Fillable Printable Assignment of Deed of Trust Template
Fillable Printable Assignment of Deed of Trust Template
Assignment of Deed of Trust Template
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 1 of 5
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. 1
(TD72-8-10) (Mandatory 1-11)
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IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL. 4
THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED 5
BEFORE SIGNING. 6
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DEED OF TRUST 8
(Due on Transfer – Strict) 9
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THIS DEED OF TRUST is made this day of , 20 , between 11
(Borrower), whose address is ; 12
and the Public Trustee of the County in which the Property (see § 1) is situated (Trustee); for the benefit of 13
(Lender), whose address is 14
. 15
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Borrower and Lender covenant and agree as follows: 17
1. Property in Trust. Borrower, in consideration of the indebtedness herein recited and the trust herein created, hereby 18
grants and conveys to Trustee in trust, with power of sale, the following legally described property located in the 19
County of , State of Colorado: 20
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known as No. (Property Address), 24
Street Address City State Zip 25
together with all its appurtenances (Property). 26
2. Note: Other Obligations Secured. This Deed of Trust is given to secure to Lender: 27
2.1. the repayment of the indebtedness evidenced by Borrower’s note (Note) dated in the 28
principal sum of Dollars (U.S. $ ), 29
with interest on the unpaid principal balance from until paid, at the rate of percent per 30
annum, with principal and interest payable at 31
or such other place as Lender may designate, in payments of 32
Dollars (U.S. $ ), due on the day of each beginning ; such 33
payments to continue until the entire indebtedness evidenced by said Note is fully paid; however, if not sooner paid, the entire 34
principal amount outstanding and accrued interest thereon shall be due and payable on ; and 35
Borrower is to pay to Lender a late charge of % of any payment not received by Lender within days after payment 36
is due; and Borrower has the right to prepay the principal amount outstanding under said Note, in whole or in part, at any time without 37
penalty except ; 38
2.2. the payment of all other sums, with interest thereon at % per annum, disbursed by Lender in accordance 39
with this Deed of Trust to protect the security of this Deed of Trust; and 40
2.3. the performance of the covenants and agreements of Borrower herein contained. 41
3. Title. Borrower covenants that Borrower owns and has the right to grant and convey the Property, and warrants title to 42
the same, subject to general real estate taxes for the current year, easements of record or in existence, and recorded declarations, 43
restrictions, reservations and covenants, if any, as of this date; and subject to . 44
4. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the 45
indebtedness evidenced by the Note, and late charges as provided in the Note and shall perform all of Borrower’s other covenants 46
contained in the Note. 47
5. Application of Payments. All payments received by Lender under the terms hereof shall be applied by Lender first in 48
payment of amounts due pursuant to § 23 (Escrow Funds for Taxes and Insurance), then to amounts disbursed by Lender pursuant 49
to § 9 (Protection of Lender’s Security), and the balance in accordance with the terms and conditions of the Note. 50
6. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower’s obligations under 51
any prior deed of trust and any other prior liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions 52
attributable to the Property which may have or attain a priority over this Deed of Trust, and leasehold payments or ground rents, if 53
any, in the manner set out in § 23 (Escrow Funds for Taxes and Insurance) or, if not required to be paid in such manner, by 54
Borrower making payment when due, directly to the payee thereof. Despite the foregoing, Borrower shall not be required to make 55
payments otherwise required by this section if Borrower, after notice to Lender, shall in good faith contest such obligation by, or 56
defend enforcement of such obligation in, legal proceedings which operate to prevent the enforcement of the obligation or 57
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 2 of 5
forfeiture of the Property or any part thereof, only upon Borrower making all such contested payments and other payments as 58
ordered by the court to the registry of the court in which such proceedings are filed. 59
7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured 60
against loss by fire or hazards included within the term “extended coverage” in an amount at least equal to the lesser of (a) the 61
insurable value of the Property or (b) an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior 62
encumbrances on the Property. All of the foregoing shall be known as “Property Insurance.” 63
The insurance carrier providing the insurance shall be qualified to write Property Insurance in Colorado and shall be chosen 64
