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HomeMy WebLinkAbout1.03 Deed869064 10/08/2015 09:16:07 AM Page 1 of 8 Jean Albelico, Garfield County, Colorado Rec Fee. $46.00 Doc Fee: $0.00 eRecorded RECORDATION REQUESTED BY.- Alpine Y:Alpine Bank, A Colorado Bsnking Corporation Alpine Bank Carbondale 400 7th Street South Rlae, CO 81650 WHEN RECORDED MAIL. TO: Alpine Bank 400 7th Street South Rite, CO 81650 SEND TAX NOTICES TO: MICHAEL C. SHIFLET, SARAH E. MURRAY, WILLIAM R. SHIFLIT JR. and MARY L SHIFLET S5 MESA AVENUE CARBONDALI- CO B1623.2207FOR RECORDER'S USE ONLY DEED OF TRUST MAXIMUM PRINCIPAL AMOUNT SECURED. The Lkm of this Deed of Trust shall not exceed at any one time $100,000.00 except as slowed under applicable Colorado law. THIS DEED OF TRUST is dated September 17, 2015, among MICHAEL C. SHIFLET AND SARAH E. MURRAY AND WILLIAM R. SHIFLET JR. AND MARY L SHIFLET ("Grantor"); Alpine Bank, A Colorado Banking Corporation, whose address Is Alpine Bank Carbondale, 400 71h 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 valusbie eonslderallon, Grantor hereby Irrevocably grants, transfers and ussigru to Trusga for the benefit of Lender as Beneficiary all of Grantar's right, thte, and interest In and to the following descilbed mal property, together with all existing or subsequently erected or affixed bulldhp, mpmvements and ftxturas; all easements, rights of way, and appurtenances at water, water rights and dilch dghts finduding stock in utilities with ditch or Irrigation rghis); aril all other tights, royaide and prolits relating to the real property, Including Without limltatlon a;, minerals, oil, gas, geothermal and similar matters, [the "Real Property") located in GARFIELD County, State of Colorado: LOTS 3.4, 5, 6, 7, 8 AND 9 BLOCK 4 TOWNSITE OF COOPERTON, ACCORDING TO THE AMENDED PLAT OF LOTS 3, 4, 5, 6, 7, 8 AND 9, BLOCK 4 RECORDED OCTOBER 24, 2003 AS RECEPTION NO. 639208, COUNTY OF GARFIELD STATE OF COLORADO The Rall Property or its address is commonly known as 58 MESA AVENUE, CARBONDALE, CO 81623. CROSS X&LATERALIZATION. In addition to tho Credit Agreement, this Deed of Trust eeeures all obligations, debts and RaWlitles Plus Interest thereon, of Mier Grantor of Borrower to Lender, or any ore or more of them, as well as an dakns by Larder against Borrower and Grantor or any one or more of them, whather now existing or hereafter arising, whether related or unrelated to the purpose of the Credit Agreement, whether voluntary or otherwise, whether We or not due, direct or kdlrect, determined or undetermined, absolute or contingent, liquidated or unlquideled, whether Borrower or Grantor may be liable Irdivldudly or jointly With others. whether obligated as guarantor, surety, accornmodation party or otherwise. and whethar recovery upon such amounts may be or hereafter may became barred by arty statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable, If the Lender is required to give notice of Ore right to cancel under Truth in Lending in connection with any additional bans, extensions of credit and other liabilities or obligations of Grantor to Lender, then this Deed of Trust shall not secure additional loans or obligations unless and until such notice Is given. REVOLVING LINE OF CREDIT. This Deed of Trust semens the Indebtedness Including, without limitation, a revolving Ina of cradle, which obilgates Lender to maim advances to Borrower so long as Borrower compiles with aI the terms of the Credo Agreement. Such advances may be made, repsid, end remade from Ins to time, subject to the fimttadoo that the total outstanding belanp owing at any ons tlms, not Including finance charges on such belence at a fixed or varlable rob or sum as provided In Bre Credit Agreemerri, any lempomry overages, other Burges, and any amounts expended or advanced as provided to either the Indebtedness paragraph or No paragraph, shall sot exceed the Credit Limit as provided In the Credit Agreement. it Is the Intention of Grantor and Lander that this Dead at Tout mums the balance oulstmtding under the Credit Agreement from time to time from zero up to the Credit Limit as pmvkled In the Credit Agreement and any Intermediate betance. Grantor presently assigns to Larder (also known as Beneficiary In this Deed of Trust) all of Grantors right, title, and Interest in and to all present and luture Leases of the Property and all Rents from the Property In addition, Grantor grants to Lander a Uniform Commercial Cade security Interest In the Pwsonal Property and Rents. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE REM AND PERSONAL PROPERTY, DI GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) 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 TERM& GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Deed of Trust Is executed at Borrower's request and not at the request of Lander, (b) Grantor has the full power, right, and authority to enter Into anis Deed at Trust and to hypelhawts the Propaity; (c) the provisions of this 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 arty law, regulation, court decree at order applicable to Grantor; (d) Grantor has established adequate ovens of obtaining from Borrower on a continuing basis information about Banowers financial condition; and (a) Lender has made no representation to Grantor about Borrower (including without Rrnitatlon the creditworthinesa of Borrower), GRANTOR'S WAIVERS. Grantor waives all rights or defenses adsinq by reason of any 'one action' or'anll-deticiency' low, or any other law which may prevent Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender Is otherwise entitled to a claim for deficiency, before or alter Larders commencement or complelbn of arty foreclosure action either judicially or by exercise al a power of sale. PAYMENT AND PERFORMANCE. Except as otlwrvrLw provided In this Deed of Trust. Borrower and Grantor shall pay to Larder all Indebtedness secured by tMa Deed of Tout as It becomes due, and Borrower and Grantor shell strictly perform all their respective 8690641010812015 09:16:07 AM Page 2 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST Loan No: 0463976501 (Continued) Pape 2 obligations under the Credit Agreement, this Deed of Truat, and the Related Docurrents. