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HomeMy WebLinkAbout4.05 Lot 13 Deed of Trust 1852502 08/13/2014 11:51:42 AM Page 1 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded adOiX.merGazi Attar Recwediag Retura To: BOFI Federal Bank 4350 La Jolla Village Drive, 140 San Diego, California 92122 Loan Nltmber: 3350291 [Space Above Tits Lina For Recording Data] DEED OF TRUST MIN: 1007359-0003350291-6 MERS Phone: 888-679-8377 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Int" means this document, which is dated AUGUST 5 , 2 014 with all Riders to this document. (B) "Borrower" is DAVID C. CARSWELL AND DENISE B . CARSWELL, AS TRUSTEES OF THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2C09, AND ANY AMENDMENTS THERETO Borrower is the trustor tinder this Security Instrument. (C) 'Lender" is BOFI Federal Bank Lender is a and a dating ander the laws of CALIFORNIA Lender's address is 43 50 La Jolla Village Drive , 14 0 , San Diego, California 92122 (D) "Trustee" is the Public Trustee of GARFIELD , together organized County, Colorado. (E) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS Is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the henefidary ander tfia Security Inatrumeat. MFRS is organized and existing wader the laws of Delatra e, and has an address and telephone number of P.O. Burr 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (F) "Nate" means the promissory note signed by Borrower and dated AUGUST 5 , 2014 The Note states that Borrower owes Lender ONE MILLION FIVE HUNDRED SIXTY-SIX THOUSAND AND 00/100 Dollars (U.S. $ 1, 566, 000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not Jahn than SEPTEMBER 1, 2044 (G) "Property" means the property that is described below under the beading "Transfer of Rights in the Property." 14) "Loam" means the debt evidenced by the Note, plus interest. no/prepayment charges and late charges due under the Note, and all sums dee under this Security Instnanent, pias interest. co "Riders" means all Riders to this Security Instrument that are a rot otad by Borrower. The following Riders are to be executed by Borrower [check box as applirahle]: ® Adjustable Rate Rider o Balloon Rider O 1-4 Family Rider ❑ Condombab= Rider ® Planned Unit Development Rider O Biaeelcty Payment Rider ® Second Home Rider • Other(s) [specify] Accommodation Rider, Trust Rider COLORADO—Stn Ia Famity–Farvrte Mae/Freddia Mac UNIFORM INSTRUMENT - MERS Form 3006 01/01 Page 1 M11 wrrw.d'actnagt�v. 852502 08/13/2014 11:51:42 AM Page 2 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded (J) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rales and orders (that have the effect of law) as well as all applh'ahte final. non•appea able juritriel opinions. (K) "Co®mtmity Asaodatlon Dees, Fees, and Assessments" means all dues, fees assessments and other charges that are imposed cm Borrower or the Property by a condominium association, homeowners association or similar (L) "Electronic Fonds Transfer" means any transfer of fids, other than a transaction originated by check, draft, or shriller paper Instrument, which is Initiated through an electronic terminal, telephonic lout, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an accamt. Such term includes, but is not limited to, point-of-sale transfers, antomated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers, (11'1) "Escrow Items" means those items that are described in Section 3. (N) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceed, paid by any third party (other then insurance proceeds paid ander the coverages described in Section 5) for: (1) damage to, or destruction of, the Property; (8) condemnation or other taking of all or any part of the Property; (ill) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (0) "Mortgage Insurance" means iasaance protecting Lender against the nonpayment of, or default on. the Loan. (P) "Periodic Payment" means the regularly scheduled amount due for (1) principal and interest under the Note, pins (11) any amounts under Section 3 of this Security Instrument. (Q) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. M used in this Security Instrument, "RESjA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage leen" even if the Loan does not qualify as a "federally related ruortgage loan" under RESPA. (R) "Successor in Interest of Borrower" means any party that has taken tide to the Property, whether or not that party has assumed Borrower's obligadans ander the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY The beneficiary of this Security Instrument is MERS (solely as nominee for Leader and Lender's snccessors and axsigos) and the successors and assigns of MFRS. This Security Instrument secures to Leader: (1) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (11) the performance of Borrower's covenants and ageeeanems under this Security Instrument and the Note. For this purpose. Bocrower, in consideration of the debt and the trust herein created, irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property lmated in the COUNTY of: GARFIELD (Type of Recmdtng h>rtrdiatooi Name of Recording Jurisdiction) SEE LIMA . DESC'RIYTIN =CHM =10 AND MEE A ERIC HEREOF PS EXHIBIT "A" . A.P.N.: 2391-063-01-013, 2393-251-00-148 witch cmrenfiy has the address of 0986 CATILE CREEK RIDGE ROAD, 5347 OCCNIRY ROAD 100 [Street] CARBONDALE , Colaradt81623 ("Property Address"): laryl trap Codct TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred min this Security Instrument as the "Property." Borrower understands and agrees that MFRS holds only legal tide to the interests granted by Borrower in this Security Iasinnnew, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, ind.ding, bad not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Secarlty Instrmnent BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record and liens for taxes far the current year not yet due and payable. THIS SBCURITYINSTRUMENT combines uniform covenants for national use and non-uniformmvensnls with limited variation by jurisdiction to constitute a uniform security instrument covering real property. COLORADO -Single Family -Fannie Mae/Fredrae Mee UNIFORM INSTRUMENT. MERS Forte 3006 01/01 Pays 2 of 11 CaSA.L•ef sal Dusan¢¢ mores www.docrnapk.mm 852502 08/13/2014 11:51:42 AM Page 3 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment ofPrirdpal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrnwershall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fluids for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrcment shall be made in U.S. onreacy. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments doe wider the Note and this Security lastr unem be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon aninstotntion whose deposit] are insured by a federal agency. instrumentality, or entity; or (qi) Electronic Funds Transfer. Paynteet s are deemed received by Leader when received at rile location designated In the Note or at such other location as may be designated by Lender in accordance with the notice provisloas in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insvHident to being the Loan current, without waiver of any rights hereunder or prejudice to its rights lo refuse sash payment or partial payments in the future. but Lender is not obligated to apply sack payments al the time such payments are accepted, If each Periodic Payment is applied as of its scheduled due date. then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do ao within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding prindpai balance Hader the Note immediately prier to foreclosure, No offset at claim which Borrower might have now or in the fntare against Leader shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreement] secured by this Security Inmument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority; (a) interest due under the Note; (b) principal dne under the Note; (c) amounts due ender Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Amy remaining amonnts shall be applied clot to late charges, second to any other amounts doe under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower fora delinquent Periodic Payment which in.9rfs a sufficient amount to pay any lata charge dne, the payment may he applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply arty payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in frill. To the extent that any excess exists after the payment is applied to the full payment of one or mare Periodic Payments, each excess may be applied to any lata charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payment]. 3. Funds for Escrow Items. Borrower shall pay to Lender an the day Periodic Payments are due wider the Note, until the Note is paid in full, a sum (the "Funds') to provide for payment of amounts due for: (a) taxes and aasensmmts and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premi®s fur any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender In hen of the payment of Mortgage Insurance premiums in aecordance with the provisions of Section 10. These items are called "Escrow Items. " At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such doss, fees and assessments shall be an Escrow Rem. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Leader waives Borrower's obligation to pay the Fps for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender F1mds for any or all Escrow Rema at any time. Any arch waiver may only be in writing. In the event dna waiver, Borrower shall pay directly, when and where payable, the amuwit] due for any Escrow Its for which payment of Ftmds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make each payment] and to provide receipts shall for all purposes be deemed to he a covenant and agreement contained in this Secariry Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Leader may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any tine by a notice given in accordance with Section 15 and, upon such revocation. Borrower shall pay to Lender all Funds, and In such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Fonds in an amid (a) seffiaent to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can remits under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fnhaa Bacrow Items or otherwise 1a accordance with Applicable Law. The Fends deal be bell in an institution whose deposits are insured by a federal agency, instrumentality, or amity (including Lender, If Lender is an institution whose deposits are so insured) or in any Federal Hama Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lower shall not charge Borrower for holding and applying the Fonds, atonally analyzing the escrow account, or verifying the Escrow Items, unless Leer pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable lav requires interest to be paid an the Funds, COLORADO -Slagle Family --Fannie Mae/Freddie Mac UNIFORM INSTRUMENT • hlERS Farm 300E O'/01 Page S of 11 asroe.m.nes www.docrnagic.kern 852502 08/13/2014 11:51:42 AM Page 4 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded rt sar.:a.ml • Lender shall not be required to pay Borrower any interest or earnings an the Ftmds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an animal accounting of the Fa=ds as required by RESP.. If there is a surplus of Ftmds held m escrow, as defused under RESPA, Leader shall account to Borrower for the excess fends in accordance with RESPA. ff there is a shortage of Funds beld in escrow, as defined under RESPA, Leader shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amotmt necessary to make up the shortage in accordance with RESPA, but in no mare than 12 monthly payments. If there is a deficiency of Funds held in escrow, as decd under RESPA, Leader mall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to Hake up the deficiency in accordance xith RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrow any Funds held by Lender, 4. Chargee; Liras, Borrower shall pay all taxes, assessments, charges, fixes, and impositions attributable to the Property which am attain priority over this Semidry lnsuamemt, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has prlaity over this Sem-fly Instrument unless Borrower (a) agrees in writing to the payment of the obligatinn seared by the lien in a manner acceptable to Leader, but only so long as Borrower b performing stub agreement; (b) contests the ilen in geed faith by, yr defends against eafarcement of the liens in, legal proceedings which in Leader's opinion operate to prevent the =forcemeat of the lien while those proceedings are pending, but only until such proceedfngs are concluded; or (c) secures from the bolder of the lien an agreement satisfactory to Leader subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain prioalty over this Secuity Instrumeirt, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may regnhe Borrower to pay a tare -time charge for a real estate tax verification and/or repelling service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or bermtler erected on the Property insured against loss by fere, hazards included within the tam "extended coverage," and any other hazards no'neting, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts gndr. ing deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The Instuattce carrier providing the insurance shall be chosen by Borrower subject to Lamdar's right to disapprove Borrower's choice, which right shall not be exerdsedniuensouably. Lender maty require Borrower mpay, inconectinowith this Loan, either: (a)aone- time charge for flood zone determination, certification and miring services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determinatlnn or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower falls to maintain any of the coverages described above, Lender may obtain leaurance coverage, al Lender's option and Borrower's expense. Leader is under no obligation to Inn -chase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might err might not protect Borrower, Borrower's equity in the Property. or die contents of the Property, against any risk, hazard or bability and might provide greater or lesser coverage then was previously in effect. Borrower ackoowledges that the cost of the insurance coverage so obtained might sigrielee tly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amotmts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Leader and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certl&rtes. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns and renewal notices. If Borrower obtains any form of inserance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property. such policy shall include a standard mortgage dense and shall name Lender as mortgagee and/or as an addltianal lass payee. In the event of lass, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security 1s not lessened. During such repalr and restoration p oniod, Lender shall have the right to hold such insurance proceeds until Lender has had an opporhmuty to inspect such Property to ensure the work bas been completed to Lender's eerisfe Mine provided that such Inspection shall be undertaken promptly. Leader may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless rm agreement Is made in writing or Applicable Law requires lmerest to be paid on surh insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjustes, or other third partless, retained by Borrower shall not be paid our of the Insane= process and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender'ssenmity would belessened, the t aseirance proceeds shall he applied to the sums secured by this Seamy Instrument, whether or not then due. with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. COLORADO -Sign Famay-Faruk Mae/Fredd*e Mac UNIFORM INSTRUMENT - MERS Form 3006 01/01 Page 4 of 11 Dochatele Often= 852502 08/13/2014 11:51:42 AM Page 5 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded If Borrower abandons the Property, Leeder may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered m settle a claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property mailer Section 22 or otherwise, Borrower herefry assigns to Lender (a) Borrower's rights to any insa-ance proceeds in an amorist not to exceed the amounts umpgid ander the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any =fend of unearned premiums paid by Borrower) under all insurance policies coveting the Property. insofar as such rights are applicable to tie coverage of the Property. Lender may rose the insurance proceeds either to repair or restore the Property or to pay amotmts unpaid under the Note or this Seanity Instrument, whether or not then due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's pninccipal residence within 60 days after tate execution of this Security Intxrumwat and shall condi= to occupy the Property es Boaove:es principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or =less extenuanag dnamstances exist which ere beyond Borrower's controL 7. Preaervadon, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing is the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuarl to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in wonectiuu with damage in. or the taking of. the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse prods for the repairs and restoration in a single payment or In a series of progress payments as the work is completed. If the insurance or condemrathon proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable came, Lender may inspect the interior of the improvements oil the Property. Lender shall give Borrower notice at the flaw of or prior to such an interim inspection specifying such reasonable nose. S. Borrower's Loma Application. Borrower shall be in default if, daring the Loan appllcallon process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's lawwledge ur consent gave materially false, misleading, or inaccurate information or status to Lends (or failed to provide Leader with material information) in connecticn with the Loan. Material repreaentations include, but are not limited to. repnssentadons concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Right tinder this Security Instruuteut. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument. (b) there is a legal procee ding that might aignifi .'m tly affect Lender's interest in the Property and/or dg1 s tender this Security Instrument (such as a proceeding in bankruptcy, probate. for condemnation or forfeiture, for eaforcemau of a lien which may aurin priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the vain of the Property, and securing and/or repairing the Property. Lender's Redoes can include, but are not limited to: (a) Paying any sums segued by a lien which has priority over this Security Instrument. (b) appearlog in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security instrument including its secured postthon in a bankruptcy proceeding. Securing the Property inddudes, bat is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous coodWons, and have utilities turned on or off. Alahongh Lender may lake action under this Section 9, Lender does not have to do so and Is not under any duty or obligation to do so. Itis agreed that Lender incurs no liability for not taking any or all actions antherired Hader this Section 9. Any ammmta disbursed by Leader under this Semon 9 shall become additional debt cif Borrower secured by this Security Instrument. These trmmmrs shall bear interest at the Note rate from the date of disbursement and shall be payable, with each interest, upon notice from Lender to Borrower requesting payment. If this Security Insaume nt is an a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower r acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage me mama. If' ender required Mortgage Lawrence as a condition of making the Loan. Borrower shall pay the premiums rem to maintain the Mortgage lnsurauce in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer thatpaevioualy provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage sabsmetlally equivalent to the Mortgage 'romance previously in effect, at a cost substantially equivalent to the cost to Burrower of the Mortgage Insurance previously hi effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall condom to pay to Lender the amnmt of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as anon -refundable lose reserve in lieu of Mortgage Insurance, Suchloss reserve shall be non-refundable. nntwithsstandieg the led that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Leader can no longer require Ines reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an iasmer selected by Larder again COLORADO -Strome Fantly-Fernee MeofFreddie rbc UNIFORM INSTRUMENT • MEOS Form 3006 01/01 Page 5 of 11 Doeyaagre ESISTIRO wmr.ducnagre. mm 852502 08/13/2014 11:51:42 AM Page 6 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance, If Lender required Mortgage insurance as a condirian of making the Loan and Borrower was required to make separately designated paymeots toward the premiams for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage lnsurance reimburses Lender (or any entity that purchases the Note) for certain losses if may incur if Borrower does not repay the Loan as agreed. Borrower is not a party 10 the Mortgage Insurance. Mortgage iusmsrs evaluate their total risk on all such insurance in force from time to time, and may eater into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the olber party (or parties) to these agreements. These agreements may require the mortgage insane to make payments using nay source of funds that the matgege insurer may have available (winch may include fonds obtained from Mortgage Insurance premhans). As a result of these agreements, Lender, any purchaser of the Note. another insurer, any reinsurer. any other entity, or any affiliate of any of the foregoing, may receive (dlrectty or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage insurance, in exchange for sharing or modifying the mortgage insurer's risk. or reducing losses. If such agreement provides that en affiliate of Lender takes a share of the insurers risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any each agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insure+,ce, or any other terms of the Loan. Such agreements will not increase the ammmt Borrower will owe for Mortgage insurance, and they WM not ertttle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1988 or any other law. Three rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, ro have the Mortgagelnsurancete minatedantomatkally,and/or to receive arefund ofany Mortgage Insurance premiums dud was unearned at the time of such canceration or termination. 