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HomeMy WebLinkAboutLand Use Case.620 E Hopkins Ave.A120-00 .~ CASE NUMBER PARCEL ID # CASE NAME PROJECT ADDRESS PLANNER CASE TYPE OWNER/APPLICANT REPRESENTATIVE DATE OF FINAL ACTION CITY COUNCIL ACTION PZ ACTION ADMIN ACTION BOA ACTION DATE CLOSED BY -. "~" A120-00 2737-073-32030 AT& T Wireless Application 620 E. Hopkins Greg Woods/James Lindt Telecom Installation Robert Clark Liberty Star Wireless Clo RC Powell 10/17/00 Approved 10/23/00 J. Lindt -, -- ~. ;--., .-, DEVELOPMENT ORDER of the City of Aspen Community Development Department This Development Order, hereinafter "Order", is hereby issued pursuant to Section 26.304.070, "Development Orders", and Section 26.308.010, "Vested Property Rights", of the City of Aspen Municipal Code. This Order allows development of a site specific development plan pursuant to the provisions of the land use approvals, described herein. The effective date of this Order shall also be the initiation date of a three-year vested property right. The vested property right shall expire on the day after the third anniversary of the effective date of this Order, unless a building permit is approved pursuant to Section 26.304.075, or unless an exemption, extension, reinstatement, or a revocation is issued by City Council pursuant to Section 26.308.010. After Expiration of vested property rights, this Order shall remain in full force and effect, excluding any growth management allotments granted pursuant to Section 26.470, but shall be subject to any amendments to the Land Use Code adopted since the effective date of this Order. This Development Order is associated with the property noted below for the site specific development plan as described below. Robert Clark, 620 E. Hopkins St., Aspen, CO 81611 Property Owner's Name, Mailing Address and telephone number 620 E, Hopkins Avenue Legal Description and Street Address of Subject Property Wireless Telecom Facility Installation Approval Written Description of the Site Specific Plan and/or Attachment Describing Plan Administrative Decision, 10/17/00 Land Use Approval(s) Received and Dates (Attach Final Ordinances or Resolutions) October 28, 2000 Effective Date of Development Order (Same as date of publication of notice of approval.) . October 29, 2003 Expiration Date of Development Order (The extension, reinstatement, exemption from expiration and revocation may be pursued in accordance with Section 26.308.010 of the City of Aspen Municipal Code.) Ann Woods, Community Development Director -! ,-..,. ~ r-. -"'I '--' PUBLIC NOTICE Of DEVELOPMENT APPROVAL Notice is hereby given to the general public of the approval of a site specific development plan, and the creation of a vested property right' pursuant to the Land Use Code of the City of Aspen and Title 24, Article 68, Colorado Revised Statutes, pertaining to the following described property: 620 E. Hopkins Avenue, by Administrative Decision of the Community Development Director on October 18, 2000. For further information contact Julie Ann Woods, at the Aspen/Pitkin Community Development Dept., 130 S. Galena St, Aspen, Colorado (970) 920-5090. sf City of Aspen Account Publish in The Aspen Times on October 28, 2000 1""\ (""';.. ',-4' MEMORANDUM TO: Julie Ann Woods, Community Development Director FROM: Greg Woods, Planning Intern RE: Liberty Wirestar Telecommunication Facility DATE: October 3, 2000 SUMMARY: Liberty Wirestar Inc, represented by R.C. Powell, has applied for the installation of telecommunication equipment to be installed on the roof of the building located at 620 E, Hopkins. on behalf of AT &TWS and Robert Clark - a telecommunication service provider. The parcel is located outside of the Commercial Core Historic District and is not within any of the Mountain View Planes. The application proposes the removal of 4 existing omni directional whip antennas that are currently mounted on the backside of the building parapet walls. Twelve new panel antennas will be mounted on a new steel support frame at the center of the roof of the building. The steel frame will also support two new condensing units that will provide additional cooling for the communications equipment room located in the basement of the building. The top of the new antennas will not exceed the top of the existing omni directional whip antennas. The application meets the standards for telecommunication equipment, pursuant to Section 26,575.130. Attached are the relevant criteria. Also attached is the application, containing a picture of the proposed equipment. Staff recommends The Community Development Director administratively approve this application, with eight conditions. ApPLICANT: R.C. Powell, Site Acquisition for Liberty Wirestar Incorporated. Representing AT &TWS and Robert Clark LOCATION: 620 E. Hopkins (Roof). ZONING: C-I, Commercial CURRENT AND PROPOSED LAND USE: Mixed Use, Commercial I ~ ^. "r . , REVIEW PROCEDURE: Wireless Telecommunication Service Facilities: The Community Development Director may approve, approve with conditions, or disapprove an application pursuant to Section 26.575.130 of the Land Use Code. STAFF COMMENTS: Review criteria and Staff Findings have been included as Exhibit "A." Agency referral comments have been included as Exhibit "B," The application has been included as Exhibit "C." RECOMMENDATION: Staff recommends the Community Development Director approve the Liberty Wirestar Incorporated Telecommunication equipment proposed for the roof of St. 620 E. Hopkins St., with conditions: APPROVAL: I hereby approve the Liberty Wirestar Telecommunication Service equipment proposed for the roof of the 620 E. Hopkins with the following conditions: 1. A building permit shall be obtained by the applicant. A copy of this approval shall accompany the building permit application. 2. The applicant shall obtain a right-of-way permit if there is a disturbance ofthe public right- of-way during construction. 3. The applicant shall obtain a Temporary Encroachment License during construction if the public right-of-way is to be used for construction storage. 4. The applicant shall submit a traffic control plan if there is an encroachment on the public right- of-way that affects the normal traffic flow. 5. All material representations made by the applicant in the application shall be adhered to and considered conditions of approval, unless otherwise amended by other conditions, 6. The applicant shall paint all antennas a dark non-reflective color. 7. The applicant shall remove the four antennas proposed for their removal in their applications. CtL-rt<..J:u Jul1e Ann Woods, AICP p6mmunity Development Director City of Aspen . , date /c//7/",c:r: , f ATTACHMENTS: Exhibit A -- Review Criteria and Staff Comments Exhibit B Referral Agency Comments Exhibit C -- Development Application .<'/f:Jr-.", "'-/'10, ...,.. ~~D '; ~~" ('-OJ, .,; 7 ''''4{UM .; ')- ~Jr fJ,.., . <01' "'C'v~ . dO C7l)- _ 0;..,,,,,. (~AO ~Vl',., "'0;0$1, ""69~.. " 10ft 2 ~ -', Exhibit A Telecom. Equipment F. Review Standards. The following standards are designed to foster the City's safety and aesthetic interests without imposing unreasonable limitations on wireless telecommunication services facilities and equipment.: 1. Setbacks. At a minimum, all wireless telecommunication services facilities and equipment shall comply with the minimum setback requirements of the underlying zone district; if the following requirements are more restrictive than those of the underlying zone district, the more restrictive standard shall apply. a. All facilities shall be located at least fifty (50) feet from any property lines, except when roof-mounted (above the eave line of a building). Flat-roof mounted facilities visible from ground level within one-hundred (100) feet of said property shall be concealed to the extent possible within a compatible architectural element, such as a chimney or ventilation pipe, or behind architectural skirting of the type generally used to conceal HV AC equipment. Pitched-roof mounted facilities shall always be concealed within a compatible architectural element, such as chimneys or ventilation pipes, b. Monopole towers shall be set back from any residentially zoned properties a distance of at least three (3) times the monopole's height (i.e., a sixty (60) foot setback would be required for a twenty (20) foot monopole), and the setback from any public road, as measured from the right-of-way line, shall be at least equal to the height of the monopole. c. No wireless communication facility may be established within one- hundred (100) feet of any existing, legally established wireless communication facility except when located on the same building or structure. d. No portion of any antenna array shall extend beyond the property lines or into any front yard area. Guy wires shall not be anchored within any front yard area, but may be attached to the building. Staff Finding: The 12 proposed Sprint Antennas that will extend above the highest roof point will not extend past the current height of the existing antennas. The proposed equipment platform r", ,-,. " will be fully screened from view. The proposed antennas will be attached to the same building. 2. Height. Wireless telecommunication services facilities and/or equipment shall not exceed thirty-five (35) feet in height or the maximum permissible height of the given zone district, whichever is more restrictive. In addition: a. Whenever a wireless telecommunication services antenna is attached to a building roof, the antenna and support system for panel antennas shall not exceed five (5) feet above the highest portion of that roof, including parapet walls, and the antenna and support system for whip antennas shall not exceed fifteen (15) feet above the highest portion of that roof, including parapet walls. b. If the building itself exceeds the height limitations of the zone, and such excess height was legally established (i.e., granted a variance, approved by PUD, etc.), then the combined height of the building and antenna shall not exceed the maximum height allowed by such approval unless determined by the Community Development Director to be suitably camouflaged. c. If the building is constructed at or above the zone district's height limit, or if combined height of the building and the antenna would exceed the applicable height limit, the additional height of the antenna must be reviewed pursuant to the process and standards (in addition to the standards of this Section) of conditional use review, Section 26.425.010, unless determined by the Community Development Director to be suitably camouflaged (in which case an administrative approval may be granted). Staff Finding: The 12 antennas that extend four feet six inches over the highest point of the building will be painted to blend into the building. Staff believes the proposed equipment meets these standards given that they are painted the same color as the building to camouflage them from sight. d, Support andlor switching equipment shall be located inside the building, unless it can be fully screened from view as provided in the "Screening" standards (26.475. 