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrowers and Grantees possession and use of the Property shall be govemed by the following provisions: Possession end Use. Until the occurrence of an Event of Default. Grantor may (1) remain In possession and control of the Property; (2) use, opremle or manage the Propefty; and (3) collect the Rents from the Property. Duty to Malntalm Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements and maintenance necessary to preserve its value. compliance VYllh Envkunmental Laws. Grantor represents and warrants to Lender that (1) During the period of Grantor's ownership 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 Item the Property; (2) Grantor hes no knowledge of, or reason to btrleve that there has been, except as previously disclosed to and acknowledged by Larder in writing, (e) any breach or violation of any Environmental Laws, (b) any use, generation. manufacture, storage, treatment, dlapos i. release or throolened release of any Hazardous Substance on, under, about or lrom the Property by any prior owners or occupants of the Property, or (c) any actual at threatened litigation or ciairm of any kind by any person relating to such maters; and (3) Except as previously disclosed to and acknowledged by Lender In writing, (a) neither Grantor nar any tenant, contractor, agent or otter authorized user of the Property Shall use, generate. manufacture, stare, treat, dispose of ar release arty Hazardous Substance on, under. about or from the Property; and (b) any such activity shall be wnducted In compliance with all applicable federal, state, and lora) laws, regulations and ordination, Including without limitation all Environmental Laws. Grantor authorizes Lender and Its agents to enter upon the Property to make such Inspections and testa. at Grantor& expense, as Lender may deem appropriate to determine ccmphence of the Property wRh this section of the Deed of Trust. Any Inspections or teats made by Larder shat) be far Landers purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are hexed on Grantor's due difdpence In -nvestigating the Property for Hazardous Subslarhoes. Grantor hereby (1) neleasea and wahes any future dakn against Lender for indemnity or oontrlbutlon in the avant Grantor becomes UaWe for cleanup or &Mw Coats under any such laws; and (2) apron to Indemnify, defend. and hold harmleu Lender against arty and all claims, lasses, liabilities, damages, penalties, and expenses which Larder may directly or Indirectly sustain or suffer resulting Irom a breach of this section of the Used of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantors ownership or hereat In the Property, whether or not the same was or shx„dd have been known to Grantor. The provialons of tit& section of the Dead of Taut, including the obligation to Indemnify and defend, shall survNe the payment of the Indebtedness and the satisfaction and reconveyance of the flan of this Deed of Trust and shall not be affected by Landers acquisition of any Interest In the Property, whether by foreclosure or otherwise. Nuisance, Wastes Grantor shall not rause, conduct or permit any nuisance nor commit. permit, or suffer any stripping of or waste on or to the Property or any ponlon of the Property VAlhout ImIling the genomi ly of the foregoing, Grantor will not remove, or grant to any other parry the right to remove, any limber, minerals (Including OR and gas), coal, day, Searle, &dl gavel or rock products without Lenders prior written consent. Removal of Improvements Grantor shell not dematish or remove any Improvements from the Real Property without Larderh prior written consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrgngemants satisfactory to Larder to replace such Improvements with Improvements of at least equal value, Lenders Right to Enter. Lander and Lerdara agrds and representatives may enter upon the Real Property at all reasonable times to sit" to Landers Interests and to Inspect the heal Property for purposes of Grantors compliance with the tams and cofditlons of this Deed of Trust Oampuanra with Governmental Requirements Grantor shalt promptly, comply whh all lawn. ordinarim, and regulalle s, now or hereafter In effect of at governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in goad faith any such law, ordlnertce, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lander In writing prior b doing so and so long as. In Lenders sole opinlon, Lenders interests In the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, ressaahly satisfactory to Lander, to protect Ledees Interest. Duty to Protect. Grantor agrees neither to abandon or leave matended be Property. Grantor shall do all other acts. In addition to those acts set forth above In this section, which from the chharaetsr and use of the Property we reasonably necessary to protest and preserve the Property. DUE ON SALE - CDN9ENT BY LENDER. Lender may, at Lenders option, declare Immediately due and payable all sums secured by this Deed of Trust upon the sale or transfer, without Landers prior writan conserC of all or arty pard of the Real Property, or any interest In the Real Property. A 'sale or transfer truism the conveyance of Real Property or any right, title or Interest In the Real Property; whether legal. beneficial or aquht bIG: whether vofuftery or Involuntary; whether by outright sale, deed. Ihsiallmert sale contract, W w contras, coarect for deed, leasehold Interest with a term greater than three (3) years, lease -&piton contract, or by sets, assignment, or transfer of any benelicial interest In or to any lend trust holding title to the Real Property, or by arty other method of conveyance of an Interest In the Red Property. However. this option shall not be exercised by Larder If such exercise is prohibited by