11. Asagement of Mi cellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shell be paid to Lender. lithe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During stela repair and restoration period. Lender shall have the right to hold such Miscellaneous Proceeds natil Lender has had an opportunity to inspect such Property to ensure the work bas been completed to Lender's saisfac tion. provided that snth inspection shall be undertaken promptly. Leader may pay for the repairs and restoration in asingle disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds. Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's severity would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Imo, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2, In the event of a total taking, destruction, or loss In vane of the Property. the Miscellaneous Proceeds shall be applied to the sums secured by this Secerity Instrument, whether or not then due, with the excess if any, paid to Borrower. In the event of a partial taking, destruction, or loss in valve of the Property in wbicb the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the stuns secured by this Security Instrument immediately before the partial taking, destruction, or loss in valve, mnleu Borrower and Lender otherwise agree in writing, the suets secured by this Security Instrument shall be reduced by the amotmt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured Immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss is value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in mating, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Iaatrvmentwhether or not the sums are then due. If the Property is abandoned by Barrmver, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to setde a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is ar thorired to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums seared by this Security Instrameat, whether or not then dote. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against wham Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if guy action or proceeding, whether cavil or criminal, is begun that, in Lender's Judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security instrument. Borrower can cure such a default and, if acceleration has otxxmed, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed whit a ruling that, w Lender's judgment. precludes forfeiture of the Property or other material impahment of Lender's interest to the Property or rights under this Security Iasirument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. COI_ 3 single Fe sty—FamM le eeffredote Moo UNIFORMate 11UMENT- MERS Form mrooa.mcmr www.,oanepnem 852502 08/13/2014 11:51:42 AM Page 7 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Nota Waiver. Bxtensioa of the time for payment or modification of amortization of the sums secured by this Seauity Instrument granted by Lender to Btnrower or any Successor in Interest of Borrower shall not operate to release the liability of Burrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortlridon of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or say Successors in Interest of Borrower. Any forbearance by Lender b exercising any right or remedy lacluding, without limitation, Lender's acceptance of payments from third persons, entitles or Successors in Interest of Borrower or to amounts less than the amotmt then doe, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several 11ahi1ty; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's oblgatioms end liability shall be joint and several. However, any Borrower who co-signs this Security lnstuin nit bat does not execute the Note (a "co-signer`): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property tinder the terms of this Security Instrument; (b) is not personally obligated to pay the stns secured by this Security Inahumert and (c) agrees that Lender and any other Borrower can agree to emend, modify, forbear ar make any accommodations with regard to the terms of this scrnrlty Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assnmes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrwuerd. Borrower shall not be released from Borrower's obligations and liability, under this Security Instrument unless Leader agnea to such release in writing. The covenants and agreements of this Security instrument shall bind (except as provided in Section 20) and benefit the successors and ARCETI9 of Lender. 14. Loan Charges. Lender may charge Borrower fees for servicesperformed in connection with Borrower's default, for the purpose of protecting Lender's Interest in tbe Property and rights under this Security instrument, incln�dbig, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Senility Instrument to charge a specific fee to Borrower shall not be construed as a pmbibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instilment or by Appltrshle Law. If the Loan is subject to a law which sets maw loan charges, and that law is finally interpreted so fiat the interest or otic loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any snrh loan charge shall be reduced by the amotmt necessary to reduce the charge to the permitted Ihnit; and (b) any sums aheady collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed ender the Note or by making a direct payment to Borrower. If a refund reduces prindpaL the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in comsectian with this Secnrity instrument most be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mall or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Sommers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifiesa procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Serrrity instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Iastrumeat shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrwnest is also required under Applicable Law. the Applicable Law requitement will satisfy the corresponding requirement under olds Security Interment. 16. Governing Law; Severability; RnIes of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and Limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or ft might be sheat, but such silence shall nil be construed as a prohibition against agreement by contract. In the event that any provision or dense of this Security Instrameat or the Note =filets with Applicable Law, such conflict shall not affect other provisions of this Searity Instrument or the Note which can be given effect without the confiding provision. As used In this Security Instrument: (a) words of the mescaline gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words hi the singular shall mean and include the plural and vice • versa; and (e) the word °may° gives sole discretion without any obligation to take say action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, 'Interest in the Property" means any legal or benefidal iffiest in the Property, including, but not limited to, tboae beMfirtal interests transferred in a bond for deed. conned for deed, imtalhment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower ata future date to a pm -chaser. If all ar any part of the Property or any Interest in the Property is sold or trerssferred (or If Borrower is not a animal person and a beneficial interest in Borrower is sold or transferred) without Lender's price written coaseut, COLORADO -Single Family-Fannte MaeJFreddle Mac UNIFORM INSTRUMENT • MERS Form 3006 01/01 Page 7 of 11 CWOOexsdai Memel whrn.