130(F)(5)) below. 3. Architectural Compatibility. Whether manned or unmanned, wireless telecommunication services facilities shall be consistent with the architectural style of the ."'" ~. surrounding architectural environment (planned or existing) considering exterior materials, roof form, scale, mass, color, texture and character. In addition: a. If such facility is accessory to an existing use, the facility shall be constructed out of materials that are equal to or of better quality than the materials of the principal use. b. Wireless telecommunication services equipment shall be of the same color as the building or structure to which or on which such equipment is mounted, or as required by the appropriate decision- making authority (Community Development Director, Historic Preservation Commission, Planning and Zoning Commission, or City Council, as applicable). c. Whenever wireless telecommunication services equipment is mounted to the wall of a building or structure, the equipment shall be mounted in a configuration designed to blend with and be architecturally integrated into a building or other concealing structure, be as flush to the wall as technically possible, and shall not project above the wall on which it is mounted. d. Monopole support buildings, which house cellular switching devices and/or other equipment related to the use, operation or maintenance of the subject monopole, must be designed to match the architecture of adjacent buildings. If no recent and/or reasonable architectural theme is present, the Community Development Director may require a particular design that is deemed to be suitable to the subject location. e. All utilities associated with wireless communication facilities or equipment shall be underground (also see "Screening" below), Staff Finding: To the extent practical, the antennas are compatible with the architecture of the building. No monopoles or significantly obtrusive equipment will be visible from the street and staff is not recommending any screening measures be implemented, 4. Compatibility With the Natural Environment. Wireless telecommunication services facilities and equipment shall be compatible with the surrounding natural environment considering land forms, topography, and other natural features, and shall not dominate the landscape or present a dominant silhouette on a ridge line, In addition: a. If a location at or near a mountain ridge line is selected, the applicant shall provide computerized, three dimensional, visual simulations of the facility or equipment and other appropriate graphics to demonstrate the visual impact on the view of the .~ ,-..., ...~ . affected ridge(s) or ridge line(s); an 8040 Greenline Review, pursuant to the provisions of Section 26.435.030, may also be required. b. Site disturbances shall be minimized, and existing vegetation shall be preserved or improved to the extent possible, unless it can be demonstrated that such disturbance to vegetation and topography results in less visual impact to the surrounding area. c. Surrounding view planes shall be preserved to the extent possible. d. All wireless telecommunication services facilities and equipment shall comply with the Federal Communication Commission's regulations concerning maximum radio frequency and electromagnetic frequency emissions. Staff Finding: The proposed location is not affected by ridgeline, 8040, or mountain viewplane restrictions. The applicant has committed to meeting FCC regulations regarding the operation of wireless service facilities. 5. Screeninf!. Roof and ground mounted wireless telecommunication services facilities and equipment, including accessory equipment, shall be screened from adjacent and nearby public rights-of-way and public or private properties by paint color selection, parapet walls, screen walls, fencing, landscaping, and/or berming in a manner compatible with the building's and/or surrounding environment's design, color, materials, texture, land forms and/or topography, as appropriate or applicable. In addition: a. Whenever possible, if monopoles are necessary for the support of antennas, they shall be located near existing utility poles, trees, or other similar objects; consistent of colors and materials that best blend with their background; and, have no individual antennas or climbing spikes on the pole other than those approved by the appropriate decision-making authority (Community Development Director, Historic Preservation Commission, Planning and Zoning Commission, or City Council, as applicable). b. For ground mounted facilities, landscaping may be required to achieve a total screening effect at the base of such facilities or equipment in order to screen the mechanical characteristics; a heavy emphasis on coniferous plants for year-round screening may be required. Landscaping shall be of a type and variety capable of growing within one (1) year to a landscape screen which satisfactorily obscures the visibility of the facility, /""', /-..., ~ . c. Unless otherwise expressly approyed, all cables for a facility shall be fully con,cealed from view underground or inside of the screening or monopole structure supporting the antennas; any cables that cannot be buried or otherWise hidden from view shall be painted to match the color of the building or other existing structure. d. Chain link fencing shall be unacceptable to screen facilities, support structures, or accessory and related equipment (including HV AC or mechanical equipment present on support buildings); fencing material, if used, shall be six (6) feet in height or less and shall consist of wood, masonry, stucco, stone or other acceptable materials that are opaque. e. Notwithstanding the foregoing, the facility shall comply with all additional measures deemed necessary to mitigate the visual impact of the facility. Also, in lieu of these screening standards, the Community Development Director may allow use of an alternate detailed plan and specifications for landscape and screening, including plantings, fences, walls, sign and structural applications, manufactured devices and other features designed to screen, camouflage and buffer antennas, poles and accessory uses. For example, the antenna and supporting structure or monopole may be of such design and treated with an architectural material so that it is camouflaged to resemble a tree with a single trunk and branches on its upper part. The plan should accomplish the same degree of screening achieved by meeting the standards outlined above, Staff Finding: The proposed support equipment platform will be fully screened from view. No additional screening is recommended. The antennas will not be visible from the streetscape. The applicant shall paint the antennas to blend in with the building. 6. Liflhtinfl and Siflnafle. In addition to other applicable sections of the code regulating signage or outdoor lighting, the following standards shall apply to wireless telecommunication services facilities and equipment: a. The light source for security lighting shall feature down- directional, sharp cut-off luminaries to direct, control, screen or shade in such a manner as to ensure that there is no spillage of illumination off-site. b. Light fixtures, whether free-standing or tower-mounted, shall not exceed twelve (12) feet in height as measured from finished grade. ."....., '-'Cj .. c. The display of any sign or advertising device other than public safety warnings, certifications or other required seals on any wireless communication device or structure is prohibited. Staff Finding; The equipment proposed does not require any lighting. d. The telephone number(s) to contact in an emergency shall be posted on each facility in conformance with the provisions of Chapter 26.510 of the Aspen Municipal Code. 7. Access Ways. In addition to ingress and egress requirements of the Building Code, access to and from wireless telecommunication services facilities and equipment shall be regulated as follows: a. No wireless communication device or facility shall be located in a required parking, maneuvering or vehicle/pedestrian circulation area such that it interferes with, or in any way impairs, the intent or functionality of the original design. b. The facility must be secured from access by the general public but access for emergency services must be ensured. Access roads must be capable of supporting all potential emergency response vehicles and equipment. c. The proposed easement( s) for ingress and egress and for electrical and telephone shall be recorded at the Pitkin County Clerk and Recorder's Office prior to the issuance of building permits. Staff Finding; The equipment is not proposed in an area requiring vehicular circulation. .-, i'''''' ~ - ,," MEMORANDUM To: James Lindt, Planner From: Ben Ludlow, Project Enginee~ Date: October 13, 2000 Re: Liberty Wireless Telecom Facility Instalation 1, The applicant will be required to obtain a ROW permit if there is disturbance of the public ROW during construction, 2. The applicant will be required to obtain a Temporary Encroachment license during construction when the public ROW is used for construction storage, 3, Construction storage in the public ROW is to be maintained at a level that does not permit loose materials in the public ROW. 4. If necessary, a traffic control plan will be required if there is an encroachment on the public ROW that affects normal traffic flow. 9-27-200 2,S4PM FROM SEYFERTH AND ASSOC. 3037977773 .-' ^ P.3 ~ .1........