federal law or by Colorado law. TA%ES AND DAIS. The following provisias relating to the taxes and liens on the Property are part of this Dead of Trust Payment. Grantor shalt pay when duo (and in all events prior to deft ueney) at taxes, special taxes, assesarnenist, charges (Including water and sewer), fines and Inposalons levled against or on account of the Property, and shall pay when duo all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all Iqn , having priority over or equal to the Interest of Larder under this Dead of Tnst, except for the lien of taxes and assessments not due, except for the Existing Indebtedness referral to below, and except as dharwlse provided In this Deed of That. Right to Contest. Grantor may withhold payment of any tax, assessment or dalm In connection with a good faith dispute over the obligation to pay, so long as Lenders Interest In the Property Is not )eapandlaed. It a len arises or Is tied as a result of nonpayment, Grantor shell within fifteen (15) days after the Ilan arises at. it a Ion Is filed, within Moen (15) days after Grantor trot notice of tha fling, secure the discharge of the len, or If requested by Lender, deposit wUht Larder rash or a sufficient corporate surety fond or other security satlsfanxory to Larder In an amours suftent to discharge the film plus any coats and permissible teas. or ether changes that druid acwA as a result of a foreclosure or safe under the Item in arty contest, Grantor shag defend Itself and Lender and shall satisfy any adverse Judgment before enforcement against the Property. Grantor shall acme LaMar as an additional obliges under any surety hard punished In the contest proceedings Evaders of Payment. Grantor shall upon demand humlsh to Lander satisfactory evidence of payment of the taxes or assessments and shall authortze the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Properly. Notes of Constructtoa. Grantor shall notify Lender at lent fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, H any m chaN 's lien, materlalman's Ilan, or Who Ion could be asserted an acoount of the work, amore% or materials. Grantor will upon request of Larder furnlah to Lender advance assurances satisfactory to Lender that Grantor can and wIU pay the cost of such Improvements. PROPERTY DAMAGE INSURANCE. The following provLslons relating to Insuring the Property are a pad at lits Deed of Trot. 8690641010812015 09:161-07 AM Page 3 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST Loan No: 0463976501 (Continued) Page 3 Maintenance of Insurance. Grantor shalt procure and maintain pdkdes of Hm Insurance with standard extended coverage endorsements on s replacement tresis for the full Insurable value covering all Improvements on the Real Property In an amount "Icient to avoid application at any coinsurance clause, and with a standard mortgagee clause h favor of ter, together with such other hazard and nablity insurance as Lander may reasonably require, Policies snail be written In torn, amounts, coverages and basis reasonably acceptable to lender and issued by a company or companies reasonably acceptable to Lender Grantor, upon request of Lander, will deliver to Lander from rime to time the polices or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or dirdnished whhout at laesl thirty (30) days prior written notice to Lender. Each kosmence policy also shall Include an endaraemant providing that Coverage in favor of lender will not be impaired In any way by any act, omission or default of Grantor or any other parson Should the Real Property be belted in an area designated by the Administrator of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, If avalable, for the maxinsan amount of Sorrowars credit line and the lull unpaid prindpel balance of any prior Hens on the property securing the ban, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance far the term of the ban. Application of Proceeds. Grantor shalt promptly notify lander of arty loss or damage to the Property. Lander may make proof of loss It Grantor falls to do so within fifteen (15) days of the casualty. Mother or not Lender's security Is Impalred, Lander may, at Lenders section, recelve, and retain the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lion aNecting the Property, or the restoration and repair of the Property. 11 Leader sleds to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements In a manner satisfactory to Lander. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Granor from the proceeds for th reasonable cost of repair or restoration If Grantor Is not In delault under this Dead of TrusL Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or resloratkm al the Property shalt 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, shad be applied to the prfncip&I balance of the indebtedness. If Lender holds any proceeds after payment In lull of the Indebtedness, such proceads shall be paid to Grantor as Granters Interests may appear. Compl anco with Exlsting Indebtedness. During the period in which any Existing Indebtedness described Wow Is In effect. conhpllance with the Insurance provisions contained In the Instrument ewdan ting such Exlsdng kKWXodness shall constitute compliance with iha Insurance provisions under this Deed of Trust to the extent compliance with the terms of this Dead of Trust would constitute a duplication of Insurance requirement. If any proceeds from the Insurance become payable on loss, the provision in this Dead at Trust for dM sIon of proceeds shall apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness. LENOERT EXPENDITURES. It Grantor falls (A) to keep the Property free of all taxes lens, twcvrity, interests, encumbrances, and other claire, (B) to provide any required insurance on the Property, (C) to make repairs to the Property or to comply with any obligation to maintah Existing Indebtedness in good standing as required below, Men Lender may do so. If any action or proceeding is commoncad that would materially affect Lenders Interests In the