�ocina�C.mm 852502 08/13/2014 11:51:42 AM Page 8 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded Lender may rega ire immediate payment in full of all sums secured by his Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohtbtted by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by thin Se arity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further nodce or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right 10 have enforcement of this Security Instrument discontimied at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale ewtained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a jndgmera enforcing this Security Instrameed. Those conditions are that Borrower. (a) pays Leader all sums which then would be due tinder this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation Sees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Secmtty Instrument; and (d) takes such axion as Leader may reasonahty require to assure that Lender's interest in the Property and rights tastier this Security Inshvtnent, and Borrower's obligation to pay the sums secured by this Severity Instrument. shall centime ancbanged. Lender may require that Borrower pay such reinstatement sums and expeam in one or more of the following forms, as selected by Lender: (a) cash; (b) money order, (c) certified check, bank check, treasurer's checker cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Elertmdc Funds Transfer. U1 unrehestahment by Borrower, this Security Insromets and obligations secured hereby shall remain fully effecttve as if no acceleration had occurred. However, this dgbt to reinstate sball not apply in the case of acceleration under Sectlun 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest In the Note (together with this Security instrument) can be sold one ur more times without prior notice to Borrower. A sale mit result in a change in the entity (known as the 'Loan Servicer°) that collects Periodic Payments dne under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. Thera also might be one or more changes of the Loan Servicer unrelated to a sale dine Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change whit$ will state the name and address of the new Loan Servicer, the address to which payments should be madeand any other info madnn RESPA requires is connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan Is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loon Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Leader may commence, join, tube joined to any judicial action (as either an individual litigant or the member de class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Secmrity Instrument, neat such Borrower or Lender bas notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after. the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of aaelesagon and opportunity to erne given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower puesnant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) 'Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) °Ertdrnnmental Law' mans federal laws aid laws of the jurisdiction whore the Property is located that relate to health, safety or environmental protection, (c) "Environmental Clearip" includes any response action remwAial action, or removal action, as defined in Fmbrmmental Law; and (d) an "Bnvtr:anomial Caadttion' means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Baarower'shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do. anything affecting the Property (a) that is In violation of any Environmental Law, (b) which creates an Environmental Condition, ar (c) which, due to the presence, use, or release of a Hazardous Substance, creates a co nthtioo that adversely affects the valve of the Property, The preceding two saw shall not apply to the presence. use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (inrladlug but not limited to, hazardous substances in consmser products). Borrower shall prompdy give Lender written notice of (a) ray investigation, chiim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving theproperty and any Hazardous Substance orEnvbnnmental Law of which Borrower has actual knowledge, (b) any Bsvironmened Condition, including but not Baked to, any spilling, leaking, discharge, release or threat of release of any Hazardous Snhataace. and (c) any ct ndttion caused by the presence. use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns. or Is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Berardces Substance affecting the Property is necessary, Borrower sball COLORADO -Sing a Family -Fannie MaelFran&:a Mac UNIFORM INISTSUMENT - MERS Form 300607/01 Raga Sof11 c zxasoloaal eilbassee CI 2A? 852502 08/13/201411:51:42 AM Page 9 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded promptly take all necessaryremedial actions in acmrdanoe with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NONUNIFORM COVENANTS. Bower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Sectio 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to care the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cored; and (d) that Failure to core the default on or before the date specified in the notice may result in acceleration of the suras secmredby this Security Inshcment and sale of the Property. The notice shall further Worm Borrower of the right to reinstate after acceleration and the right to assert in the forecloeure proceeding the non-existence of a default or any other defense of Borrower to acceleration and sale. 1f the default is not cured on or before the date specified to the notice, Lender at Its option may require immediate payment in full of all sums secured by dais Security'instrument without further demand and may invoke the power of sale and any other remedies permitted by AppHrabk Law. Leader shall be madded to maecx all expenses Incurred in pursadng the remedies provided in tela Section 22, including, but not limited to, reasonable attorneys' hes and costs of tide evidence. If Lender invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of an event of default and of Lender' a election to cause the Property to be sold. Lender shalt mail a copy of the notice to Borrower as provided In Section 15. Trustee shall record a copy of die notice In the county in which the Property's located. Trusteeshall publish a notice of sale for the bene and in the manner provided by Applicable Law and shall mail copies of the notice of sale in the manner prescribed by Applurahle Law to Borrower and to the other persons prescribed by Applicable Law. After the time required by Applicable Law, Trustee, without demand on Borrower, shall sell the Property at public month= to the highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or rinse parcels and in any order Trustee determines. Trustee may poatpaae sale of any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Trustee shad deliver to the purchaser Trustee's certificate describing the Property and the time the purchaser will be madded to Trustee's deed. The recitals in the Trustee's deed shall be prima fade evidence of the tenth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by tbds Security i nt; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums segued by tats Security Instrument. Lender shall request that Trustee release this Security Instrument and shall produce for Trustee, dilly cancelled, all notes evidencing debts secured by this Security Instrument. Trustee shall release this Security Instrument without farther inquiry or liability. Sommer shall pay any recordation coats sed