Assignment of Deed of Trust Template

TD72-8-10. DEED OF TRUST (Due on Transfer Strict) Page 2 of 5
forfeiture of the Property or any part thereof, only upon Borrower making all such contested payments and other payments as 58
ordered by the court to the registry of the court in which such proceedings are filed. 59
7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured 60
against loss by fire or hazards included within the term “extended coverage” in an amount at least equal to the lesser of (a) the 61
insurable value of the Property or (b) an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior 62
encumbrances on the Property. All of the foregoing shall be known as “Property Insurance.” 63
The insurance carrier providing the insurance shall be qualified to write Property Insurance in Colorado and shall be chosen 64
by Borrower subject to Lender’s right to reject the chosen carrier for reasonable cause. All insurance policies and renewals thereof 65
shall include a standard mortgage clause in favor of Lender, and shall provide that the insurance carrier shall notify Lender at least 66
ten (10) days before cancellation, termination or any material change of coverage. Insurance policies shall be furnished to Lender 67
at or before closing. Lender shall have the right to hold the policies and renewals thereof. 68
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if 69
not made promptly by Borrower. 70
Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided said restoration or repair is 71
economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not 72
economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the 73
sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if 74
Borrower fails to respond to Lender within 30 days from the date notice is given in accordance with § 16 (Notice) by Lender to 75
Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the 76
insurance proceeds, at Lender’s option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 77
Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§ 4 78
(Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such installments. 79
Notwithstanding anything herein to the contrary, if under § 18 (Acceleration; Foreclosure; Other Remedies) the Property is 80
acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof 81
resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this 82
Deed of Trust immediately prior to such sale or acquisition. 83
All of the rights of Borrower and Lender hereunder with respect to insurance carriers, insurance policies and insurance proceeds 84
are subject to the rights of any holder of a prior deed of trust with respect to said insurance carriers, policies and proceeds. 85
8. Preservation and Maintenance of Property. Borrower shall keep the Property in good repair and shall not commit 86
waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust 87
is on a leasehold. Borrower shall perform all of Borrower’s obligations under any declarations, covenants, by-laws, rules, or other 88
documents governing the use, ownership or occupancy of the Property. 89
9. Protection of Lender’s Security. Except when Borrower has exercised Borrower’s rights under § 6 above, if 90
Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a prior lien, or if 91
any action or proceeding is commenced which materially affects Lender’s interest in the Property, then Lender, at Lender’s option, 92
with notice to Borrower if required by law, may make such appearances, disburse such sums and take such action as is necessary 93
to protect Lender’s interest, including, but not limited to: 94
9.1. any general or special taxes or ditch or water assessments levied or accruing against the Property; 95
9.2. the premiums on any insurance necessary to protect any improvements comprising a part of the Property; 96
9.3. sums due on any prior lien or encumbrance on the Property; 97
9.4. if the Property is a leasehold or is subject to a lease, all sums due under such lease; 98
9.5. the reasonable costs and expenses of defending, protecting, and maintaining the Property and Lender’s interest in 99
the Property, including repair and maintenance costs and expenses, costs and expenses of protecting and securing the Property, 100
receiver’s fees and expenses, inspection fees, appraisal fees, court costs, attorney fees and costs, and fees and costs of an attorney 101
in the employment of Lender or holder of the certificate of purchase; 102
9.6. all other costs and expenses allowable by the evidence of debt or this Deed of Trust; and 103
9.7. such other costs and expenses which may be authorized by a court of competent jurisdiction. 104
Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by 105
law or otherwise to cure any default under said prior encumbrance. 106
Any amounts disbursed by Lender pursuant to this § 9, with interest thereon, shall become additional indebtedness of Borrower 107
secured by this Deed of Trust. Such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and 108
Lender may bring suit to collect any amounts so disbursed plus interest specified in § 2.2 (Note: Other Obligations Secured). Nothing 109
contained in this § 9 shall require Lender to incur any expense or take any action hereunder. 110
10. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided 111
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender’s 112
interest in the Property. 113
11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any 114
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and 115
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