Property, then Lender on Grantors behalf may, but is not required Io, take any adlon that Lander believes to be appropriate to proleet Lender's Interests. AN expenses Incurred or poll by Lender for such purposes will then bear Interest at the rate charged under the Credit Agreement from the date kxxrred or paid by Lender o the date of repayment by Grantor. AN such expenses will become a pert of the Indebtedness and, bl Landers option, will (A) be payable on demand; (8) be added to the balance of the Credit Agreement and be apportioned among and be payable with any Installment payments to become due during either (1) the term of try applicable Insurance policy; or (2) the remaining tens of the Credit Agreement or (C) be treated as a balloon payment which will be due and payable at the Credit Agreement's maturity. The Deed of Trust also will secure payment of these arnatrts. The rights provided for In this paragraph shall be In addition to any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be construed as axing the delauft so as to bar Lender from any remedy that H otherwise would have had. WARRANTY: DEFENSE OF TITLE, The following provisions relating to ownership of the Property are a pan of this Deed of Trust: Tifie, Grantor warrants Ihat. (e) Grantor holds good and marketable fide of record to it* Property in fee ample, free and dear of all lens and encumbrances other than two act lorth In the Real Property description or In the Existing indebtedness section below or In any title insurance policy, dile report, or final dile opinion Issued In favor of, and axepled by, Lender In connection with this Deed of Tent and (b) Grantor has the ful right, powerand outhortty to execute and deliver two Deed of Trust to Lender Defense of TWO. Subject to the exception In the paragraph above, Grantor warrants and will forever "end the title to the Property against the lawful dalms of all persons. In the event any adfon or proceeding is commenced that questions Grantars title or the interest of Tnnstse or Lender urder this Deed of Trust, Grantor shelf defend the action at 0santors expense. Grantor may be the nominal parry In such proceeding, but Lender shall be entitled to participate In the proceeding and to be represented in the proceeding by corral all Landers own choice, and Grantor will delver, or cause to be delivered, to Lader such Inskuments as Larder may request from time to rime to pwmk such participation, Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property complas with all oxlstlrg applicable Laws, ordinances, and regulations of governmental authorities. Survival of Promises, All promises, agreements, and statements Grantor hes made In this Dead of Trust shall survive the execution and delivery of this Deed of Trust, shat be oontirnhkg in nature and analI remain In full force and effect unlit such time as Borrowers Indebtedness is paid In full. EXISTING INDEBTEDNESS. The following provisions concaming Existing Indebtedness are a pare of this Dead of Trust: Existing Llsm The Ren of this Deed of Trust securing the Indebtedness may be secondary and hector to an existing lien. Grantor expressly covenants and agrees to pay, or ace to the payment of, the Existing Indebladnoss and to prevent any default on such Indebtedness, any default under the Instnrnants evidencing such indeblednese, or any defaua under any security documents for such lndoWednass. No Modification. Grantor shall not enter Into any agreement with she holler 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, amended, or renewed without the prior written consent of Lender. Grantor shelf neither request nor accept any future advances under any such security agreement without the prior written consent of Lander CONDEMNATION. The following provisions relating to condemnation proceedings are a pan of this Deed of Trust Proeoeerno& f any proceeding In condemnation Is fled, 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 neminal party In such proceeding. but Lender shed be entitled to participate In tyre proceedig and to be represented In the proceeding by counsel of its own choice, and Grantor will delver or rause to be delivered to Lander such instrumaras and documentations as may be requested by Lender from time to time to permit such participarlon. Appdeatlan of Net Proceads. It all or arty part of the Property Is condemned by eminent domain proceedings or by any proceeding or purchase in llou of condemnation, Lander may at Its elation require tont ON 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 ansH mean the award after payment of an reasonable Costs, expanses, and atomeye fees i currod by Trustee or Lender In connection with the cordamnatlan. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVEIWMENTAL AUTHORITIES. The folowing provisions relating to 8690641010812015 09.16:07 AM Page 4 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee. $0.00 eRecorded DEED OF TRUST Loan No; 0463976501 (Continued) Page 4 governments! taxa, fees and charges are a pan of this Deed of Trust - Current Tsxes, Fees and Charges. upon request by Lander. Grantor shall execute such documents in addition to this Dead of Trust and take whatever other action Is requested by Lander to perfect and continua Lender's Iten on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, logether with at expenses Incurred in recording, perfecting or continuing this Deed of Trust, Including without liritatlon an 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: (t) a specific tax upon this type of Deed of Trust or upon all or arty pan of the Indebtedness secured by this Deed of Trust; (2) a specific tax an Borrower which Borrower is auttorb'ed or required to deduct from payments on the Indebtedness secured by this type of Dead of Trust, (3) a tax on this type of Dead of Trust chargeable against the Lender or the holder of the Credit Agreement; and (4) a specific tax on at or any portion of the Irdabladrness or on payments of principal aux! Interest made by Borrower. Subsequent Taxes It any tax to which t -la section applies Is enacted subsequent to the data of this Deed of Tnust, 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 Everd of Default as provided below tnlesa Grantor aaher 11) pap the tax before it becomes dellnquent, or (2) contests the tax as pravlded above In the Taxes and Liens section and deposits with Larder cash or a sufficient corporate surety bond or other security satisfactory to Lander. