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202208672
<br />for performance. Beneficiary's right to perform for Trustor shall not create an obligation to
<br />perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's other rights under the law or this Security Instrument to the extent permitted by law. If
<br />any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may
<br />take all steps necessary to protect Lender's security interest in the Property, including completion of
<br />the construction.
<br />12. Assignment of Leases and Rents. Trustor irrevocably assigns, grants and conveys, to
<br />Trustee, in trust for the benefit of Beneficiary as additional security all the right, title and interest in
<br />the following (all included in "Property"): existing or future leases, subleases, licenses, guaranties
<br />and any other written or verbal agreements for the use and occupancy of the Property, including any
<br />extensions, renewals, modifications or replacements (all referred to as "Leases"); and rents, issues and
<br />profits (all referred to as "Rents"). In the event any item listed as Leases or Rents is determined to be
<br />personal property, this assignment will also be regarded as a security agreement. Trustor will promptly
<br />provide Beneficiary with copies of the Leases and will certify these Leases are true and correct copies.
<br />The existing Leases will be provided on execution of the assignment, and all future Leases and any
<br />other information with respect to these Leases will be provided immediately after they are executed.
<br />Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default.
<br />Upon default, Trustor will receive any Rents in trust for Beneficiary and will not commingle the Rents
<br />with any other funds. Trustor agrees that this Security Instrument is immediately effective between
<br />Trustor and Beneficiary and effective as to third parties on the recording of this Security Instrument.
<br />As long as this Security Instrument is in effect, Trustor warrants and represents that no default exists
<br />under the Leases, and the parties subject to the Leases have not violated any applicable law on leases,
<br />licenses and landlords and tenants.
<br />13. Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply
<br />with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes
<br />a unit in a condominium or a planned unit development, Trustor will perform all of Trustor's duties
<br />under the covenants, by-laws, or regulations of the condominium or planned unit development.
<br />14. Default. Trustor will be in default if any party obligated on the Secured Debt fails to make
<br />payment when due. Trustor will be in default if a breach occurs under the terms of this Security
<br />Instrument or any other document executed for the purpose of creating, securing or guarantying the
<br />Secured Debt. A good faith belief by Beneficiary that Beneficiary at any time is insecure with respect
<br />to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value
<br />of the Property is impaired shall also constitute an event of default.
<br />15. Remedies on Default. In some instances, federal and state law will require Beneficiary to
<br />provide Trustor with notice of the right to cure or other notices and may establish time schedules for
<br />foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt
<br />and foreclose this Security Instrument in a manner provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and
<br />principal shall become immediately due and payable, after giving notice if required by law, upon
<br />the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the
<br />remedies provided by law, the terms of the Secured Debt, this Security Instrument and any related
<br />documents, including without limitation, the power to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the
<br />Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the
<br />highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor
<br />at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms
<br />and place of sale and a description of the Property to be sold as required by the applicable law in effect
<br />at the time of the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a
<br />deed to the Property sold which conveys absolute title to the purchaser, and after first paying all fees,
<br />charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens,
<br />assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured
<br />Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in any
<br />deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies
<br />provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any
<br />sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or
<br />after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require
<br />complete cure of any existing default. By not exercising any remedy on Trustor's default, Beneficiary
<br />does not waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />VO1.1.1.28620
<br />Deed Of Trust Closed End -NE
<br />CO 2022 Wolters Kluwer Financial Services, Inc. 09/2022
<br />All rights reserved. 22.3.0.4686420221024N - Page 3 of 7
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