Assignment of Deed of Trust Template
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 3 of 5
shall be paid to Lender as herein provided. However, all of the rights of Borrower and Lender hereunder with respect to such 116
proceeds are subject to the rights of any holder of a prior deed of trust. 117
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 118
excess, if any, paid to Borrower. In the event of a partial taking of the Property, the proceeds remaining after taking out any part of 119
the award due any prior lien holder (net award) shall be divided between Lender and Borrower, in the same ratio as the amount of 120
the sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower’s equity in the Property 121
immediately prior to the date of taking. Borrower’s equity in the Property means the fair market value of the Property less the 122
amount of sums secured by both this Deed of Trust and all prior liens (except taxes) that are to receive any of the award, all at the 123
value immediately prior to the date of taking. 124
If the Property is abandoned by Borrower or if, after notice by Lender to Borrower that the condemnor offers to make an 125
award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is given, Lender 126
is authorized to collect and apply the proceeds, at Lender’s option, either to restoration or repair of the Property or to the sums 127
secured by this Deed of Trust. 128
Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§ 4 129
(Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) nor change the amount of such installments. 130
12. Borrower not Released. Extension of the time for payment or modification of amortization of the sums secured by this 131
Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of 132
the original Borrower, nor Borrower’s successors in interest, from the original terms of this Deed of Trust. Lender shall not be 133
required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of 134
the sums secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower’s successors in interest. 135
13. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or 136
otherwise afforded by law, shall not be a waiver or preclude the exercise of any such right or remedy. 137
14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulative to all 138
other rights or remedies under the Note and this Deed of Trust or afforded by law or equity, and may be exercised concurrently, 139
independently or successively. 140
15. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein 141
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject 142
to the provisions of § 24 (Transfer of the Property; Assumption). All covenants and agreements of Borrower shall be joint and 143
several. The captions and headings of the sections in this Deed of Trust are for convenience only and are not to be used to interpret 144
or define the provisions hereof. 145
16. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Borrower provided for 146
in this Deed of Trust shall be in writing and shall be given and be effective upon (1) delivery to Borrower or (2) mailing such 147
notice by first class U.S. mail, addressed to Borrower at Borrower’s address stated herein or at such other address as Borrower may 148
designate by notice to Lender as provided herein, and (b) any notice to Lender shall be in writing and shall be given and be 149
effective upon (1) delivery to Lender or (2) mailing such notice by first class U.S. mail, to Lender’s address stated herein or to 150
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of 151
Trust shall be deemed to have been given to Borrower or Lender when given in any manner designated herein. 152
17. Governing Law; Severability. The Note and this Deed of Trust shall be governed by the law of Colorado. In the 153
event that any provision or clause of this Deed of Trust or the Note conflicts with the law, such conflict shall not affect other 154
provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the 155
provisions of the Deed of Trust and Note are declared to be severable. 156
18. Acceleration; Foreclosure; Other Remedies. Except as provided in § 24 (Transfer of the Property; Assumption), 157
upon Borrower’s breach of any covenant or agreement of Borrower in this Deed of Trust, or upon any default in a prior lien upon 158
the Property, (unless Borrower has exercised Borrower’s rights under § 6 above), at Lender’s option, all of the sums secured by 159
this Deed of Trust shall be immediately due and payable (Acceleration). To exercise this option, Lender may invoke the power of 160
sale and any other remedies permitted by law. Lender shall be entitled to collect all reasonable costs and expenses incurred in 161
pursuing the remedies provided in this Deed of Trust, including, but not limited to, reasonable attorney’s fees. 162
If Lender invokes the power of sale, Lender shall give written notice to Trustee of such election. Trustee shall give such notice 163
to Borrower of Borrower’s rights as is provided by law. Trustee shall record a copy of such notice and shall cause publication of 164
the legal notice as required by law in a legal newspaper of general circulation in each county in which the Property is situated, and 165
shall mail copies of such notice of sale to Borrower and other persons as prescribed by law. After the lapse of such time as may be 166
required by law, Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder for cash at the 167
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 168
best and in such order as Trustee may determine. Lender or Lender’s designee may purchase the Property at any sale. It shall not 169
be obligatory upon the purchaser at any such sale to see to the application of the purchase money. 170
Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, 171
including, but not limited to, reasonable Trustee’s and attorney’s fees and costs of title evidence; (b) to all sums secured by this 172
Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto. 173
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