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Deed of Trual as a security agreement are a part of this Deed of Trust, Security Agreement. This Instrument steal. constitute a Security Agreement to the extent any of the Property conattutes fixtures, and Lander shall have all of the rights of a secured parry under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lollar, Grantor shag take whatever action Is requested by Lander to perfect and continue Landers security interest In the Personat Property. In addition to recoding this Deed of Trust In the real property records, Lander may, at any Ilene and without further authortratlon tram Grantor, lila executed counterparts, copies or reproductions of this Deed of Trust as s financing statement. Grantor shall reimburse Lender for all expenses Incurred In perfecting or contlnuing this security interest. Upon default. Grantor shalt not remove, saver 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 reasphebhy cormnieit to Grantor and Leder and make It available to Laurer wilidn three (3) days after receipt of written demand from Lender to the axtent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) end Lader (secured parry) from which . nformation concaming the security Interest granted by this Dead of Trust may be obtained (each as required by the Uniform Commercial Cade) are as stated on the first page of this Deed of Trust. FURTHER ASSURANCES; ATTORNEY -1f4 -FACT. The fol'owing provisions relating to further assurances end attomWin-fact are a part of this Deed of Tnmd-. Further Assurances. At any time, and tram lime to lime, upon request of Lendr. Grantor will make, execute and deliver, or w1l cause to be made, executed or delivered, to Lander or to Lenders designee, and when requested by Lader, cause to be Mod, recorded, rallied, or rerecorded. as the case may be, at such flows acrd in such offices and places as Lander may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements financing statements, eordireation statements, Instruments of further assurance, certificates. and other documents as may, it, the sole opinion of Lender, be necessary or desirable in order to stlectuale, complete, perfect, contnus or preserve (1) Borrowers and Grantors obligations urider the Credit Agreement. this Deed of Trust aid the Related Documents, and (2) the Nene and security Interests created by this Deed of Trust on the Properly, whether now owned or hereafter acquired by Grantor Unless prohibited by law or Lender agrees to the contrary In writing, Grantor shall reimburse Lander for all costs and expenses Incurred In connection with the maters referred to in this paragraph. ACormeyan-Fact. If Grantor halls to do any of the things Warred to In the preceding paragraph, Lader may do so for and In the name of Grantor and at Grantors expense. For such purposes. Grantor hereby Irrevocably appoints Lander as Grantors attomay-En-fact for to purpose of making, axecuting, dallvering, ff ling, recording, and doing all other things as may be necessary or desirable, in Lenders sole opinion, to accomplish the matters refemed to In the precadig paragraph. FULL PERFORMANCE Upon die full parlormenca of all the obligallom under the Credit Agreement and this Deed of Trust, Trustee may, upon production of documents and fees as required under applicable law. release We Deed of Trust, and such release shah constitute a release of the lien for at such addtlona stens 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 low. EVENTS OF DEFAULT. Grantor win be in default under this Deed of Trust It any of the following happen: (A) Grantor commits fraud or makes a material misrepresentation at any time In comacllon with the Credit Agreement. This Can Include. for example, a fa6a statement about Borrowers or Grantors Income, assets, nahilifas, or any other aspects of Barrowars at Grantors financial condition. (B) Borrower does not meet the repayment terms of the Credit Agreement. (C) Grantors action or inaction adversely affects the collateral or Lenders rights In the collateral. This Can Include, for example, fallure to maintain required insurance, waste or destruodve use of the dwelling, failure to pay taxes, death of all persons liable on the account transfer of We or sale of the dwelling, creation of a senior Nan on the dwelling without Lenders. permission, foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited purposes. RIGHTS AND REMEDIES ON DEFAULT. Subpd to any applicable notice and cure provisions cruder Colorado law, If an Event of Dgfauh occurs under this Deed of Trost, at any time thereafter. Trustee or Larder may exercise any one or more of the following rights and remedies: Bectlan of Reesedtea. Aa of Larders rights and remedies will be cumulative and may be exercised Awe or together. An election by Lander to Doose any one remedy will not bar Larder from using any other remedy, If Lender decides to spend money or to perform any of Grantors obligations order this Deed of Trust. after Gramor's failure to do so, that decision by Lander will not affect Lender's right to declare Grantor in default and to exercise Lenders remedies. Accelm Indebtedness. Larder shall have the right at its option to declare the entre Indebtedness I nxsdleely due and payable, Foreclosure. Lander shall have the right to cause all or any part of the heal Property, and Personal Property, It Lender decides to proceed against it as It t were real property, to be said by the Trustee according to the laws of the State of Colorado as respects foreclosures against real property. The Tnrslee shall give notice