\ 1""""\ Liberty WireStar, Inc. 730 17th Street, Suite 635, Denver, CO 80202 FAX & TRANSMITTAL SHEET TO: James Lindt FAX: 970-920-5439 PHONE: 970-920-5104 FROM: R.C.Powell Fax: (303) 534-6992 Phone: (303) 534-6991 720-320-2514 mobile rcpowell@libertywire.com DATE: Oct.02, 2000 RE; 620 East Hopkins Street AT&TWS Cell SiteIRobert Clark Dear: James, This revised reply to your request for information concerning 620 East Hopkins Street, AT&TWS cell Site on Robert Clark's building hopefully wllI be sufficient for the administrative review and approval for the permits needed to move forward with the upgrade as has been outlined with the attached answers in a timely manner. Please feel free to contact me on anything you. may need to complete this approval. THANKS!! James, please let me know if these answers wllI be sufficient as soon as you can, I would appreciate that very much. THANKS!! NUMBER OF PAGES INCLUDING THIS COVER PAGE: CONFIDENTIALITY STATEMENT The iIl/tJrmation contained in the ftJlltJwing fax is ctJnfidetlliaJ, tmkss tJlherwise addres$ed, and is brtende4 for the reclpie1lt(s) shown abtWe tJttly. Please nvtify us ifthcre is any prtJblem with this transmu,iDn. /V/I'd L 919' ON ~V1S3~IM ^1~38[1 ~dlv:1 0001 '9 'PO r-, ,-, October 02,2000 Jiunes Lindt: Dear James, . I hope the following will be what is necessary for your needs in this matter. Wireless Telco - Services Facilities and Equioment Review Standards: I = Setbacks - Not applicable (NA) roof top site a = NI A roof mounted b-N/A c=N/A d=N/A 2 '" Height: a = Please refer to Brian Seyferth (BSA) Plan Drawings b '" Please refer to BSA Drawings c - Please refer to BSA Plans d = Equipment room is in the basenl.ent e - We will comply with this 4 = Compatibility with the Natural Environment (we will comply) a=N/A b=N/A c = We will comply d - We will comply / 8/Z . d 8609'ON mmlM Amell mZ:11 OOOZ ,z '100 -- ,-" 5 = Screening ( Parapet walls in place) a=N/A b=N/A c = We will comply d=N/A -- e = We will comply 6 ... Lighting and signage a = We will comply b - We will comply c = We will comply d = We will comply 7 = Access Ways: a=N/A b - We will comply c = We will comply James; Please feel free to contact me should you need further assistance on the answers I have given On these requirements, Thanks!! Sinc .... '. ....-: R.C.Powell Liberty Wire Starl A T &TWS EIE 'd 8609'oN ~~lS3~IM ^1~3Sll ml:11 0001 'Z 'PO ......... ,-, -../. Liberty WireStar, Inc. 730 17th Street, Suite 635, Denver, CO 80202 FAX & TRANSMITTAL SHEET TO: James Lindt FAX: 970-920-5439 PHONE: 970-920-5104 FROM: R.C.Powell Fax: (303) 534-6992 Phone: (303) 534-6991 720-320-2514 mobile rCJ)owell@Ubertywire.com DATE: Oct.02, 2000 RE: 620 East Hopkins Street AT&TWS Cell Site/Robert Clark Dear: James, This reply to your request for information concerning 620 East Hopkins Street, AT &TWS cell Site on Robert Clark's building hopefully will be sufficient for the administrative review and approval for the permits needed to move forward with the upgrade as has been outlined with the attached answers in a timely manner. Please feel free to contact me on anything you may need to complete this approval. THANKS!! James, please let me know if these answers Will be sufficient as soon as you can, I would appreciate that very much. THANKS!l Thank you. R.C.Powell NUMBER OF PAGES lNCLUDlNG TlllS COVER PAGE: CONFIDENTIALITY STATEMENT The info"'''llum comabt.ed in the f911Dwing fox is C911fulentioJ, unless otherwise addressed, alld is intelltled for the redpient(s) SMWiJ above only. Please It/)tify us if there Is any problem wlth this transmission. S/I'd 8609'ON mmlM Almll mZ:11 DDDZ 'Z 'PO 9-28-200 1121,S3AM FROM SEYFERTH AND ASSOC. 312137977773 I~ ~ P,l ~- BRiAN SEYFERlH &ASSOCATES.INc. Fax Transmittal To: James Lindt From: Tom Brunn Con_1y: City of Aspen - Planning ~ Incl. 2 Tnonem_ Fax: 970-920-5439 DIIteo Thursday, September 28. 2000 PIIoneo 970-920-5104 00: He: 620 East Hopkins Stree~ Aspen. CO o Urg- 621 For Review 0 P1_ Comment 0 Pt_ Reply 0 Copy Sent by MlI/I . Cammen'CS: Attached is a protion of the North Elevation Drawing of 620 East Hopkins that was sent to you yesterday. On this drawing I have added the dimension from the top of the parapet to the top of the existing whip antennas fur AT&;T Wireless. The antennas were measured yesterday by R C. Powell with Liberty Wirestar. 9-27-200 2,S2PM FROM SEYFERTH AND ASSOC. 3037977773 ,.-, P.l !"",. BRIAN SEYFERTH &ASSOCIATES, INC. Fax Transmittal To: James Undt From: Tom Brunn Company: City of Aspen - Planning PageslncL 3 Tran8mlttal, Fax: 970-920-5439 Date, Wednesday, September 27, 2000 Phone: 970-920-5104 cc: ReI 620 East Hopkins Street, Aspen, CO o Urg_ Ii1l For Review 0 Please Comment 0 Please Reply 0 Copy Sent by Mail . Comment;s: Attached is a portion of the North Elevation of 620 East Hopkins Street as shown on elevation l/A-2 on Drawing A-2 dated 09/12100. This part of the front elevation shows the existing whip antennas with dashed lines and keyed note #1. The whip antennas for AT&T Wireless are to be removed after the pIacement of the new panel antennas. The drawing notes that the top of the new panel antennas will not exceed the top of the existing whip antermas. Also attached is a copy of a photograph that shows the existing whip antennas mounted to the back of the parapet walls. . .. ...~ ".~, " " ~ ~. ...,~. ',:' " . - . -'-'- - ~. l ~ f'T1Z~ XOO U;-f"O :::::!~O ZO.." '" G)f"T'JZ ~.. ~Xf"T'J (')::;; ".:--;, '01=:1"0 l>Ol> Z-lZ -l0f"T'J fTl"Or ZOl> Z.."Z .,,~ l> ;:;:I ,,~, Yl Z " ------------ Z ------------ l> (Jl -'--------~ -->. ~ . . " . . . .. ." . .4 \" \,~ ~ G'd '- ,~ "" ,,~ ,> '" ------------) . ------------ ". . \ j \.,..... -0. '''' ,....' ," ......-.... ..... CID ELLLL6LEOE 'OOSS~ aN~ H~~3~^3S ~O~~ ~dES'G OOG-LG-6 , , r ; C 11 (' C \Cl -\/r~ti~ OJ j v ".-,. \ . . Recorded at \,D Reception ~ RECORDING REQUESTED BY: .~ WHEN RECORDED RETURN TO: "1:; Robert D. Clark c:L~ 1330 Sandstone Drive, No.5 z ~ Vat!, Colorado 81657 wo \ ~~~' ~ ~ . THIS DEED is made this ';-Ir day of July, 1999 between FORREST L. SMITH 5 ~ ...."" hereinafter "Grantor"), and THE ROBERT CLARK TRUST DATED 9/22/93 (hereinafter ~"Grantee")' whose legal address is 1330 Sandstone Drive, No.5, Vail, Colorado 81657. "-, "i\~ .~\.,,,,,-- WITNESSETH, that the Grantor, for and in consideration of the sum ofTen Dollars - '-... . 'ls;1O.00) and other good and. valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold, and conveyed, and by these presents does grant, bargain, sell, convey and confirm, unto the Grantee, its successors and assigns forever, all the real property together with improvements, if any, situate, lying and being in the County of Pitkin, State of Colorado, described as follows: o'clock_.M. Recorder bF~ \40,00 GENERAL WARRANTY DEED \'-.. ........ ~ -...!;) It Condominium Units 2 through 13, Inclusive, THE TOTEMS, a Condominium, Pitkin County, Colorado, according to the recorded Plat thereof recorded April 12, 1999 in Plat Book 49 at Page 14 as Reception No. 429812, and Condominium Declaration thereof recorded April 12, 1999 as Reception No. 429811, in the Pitkin County, Colorado records. COUNTY OF PITKIN, STATE OF COLORADO. "~ TOGETHER with all and singular the hereditaments and appurtenances thereto belonging ~.Z\ or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues ~ and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the . ~\ Grantor, either in law or equity, of, in and to the above bargained premises, with the hereditaments ~ '.~ and appurtenances. z "-.::) ~ ~ . TO HAVE AND TO HOLD the said premises above bargained and described, with the ~ ~,~~\.. appurtenanc es, unto the Grantee, its successors and assigns forever. And the Grantor for himself, ~ Iii <' his heirs, successors and assigns, does covenant, grant, bargain and agree to and with the Grantee, ~ ~, :' successors and assigns, that at the time of the ensea1ing and delivery of these presents, he is well B ~~ed of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of ~nhentance, in law, in fee simple, and has good right, full power and lawful authority to grant, ~ ~ain, sell and convey the same in manner and form as aforesaid, and that the same is free and ,~'"'clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature whatsoever, except the following exceptions: 1. General taxes for 1999, due and payable in 2000. 2. Exceptions and reservations as set forth in the Act authorizing the issuance of the Patent for the City and Townsite of Aspen recorded March 1, 1897 in Book 139 at Page 216 as Reception No. 60156. 3. Any and all leases and tenancies. 4. Terms, conditions, obligations and provisions of License Agreement as set forth in instrument recorded May 17, 1996 as Reception No. 392783. 5, Terms, conditions, obligations and restrictions as set forth in Condominium Declaration for The Totems, a Condominium, recorded April 12, 1999 as Reception No. 429811. 1111111111111111111111111111111111111111111111111111111 433978 08/02/1999 10,08A we DAVIS SILVI 1 of 2 R 10.00 D 140.00 N 0.00 PITKIN COUNTY CO !"" ~ .--' , 6. Easements, conditions and restrictions as set forth on the Condominium Map for The Totems recorded April 12, 1999 in Plat Book 49 at Page 14 as Reception No. 429812. 7, Subject to building and zoning regulations. All documents are recorded in the records of Pitkin County, Colorado. The Grantor shall and will WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of the Grantee, its successors and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number shall include the plural, the plural the singular and the use of any gender shall be applicable to all genders. IN WITNESS WHEREOF, the Grantor has executed this General W:\. Deed on the date set forth above. r:;...':;>J So () 1 11-1 . 1~""'7'\.. ,I I . ,/ / i ! \ ,\ , i ' I I n, STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged and sworn to before me this 5:) day of July, 1999 by Brooke A. Peterson as Attorney in Fact for Forrest L. Smith. WITNESS my hand and official seal. My commission expires: /~.a7-;;o()J realestate\gwd-smith2 ~~ Notary Public -2- I 111111 11111 IIIUI 1111 IIIIIIIIIIIUIIII 11111111 11111111 433978 08/02/1999 10:08A WD DAVIS SILVI 2 of 2 R 10.88 D 140.00 N 0.88 PITKIN COUNTY CO ,-". ,-,. , STATE OF Colorado ) ) COUNTY OF Pitkin ) I"- --- () ~ AFFIDAVIT (For Property ofTrust) Robert ~ Dean Clark oath, depose( s) and say( s): , oflawful age, being first duly sworn, upon I, Affiant( s) isl are (one of the) trustees of the hereinafter named trust and as such has/have authority to execute and to record this affidavit. 2. . The Robert Clark Trust Dated 9/22/93 is the name of a trust which may acquire, convey, encumber, lease and otherwise deal with interests in real property in said name, 3, The names and addresses of all of the trustees who are represented by such trust name are: NAME: ADDRESS: Robert ~ Dean Clark ~""~ ~ ~ ....... \~~o "') A..) ~ . s...~-.l~ ~~>> ~ (r. '?, 1"- ;;:: 7 \. 4, Anyone (two, or three) of the above-named trustees or any of the following other persons or entities may convey, encumber, lease or otherwise deal with any interest in the property acquired or held in the name of said trust: 5. This affidavit is executed and recorded pursuant to the provision of Title 38-30, Section 166 of Colorado Revised Statues, as amended, ~"'-. \,. ~ ~ Robert ~ Dean Clark ~ SUBSCRIBED AND SWORN to before me this 30th day of July , 1999 WITNESS my hand and official seaL . ill . (/J ,,~ My commission expires: 12/27/2001 ~ ~ seal -.,- of:: "'ID- ...,= -ID- - :DCSl_ CII~ "CSl_ CSl..._ CSl, -- DID- CSlID .ID CSl__ CSlCSl_ ..- Zli !S'Z> CSl...- CSl:D ..i . ...... ...- :l'tD_ ...>>.- Ze ...- nUt_ 2Ut 3!..._ ~,..- S n - o , /*,,-, '-', . ~ ,t\ .