the statutory Trustee's fees. 24. Waiver of Homestead. Borrower waives all right of homestead exemption ie the Property. REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) COLORADO—Single Famay—Fannte MaelFreddle Mac UNfFORM INSTRUMFM - MEAS Farm 3006 01101 Page S or 11 Orcetemaat D www.dxnagfe.mm 852502 08/13/2014 11:51:42 AM Page 10 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded BY SIGNING BBLOW, Borrower accepts and agrees to the terms and covenants contained In this S ottrity Ind and in any Rider executed by Borrower and recorded with it. foa TRU �OF�LL -Borrower TRUST OF DAVID C. CAREWELL ADD SEPTEMBER 11, 2009, AS • �'� SSR EBOF�E1t Lgg TRUST S$ TPTENBEERC11, 2009,05AS AMENDED -Borrower -Borrower -Bo�) (S�1) Witness: _Burrower OOLORADO—SIng b Femmly—Fant a M a/Fiaddla Mac UFORM INSTRUMENT - NIERS Form 3006 01/01 Paga 10 of 11 852502 08/13/2014 11:51:42 AM Page 11 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded State a [Spm Beiow Thin L're F r Ac nowtedgmsnt County of The foregdag instrument was acknowledged before me this g144-. S tl 1 J by DAVID C. CARSWELL AND DENISE B. CARSWELL '; Signature of Person laking cicnowiedgment _ - z. &th.ry Mti Sey-2 b rial Number, if eny (Seal) My commiaslaa expires • ClkA a..o r -R ID 223323 I clao � T, MII.SR ID 383699 cOLORADO—S" Fondly-Fonrie Mae/Fredd a Moo UNIFORM R1STRt1MENT - MERS Foran 300b w 01/01 Pege 11 of 11 ww daorrardc.mm coame.oLr 852502 08/13/2014 11:51:42 AM Page 12 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded Exhibit A PARCEL A: LOT 13 THE RANCH AT COULTER CREEK P.E.D. ACCORDING TO THE PLAT THEREOF RECORDED JUNE 09, 2004, UNDER RECEPTION NO. 853768. COUNTY OF GARFIELD STATS OF COLORADO PARCEL B: A PARCEL OF LAND SITUATED Thr SI2NE114NEIJ4 OF SECTION 25, TOWNSHIP 7 SOUTH, RANGE 88 WEST OF THE 6TH PRINCIPAL MERIDIAN, GARFIELD COUNTY, COLORADO, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE EASTERLY BOUNDARY UNE OF SAID SLT E1/4NE114 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 570295 FEET TO THE SOUTHEAST CORNER OF SMD SL2NEIf4NE1/4; THENCE N 88°51'59" W 1304.31 FEET ALONG THE SOUTHERLY BOUNDARY LINE OP SAID Si/2NE114NE1/4 TO THE SOUTHWEST CORNER OF SAID SIP2I' ?1J4NE1/4; THENCE N 02°03'18" E 87753 PEET ALONG TEE WESTERLY BOUNDARY LINE OF SAID S7NE1/4NE1/4 TO THE NORTHWEST CORNER OF SAID S12NEI/4NE1J4; THENCE 5 88°45'07" E 171.80 FEET ALONG THE NORTHERLY BOUNDARY LINE OF SAID SI/2NB1J4NEIJ4; THENCE 5 02'03'18" W 10725 .t; TEENCE 5 88°51'39" E 112920 TO THE POINT OF BEGINNING. COUNTY OF GARFIELD, STATE OF COLORADO Farm 13426 07/2008 eahibita.odt M4'83008818 {19649326) 852502 08/13/2014 11:51:42 AM Page 13 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded SPACE ABOVE FOR RECORDERS USE REVOCABLE TRUST RIDER DEFlNET1ONS USED IN THIS RIDER (A) "Revocable Trust." THE REVOCABLE TRUST CF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED (B) "Revocable Trost Trustees," DAVID C. CARSWELL, DENISE B . CARSWELL trustee(s) of the Revocable Trust. (C) "Revocable Trust Settior(s)." DAVID C. CARSWELL, DENISE B. CARSWELL settlor(s) of the Revocable Trust signing below, (D) "Lender." BCFI Federal Bank (E) "Security Instrument." The Deed of Trust and any riders thereto of the same date as this Rider given to secure the Note to the Lender of the same date and covering the Property (as defined below). (F) 'Property." The property described in the Smutty Instrument and located at: 0986 MILE CREEK =GC is , 5347 =TRY lin 100, CaRECNIMIE, CaCCEm 8163 [Property Address/ THIS REVOCABLE TRUST RIDER is made this 5th day of AUGUST, 2 014 , and is incorporated into and shall be deemed to amend and supplement the Security Instrument. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, the Revocable Trust Trustee (s), the Revocable Trust Settlor(s), and the Lender further covenant and agree as follows: REVOCABLE TRUST RIDER IVRTR2.RDR 08/30/13 Page 1 of 3 NrKLdrsal Doch7a c Q�talrIDA316 WWW. do.LY7fa�lC.0 m 852502 08/13/2014 11:51:42 AM Page 14 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded ADDITIONAL BORROWER(S) The term "Borrower' when used in the Security instrument shall refer to the Revocable Trust Trustee (s), the Revocable Trust Settlor(s), and the Revocable Trust, jointly and severally, Each party signing this Rider below (whether by accepting and agreeing to the terms and covenants contained herein and agreeing to be bound thereby, or both) covenants and agrees that, whether or not such party is named as "Borrower" on the first page of the Security Instrument, each covenant and agreement and undertaking of the "Borrower" in the Security ty Instrument shall be such party's covenant and agreement and undertaking as "Borrower" and shall be enforceable by the Lender as if such party were named as °Borrower° in the Security Instrument BY SIGNING BELOW, the Revocable Trust Trnstee(s) accepts and agrees to the terms and covenants contained in this Revocable Trust Rider. (Seel) DAVID C. CARSWELL Borrower TRUSTEE OP THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED (Seal) -Borrower (Seal) -Borrower DENISE B. CARSWELL-Bbrrower TRUSTEE OF THE REVOCABLE TRUST OF DAV2D C. CARSWELL ADATED S AMENDETEMBER 11, 2009, (Seal) -Borrower (Seal) -Borrower REVOCABLE TRUST RJ DER IVRTR2.RDR De/30/13 m,rL,a, m� Page 2of3 Dv MY w wrvw. cum 852502 08/13/2014 11:51:42 AM Page 15 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded BY SIGNING BELOW, the undersigned Revocable Trust Settlor(s) adkowledges all of the terms and covenants contained in this Revocable Trust Rider and agrees to be boned thereby. DAVID C. CARSWELL (Seal) (Seal) Revocable That Se dor Revocable Trust Settlor Rentable Truax Settlor ) eniorRevocable Trust S REVOCABLE TRUST RIDER IVRTR2.RDR 08/3W13 Page 3 of 3 lertr2 _ t Yrww.d CpCf C.com 852502 08/13/2014 11:51:42 AM Page 16 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded MIN: 1007359-0003350291-6 ACCOMMODATION RIDER Loan Number: 3350291 THIS ACCOMMODATION RIDER is made this 5th day of AUGUST , 2014 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the 'Security Instrument") of the same date given by the undersigned (the "Mortgagor") to secure Borrower's Promissory Note (the "Note") to EOFI Federal Bank (the 'Lender') of the same date and covering the property described in the Security instrument and located at: 0986 CATTLE CREEK RIDGE ROAD, 5347 COUNTRY ROAD 100, CARBONDALE, COLORADO 81623 [Pmpecty Addreeel Mortgagor acknowledges it b a TRUST and any reference is rir®I/I.LClPertee sirtplCerroratine] Mortgage, Deed of Trust or Security Deed to an individual or borrower shall mean the TRUST f rustill.C/P ishfp/Corporattoa] ADDITIONAL COVENANTS: In addition to the covenants and agreements made in the Security Instrument, Mortgagor and Leader further covenant and agree as follows; In exchange for a valuable and sufficient consideration, Mortgagors are executing the Security hvstrtmrent and this Accommodation Rider to secure the above described Note. The Undersigned Mortgagors. without affecting Lender's rights hereunder or the lien hereof, waives any right of notice or demand in the event Lender, pursuant to the Note and this Security Instrument and any amendments thereto: (a) renews, extends, accelerates or otherwise changes the terms of the indebtedness or any part thereof, including increases or decreases of the rale of interest thereon; (b) takes and holds additional security for the payment of the indebtedness guaranteed, and exchanges, enforces, waives and releases any security: (c) applies such security and directs the order or manner of sale