERS. Grantor wakes all tights or defenses arising by reason of any "one action" or "antideficiency" law, or any other law which may prevent Lender from bringing any action against Canter, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for deficiency, before or after Lenders commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale. PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower and Grantor shall pay to Lender as Indebtedness secured by this Deed of Trust as R becomes due, and Borrower and Grantor shall strictly perform all their respective obligations under the Credit Agreement, this Deed of Trust, and the Related Documents. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grentore posseeslon and use of the Property shall be govemed by the following provlelons: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property, (2) use, operate or manage the Property, and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that (1) During the period of Grantor's awnershlp of the Property. there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Larder in writing, (a) any breach or violation of any Env'aonmental Laws, (b) any use, generation, manufacture. storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation ar dams of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shag be conducted in compliance with as applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lander shall be for Lenders purposes only end shall not be construed to create any responsibility or liability on the pari of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantors due diligence In investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waves any future claims against Lender for indemnity or contribution in the event Grantor becomes table for cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and told harmless Lender against any and all claims, losses, liabifities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Deed of Trust oras a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantors ownership or interest in the Property, whether or not the same was or should have been known to Grantor_ The provisions of this section of the Deed of Trust, Including the obligation to Indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lenders acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, penult, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove. or grant to any other perry the right to remove. any timber, minerals (Including al and gas), coal, day, scoria, soil, gravel or rock products without Lenders prior written consent. Removal of Improvements. Grantor shell not demolish or remove any Improvements from the Real Property without tenders prior written consent. As a condition to the removal of any Improvements, Lander may require Grantor to make arrangements satisfactory to Lender to replace such improvements with Improvements of at least equal value, Lender's Right to Enter. Lender and Lenders agents and representatives may enter upon the Real Property at al reasonable times to attend to Lenders interests and to inspect the Real Property for purposes of Grantor's compliance with the teens and conditions of this Deed of Trust. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, end reguiauorta, now or hereafter in effect. of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, Including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long es, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to poet adequate security ora surety bond, reasonably satisfactory to Lender, to protect Lender's interest. 853144 08/29/2014 03:48:00 PM Page 3 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0560294701 DEED OF TRUST (Continued) Page 3 Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do at other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Deed of Trust upon the :ale or transfer, without Lenders prior written consent, of al or any part of the Real Property, or any interest in the Real Property. A "sale or transfer' means the conveyance of Reel Property or any right title or interest in the Real Property, whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, Instalment sale contract. land contract, contract for deed, leasehold interest with a tern greater than three (3) years, lease -option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest i1 the Real Property. However, this option shalt not be exercised by Lender If such exercise Is prohibited by federal law or by Colorado law. TAXES AND LIENS. The following provia)ons relating to the taxes and liens on the Property are part of this Deed of Trust Payment Grantor shat pay when due (and in al events prior to delinquency) all taxes, special taxes, assessments, charges (Including water and sewer), tines and impositions levied against or on accent of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of Trust, except for the Ilen of taxes and assessments not due, except for the Existing Indebtedness referred to below, and except as otherwise provided in this Deed of Trust. Main to Corhtest. Grantor may withhold payment of any tax, assessment or daim In connection with 8 good faith dispute over the obligation to pay, so long as Lenders interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a len is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and permissible fees, or other charges that could accrue as a result of a foreclosure or sale under the len. In any contest, Grantor shall defend itself and Lander and shall satiny any adverse judgment before enforcement against the Property. Greeter shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Nodes of Construction. Grantor shall notify Lender at east fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Larder furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the coat of such Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a par of this Deed of Trust. Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such other hazard and Liability insurance as Lender may reasonably require. Policies shall be written in torte, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor. upon request of Lender, will delver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, nclurang stipulations that coverages wit not be canceled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shal include an endorsement providing that coverage In favor of Lender will not be impaired in any way by any ad, omission or default of Grantor or any other parson. Should the Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, for the maximum amount of Borrowers credit tine and the futt unpaid principal balance of any poor liars on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replete the damaged or destroyed Improvements In a manner sadsfactory to Lender. Lender Shari, upon satefactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under thls Deed of Trust Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair of restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued interest. and the remainder. If any. shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds atter payment in full of the Indebtedness, such proceeds stead be paid to Grantor as Grantor's interests may appear. Compliance with Exisltng Indebtedness. During the period in which any Existing Indebtedness described below los in effect, compliance with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance provisions under this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would constitute a duplication of insurance requirement If any proceeds from the inmrance become payable on loss, the provisions In this Deed of Trust for division of proceeds shall apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness. LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, severity interests, encumbrances, and other claims, (B) to provide any required insurance on the Property, (C) to make repairs to the Property or to comply with any obligation to maintain Existing Indebtedness in good standing as required below, then Lender may do so. K arty action or proceeding is commenced that would materially affect Lender's Interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect Lender's Interests. All expenses incurred or paid by Lender for such purposes will then bear Interest at the rate charged under tha Credit Agreement front the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a pan of the Indebtedness and. at Lenders option, will (A) be payable on demand; (B) be added to the balance of the Credit Agreemerd and be apportioned among and be payable with any instalment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term or the Credit Agreement or (C) be treated as a balloon payment which will be due and payable at the Credit Agreements maturity. The Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which tender may be entitled on account of any defautt Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it other ise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust: Title. Grantor warrants that: (a) Grantor holds good and marketable title 01 record to the Property in fee sample, free and dear of alt !lens and encumbrances other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any title insurance policy, litre report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Deed of Trust, and (b) Grantor has the full tight power, and authority to execute and deliver this Deed of Trust to Lender. 853144 08/29/2014 03:48:00 PM Page 4 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0560294701 DEED OF TRUST (Continued) Page 4 Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all persons. In the event any action or proceeding Is commenced that questions Grantor's title or the Interest of Trustee or Lender under this Deed of Trust, Grantor shall defend the action at Grantors expense. Grantor may be the nominal peaty in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lenders own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property end Grantors use of the Property complies with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Promises. All promises, agreements, and statements Grantor has made in this Deed of Trust shall Survive the execution and defnery of this Deed of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Borrowers indebtedness is paid in full. EXISTING INDEBTEDNESS. The following provisions concerning Existing Indebtedness are a part of this Deed of Trust: Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any default larder the Instruments evidencing such indebtedness, or any default under any security documents for such indebtedness. No Modification. Grantor shall not enter Into any agreement with the holder of any mortgage, deed of trust, or other security agreement which has priority over this Deed of Trust by which that agreement Is modified, amended, extended, or renewed without the prior written consent of Lender. Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of Lender. CONDEMNATION, The foltowing provisions relating to condemnation proceedings are a part of this Deed of Trust: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor wit deliver or cause to be delivered to Lender such Instruments and documentation as may be requested by Lender from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase In lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property. The net proceeds of the award shall mean the award alter payment of alt reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The foliowing provisions relating to governmental taxes, fees and charges are a part of this Deed of Trust Current Taxes, Fees and Charges, Upon request by Lender, Grantor shat execute such documents in addition to this Deed of Trust and take whatever other action is requested by Lender to perfect and continue Lenders lien on the Real Property. Grantor shaft reimburse Lender for all taxes, as described below, together with all expenses Incurred In recording. perfecting or continuing this Deed of Trust, including without limitation at taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Deed of Trust or upon en or any part of the Indebtedness secured by this Deed trf Trust (2) a specific tax on Borrower which Borrower Is authorized or required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable against the Lender or the holder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and Interest made by Borrower. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default, and Lander may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREELENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are a part of this Deed of Trust: Security Agreement. This instrument shell constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have alt of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest Upon request by Lender, Grantor shat take whatever action N requested by Lender to perfect and continue Lenders security interest in the Personal Property. In addition to recording this Deed of Trust in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Deed of Trust as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security Interest. Upon defatat, Grantor shoe not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security Interest granted by this Deed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Deed of Trust. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attomey-in-fact are a part of this Deed of Trust: Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make. execute and deliver, or will rause to be made, executed or delivered, to Lender or to Lenders designee, and when requested by Lender, cause to be filed, recorded, retried, or rerecorded, as the case may be, at such tines and In such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Borrowers and Grantors obligations under the Credit Agreement, this Deed of Trust, and the Related Documents, and (2) the liens and security interests created by this Deed of Trust on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary In writing, Grantor shall reimburse Lender for ell costs end expenses incurred in connection with the matters referred to in this paragraph. Adomey-in-Feat If Grantor fats to do any of the thins referred to in the preoeding paragraph, Lender may do so for and in the name of Grantor and at Grantors expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantors attorney -In -fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, In Lenders sole opinion, to accomplish the matters referred to in the preceding paragraph. 853144 08/29/2014 03:48:00 PM Page 5 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0560294701 DEED OF TRUST (Continued) Page 5 FULL PERFORMANCE Upon the full performance of all the obligations under the Credit Agreement and this Deed of Trust, Trustee may, upon production of documents and fees as required under applcable m w, release this Deed of Trust, and such release shall constitute a release of the lien for all such additional sums and expenditures made pursuant to this Deed of Trust. Lender agrees to cooperate with Grantor In obtaining such release and releasing the other collateral securing the Indebtedness. Any release fees required by law shall be paid by Grantor, If permitted by applicable law. EVENTS OF DEFAULT. Grantor will be in default under this Deed of Trust if any of the following happen: (A) Gnarlier commits fraud or makes a materiel misrepresentation at any time in connection with the Credit Agreement. This can rndude, for example, a false statement about Borrower's or Grantor's income, assets, liabilities, or any other aspects of Borrower's or Grantor's financial condition. (B) Borrower does not meet the repayment turns of the Crede Agreement (C) Grantor's action or Inaction adversely affects the collateral or Lender's rights in the collateral. This can Include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without Lender's permission, foreclosure by the holder of another Ilen, or the use of funds or the dwelfng for prohibited purposes. RIGHTS AND REMEDIES ON DEFAULT. Subject to arty applicable notice and cure provisions under Colorado law, if an Event of Default occurs under this Deed of Trust, at any lime thereafter, Trustee or Lender may exercise any one or more of the following rights and remedies: Elseion of Remedies. All of Lender's rights and remedies will be cumulative and may be exerdsed alone or together. An election by Lender to choose any cele remedy will not bar Lender from using any other remedy. If Lender derides to spend money or to perform any of Grantor's obligations under this Deed of Trust, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due and payable. Foreclosure- Lender shall have the right to cause all or any part of the Real Property, and Personal Property, If Lender derides to proceed against It as if it were real property, to be sold by the Trustee according to the laws of the State of Colorado as respects foreclosures against real property. The Trustee shall save notice in accordance with the laws of Colorado. The Trustee shall apply the proceeds of the sale In the following order. (a) to al costs and expenses of the sale, including but not limited to Trustee's fees, attorneys' fees, and the cost 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 to the excess. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shad have the right to take possession of and manage the Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's oasts, against the Indebtedness. In furtherance of dila night, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-indact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either In person, by agent, or through a receiver. Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without band if permitted by law. Lender's right to the appointment of a receiver shall exist whether or riot the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disquafffy a person from aerving as a receiver. Receiver may be appointed by a court of competent jurisdiction upon ex parte application and without notice, notice being expressly waived. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Borrower or Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shah, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon the demand of Lender. Other Remedies. Trustee or Lender shall have any other right or remedy provided In this Deed of Trust or the Credit Agreement or avatatle at law or in equity. Sate of the Property. In exercising Its rights and remedies. Lender shall be free to designate on or before it files a notice of election and demand with the Trustee, that the Trustee sell all or any part of the Property together or separately, in one sale or by separate sales. Lender shall be entered to bld at any public sale on ail or any portion of the Property. Upon eny sale of the Property, whether made under a power of sale granted in this Deed of Trust or pursuant to judicial proceedings, if the holder of the Crede Agreement is a purchaser at such sale, it shall be entitled to use and apply all. or any podtion of, the Indebtedness for or in settlement or payment of all, or any portion of. the purchase price of the Property purchased, and, In such case, this Deed of Trust, the Credit Agreement. and any documents evidencing expenditures secured by this Deed of Trust shall be presented to the person conducting the sale in order that the amount of Indebtedness so used or applied may be created thereon as having been pad. Expenses. If Lender forecloses or Institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to recover such sum as the court may adjudge reasonable. Whether or not any court action is involved, and to the extent not prohibited by law. ail reasonable expenses Lender incurs that In Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Credit Agreement rate from the date of the expenditure until repaid. Expenses covered by this paragraph Include, without limitation, however subject to any limits under applicable law, Lender's expanses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post -judgment collection services, the coat of searching records. obtaining title reports (including foreclosure reports), surveyors reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to al other sums provided by law. Rights of Trustee. To the extent permitted by applicable law, Trustee shall have all of the rights and duties of Lender as set forth in this section. NOTICES- Any notice required to be given under NS Deed of Trust, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nalionaly recognized overnight courier, or, if mailed, when deposited in the United States mail, es first class, certified or registered mall postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All copies of notices of foreclosure from the holder of any lien which has priorly over this Deed of Trust shall be sent to Lender's address, as shown near the beginning of this Deed of Trust. Any person may change his or her address for notices under this Deed of Trust by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to charge the person's address. For notice purposes. Grantor agrees to keep Lender informed at all times of Grantor'e current address. Unless otherwise provided or requlred by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others of the notice from Lender. 853144 08/29/2014 03:48:00 PM Page 6 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0560294701 DEED OF TRUST (Continued) Page 6 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust: Amendments. What is written In this Deed of Trust and In the Related Documents is Grantor's entire agreement with Lender concerning the matters covered by this Deed of Trust. To be effective, any change or amendment to this Deed of Trust must be in writing and must be signed by whoever will be bound or obllgated by the change or amendment Caplan Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define the provisions of this Deed of Trust. Merger. There shall be no manger of the interest or estate created by this Deed of Trust with any other Interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Joint and Several Liability. All obligations of Borrower and Grantor under this Deed of Trust shall be joint and several, and al references to Grantor shag mean each and every Grantor, and all references to Borrower shall mean each and every Borrower. This means that each Grantor signing below Is responsible for all obligations In this Deed of Trust. No Waiver by Lender. Grantor understands Lender will not give up any of Lender's rights under thls Deed of Trust unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. 