In accordance with the laws of Colorado. The Trustee shall apply the proceeds of the sale In the following order (a) to at casts and expenses of the sale, including but no limited to Trustee's tees, agomeye' fees, end the cost of [His evidence (b) to all sums secured by this Deed of Trust. and (c) the excess, ff any, to the person or persons legally entitled to the excess UCC Remedie& with respect to all or any pan of the Personal Property, Larder shall have all the rights and remedies of a secured parry under the uniform Commercial Code. Cdkot Rends. Larder shall have the right to take possession of and manage the Property and collect the Rents, Including amounts past due and unpaid, and apply the not proceeds, over and above Lenders costs, against the fnndsbtarfieas. It, furtherance of this right, Lander may require any tenant or other user of the Property to make payments of rant or use lees 8690641010812015 09:16:07 AM Page 5 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST Loan No: 0463976501 (Continued) Page 5 directly to Lander If the Rents aro colacmd by Lender, than Grantor Irrevocably deslgnates Lender as Grantees attornaydn•fact to endorse Instruments received in payment thereof in the name of Grantor and to negatiale 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 Re rights under this subparagraph either in person, by agent, or through a receiver. Appoint Receiver. Lander 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 Properly and apply the proceeds, over and above the coat of the receivership, against the Indebtedness. The receiver may serve without bond It pemrited by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Properly exceeds the Indebtedness by a substanttal amount. Employment by Larder shell not disqualify a person Iroserving as a recelvar. Receiver may be appointed by a court of competent jurisdiction trpon ex parte applicatio n and without notice, notice being expmesty waived. Tenancy at Sufferance. If Grantor remains in possession of the Property after the Properly Is sold as provided above or Lender otherwise becomes erdltied to poseeasIon of the Properly upon default of Borrower or Grantor. Grantor shall become a tenant at sufferance at Lander or the purchaser of the Property and Shag, at Lender's option, either (1) pay s reasonable ramal for the use of the Property, or (2) vacate the Property Immediately upon the demand of Lender. Other Rentedles. Trustee or Lender 9*1 have any other right or remedy provided In this Deed of Trust or The Credit Agreement or avalable at law or In equity. Sale of the Property. In exercising Its rights and remedies, Lender shall be free to designate an or before It files a notice of election and demand with the Trustee, that the Trustee set, all or any pan of the Property together or separately, in one sale or by separate Sales. Lender shall be ant-Ued to bid at any public safe an all or any portion of the Property. Upon any safe of the Property, whether made utdet a power of rale granted In this Deed of Trust or pursuant to judicial pmooWkK s, If the holder of the Credit Agreement is a purchaser at such sate. It shelf be entitled to use and appy at, or any portion of, the Indebtedness for or In settlement or payment of all, or any ponlon of, the purchase price of the Properly purchased, and, In such case, this Deed of Trust. the Credit Apreernertt, and any documents evidanrtxng expenditures secured by this Deed of Trust cat be presented to t�person conducting the safe in order that the amount of Indebtedness so used or applied may be credited thereon as having pakL Expenses. It Lender forecloses or Institute* any cull or action to enforce any of the terms of this Deed of Trust. Lender shall be erditled 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. an reasonable expenses Lander Incurs that In Larders opWon are necessary at any time for the protection of Its Interest or the enforcement of is dots shell become a pan of the Indebtedness payable on demand and shall beer Interest at the Credit Agreement rate from fire date of the expenditure unfit repaid. Expanses covered by this paragraph Include, without lfrnitation, however subject to any Amps under applicable law. Lender's expenses for bankruptcy proceedings (Including efforts to modify or vacate any automatic any or injunction), appeals, and any anticipated post judgment collection services, the cost of searching records, obtaining fide mpons (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 a1 other sums provided by law. Rights of Trustee. To the axiom permitted by applicable law, Trustee *hal have all of the rights and duties of Lender as set forth In this section. NOTICES. Any notice required to be given under !this Deed of Trust, Including without limitation arty notice of default and any notice of sale shall be given In writing. and shall be effective when actually delivered, when actually recalved by tatefacstmae (unless otherwise required by law), when deposited with a nationally recognized ovemight couder, or. If mailed, when deposited In the United States mall, as first doss, o*rttigd or registered mail postage prepaid, directed to the addreaxs shown neer the beginning of this Deed of Trust. All copies of notices of foreclosdre from the holder of any Ilan which has priority over this Deed of Trust Shelf be sent to Larder's address, as shown neer the beginning of 1Na Deed of Trust. Arty parson 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 dWW the person's address. For nmloe purposes. Grantor agrees to koep Larder informed at all tinea of Granters current address. Unless allherwlae provided or required by law. if there Is hent* then one Grantor, any notice given by Lander to any Grantor Is deemed to be notice given to all Grantors. It will be Grantor's responsibility to telt the others of the notice from Lender, MISCELLANEOUS PROVISIONS, The following rnbcaleneous provisions are a part of this Deed of Trust Amendments. What is written In this Dead of Trust and In the Related