thereof as Lender in its discretion may determine; and (d) releases or substitutes any one or more endorsers or guarantors. Lender may without notice assign this Security Instrument in whole or in part. ACCOMMODATION: The Security Instrument secures a Promissory Note executed by DAVID C. CARSW$LL, DENISE B, CARSWELL collectively ("Borrower"), in favor of the Lender theretmder. Mortgagor is executing this Accommodation Rider as en accommodation to Borrower and thereafter agrees as fellows: Mortgagor waives any right to require Lender to: (a) proceed against Borrower: (b) proceed against or exhaust any security held from Borrower; or (c) pursue any other remedy in Lender's power whatsoever. Lender may, at its election, foreclose upon any such security by judicial or non -judicial sale, without affecting or impairing in any way the liability of Mortgagee hereunder except to the extent the indebtedness ACCOMMODATION RIDER AR, 501 07/14/1'. Page 1 of 2 852502 08/13/2014 11:51:42 AM Page 17 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded has been paid, and Mortgagor waives any defense arising ont of the absence, impairmeai or loss of any right or remedy of Mortgagor against Borrower, or any such security, whether resulting from such election by Lender or otherwise. Mortgagor waives any defense arising by reason of the cessation from any cense whatsoever of the liability of Borrower, Until all indebtedness of Borrower to Lender shall have been paid in fail, even though such indebtedness is in excess of Mortgagor's liability hereunder, Mortgagor shall have no right of subrogation, and waives any right to enforce and remedy which Lender now has or may hereafter have against Borrower and waives any benefit af, andany right to participate in any security now or hereafter held by Lender. Mortgagor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, and notices of acceptance of the Security Instrument and of the existence, creation or inctaring of new or additional indebtedness. Mortgagor assumes the responsibility for being and keeping him ten informed of the fthendal condition of Borrower and of all other do unistances bearing upon the risk of nonpayment of the indebtedness which cUligent inquiry would reveal, and agree that absent a request for such information by Mortgagor. Lender shall have no duty to advise Mortgagor of information know to it regarding such condition or any such circumstances. BY SIGNING BELOW, Mortgagor accepts and agrees to the terms and covenants contained in this Accommodation Rider. % % .& P (Seal) AVID C. CARSWELL, -Borrower TRUSTEE OF THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED (Seal) -Borrower (Seal) -Borrower _2460 P peal) DENISE B. CARSWELL, -Borrower TRUSTEE OF THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED (tel) -Borrower (Seal) -Borrower ACCOMMODATION RIDER AR-BOI 07/14111 Pegs P. of wwwwww tc.mm 852502 08/1 3/2014 11:51:42 AM Page 18 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded Loan Number: 3350291 FIXED/ADJUSTABLE RATE RIDER (LIBOR One -Year Index (As Published In The Wall Street Journal) - Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER is made this 5th day of AUGUST T 2014 . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security instrument') of the same date given by the mndemsigned ('Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to BOF2 Federal Bank ("Lender") of the same date and covering the property described lIa the Security Iastrrmient and located at. 09$6 CATLtE cssEK. RIDGE R2PD, 5347 OCUs LLZI MaD 100, SLE, CCECRPDO R1r9.1 [Property Address] THE NOTE PROVIDES FORA CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in foe Security Instrument, Borrower and Lender further covenant and agree as folimvs: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 5.125 %. The Note also provides for a change in the initial fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dater The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day of SEPTEMBER, 2019 , and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my Initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date." (B) The Index Beginning with the fust Change Date, my adjustable interest rate will be based on an Index The "Index" is the average of interbank offered rates for one-year U.S, dollar-denominated deposits in the Landon market ("LIBOR") , as published in The Wall Street Jouri ai. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index.' If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. MULTISTATE FIXED/ADJUSTABLE RATE RIDER -WSJ One -Year LIBOR Singly Famay - Fannie Mae UNIFORM INSTRUMENT Form 3187 6101 Paye 1 of 4 7741./histael Dadhgic eftrase www. dxmaglc. cam 852502 08/13/2014 11:51:42 AM Page 19 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND 750/1000 percentage points ( 2 . 750 %) to the Current Index, The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 40)) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will these determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in athstantially substantiallyequal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the fust Change Date will not be greater than 11.125 % or less than 5.12 596. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points from the rate of interest I have been paying for the preceding 12 months My interest rate will never be greater than 11.12 5 %. My interest rate will never be less than 5.125 %. (E) Effective Date of Changes My new interest rate will become effedive on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amotmt of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include the amount of m y monthly payment, any information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the nice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Burrower's initial fixed interest rate changes to an adjustable interest rate zanier the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument shall read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "interest in the Property„ means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred In a bond for deed, connect for deed, installment sales contract or escrow agreement, the intent of which Is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or toms£e9red (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent Lender may require immediate payment in full of all sums secured by this Security Instrument However, this option shall not be exerdsed by Leader if such exercise is prohibited by Applicable Law. MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One -Year UBOR Single Family - Fannie Mee UNIFORM INSTRUMENT Form 3187 8/01 Page 2 of 4 tmur.affiat aoemsg�a www, k.crant • 852502 08/13/2014 11:51:42 AM Page 20 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay ell sums secured by this Security Instrument, If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lnstnmie.,l without farther notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terns stated in Section A above, Uniform Covenant 18 of the Security Instrument described In Section B1 above shall then cease to be in effect, and the provisions of Uniform Covenant 18 of the Secartty Instrument shall be amended to read as follows, Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, lett not limited to, those beneficial interests transferred in a bond for deed, ecmintet for deed. installment sales contract or escrow agreement, the intent of which is the transfer of dile by Borrower at a fnmre date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beuefldal interest in