~ RECORDING REQUESTED BY: \"" WHEN RECORDED RETIJRN TO: c:i'" Robert D. Clark z~ z 'N 1330 Sandstone Drive, No.5 ~ Q~' '.\ Vail, Colorado 81657 'en ~ I <(D.: & ~ a:,-' ~ GENERAL WARRANTY DEED j:: a: ' (3:r .~ THIS DEED is made this j'U- day of July, 1999 between FORREST L. S!illTH ~ (hereinafter "Grantor"), and THE ROBERT CLARK TRUST DATED 9/22/93 (hereinafter ~ "Grantee"), whose legal address is 1330 Sandstone Drive, No.5, Vail, Colorado 81657. WITNESSETH, that the Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold, and conveyed, and by these presents does grant, bargain, sell, convey and confirm, unto the Grantee, its successors and assigns forever, all the real property together with improvements, if any, situate, lying and being in the County of Pitkin, State of Colorado, described as follows: Recorded at Reception o'clock_.M. Recorder t> F~ ~DC:J. 00 I'-- - <) J) \C Condominium Unit 1, THE TOTEMS, a Condominium, Pitkin County, Colorado, according to the recorded Plat thereof recorded April 12, 1999 in Plat Book 49 at Page 14 as Reception No. 429812, and Condominium Declaration thereof recorded April 12, 1999 as Reception No. 429811, in the Pitkin County, Colorado records. COUNTY OF PITKIN, STATE OF COLORADO. TOGETHER with all and singular the hereditaments and appurtenances thereto belonging .~ or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues K . and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the ~ Grantor, either in law or equity, of, in and to the above bargained premises, with the hereditaments "'5> @ld appurtenances. '\->z z ~ , ~ 9 TO HAVE AND TO HOLD the said premises above bargained and described, with the ~ if fll'ppurtenances, unto the Grantee, its successors and assigns forever. And the Grantor for himself, '- ~ ~ inis heirs, successors and assigns, does covenant, grant, bargain and agree to and with the Grantee, ," ?: ~ its successors and assigns, that at the time of the ensealing and delivery of these presents, he is well ~::-o ~eized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of '-.,.",~ :inheritance, in law, in fee simple, and has good right, full power and lawful authority to grant, ~ 'bargain, sell and convey the same in manner and form as aforesaid, and that the same is free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature whatsoever, except the following exceptions: 1. General taxes for 1999, due and payable in 2000. 2. Exceptions and reservations as set forth in the Act authorizing the issuance of the Patent for the City and Townsite of Aspen recorded March I, 1897 in Book 139 at Page 216 as Reception No. 60156. 3. Any and all leases and tenancies. 4. Terms, conditions, obligations and provisions of License Agreement as set forth in instrument recorded May 17, 1996 as Reception No. 392783. 5. Terms, conditions, obligations and restrictions as set forth in Condominium Declaration for The Totems, a Condominium, recorded April 12, 1999 as Reception No. 429811. 1111111111111111I11111111111111111111111111111111111111 433980 08/02/1999 10:09A WD DAVIS SILVI 1 of 2 R 10.00 D 200.00 N 0.00 PITkIN COUNTY CO 433980 _FER DECLARATION RECEIVED 08/02/1999 t ,'-"" ,,-..., . 6. Easements, conditions and restrictions as set forth on the Condominium Map for The Totems recorded April 12, 1999 in Plat Book 49 at Page 14 as Reception No. 429812. 7. Subject to building and zoning regulations. All documents are recorded in the records of Pitkin County, Colorado. The Grantor shall and will WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of the Grantee, its successors and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number ' shall include the plural, the plural the singular and the use of any gender shall be applicable to all genders. on, STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged and sworn to before me this 30 day of July, 1999 by Brooke A. Peterson as Attorney in Fact for Forrest L. Smith. WITNESS my hand and official seal. My commission expires: I:;z.. ~7-~O I realestate\gwd-smith "Y2~~~ Notary Public -2- 1111111 Illll Illlllllll 1111111 11111 11111 III 11111 1111 1111 433880 08/02/1999 10:09A NO DAVIS SILVI 2 of 2 R 10.00 D 200.00 N 0.00 PITKIN COUNTY CO . ' '.i. \'- ......,. () ~ C\\ ., 1""0.. .'-.. ......;.....:'-0..0 ......'-', L ~;..., -:s....~ f" ~ 1.l1: "" ,..,- "'~ . .. S~+ ~C:;"l2. ~~')l.'. ~O~) '&9~ ~~'.L ~ RECORDATION REQUESTED BY: AlpIne Bank 600 East Hopkins, Suite 001 Aspen, CO 81611 ~R.~ ~ ~ota:. c...'--A~\., WHEN RECORDED MAIL TO: Alpine Bank 600 East Hopkins, Suite oql Aspen, CO 81611 . SEND TAX NOTICES TO: ROBERT CLARK TRUST DATED SEPTEMBER 22, 1993 ,CO SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY DEED OF TRUST THIS DEED OF TRUST IS among ROBERT CLARK TRUST DATED SEPTEMBER 22, 1993, whose address is , ,CO (referred to below as "Grantor"); Alpine Bank, whose address is 600 East Hopkins, Suite 001, Aspen, CO 81611 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and the Public Trustee of PITKIN County, Colorado (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable conslderallon, Grantor hereby Irrevocably grants, transfers and asslgns to Trustee for the benelll of Lender as Beneficiary all of Grantor's righi, tiUe, and interesl in end 10 the lollowing described reel property, together with all existing or subsequently erecled or effixed buildings, Improvements end fixtures; all easements, rights 01 way, and appurtenances; all water, waler rights and ditch rights (including stock in utilities with ditch orirrigalion rights); and all other rig~ts, rl1l'alties, and profits relaling to the reel property. inciuding without limitation all minerats, oil, gas, geothermal and similar maltars, located In PITKIN County, State of Colorado (the "Real Property"): CONDOMINIUM UNITS 1 THROUGH 13, THE TOTEMS, A CONDOMINIUM, PITKIN COUNTY COLORADO, ACCORDING TO THE RECORDED PLAT THEREOF RECORDED APRIL 12, 1999 IN PLAT BOOK 49 AT PAGE 14 AS RECEPTION NO. 429812, AND CONDOMINIUM DECLARATION THEREOF RECORDED APRIL 12, 1999 AS RECEPTION NO. 429811, IN THE PITKIN COUNTY, COLORADO RECORDS. COUNTY OF PITKIN, STATE OF COLORADO. The Real Property or its address is commonly known as 620 EAST HOPKINS AVE, ASPEN, CO 81611. Grantor presently essigns to Lender (atso known as Beneficiary in this Deed of Trust) all of Granlo(s right, lille, and interesl in and to all present and lulureteases 01 the Property and all Renls from the Property. In addilion. Grantor grants Lender a Unilorm Commercial Code security interest in the Rents and the Personal Property defined below. DEFINITIONS. The following words shall have the following meanings when used In this Deed 01 Trust. Terms nol otherwise defined in this Deed 01 Trust shall have the meanings attributad to such terms in Ihe Uniform Commercial Code. All references to dollar amounts shall mean amouots in laWful money of the United Stales 01 America, Beneficiary. The word "Beneficiary" means Alpine Bank, i1s successo's and assigns. Alpine Bank also is referred to as "Lender" in this Deed of Trust. Borrower. The word "Borrower" means each and every person or entity signing the Note, Including without limitalion ROBERT D. CLARK. Deed of Trust. The words "Deed of Trusr mean this Deed 01 Trust among Grantor, Lender, and Trustee. and includes wilhoutlimllation all assignment and security Inlerest provisions releling to the Personal Property and Rents. Exlsllng Indebtedness. The words "Exisling Indebtedness" mean the indebtedness described below in the Existing Indebledness section of this Deed of Trust. Grantor, The word "Grentor" means any and all persons and enlllies execuling this Deed 01 Trust, including without limitation ROBERT CLARK lRUST DATED SEPTEMBER 22, 1993. Any Grenlor who signs this Deed of Trusl, bul does not sign the Note, is signing this Deed of Trust onty to grant and convey thet Granto(s interest in the Real Property and to granl a security interest in Granlor's Interest in the Rents and Personal Property to Lender and is not personally liable under the Nole excepl as otherwise provided by contract or law. Guarantor. The word "Guarantof"! means and Includes without limitation any and aU.guarantors, sureties. and accommodation parties in connection with the Indebtedness. Improvements. The word "Improvements" means and Includes wilhoutlimilalion all existing and future Improvements, buildings, slructures, mobile homes afftxed on the Real Property, lacllltles, additions, replacemenls and other construction on the Real Properi)t. Indebtedness. The word "Indebtedness" means ell principal and Interest payable under the Note and any amounts expended or advanced by Lender to dlscherge obligations of Grantor or expenses Incurred by Trustee or Lender to ~nforce oblisations of Grantor under this Deed of Trust, together with Interest on such amounts as provided In this Deed of Trust. The lien of thIS Deed of Trust shall not exceed at anyone time $1,700,000.00. Lender. The word "ender" means Alpine Bank, Its successors and assigns. Nole. The word "Note" meana the Note dated July 23, 1999, In the principal amount of $1,700,000.00 from Borrower to Lender, together with all renewats, extensions, modifications, refinancings, and substitutions for Ihe Note. The meturity date 01 this Deed 01 Trustts July 30,2014. NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE. Personal Property. The words "Personal Properiy" mean all equipment, rlXlures, and other articles of personal property now or herealler owned by Grantor, and now or herealler eltached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements 01, and all substitutions for, any 01 such property; end together with all proceeds (Including without limitation all insurance proceeds and relunds of premiums) from any sale or other disposition of the Property. Property. The word "Prope~y" means collectively the Reat Property end the Personal Property. Real Property. The words "Real Properiy" mean the property, interests and rights described above in the "Conveyance and Granr section, Related Documenta, The words "Related Documents" mean and include withoutlimiletion ell promissory notes. credit agreemenls, loan agreements, enVironmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments. agreements ;. 1"'"". ~ , 07-23-1999 Loan No 02857424-01 DEED OF TRUST (Continued) Page 2 and documents, whether now or heteafter existing, executed in connection with the Indebtedness, Rents. The word "Rents. means sll present end luture rents, revanues, Income, Issues, royalties, profits, snd other benefits derived from the Proparty. Trustee. The word "Trustee. means the Public Trustee of PITKIN County, Colorado. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF ,RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY IS GIVEN TO SEQURE (I) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF GRANTOR 'UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FDUOWING TERMS: GRANTOR'S.REPRESENTATIDNS AND WARRANTIES. Grsntor warrants that: (a) this Deed ofTrustls executed at Borrower's request and not at the request 01 Lender; (b) Grantor has the full power, right, and authority to enter Into this Oeed of Trust ,and to hypothecate the Property: (c) the provisions of this Deed of Trust do not connict with, or result in a default under eny agreement or other Inslrument binding upon Grantor and do not result in a violation of any law, regulation, court decree or order applicable to Grantor. (d) Grantor has eslablished adequate means Of obtaining fram Borrower on a continuing basis information about Borrower's financial condition; and (9) Lender has made no representation to Grantor about Borrower (including wlthoullimilation lhe creditworthiness of Borrower). GRANTOR'S WAIVERS. Granto, waivas all rights or delenses arising by reason of any 'one action' or 'antHleficiency" law, or eny other law which may prevanl Lender from bringing any action against Grantor, including a claim for deficiency to the extent Lender IS othel'W1se entlllad to a claim lor deficiency, before or aftar Landar's commencement or completion of any loreclosure action, allher Judlcl8l1y or by exarC1se of a power of sale. PAYMENT AND PERFORMANCE. Except as otherwise provided In this Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by this Deed of Trust ss It becomes due, and Borrower and Grantor shall striclly perlorm all their respective obtigatlons under the Note, this Deed Of Trust, end the Related Documents. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor end Borrower agree that Grantor's possession and use of the Property shall be governed by the following provisions: Poasesslon and Use. Until the occurrence of an Evanl of Default, Grantor may (a) remain in possession and control of the Property, (b) use, operate or manage the Properly, and (c) collect any Rents from the Property. Duty to Malntatn. Grantor shall malnlain the Property in tenanlable condition and promplly pertorm all repairs, replacements, and maintenance necessary to preserve Its value. Ha2ardous Substances. The terms 'hazardous waste,' 'hazardous subslance," 'dlsposal," 'release," and "threatened release," as used in this Deed of Trust, shall have the sema meanings as sal forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U,S.C. Secllon 9801, et saq. ('CERCLA'), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No, 9&-499 ("SARA'), the Hazardous Materials Transportalion Act, 49 U.S.C. Section 1801, et saq., the Resource Consarvation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable slate or Federal laws, rules, or regulations adopted pursuant to any 01 the foregoing. The terms 'hezardous weste' and 'hazardous subslance' shall elso include, without limitation, petroleum and pelroleum by-products or any fraction thereol and asbestos. Grantor represants and warrants to Lender that: (a) During the periOd of Grantor's ownership of the Property, there has been no use,. generation, manufacture, storage, treatment, disposal, release or threatened release of any hezardous waste or subslance by any person on, under, about or from the Property; (b) Grantor has no knowledge of, or reason to believa that there has been, except as previously disclosed to and acknowledged by Lender in writing, (i) any use, generation, manulacture, storage, treatment, disposal, release, or threatened release of any hazardous wasle or substance on, under, about or from the Property by any prior owners or occupanls 0' the Property or (ii) any actual or threatened iiligation or claims of any kind by any person relating to such malters; and (c) Except os previously disclosed to and acknowledged by Lender in wriling, (i) neither Grantor nor any tenant. contractor, agent or other authorized user of the Property shall use, generale, manufacture, store, treat, dispose of, or release any hazardous waste or substance on, under, about or Irom the Property and (i1) any such activity shali be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, inciudlng withoutllmilation those laws, regulations, end ordinances described abova, Grantor authorizes Lender and its agents to enler upon the Property to make such inspections and tests, et Granlor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Deed 01 Trust. Any inspections or tests made by Lender shell be lor Lende~s purposes only end shall not be construed to creete eny responsibility or liability on the pert of Lender to Grantor or to eny other person. The represenlations and warranties contained herein are based on Grantor's due diligence in investigating the Property for hazardous waste and. hazardous substances. Grantor hereby (8) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable lor cleanup or other costs under any such laws, and (b) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expensas which Lender may directly or indireclly sustain or suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any use. generation. manufacture. storage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions of this section of the Deed of Trust, including the obligation to Indemnify, sheli survive the payment of the Indebtedness and the satisfaction end reconveyance of the lien of this Deed of Trust end shali not be aHecled by Lender's acquisition of eny interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, Dr suffer any stripping of or waste on or to the Property or any portion of the Property. Wilhoutlimiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove. any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent of Lender. Removal 01 Improvements. Grantor shali not demolish or ,emove any Improvements from the Real Property without the prior wrihen consent of Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such Improvemenls with Improvements of at least equal value. Lender's Right to Enter. Lender and Its agents and represenlativas may enter upon the Real Property at all reasonable times to ahend to Lender's interests and to inspecl the Properly for purposes of Granto~s compliance wilh the terms and conditions of this Deed of Trust. Compliance with Governmental RequIrements. Grantor shall promplly compiy with all laws, ordinances, and regulations, now or hereafter In eHect, of all govarnmenlal authorities applicabte to the use or occupancy of the Property, including without limitation, the Americans With Dlsebllllles Act. Grantor may contest In good lalth any such law, ordinance, or regulallon and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender In writing prior to doing so and so long as. in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. : Duty to Protect. Grantor ~grees nelther to abandon nor leave unaftended the Property. Grantor shall do ali other acts, in addition to thosa acts sat forth above In this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Proparty. DUE ON SALE - CONSENT BY LENDER. Lendar may, at its option, declare immediately due and payable all sums secured by this Deed Of Trust upon the sate or transfer, wilhout the Lende~s prior wrihen consant, of all or any part 01 the Real Property, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, tille or intarosttherein; whether legal, beneficial or equitable; whether voluntary or Involunlary; whelher by outright sale, deed,lnstellment sale contract, land contract, contract lor deed, leesehold interest with a term greater then three (3) years. Iaase-option contract, or by sele, assignment, or transfer of eny beneficial interest in or to any land trust holding tille to the Real Property, or by any other method of convayance of Real Property interest. If any Grantor is a corporation, partnership or Iimiled liability company, transfer also includes any change In ownership of more than twenly-five percent (25%) of the voting stock, partnership interests or limllad liability company interests, as the casa may be, of Grantor. However, this option shell not be exercised by Lender if such exercise is prohibited by federaliaw or by Coloredo law, TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Deed 01 Trust. paymenl. Grantor shall pay when due (and In all events prior to delinquency) ali taxes, speciel taxes, essessments, charges (including water ,. 1"""\ .t""'\ .. , 07-23-1999 Loan No 02857424-01 DEED OF TRUST Page 3 (Continued) and sewer), fines and imposlUons levied agalnsl or on accounl ollhe Property, and shall pay when due all claims lor work dcne on 0' lor servtces rendered or material furnished to the Property. Grantor shall mainlaln Ihe Property frea of all liens heVlng pnonty over cr equal 10 Ihe Inlerest cf Lender under lhis Deed of Trust, axcapllor Iha lien of taxes and assessments nol due, excepl for Ihe BXIslong Indebledness relerred to below, and except as olherwise provided In Ihis Daad 01 Trust. Right To Conlest. Grantor may withhold peymanl of any tax, assessment, or claim in connection with a good faith dispule over the obligation 10 pay, so long es Lender's inleresl in Ihe Property is nol jeopardized, If a lien arises or Is filed as a result of nonpaymenl, Grantor shell within fifteen (15) deys aner Ihe tien arises or, if a lien IS filed, within fifteen (15) deys aner Grantor hes notice of Ihe filing, secure Ihe discherge of the Uen, or il requesled by Lender, deposit wilh Lender cesh or e sufficienl corporate surety bond or olher secunty sallsfaclOl)' to Lender In an amount sunicienl to discharge the Uen plus any cosls and anornays' teas or other cherges thaI could accrue as a result of a loreclosure or sale under lhe lien. In any conlesl, Grantor shall delend ilSelf and Lender and shall satISfy eny aaverse judgmenl befo,e enlorcemenl against the Property. Grantor shall name Lander as an additional obligea under any surety bond furnished in the conlesl prCC8Bdings. Evidence 01 Payment. Grantor shall upon demand lurnish to Lender satisfaclory evidence of payment of the taxes or assessments and shall authorize Ihe eppropriale governmental offICial to deUver to Lander al any time a wnllen slalemenl 01 Ihe taxes and assessments againslthe Property, Nollce of Construcllon. Granlor shell notify Lender alleasl finean (15) days before eny work is commenced, any services ere furnished, or any maleriais are supplied to Ihe Property, if any mechanic's llan, malerialmen's lien, or other lien could be asserted on accounl of the work, services, or materials. Granlor will upon request of Lender furnish 10 Lender advance assurances sallSfactory 10 Lender lhal Granlor can and will pay the cost of such Improv~ments. PROPERTY DAMAGE INSURANCE. The following provisions relaling to insuring Ihe Property are a part of this Dead of Trust. Maintenance 01 Insurance. Granlor shall procure and maintain poUcies of fire insurance with