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200507874
<br />Section 18.38. Certain Matters Relating to Prop—eLly Prop-e Located in the State of Colorado. With respect to the
<br />Property which is located in the State of Colorado, notwithstanding anything contained herein to the contrary:
<br />(a) The Trustee named herein is the Public Trustee of County in which the Premises is located, who is
<br />a public official of such county created pursuant to C.R.S. §38 -37 -101. Therefore, certain provisions of this
<br />Security Instrument, including those relating to the removal and substitution of the Trustee, the fees to be charged
<br />by the Trustee, the powers and rights of the Trustee, and procedural requirements to be followed by the Trustee
<br />are each subject to applicable provisions of Colorado law.
<br />(b) Upon the occurrence and during the continuance of any Event of Default, Lender may take such
<br />action, without notice or demand, as it deems advisable to protect and enforce its rights against Borrower and in
<br />and to the Property or any part thereof or interest therein, including, but not limited to, the following actions, at
<br />such time and in such order as Lender may determine without impairing or otherwise affecting the other rights and
<br />remedies of Lender:
<br />(i) Declare a violation hereof and elect to advertise the Property for sale and demand such
<br />sale. Then upon Lender's filing notice of such election and demand for sale with the Trustee (who shall
<br />upon receipt of such notice of election and demand for sale cause a copy of the same to be recorded in the
<br />office of the Clerk and Recorder of the County in which the Premises is located), it shall and may be lawful
<br />for said Trustee to sell and dispose of the Property (en masse or in separate parcels, as Lender may
<br />designate) and all the right, title, and interest of Borrower, its successors and assigns therein, at public
<br />auction at the main entrance to the County Building in and for said County in which the Premises is
<br />located, or on the Property, or any part thereof, or such other place as may be authorized or permitted by
<br />law, all as may be specified in the notice of such sale, for the highest and best price the same will bring in
<br />cash, four weeks, public notice having been previously given of the time and place of such sale, by
<br />advertisement weekly in some newspaper of general circulation at that time published in the County in
<br />which the Premises is located. A copy of such notice of sale shall be given to Borrower at its address given
<br />herein, and to such person or persons appearing to have acquired a subsequent record interest in the
<br />Property at the address given in the recorded instrument evidencing such interest, any such notice to be
<br />given in accordance with applicable law; provided, that where only the county and state are given as the
<br />address, such notice shall be mailed to the county seat. The Trustee shall then make and give to the
<br />purchaser or purchasers of such Property at such sale a certificate or certificates in writing describing such
<br />Property purchased, and the sum or sums paid therefor, and the time when the purchaser or purchasers (or
<br />other persons entitled thereto) shall be entitled to a deed or deeds therefor, unless the same shall be
<br />redeemed as provided by law, and said Trustee shall, upon demand by the person or persons holding the
<br />said certificate or certificates of purchase, when said demand is made, or upon demand by the person
<br />entitled to a deed to and for the Property purchased, at the time such demand is made (the time for
<br />redemption having expired) make and execute to such person or persons a deed or deeds to the said
<br />Property purchased, which said deed or deeds shall be in the ordinary form of a conveyance, and shall be
<br />signed, acknowledged, and delivered by the Trustee, as grantor, and shall convey and quitclaim to such
<br />person or persons entitled to such deed, as grantee, the said Property purchased as aforesaid, and all the
<br />right, title, interest, benefit, and equity of redemption of Borrower, its successors and assigns therein, and
<br />shall recite the sum or sums for which the said Property was sold and shall refer to the power of sale herein
<br />contained, and to the sale or sales made by virtue thereof.
<br />In case of an assignment of such certificate or certificates of purchase or in the case of redemption of such
<br />Property by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such
<br />deed or deeds, but the notice of sale need not be set out in such deed or deeds. The Trustee shall, out of the
<br />proceeds or avails of such sale, after first paying and retaining all fees, charges, and costs of making said
<br />sale, apply the remaining proceeds of the sale first to Lender for the payment of all moneys advanced by
<br />Lender for insurance, repairs, appraisals, maintenance, inspection and testing fees, receivers' and
<br />management fees, leasing and sales commissions, advertising costs and expenses, taxes and assessments,
<br />environmental audits, environmental studies and reports, environmental tests and remediation costs,
<br />surveys, engineering studies and reports, engineering fees and expenses, soils tests, space planning costs
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