Borrower is sold or transferred) without Lender's prier written consent, Lender may require immediate payment in full of all sums secured by this Security Instrement. However, this option shall not be exercised by Lender if such exerdse is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes tD be submitted to Lender information required by Lender to evaluate the intended transferee as If a new loan were being made to the transferee: and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Seeudty Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Lnstrnment. Borrower will conunne to be obligated under the Note and this Seaaity Instrument unless Leader releases Borrower in writing. If Lender exercises the option to require immediate payment in fall, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not hiss than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Insuuroent. If Borrower fails to pay these sums prior to the expiration of this period, Lenderznay invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One -Year LIBOR Single Famay - Fannie Mae UNIFORM INSTRUMENT Form 3187 8/01 Page 3 of 4 11•3187d www ww. .dnemsykfe. mammm 852502 08/13/2014 11:51:42 AM Page 21 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in Ns Fixed/Adjustable Rate Rider. VID C. CARSWELL, TRUSTEE OP TAE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED -Borrows Borrower SE B. CARSWELL, TRUSTEE OP THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED -Borrower -Borrowerr MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ Ore -Year UBOR Single Family - Fannie Mae UNIFORM INSTRUMENT Farm 3167 6101 Page 4 of 4 ucurrumixa Owe atone mrw. k.co+n 852502 08/13/2014 11:51:42 AM Page 22 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded Loan Number: 3350291 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 5th dey of AUGUST , 2014 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secnre Borrower's Note to BOFI Federal Bank (the "Leader") of the same date and averring the Property described in the Security instrument and located at 0986 CATTLE CREEK RIDGE ROAD, 5347 COUNTRY ROAD 100, CARBONDALE, COLORADO 81623 party Address] The Property includes, but is not limited to, a parcel eland improved with a dwelling, together with other such parcels and certain common areas and facilities. as described in COVENANTS , CONDITIONS AND RESTRICTIONS OF RECORD (the "Declaration"). The Property is a part of a planned milt development known as THE RANCH AT COULTER CREEK P.U.D. [Name of Planned Unit Development] (the "PUD"). The Property also indndes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements mane in the Seeority Instrument, Borrower and Leader further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations tender the PUD's Constituent Documents. The "Constituent Documents" arethe (i) Declaration: (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any bylaws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Docomeuta, B. Property Insurance. So long as the Owners Association maintains. with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and MULTISTATE PUD RIDER—Stale Family_ Fannle Mae/Freddie Mac UNIFORM INSTUMENT Pae 1 of 3 Foran 3150 li01 B catso.fidxrd Dodwylc enema www.doanagk.cwn 852502 08/13/2014 11:51:42 AM Page 23 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded which provides insurance coverage in the amount, (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage,' and any other hazards, including, but not limited to, earthquakes and floods, for which Lender.regaires insurance, than: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation imder Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change daring the term of the loan. Borrower shall give Lender precept notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Proe..rty, or to common areas and facilities of the PUD, any irroceeds payable to Borrower are hereby assigned and shall be paid to Leader. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public LiabIIty insurance. Borrower shall take such actions as maybe rea oneble to insure that the Owners Association maintains a politic liability insurance policy acceptable in farm, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in ootwecttou with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower sball not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (1) the abandonment or termination of the PUD, except for abandonment or termination required by haw in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ir) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which world have the Whet of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. IT Borrower does not pay PUD dues and assessments when doe, then Lender may pay them. Any amounts disbursed by Lender ander this paragraph F shall become additional debt of Borrower secured by the Secerity Instrument. Unless Borrower and Lender agree to other terns of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. MULTISTATE PUD R1DER.Slogle Family Fannie Maa&Freddls We UNIFORM INSTRUMENT Form 31501/01 Page 2 of 3 oarso.almil www. 852502 08/13/2014 11:51:42 AM Page 24 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. (Seal) DAVID C. LL, - : u mower TRUSTEE OF THE REVOCABLE TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 13., 2009, AS AMENDED -Borrower Bore) —2.-4--a�IJ "111(Seal) ISE B. L, r orrower TRUSTEE OF THE REVOCAB E TRUST OF DAVID C. CARSWELL DATED SEPTEMBER 11, 2009, AS AMENDED -Borroe wer (Seal) -Borrower MULTISTATE PUD RIDER—Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 li01 Page 3 of 3 u.aua.ia.imi ooctitegrc eggiscesc w 4-x.dorrnagic. com 852502 08/13/2014 11:51:42 AM Page 25 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded Loar. Number: 3350291 SECOND HOME RIDER TIES SECOND HOME RIDER is made this 5th day of AUGUST 2 014 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Secn ity Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower," whether there are one or more persons tmdersigaed) to secure Borrower's Nota to BOF' Federal Bank (the "Lender") of the same date and covering the Property described in the Security Instrument (the "Property"), which is located at: 0986 0:11I]i.8 CREW l PIM, 5347 COMM RIZAD 100, SIE, C?l 81 D 81623 !Property Addles] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender farther covenant and agree that Sections 6 and 8 of the Secmdty Instrument are deleted and are replaced by the following. 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental poo] or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Appficadon. Borrower shall be in ckfauh if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statement st to Lender (or failed to provide Lender with material Information) in connexion with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. MULTISTATE SECOND HOW RIDER.Shgie Family Fannie MaalFraddie Mac UNIFORM INSTRUMENT Form 3890 1/01 Page 1 of 2 UslISIOrtexml oodle e e www.doomaylo.mm 852502 08/13/2014 11:51:42 AM Page 26 of 26 Jean Alberico, Garfield County, Colorado Rec Fee: $136.00 Doc Fee: $0.00 eRecorded BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Second Home Rider. (Sam) Jre—. 1/, &O.e�s:7C I (� VID C. CARSWELL-Bcerower D DISE B. CARSWE REVOCABLE ow RUSTEOFG OF C. CARSSWWELL aySSTTTRUSTEE OF DAVID IDDRCll, 2099LL DATEDASAMEND= SR 11, 2 0 D 9 , AS AMENDED (SmD Seal) -Boaower -Barr(ovier -Barrowewer -Borrower MULTISTATE SECOND HOME RIDER—Single Faintly Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Farm 3890 1101 Page 2 or 2 Ucaoo.cit:al Docaraglo Worms*