Doctxaants Is Grantor's emirs agreement with Lerder conceming the matere covered by lista Deed of Trust To be effective, any charge or amendment to this Deed of Trust must be In wrung and must be signed by whoever will be bound or obligated by the change or amendment. Caption Headings. Caption headings In this Dead of Trust are for convenience purposes only and are not to be used to Interpret or define the provisions al this Deed of Trust. Merger. There shall be no merger of the Intereat or estate created by this Deed of Trust with any other Interest or estate in the Properly at any time held by or for the benefit of Lender In any capacity, without the written consent of Larder Jain end Several Liability. All obligations of Borrower and Grantor urder this Deed of Trust shall be Joint and several, and all references to Grantor shall mean each and every Gramor, and all relareaces to Borrower shall mew each and every Borrower. This means that each Grantor signing below Is responsible for all obligations in this Deed of Trust. No Waiver by Lander. Grantor understands Lander will rot pita up any of Lenders rights under this Dead of Trust unless Lender does so In writing. The fact that Lender delays or omits to exercise any tight will not mean that Lander has given up that right. 11 Lender does spree in writing to give up one of Lenders rights, that does rot mean Grantor will not have to campy with the other provlslams of this Deed of TnrsL Grantor also understands that If Lender does consent to a request, that does not mean that Grantor will nut have to get Landers consent again If the situation happens again. Granter further understerds that just because Lender consents to one or more of Grantors requests, that does not mean Lander will be required to consent to any of Grantors future requests. Grantor waives presentment, demand for payment, protest. and notice of dishonor. In the ovum Lender Institutes legal process to obtain possession of the Property and to the extant permitted by law, Grantor hereby knowingly and voluntarily waives any right to a hearing prior to a court order grading Lender the right to take possession of the Properly. Grantorwaives all rights of exemption from execution or similar law In the Properly, and Grantor agrees that the rights of Lender In the Properly under this Deed of Trust are prior to Granters rights while this Deed of Trust remains In effect Severablty. If a court finds that any provision of thin Deed of Trust is not vald or should not be enforced, that fact by ItseH will not mean that the rest of this Deed of Trust will not be veld or enloo . Therefore, a court will enforce the rest of the provisions of this Deed of Trust even H a provision of this Desd of Test may be found to be Invalid or unenforceable. Suemaws and Assigns. Subject to amu limitations stated In this Dead of Trust an transfer of Granters Interest, this Deed of Trust shelf be binding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of me Property becomes vested in a person other than Grantor. Lender, without notice to Grantor, may deal with Grantees successors with Memo& to this Deed of Trust and the Indebtedness by way of lorbearanee or extension without rebasing Grantor from the obligations of this Deed of Trust or liability oder the Indebtedness. Time Is of the Esconea. Time Is of the essence In the perlom ranee of this Deed of Trust. 869064 10108/2015 0916:07 AM Page 6 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST ( Dan No, 0463976501 (Continued) Page 5 Wales Jury. All parlMs to this Dead of Trust hereby waive the right to any jury trial In any action, proenndng, or eourdarciahm womw by any party against any other party. Wdver of Homestead Exaepton. Grantor hereby releases and waives all rights end benefits of the homestead exemption laws of the State of Colorado as to all Indebtedness secured by this Dead of Trust. DEFINITION& The following words shag have the following meanings when used In this Dead of Trust: Beneficiary. The word 'Banefldaryt" means Alpine Bank, A Colorado Banking Corporation, and its successors and assigns. Borrower. The word 'Borrower means MICHAEL C. SHIFLET and Includes of co-signers and co-imakere sigrd g the Credit Agnwrent and alt their successors and assigns. Cmilt A���rra�rehd. The words 'Credit Agreement' mean this credit agreement dated September 17, 2015, with credit limit Of $1oU oa0.00 from Borrower to Larder, together with all renewals at, extenalorn of. modifications of, refinancings of, consolidations at, and subs Rullons for the promissory rote or agreement. The maturity data of the Credit Agreernant is September 25. 2025. NOTICE TO GRANTOR: THE CREDIT AOREEYENT CONTAINS A VARIABLE INTEREST RATE. Deed of Them. The words 'Deed of Trusr mem this Deed of Trust among Grantor, Lender, and Trustee. and Includes, without Imiteton all assipunent and security Interest provislom relating to the Personal Property and Rents. EmekomrNal Laws. The words *Environmantal Laws" mean Amy and of state. federal and local ststulas, regulations and ordinances relating 10 the protection of human health or the environment, including without lindtatlon the Comprehensive Environmental Response, Compensation. and LIAbtilty Act of 1980, as amended. 42 U.S.C. Section 9601. at seq. ('CERCLA'), the Superiud Amendments and Reautpartzadon Act of 1986, Pub. L. No. 99-499 ('SARA'). the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., the Resource Conservatlon and Recovery Act. 42 U.S.C. Soctfon 6901, of seq., or other applicable slate or federal laws, miles, or regulations adopted pursuant thereto. Evsnl of DerauiL The words 'Gwent of Default' mean any of the wants of default sat forth In this Deed of Trust In the events of default section of this Deed of Trust Existing lrdabtedness. The words 'Existing lndsdadnrens' mean the ltdebtsKirms described In the Existing Liam provkdon of ttYs peed of Tnm1. Grantor. The word 'Grantor" means MICHAEL C. SHIFI.ET, SARAH E. MURRAY. WILLIAM R. SHIFLEr JR. and MARY L SHIFLET. Flazin ous Substances. The words 'H�zard4sr>r.