standard extended coverage endorsements on a repiacemenl basis for tha full Insurabla value covering all Improvements on Ihe Real Property in an amounl sufficienl 10 aVOid applicalion of any coinsurance clause, and with a standard mortgagea clause in favor of Lender. Grantor shall also procure and maintain comprehensive general liability Insurance in such coverage amounts as Lander may request with trustee and Lander being named as additional insureds in such liability Insurance policies. Additionally, Granlor shall maintain such olher insurance, including bul nollimited 10 hazard. business interruption, and boiler insurance, as lender may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor, upon request of Lander, will deliver to Lender from time 10 time the policies or certificates of insurence in form satisfaclory to Lender, including stipulations that coverages will nol be cancelled or diminished wlthoul alleasl ten (10) days' prior wrinen notice 10 Lender. Each insurance policy also shall include an endorsement providing Ihal coverage in favor of Lender will nof be impaired in any way by any acl, omISsion or dafault of Grantor or any olher parson, Should the Real Property al any lime become iocaled in an area designated by the Direclor of the Federal Emergency Managemenl Agency as a special fiOod ha2ard area, Granlor agrees 10 obtain and maintain Federal Flood Insurance for the full unpaid principal balance of Ihe loan, up 10 Ihe maximum policy limits sel under lhe National Fiood insurance Progrem, or as olherwise required by Lander, and to mainlaln such Insurance lor Ihe tarm oflhe loan. Appllcallon of Proceeds. Granlor shall promplly notify Lender of any loss or damage 10 Iha Property, Lender may make proof of loss if Grantor falls to do so within tlneen (15) days of the casualty. Whelher or nol Lende(s sacurity is impaired, Lender may, at its election, receive and retain Ihe proceeds of any Insuranca and apply Ihe proceeds 10 Ihe reducllon of thelndebledness, paymenl of any lien allecting Ihe Property, or Ihe resloration and repair oflha Property. If Lender elects 10 apply Ihe procaeds 10 resloralion and repair, Grantor shall repair or replace Iha damagador deslroyed Improvements In a mannar satiSfaclory 10 Lender. Lender shall, upon satisfaclory proof of such expendilure, payor reimburse Grantor from Ihe proceeds for Ihe reasonable cosl of repair or restoralion if Granlor is nolln defaull under this Deed of Trusl. Any proceads which have nol been disbursed wilhin 180 days aner Ihair receipl and which Lender has nol commilled to Ihe repair or restoration of the Proparty shall be usad firsllo pay any amounl owing 10 Lender under Ihis Deed of Trusl, then 10 pay accrued inleresl, and Ihe remainder, it any, shall be appliad 10 Iha principal baiance of Ihe Indebledness. If Lender holds any proceeds aner paymenl in full oflhe Indebledness, such proceeds shall be paid 10 Granlor as Grantor's Inleresls may appear. Unexpired Insurance at Sale. Any unaxplred Insurance shall inure 10 Ihe benefit of, and pass 10, Ihe purchaser of the Property covered by Ihis Dead of Trusl al any Irustee's sale or olhar saie held under Iha provisions of this Deed of Trust, or at any foreclosure sale of such P,oparty. Compliance with Exlsllng Indebtedness. During the period in which any Exisling Indebtedness described below is in ellecl, compiiance with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance provisions under lhis Dead of Trusl, to Ihe extenl complianca with the lerms oflhis Deed of Trust would constitule a duplication 01 insurance requirement. It any proceeds from the insurance become payable on loss, the provisions in this Deed of Trust lor division of procaeds shall apply only to lhat portion oflhe proceeds not payabia 10 Ihe holder of Ihe Existing Indebledness. Grantor's Report on Insurance. Upon requasl of Lendar, however nol mora Ihan once a year, Granlor shalllurnlSh to Lender a report on each axisling policy of Insurance showing: (a) Ihe name oflhe insurer; (b) Ihe risks Insurad; (c) the amounl of the policy; (d) Ihe property Insured, lhe lhen currenl replacemenl value of such property, and Ihe manner of delermining thai value; and (e) Ihe expirahon dale oflha policy. Grantor shall, upon raquastof Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cosl of lhe Property. EXPENDITURES BY LENDER. II Grantor fails to comply wilh any provision of Ihls Daed of Trust, Including any obligation 10 maintain Exisling indebtedness fn good standing as required below, or if any aclion or proceeding is commanced Ihat would malerially allect Lender's inlereslS in tha Property, Lander on Grantor's behall may, bul shall nol be required la, take any action thai Lender dearns appropriale. Any amounllhal Lendar expends In so doing will bear Inleresl at Ihe rale provided for in Iha Note from the dale Incurred or paid by Lender 10 Ihe dale of repayment by Grantor, All such expensas, at Lende(s option, will (a) be payabla on demand, (b) be added to Ihe balance of the tlole and be apportioned among and be payable wilh any Inslallmenl paymants 10 bacome due during either (i) Ihe lerm of any applicable insurance policy or (ii) Ihe remaining term of the Nole, or (c) be trealed as a balloon paymenl which will be due and payable at Ihe Nole's malurily. This Deed of Trusl also wllf secure paymenl of Ihese amounts, The righls provided for In Ihls paragraph shall be in addition 10 any olher rights or any remadies to which Lender may be entilled on accounl of Ihe default. Any such aclion by Lender shall not be construed as curing the default so as to bar Lendar from any remady thalli olherwise would have had. WARRANTY; DEFENSE DF tiTLE, The following provisions relating 10 ownarship of Ihe Proparty are a part of Ihis Deed ~f Trust. Title. Grantor warrants lhat: (a) Granlor holds good and markelabie tille of racord 10 Ihe Property in fee simple, f,ee and clear of all Iians and encumbrances olher lhan Ihose sel forth in the Real Property descriplion or in Ihe Exisling Indebtadness section below or in any tille Insurance pOlicy, tille report, or finallille opinion Issued In favor of, and accapled by, Lender in connaction with this Deed of Trust, and (b) Grantor has the full righi, power, and aulhority 10 exacule and daliver Ihis Deed of Trusl to Lender. Defense of Tille. Subject to Ihe exception in the paragraph above, Granlor warranls and will forever defend Ihe tilla 10 the Property against Ihe lawful claims of all persons. In the event any action or procaading is commenced Ihat queslions Granlo(s title or the interesl of Trustee or Lander under Ihis Dead of Trusl, Granlor shall defend Iha action al Granlo(s expense, Grantor may be the nominal party in such proceeding, but Lander shall be entilled 10 participate in Ihe prcceading and to be represented in Ihe proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Granlor warrants thai the Proparty and Granto~s use of the Property complies with all existing applicable laws. ordinances, and regulations of governmental authorities. EXISTING INDEBTEDNESS, The following provisions concerning exisllng indebladness (the "Existing Indebtedness") are a part of Ihis Deed Of Trust. existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing lien. Grantor expressly covenanlS and agreas to pay, or see 10 Ihe payment of, Ihe Existing Indablednass and to prevent any dafault on such indebtedness, any default under Ihe inslrumenls evidencing such indebtedness, or any default under any security documenls lor such indebtadness. " ~ .~ , 07-23-1999 Loan No 02857424-01 DEED OF TRUST (Continued) Page 4 Defaull. If the payment Of any installment of principal or any interest on the Existing Indebtedness is not made within the time requi,ed by the note evidencing such indebtedness, or should a default OCCur under Ihe instrument securing such indebtedness and nol be cured during any applicabte grece period thetein, Ihen, allhe option of Lender, the Indebtedness secured by this Deed of Trusl shall become immedialely due and peyable, and this Deed of Trust shall be in default. No Modification. Grentor shell not enter Into any agreement with the holder 01 any mortgage, deed of trust, or other security agreement which has priority over this Deed Of Trust by which thet agreemant is modified, amended, extended, or renewed without the prior written consent Of Lender. Grantor shell neither request nor accept any future advances under any such security agreement without the prior wrillen consent 01 Lender. CONDEMNATION. The foUowing provisions relating 10 condemnation proceedings are a part of this Deed of Trust. Application of Net Proceeds. If alt or any part of Ihe property Is condemned by eminent domain proceedings or Iiy any proceeding or purChase in lieu of' condemnation, Lender may at its eteclion require that ell or any portion of the net proceeds of the award be applied to Ihe Indebtedness or the repair or resloration of the Property, The net proceeds of the award shell mean the award atter payment at all reasonable costs, expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation. Proceedings. If any proceeding In condemnation is filed, Grentor shall prompliy notify Lender in writing, and Granlor shell prompUy take such steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be entilied to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause 10 be deiivered to Lender such instruments as may be requested by it from time to lime to permit such participation. IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmentat taxes, tees and charges are a part of fhis Deed 01 Trust: Current Taxes, Fees and Charges. Upon request by Lender, Grantor shell execute such documents in addition to this Deed Of Trust and teke whatever other action is requested by Lender to perlect and continue Lende(s tien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perlecting or continuing this Deed 01 Trust, including without limitation all taxes, fees, documentery stamps, and other charges lor recording or regislering lhis Deed Of Trust. T-. The following shall constitute taxes 10 which fhis seclion applies: (a) a specific tax upon this type of Deed of Trust or upon all or any part of the Indebtedness secured by this Deed 01 Trust; (b) a specific tax on Borrower which Borrower is authorized or required to deduct from payments on the Indebtedness secured by this type of Deed of Trust; (c) a tax on this type 01 Deed of Trust chargeable against the Lender or the holder of lha tlote; and (d) a specific tax on all or any portion of the Indebtedness or on payments 01 principal and interest made by Borrower. Subsequent Taxes. If any tax to which this section appties is enacled subsequent to the date of thts Deed of Trust, this event shall have the same effect es an Event of Default (as defined below), and Lender may exercise eny or all of its avaitable remedies for an Event of Defaull as provided betow unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests the tax es provided above in the Taxes and Liens section and deposits with Lender cash ora sufficient corporete surety bond or other securtty satisfactory to Lender. SECURITY AGREEMENT: FINANCING STATEMENTS, The following provisions retating to this Deed of Trust as a security agreement are a part 01 this Deed 01 Trust. Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personal property, and Lender shall have all of tha righls of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall execute financing slatements and take whatever other action is requested by Lender to perlect and continue Lende(s security interest in the Rents and Personal Property, In addilion to recording this. Deed of Trust in the real property records, Lender may, at any time end without further authorization from Grantor, file execuled counlerparts, copies or reproductions of this Deed of Trust as a financing statement. Grantor shall reimburse Lender fqr all expenses incurred in perfecting Qr continuing this security interest. Upon default, Grantor shall essemble the Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt 01 wriften demand Irom Lender, Addresses. The mailing edd'essas of Grantor (debtor) and Lender (secured party), from which information concerning Ihe security interest g,anled by this Deed of Trust may be obtained (each as requi,ed by the Uniform Commercial Code), are as slated on the first page of this Deed of Trust. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-<n-fact are a part ot Ihis Deed 01 Trust. Further Assurances. At any tima, and from time to time, upon request 01 Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lende(s designee, and when requested by Lender, cause to be filed, recorded, reliled, or rerecorded, as the cese may be, et such times and in such offices and piaces as Lender mey deem appropriate, any and all such mortgages. deeds of trust, security deeds. security agreements. financing statements. continuation statements, instruments of further assurance. certificates. and ether documents as may, in the sole. opinion of Lender, be necessary or desirable in order to effectuate. complete, perfecl, continue, or preserve (a) the obligatiOns 01 Grantor and Borrower under the Note, this Deed of Trust, end the Related Documents, and (b) the liens end security interests crealed by Ihls Deed of Trust on the Property, whether now owned or hereafter acquired by Granlor. Unless prohibited by Iew or agreed to the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses Incurred in connection with the matters referred to in this paragraph. Allomey-ln-Facl. If Grentor tails to do any of Ihe things referred to in the preceding paragraph, Lender may do so for and in the name of Granlor and st Granto(s expensa, For such purposes, Grantor hereby irrevocably appoints Lenejer as Granlor's sttorney-in-fact for the purpose of 'making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's soJe opinion, to accomplish the metters referred to in the preceding paragraph. FULl. PERFORMANCE. Trustee may, upon production 01 the Note duly cancalled, reiease this Deed of Trusl, and such release shall constitute a reiease of the lien for all such addilional sums and expenditures made pursuant 10 this Deed of Trust. Lender agrees to cooperate with Grantor in obtaining such release and releasing the olher collateral securing the Indebtedness. Any release fees required by law shall be paid by Granlor if permitied by applicable law. .' DEFAlLT. Each 01 the following, at the option of Lender, shall conSUtute an evenl 01 default ("Event of Delault") under this D~ed of Trust: Default on Indebtedness. Failure of Borrower to make any payment when due on the Indebtedness. Default on Other Payments. Failure at Grantor within the time required by this Deed of Trust 10 make any payment for taxes or insurance, or any olher payment necessary to prevenl filing alar 10 effecl discharge of any lien. Defaulf In Favor of Third PartIes. Should Borrower or any Granlor default under any loan, extension of credit, security agreement, purchese or sales agreement, or any other agreement, .n favor of any olher credItor or person that may malerially aftect any of Borrower's property or Borrower's or any Granto(s ability to repay Ihe Loans or perlorm their respective obligations under this Deed 01 Trust or eny 01 the Related Documents. Compliance Defaulf. Falture 01 Grantor or Borrower 10 comply with any other term, obligation, covenant or condlllon contained in this Deed of Trust, the Note or In any of the Related Documents. False Statements. Any warrenty, representation or statement made or lurnished to Lender by or on behalf 01 Grantor or Borrower under this Deed of Trust, the Note or the Related Documents is false or misleading in any material respect, either now or at the time made or lurnished. Defecllve Collaterallzallon. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure 01 any collateral documents to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The deeth of Grantor or Borrower or the dissolution or termination of Grentor or Borrower's existence as a going / . ~ ,.-.., , 07-23-1999 Loan No 02857424-01 DEED OF TRUST (Continued) Page 5 business, the insolvency of Grantor or Borrower, the appointment of a recaiver for any pari of Grantor or Borrower's property, any assignment for the benefit 01 credltors, any type of credilor wClkout, or the commencament of any proceeding under any bankruptcy or insolvency laws by or against Grantor or Borrower. Foreclosure Forfeiture, etc. Commencament of foreclosure or fotfaiture proceedings, whether by jUdicial proceeding, self-help, repossessio~ or any other method, by any creditor of Grantor or by any governmenlat agency against any of the Property. However, this subsection shan not apply in the event of a good faith dispute by Grantor as to the vatidity or reasonableness of the claim which IS the basis of the foreclosure or torefailure proceeding, provided that Grantor gives Lender wrillen notice of such claim and furnishes reselVes or a surety bond for the claim satisfactory 10 Lender. Breach of Other Agreement. Any breach by Grantor or Borrower under the terms of any other agreement between Grantor or Borrowe' and Lender thet Is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Granlor or Borrower to Lendar, whether existing now or later. . Events Allecllrlg Guaranlor, Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or dispuies the validity of, or liability under, any Guaranty of the Indebtedness. Adverae Change. A meterial adverse chenge occurs in Borrower's financial condition, or Lender believes the prospect of payment or performenca of the Indebtedness Is Impaired, Inaecurlty, Lender in good failh has reasonable cause 10 believe Ills insecure or Ihat its collateral is impaired. Exlsltng Indebfedness. A default shell occur under any Exisling Indebtedness or under any inslrument on the Property secu,ing any Existing Indebledness, or commencement of any suit or other aclion 10 foreclose any exisling tien on lhe Property, RIGHTS AND REMEDIES ON DEFAUoT. Upon the occurrence of any Event of Defaull and at any lime therealler, Truslee or Lende,. al ils oplion, may exercise anyone or more of the fcllowlng rights and remedies, in addition to any other rights or remedies prOVIded by law: Accelerale Indebtedness. Lender shall have Ihe right at Its oplion withoul nolice to Granlor or Borrower 10 declare the entire Indebledness immediately due and peyable, including any prepeymenl penalty which Borrower would be required 10 pay. Foreclosure, Lender shall heve the right 10 cause all or any part of the Real Property, and Personal Property, if Lender decides 10 proceed againsl il as if II were reel property, 10 be sold by the Truslee according 10 Ihelaws of lhe Slate of Colorado es respects foreclosures againsl real property. The Truslee shell give nolice in accordance with lhe laws of Colorado. The Trustee shell apply lhe proceeds of the sale in Ihe following order: (a) 10 all costs and expenses of Ihe sale, including but nollimited to Trustee's fees, allorneys' lees, and the cosl of lille evidence; (b) 10 all sums secured by this Deed 01 Trust; and (c) Ihe excess,lf any, 10 the person or persons legally entitled to the excess. UCC Remedies. With respecl to all or any part of the Personal Property, Lender shell heve alllhe rights end remedies of e seeured party under the Unitorm Commercial Code. Collect Renls. Lender shell heve the righi, withoul notice to Grantor or Borrower, to take possession of and manage the Property and collecl the Rents, including amounts pasl due and unpaid, and apply the nel proceeds, over and above Lende~s costs, against the Indebtedness. In furtherance of this righi, Lender may require any tenanl or other user of the Property to make peyments of rent or use lees direclly 10 Lender. If the Rents are collecled by Lender, then Granlor irrevocably designates Lender as Grentor's altorney-ir>-facl to endorse instruments received in paymenlthereof in Ihe name 01 Granlor and to negoliate Ihe same and collecl the proceeds. Payments by lenants or other users 10 Lender in response 10 Lende~s demand shall satisfy Ihe obligalions for which the payments are made, whelher or not any proper grounds for the demand existed, Lender may exercise ils rights under this subparagraph aither in person, by egenl, or through a receiver. Appolnl Receiver. Lender shall have lhe right 10 have a receiver appointed to lake possession of all or any part of lhe Property, with Ihe power to prolect and preselVe the Property, 10 operate lhe Property preceding foreclosure or sale, and to collecl the Renls from lhe Property and apply Ihe proceeds, over and above Ihe cost of Ihe receivership, againsl tha Indebtedness. The receiver may selVe withoul bond if permilled by law. Lende~s r1ghllo the appolnlmenl 01 a receiver shall exisl whelher or nol the apparent value of Ihe Property exceeds Ihe Indebledness by a subslanUal amount. Employmenl by Lender shall nol disqualify a person from serving as a receiver. Receiver may be appoinled by a court of compelent jurisdicUon upon ex parte applicalion and withoul noUce, noUce being expressly waived, Tenancy al Sullerance. If Granlor remains In possession of the Property aller the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property. upon default of Grantor, Grantor shaU become a tenant at sufferance of Lender or the purchaser of Ihe Property and shell, al Lender's option, eilher (a) pay a reasonable renlal for Ihe use of Ihe Property, or (b) vacate Ihe Property immediataly upon the demand 01 Lender. Other Remedies. Truslee