1f Lender does agree in writing to give up one of Lender's rights. that does not mean Grantor will not have to comply with the other provisions of this Deed of Trust. Grantor also understands that H Lender does consent to a request, that does not mean that Grantor wig not have to get Landers consent again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantors requests, that does not mean Lender will be required to consent to any of Grantors future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. In the event Lender institutes legal process to obtain possession of the Property end to the extent permuted by law, Grantor hereby knowingly and voluntarily waives any right to a hearing prior to a court order granting Lender the right to take possession of the Property. Grantor waives all rights of exemption from execution or similar law in the Property. and Grantor agrees that the rights of Lender in the Property under this Deed of Trust are prior to Granters rights while tNa Deed of Trust remains in effect. Severability. If a court finds that any provision of this Deed of Trust is not valid or should not be enforced, that (act by itself will not mean that the rest of thls Deed of Trust will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Deed of Trust even if a provision of this Deed of Trust may be found to be irwald or unenforceable_ Successorsand Assigns, Subject to any limitations stated in this Deed of Trust on transfer of Grantoes Interest, this Deed of Trust shall be binding upon and inure to the benefit of the partes, thee successors and assigns. If ownership of the Property becomes vested in a person other then Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Deed of Trust or liability under the Indebtedness_ Timeis attn. Essence. Time is of the essence in the performance of this Deed of Trust Waive Jury. All parties to this Deed of Trust hereby wake the right to any jury trial In any action, proceeding, or counterclaim brought by any party against any other party. Waiver of Homestead Exemption. Grantor hereby releases and waives ail rights and benefits of the homestead exemption laws of the Stale of Colorado as to all Indebtedness secured by this Deed of Trust DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust: Beneficiary. The word 'Beneficiary" means Alpine Bank, A Colorado Banking Corporation, and Its successors and assigns. Borrower. The word "Borrower' means DAVID C. CARSWELL and DENISE B. CARSWELL and induces all co-signers and cotnakers signing the Credit Agreement and all their successors and assigns. Credit Agreement The words 'credit Agreement" mean the credit agreement dated August 26, 2014, with credit limit of $500,000.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date or the Credit Agreement Is August 25, 2015. NOTICE TO GRANTOR: THE CREDIT AGREEMENT CONTAJNS A VARIABLE INTEREST RATE. Deed of Trust. The words 'Deed el Trust' mean this Deed of Trust among Grantor, Lender, and Trustee, and includes without imitation all assignment and security interest provisions relating to the Personal Property and Rents. Environmental Laws. The words 'Environmental Laws" mean arty and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, Including without limitation the Comprehensive Environmental Response, Compensation. and Liability Act ce 1980, as amended, 42 U.S.C. Section 9601, et seq. ('CERCLA"), the Superfund Amendments and Reauthorization Act of 1986. Pub. L. No. 99-499 ("SARK), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq.. ce other applicable state or federal laws, rules, or regulators adopted pursuant thereto. Event of Default. The words "Evert of Default' mean any of the events of default set forth in this Deed of Trust in the events of default section of this Deed of Trust. Existing Indebtedness. The words "Existing Indebtedness' mean the indebtedness described in the Existing Liens provision of this Deed of Trust. Grantor. The word 'Grantor" means DAVID C. CARSWELL and DENISE B. CARSWELL, Trustees of REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009 under the provisions of a trust agreement; and DAVID C. CARSWELL and DENISE 8. CARSWELL. Trustees of REVOCABLE TRUST OF DENISE B. CARSWELL DATED 9/11/2009 under the provisions of e trust agreement. Hazardous Substances. The words 'Hazer -dorm Substances' mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when Improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words 'Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also Includes, without limitation, petroleum and petroleum by-products or any fraction thereof end asbestos. Improvements. The word 'Improvements' means all existing end future improvements, buildings, structures. mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal. interest, and other amounts, costs and expenses payable under the Credit Agreement or Related Documents. together with al renewals of, extensions of. modifications of. consolidations of and substitutions for the Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Trustee or Lender to enforce Grantor's obligetione under this Deed of Trust, together with Interest on such amounts as provided in this Deed of Trust. Specifically, without limitation, Indebtedness Includes all amounts that may be indirectly secured by the Cross -Collateralization provision of this Deed of Trust Lender. The word "Lender" means Alpine Bank, A Colorado Banking Corporation, its successors and assigns. The words "successors or assigns" mean any person or company that acquires any interest in the Credit Agreement. Praonal Property. The words 'Personal Property' mean all equipment, fixtures, end other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property: together with all accessions, parts, 853144 08/29/2014 03:48:00 PM Page 7 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0560294701 DEED OF TRUST (Continued) Page 7 and additions to, all replacements of, and all substitutions for, any of such property: and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Properly. The word "Property" means coiectively the Real Property and the Personal Property. Real Property. The words 'Real Property" mean the real property, interests and rights, as further described In this Deed of Trust Related Documents. The words 'Related Documents' mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed In connection with the Indebtedness. Rents. The word "Rents' means all present and future rents, revenues, income, issues. royalties, profits, and other benefits derived from the Property. Trustee. The word "Trustee means the Pubic Trustee of GARFIELD County, Colorado. EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST, AND EACH GRANTOR AGREES TO ITS TERMS. GRA X DAVID' C. CAR LL, Trustee of REVOCABLE TRUST OF DAVID C. CARSWELt. DATED SEPTEMBER 11, 2009 under the pro of a Trust \e'1"6 DENISE B. CARSWELL, Trustee of REVOCABLE TRUST DAVID C. CARSWELL DATED SEPTEMBER 11, 2009 under the provisions of a Tryst Agaament I � ;JCL( DAVID C. CARSWELL, Tru9Fee of REVOCABLE TRUST0 DENISE B. CARSWELL DATED 9)11 wider the ggvleion& of a Tnent X B. B. CARSWELL, Trustor of REVOCABLE TRUST ENISE 8. CARSWELL DATED 9/11/2009 under the provision of a Trust Agreement STATE OF COUNTY OF Col() raid E}te On this 1.-4day of AtA.,K s4 20 !4 before me, the undersl personally -tSS appeared DAVID C. CARSWELL -* v-'• of REVOCABLE TRUST OF DA DATED SEPTEMBER 11, 2009 , and known to me to be an authorized trustee or agent of the trust that executed and acknowledged the Deed of Trust to be the free and voluntary act and deed of the trust by authority set documents or, . auth.: ty of statute, f. he uses and purposes therein mentioned, and on oath stated that he or sit execute this • =ed of T; stand yt fact ecuted the Deed of Trust on behalf of the trust TRUST ACKNOWLEDGMENT ) SS } Notary Public in and for the State of Redding at SIL; ;7 `. i ii +tit My commission expires L(7'- 1 STATE OF TRUST ACKNOWLEDGMENT e 1 0 reti# COUNTY OF ., .:,p tIf On this -3-is day of CtV44`J.s +, , 20 before me, the undersig &y Public,':1"5 ,C personally appeared DENISE B. CARSWELL, 'T-1-vct24., of REVOCABLE TRUST OF DAVI.1 SWELL DATED SEPTEMBER 11, 2009 , and known to me to be an authorized trustee or agent of the trust that executed th= sekehof)fjust ••• and acknowledged the Deed of Trust to be the free and voluntary act and deed of the trust, by authority set fcd i'n•}}rtSt•••• documents or, authority f statute, f e uses and purposes therein mentioned, and m oath stated that he or she is auiltgtzod tdADO execute this d of Tru ecuted the Deed of Trust on behalf of the true BY "t;b �%�j Residing at Notary Public In and for the State of 6, ,, -,..,,lit 6 (0 My commission expires ( 853144 08/29/2014 03:48:00 PM Page 8 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST Loan No: 0560294701 (Continued) Page S % •.............. , AR Y,o'.++ �• S�i l• • • op�_ LORP� TRUST ACKNOWLEDGMENT STATE OF Co le 'ALPO ' SS COUNTY of ctnle On this day of dJil'7 20'before me, the undersigned No personally appear DAVID C. CARSWELLof REVOCABLE TRUST OF DENISE B. DATED 9/1112009, and known to me to be an au oriizeE 9ustee or agent of the trust that executed the Deed of Trust acknowledged the Deed of Trust to be the free and voluntary act and deed of the trust, by authority set forth in the trust documents or, by authority pf statute, for the uses and •. rposes therein mentioned, and on oath stated that he or she is authorized to execute this Deed of T and in f ted the • =ed of Trust on behalf of the trust BY Notary Public In and for the State of `72-. STATE OF C %,li'rQGA Residing at .R a My commission expires' -q' -/k' TRUST ACKNOWLEDGMENT SS COUNTY OF-."11.e F ,) On this day of i (S4 20 1 before me, the undersigned personally appeared DENISE B. CARSYYEII, -71-0-4,e 20 REVOCABLE TRUST OF DENISE 8. DATED 9111!2009, and known to me to be an authorized trustee or agent of the trust that executed the Deed of acknowledged the Deed of Trust to be the free and voluntary act and deed of the trust, by authority set forth in the trust docu or, by authority • statute for the use§,end purposes therein mentioned, and on oath stated that he or she is authorized to execute this teed of T M and I the Deed of Trust on behalf of the trust. By - AA-��- Residing at m //��4 ) Notary Public In and for the State of Lt. Ir17:4- 1L) My commission expires fp' L ty LASER PRO Lending, Ver. 14.1.0.009 Copr. Harland Financial Solutions, Inc. 1997, 2014. All Rights Reserved. - CO M:1CFRLPL1G01.FC TR -493B4 PR -28