&tlbstaruces" moan materials that, because of their quantity, concentration or physical, chemical or Infectious dharactedstice, may cause or pose a present or potential hamrd to human health or the environment when hrphopedy used, treated, slored, disposed of, generated, mantdecttaed, transported or otherwise har4led. The words "Hazardous Substances' are used In their vary broadest sense end belie without Ilmltation any and Af hazardous or toxic substmoas, materials or waste as defined by or listed under the Environmental Laws. The term 'tiazwdous SubsiaroW also Includes. without Imitation, petroleum and petroleum by-products or arty fraction thereof and asbestos. Improvements. The word 'Irnproverri Mr means all existing and fulure ImprovemerAs, buildings. slructwes, mobile homes affixed on the Real Property. faclltlas, additions, nn*m mrenfs and other construction on to Rest Property. Indebtedness. The word 'Indebtedness' means of principal, [Merest, and other amounts, costs and expenses payable oder the Credit Agreement or Related Documents, together with all renewals of, extensions of, modlRcad" of, eonsoldatiors of and substitution, for the Credlt Agreement or Related Documents and any amounts expended or advanced by LwWar to discharge Grantoes obligations or expenses thourred by Trustee or Lender to enforce Grantors obligations under this Dead of Trust, together with Interest on such amounts as provided in this Deed of Truat Specilicaly, without Ilmltatlon, Indebtedness includes all amounts that may be kKRmcdy secured by the Cross-Cofstaralzatin provision of this Dead of Trust. Larder. The*word 'Lender' means Alpine Bank, A Colorado Banking Corporation, its sudxassom and assigns. The words •sumessam or asslglm' mean any person or company that acquires any interest in the Credit Agreement. Psrsand Property. The wards 'Person_ Property' mean of equipment, fbdures, and other articles cd personal property now or hereafter mad by Grantor, end now or hereafter attached or affixed to the Real Propertytogether with all acceaalons, parts. and additions to, all replacements of, and all sabif thaiors for. airy of such property, and together with all proceeds (including without Imalation of insurance prucesda and refunds of prarNurrs) from any sale or other disposition of the Property. Property. The word 'ProPertyr means coltectvety the Real Property and Ira Personal Property. Rad Property. The words 'Real Properly' mean the real property, interests and 0". as further described in this Dead of Tmat Related DocunwIl . The words 'Related Documents' mean a 1 Prornlseory notes, credit agreements. ban agrearnaMs, arra onmental agreements, guene ntes, security agreements, mortgages, deeds of trust. security deeds. Collateral mortpegas, and all other Instruments, agreements and documents, whether now or hereafter existing, executed in tomection with the Indebtedness. Rants. The word 'Rents' means all present and future rents_ revenues, income. Issues. royalties. proflts, and other benellts derived from tiro Property. Trustee. The wont 'Trusiae' means the Pubic Trustee of GARFIELD County. Colorado. 86906410/08/2015 09:16:07 AM Page 7 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded DEED OF TRUST Loan No: 0463976601 (Continued) Paps 7 EACH GRANTOR ACKNOWLEDGES HAYING READ ALL THE PROVISIONS OFTHIII D® OF TRUST, AND EACH GRANTOR AORE59 TO f18 TERNS. GRANTOR: x si X ' Z� x WRIAAm IL BHnqjT JR. x MANY L. WINFILIET — j,,, II nvwvfuuALActznvvM STATE t?P 0 �+'� (1 ] i 4)8S COUNTY OF 'h On tHs day before me, the undaraWmi Notary Pubtic, PAY +K> ed MICHAEL C. SHIFLET. to me known to be to Ydividual desmil ed In WW who ese=tted the Deed of Trend, and admowledped M+at t ar tilts slpned Mm Deed at Trust as his or her free and voluntary act and deed, for Mie Um and purposes therein mentioned, c Wean tend 1 r load end �lalr '�` . _ f Yi day of S .'t t. 20 1E_1 , ay C / Residing af� _2,�)b E �t �y 1 �, ilc..��,��-C Noteryr PeNic to and torthe State of 1 t� t u My cemmumn atoms-�3 `7� : �.� t MYwYILIVAL AS;fUVVWLCLIIAT AI.ICIAGFlANDELL Notary PdNk STATE OF [•c�tState ot CoknWO TN } NobuyID 10964094111 COUNTY of (�11 } yCOifMfIElmtOft ft—ft On this )ora ms, the nrndem4ped Notary Pulgir, personally appeared SARAH L MURRAY, to nw known to be the YdM&W Ck beead who e><ewldd Me Daad of Tnnat, and w v*I*dged that he or ft $Wood the Deed of Trust as his or her free and vofun nil ' deed, forpe F7, purpnaea therein marMtoned l alm, i k.„d and s _ zZda,i of 14 W. I`�..c 20 9y . I I&IL , z- nawra,rai f:'r dw 1a ( h-ri do 06 Nobt y Pubfe to and for the state of !1, 16 My eom wnlea espkas 9- Z —:Lb\b 86906410/08/2015 09:16:07 AM Page 8 of 8 Jean Alberico, Garfield County, Colorado Rec Fee: $46.00 Doc Fee: $0.00 eRecorded Loan No: 0463976501 DEED OF TRUST (Continued) INDIVIDUAL ACKNOWLEDGMENT STATE 6F _ _ALML2 A COUNTY OF f r` .+L e lit: — y ) SS /A% fasAawlwws � 0vm�glonl FF 1 MY mnnr.son Air. 3, 2M7 Page 8 On this day before rre, the undersigned Notary Publle, parsmatly appeared WILLIAM R. SHIFLET JR., to me known to be the Individual described in and who executed the Deed of Trust, and a0wowledged that he or she signed the Dead of Trust as his or her free end voluntary act and deed, for the uses and purposes therein mentioned. Glven uaddww my ham! end offidel sed this day of Sy 14516 /.l /!�/,dols S Residing at R_". aS/erRn P f -C Notary Pubtk fa�yrd Stat. of F f My commission expires Pei % i STATE bF 8 COUNTY OF y N LIw►a a )SS FF4ti0 i M1 eoamn ergTMss Fpr. 3, ZpIT On this day before me. Via undersigned Notary Pubes, personally appeared MARY L. SHWLET, to me known to be the Indlvfdual described In and who executed the Deed of Trust, and acknowledged that he or she signed the Dead of Trust as his or her free and voluntary act and deed, for the uses and purposes therein menflonad. Given under/�l' hand nd/oiliolal coal this _meq day of ��r�Orr��y P , xp_ �S _ By �� �S .die Residing at e4 &4 /V a PQ s P ra S�tatea of �IAvrSh A PR -28