or Lender shell have any olher right or remedy provided in this Deed of Trusl or the Nole or by law, Sale of the Properly. In exercising its rights and remedies, Lender shall be free to designate on or before it files a nolice of election and demand wilh lhe Truslee, thallhe Truslee sell all or any part of Ihe Property logether or separalely, in one saie or by separale sales. Lende, shall be entllled 10 bid at I\ny public sale on all or any portion of the Property. Upon any sale 01 the Property, whelher made under a power 01 sale granled In this Deed of Trust or pursuant to Judicial proceedings, illhe holder 01 the tlote is a purchaser at such sale, it shall be enlitled 10 use and apply all, or eny portion of, Ihe Indebledness for or in salllement or payment of all, or any portion of, the purchesa price of Ihe Property purchesed, and, in such case, Ihis Deed of Trust, Ihe Nole, and eny documenls evidencing expenditures secured by this Deed of Trust shall be presenled to the person conducting the sale in order thai the amounf of Indebtedness so used or appUed may be credited lhereon as heving been paid. Waiver; E1ecllon of Remedies. A waiver by any party 01 a breach of a provision of this Deed of Trust shall not conslitute a waiver of or prejudice Ihe party's rights otherwise 10 demand slricl compliance with Ihat provision or any other provision. Eleclion by Lender 10 pursue any remedy provided in this Deed of Trust, the Note, in any Related Document, or provided by law shall not exclude pursuit of any other remedy, and an election 10 make expendilures or to lake aclion 10 perform an obligation of Grantor or Borrower under this Deed of Trusl aher failure of Grantor or Borrower to perform shall nol affecl Lende~s right to declare a delault and 10 exercise any of its remedies. AlIomeys' Fees; Expenses. If Lender forecloses or insUtules any suit or action to enforce any of Ihe lerms of this Deed of Trusl, Lender shall be entilled 10 recover such sum as Ihe court may adjudge reasonable as allorneys' fees at trial end on any appeal. Whether or nol any court action is Involved, ell reasonable expenses Incurred by Lender which in Lender's opinion are necessary et any time for the prolecUon of its Inlerest or the enforcemenl of lis righls shall become a part of the Indebledness payable on demand and shall bear inleresl althe tlole rale from the date of expendllure until repaid. Expenses covered by Ihls paragraph include, wlthoulllmltaUon, however subleclto any Umlls under applicable law, Lender's allorneys' fees whether or nol Ihere is a lawsuit, including allorneys' fees for bankruplcy proceedings (including efforts 10 modify or vacale any aulomaUcslay or injuncUon), appeals and any anUclpeted posl-judgment collection services, Ihe cosl of searching records, obtaining tille reports (including foreclosure reports), sUlVeyors' reports, appraisal fees, tilte insurance, and fees for Ihe Truslee, to lhe extent permitted by applicable law. Granlor aiso will pay any courf costs, In eddition to all other sums provided by law, Rights 01 Trustee. Trustee shell have all of Ihe righls and duties of Lender as sel forth in Ihis seeUon. POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relaUng 10 Ihe powers and Obligations of Trustee are part of Ihis Deed of Trust. Powers 01 Trustee. In eddition 10 all powers of Truslee arising as a mailer of law, Trustee shall heve the power to take the lollowing actions with respecl to Ihe Property upon the wrillen requesl of Lender and Grantor: (a) join In preparing and filing a map or pial of Ihe Real Property, tncluding Ihe dedication of streets or olher rights to Ihe public; (b) join in granUng any easement or creating any restriction on the Real Property; and (c) join in any subordinalion or other agreemenl allecUng Ihis Deed 01 Trusl or Ihe inlerest of Lender under this Deed 01 Trust. Obllgallons to Notify. Truslee shall not be obligated to nolify any olher party of a pending sale under any other Irust deed or lien, or of any action or proceeding in which Granter, Lender, or Trustee shall be a party, unless the action or proceeding is brought by Trustee. Trustee. Trustee shell meel all qUalifications required for Truslee under applicable law. In addition to the rights and remedies set forth above, wllh respect to all or any part of the Property, the Truslee shall have the righllo foreclose by notice and sale, and Lender shall have , .'. - "....-~ . 07-23-1999 Loan No 02857424-01 DEED OF TRUST (Continued) Page 6 the right 10 toreclose by judicial foreclosure, in either case in accordance wnh end to the full extent provided by applicable law. NOTICES TO GRANTOR AND OTHER PARTIES. Any nolice under this Deed of Trust shall be In writing, may be sent by telefacsimila (unless otherwise required by law) and shall be elfective when actually delivered, or when deposited wnh a nationally recognized overnight courier, or, if mailed shall be deemad eitecttve when deposited In the Untted States mail first class, certified or registered mail, postage prepaid, directed to the addr~ shown near the beginntng of this Deed of Trust. Any party may Change,its address for notices under this Deed of Trust by giving formal written nolice to the other parties, specifying that the purpose 01 the nolice IS to change the party's address. All COpies of notICes of foreclosure from the holder 01 any lien which has priority over this Deed of Trust shall be sent to Lender's address, as shown near the beginning oflhis Deed of Trust. For n~1ice purposes, Granlor agrees 10 keep Lender and Trustee Informed at ell times 01 Grantor's currenl address. MISCELLANEOUS PROVISIONS. The folloWing miscellaneous provisions are a part of this Deed of Trusl: Amendments. This Deed of Trust, together with any Related Documents, constitutes lhe entire und8lStanding and agreement of the parties as 10 the matt81S set forth in this Deed 01 Trust. No alteration of or amendment to Ihis Deed of Trusl shall be effective unless given in writing and signed by the party or parties sought 10 be charged or bound by Ihe alteration or amendment. Annual Reports. If the Property is used for purposes other than Granlor's residence, Grantor shall furnish to Lender, upon request, a cel1ified statement of nat operating income received from the Property during Granlor's previous rlSCal year in such form and detail as Lender shall require. "Net operating Income" shell mean all cash receipts from the Property tess all cash expendilures made in connection with the oparation of the Properly, Applicable Law. This Deed 01 Trusl has been delivered to Lender and accepled by Lender In Ihe Slale 01 Colorado. This Deed 01 Trust shall be governed by and construed In accordance with Ihe laws 01 the Slate 01 Colorado. Caplton HeadIngs. Caption headings in this Deed of Trusl are for convenience purposes onty and are nol to be used 10 inlerprel or define the prOllislons of this Deed 01 Trusl. Merger. There shell be no merger of the Interesl or estate created by this Deed of Trusl wnh any other interest or estate in the Property at any time hald by or lor lhe benefit of Lender In any capacity, Withoullhe written consent of Lender. Mulllple Parties. All obligations of Granlor and Borrower under lhis Deed of Trust shall be joint and several, and all references to Borrower shall mean each and every Borrower, and all references to Grantor shali mean each and every Granlor. This means that each of the p8lS0ns signing below is responsible for all obligations In this Deed of Trust. Severability. If a court of compalent Jurisdiction finds any provision of lhis Deed of Trust to be Invalid or unenforceable as to any person or circumstance, such finding shall not render Ihat provision invalid or unenlorceable as to any olher persons or circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the ottending provision cannol be so modified, it shall be stricken and all olher provisions of this Deed of Trust in all other respecls shall remain valid and enforceable. Successors and AssIgns. Subject to the Iimilations statad in this Deed of Trust on Iransfer of Grantor's inlerast, lhis Deed of Trust shall be binding upon and Inure to the benefit of the parties, their successers and assigns. II own8lShip of the Proparty becomes vested in a p8lS0n other than Granlor, Lender, wilhoul nolice 10 Granlor, may deal wnh Granlor's successors wllh relerence to this Deed of Trusl and Ihe Indebtedness by way of forbearance or extension withoul releasing Granlor Irom Ihe obligations of Ihis Deed of Trusl or liability under Ihe Indebtedness. Time Is ollhe Essence. Time is ollhe assence in the performance of lhis Deed of Trust. Waivers and Consents. Lender shall not be deemed 10 have waived any rights under Ihis Deed of Trusl (or under the Relaled Documents) untess such waiver is in writing and signed by Lender. No delay or omission on the part 01 Lender in exercising any righl shall operate as a waiver of such righl or any olher righl. A waiver by any party cf a provision of Ihis Deed of Trusl shall not conslitute a waiver 01 or prejudice Ihe party's righl olherwise to demand strict compliance wilh that provision or any olher provision. No prior waiver by Lender, nor any course of dealing between Lender and Granlor or Borrower, shall conslitule a waiver of any of Lender's rights or any of Granlor or Borrower's obligations as to any lulur~ transactions. Whenever consent by Lendar is ,equired in Ihis Deed of Trust, Ihe granting ot such consant by lendetin any instance shall not constitute continuing consent to subsequent instances where such consent is required. Waiver 01 Homestead Exempllon, Granlor hereby releases end waives all rights and benefits of the homeslead exemption laws of the Slate of Colorado as to all Indebtedness secured by this Deed of Trust. EACH GRANTDR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS DEED OF TRUST, AND EACH GRANTOR AGREES TO ITS TERMS. GRANTOR: ROBERT a.ARK TRUST DATED SEPTEMBER 22, 1993 B~"'--~ L~ ROBERT DEAN CLARK, SETTlOR-TR~ INDIVIDUAL ACKNOWLEDGMENT STATE OF t.. ~ / ':;;,-.a.~ ("\ COUNTY OF ~'..f-J<:';.... \ )88 I .' On this day before me, the undersigned Notary PubUc, personally appeared ROBERT DEAN CLARK, SETTLOR-TRUSTEE, to me known 10 be lhe individual described in and who execuled the Deed of Trusl, and acknowiedged lhat he or she signed lhe Deed Of Trust as his or her free and voluntary acl and deed, for lhe uses and purposes therein menlioned. f) Gl der my hand and olllclal aeallhls '? ~ day or~-,ll ' 19 Cj Lj Resldlngat ?l..IA-' r-~,/,,'1 R~ I€.; My commiSSIon expires 1/ J;:J Ii' /' ..) 1";"" I"'J PUblic In and lor lhe Slale 01 r1 n I n ~ "/0 -<L4j LASER PRO, Reg. U.S. Pat. & T.M. 011., Ver. 3.28a(c) 18S1a CFI ProServle.a,lnc. Allrlg....l.reserv.d.ICO_GOl F3.2S 85742401,LN C5.0VLj i . ~