by Borrower subject to Lender’s right to reject the chosen carrier for reasonable cause. All insurance policies and renewals thereof 65
shall include a standard mortgage clause in favor of Lender, and shall provide that the insurance carrier shall notify Lender at least 66
ten (10) days before cancellation, termination or any material change of coverage. Insurance policies shall be furnished to Lender 67
at or before closing. Lender shall have the right to hold the policies and renewals thereof. 68
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if 69
not made promptly by Borrower. 70
Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided said restoration or repair is 71
economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not 72
economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the 73
sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if 74
Borrower fails to respond to Lender within 30 days from the date notice is given in accordance with § 16 (Notice) by Lender to 75
Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the 76
insurance proceeds, at Lender’s option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 77
Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§ 4 78
(Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such installments. 79
Notwithstanding anything herein to the contrary, if under § 18 (Acceleration; Foreclosure; Other Remedies) the Property is 80
acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof 81
resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this 82
Deed of Trust immediately prior to such sale or acquisition. 83
All of the rights of Borrower and Lender hereunder with respect to insurance carriers, insurance policies and insurance proceeds 84
are subject to the rights of any holder of a prior deed of trust with respect to said insurance carriers, policies and proceeds. 85
8. Preservation and Maintenance of Property. Borrower shall keep the Property in good repair and shall not commit 86
waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust 87
is on a leasehold. Borrower shall perform all of Borrower’s obligations under any declarations, covenants, by-laws, rules, or other 88
documents governing the use, ownership or occupancy of the Property. 89
9. Protection of Lender’s Security. Except when Borrower has exercised Borrower’s rights under § 6 above, if 90
Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a prior lien, or if 91
any action or proceeding is commenced which materially affects Lender’s interest in the Property, then Lender, at Lender’s option, 92
with notice to Borrower if required by law, may make such appearances, disburse such sums and take such action as is necessary 93
to protect Lender’s interest, including, but not limited to: 94
9.1. any general or special taxes or ditch or water assessments levied or accruing against the Property; 95
9.2. the premiums on any insurance necessary to protect any improvements comprising a part of the Property; 96
9.3. sums due on any prior lien or encumbrance on the Property; 97
9.4. if the Property is a leasehold or is subject to a lease, all sums due under such lease; 98
9.5. the reasonable costs and expenses of defending, protecting, and maintaining the Property and Lender’s interest in 99
the Property, including repair and maintenance costs and expenses, costs and expenses of protecting and securing the Property, 100
receiver’s fees and expenses, inspection fees, appraisal fees, court costs, attorney fees and costs, and fees and costs of an attorney 101
in the employment of Lender or holder of the certificate of purchase; 102
9.6. all other costs and expenses allowable by the evidence of debt or this Deed of Trust; and 103
9.7. such other costs and expenses which may be authorized by a court of competent jurisdiction. 104
Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by 105
law or otherwise to cure any default under said prior encumbrance. 106
Any amounts disbursed by Lender pursuant to this § 9, with interest thereon, shall become additional indebtedness of Borrower 107
secured by this Deed of Trust. Such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and 108
Lender may bring suit to collect any amounts so disbursed plus interest specified in § 2.2 (Note: Other Obligations Secured). Nothing 109
contained in this § 9 shall require Lender to incur any expense or take any action hereunder. 110
10. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided 111
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender’s 112
interest in the Property. 113
11. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any 114
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and 115
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 3 of 5
shall be paid to Lender as herein provided. However, all of the rights of Borrower and Lender hereunder with respect to such 116
proceeds are subject to the rights of any holder of a prior deed of trust. 117
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, with the 118
excess, if any, paid to Borrower. In the event of a partial taking of the Property, the proceeds remaining after taking out any part of 119
the award due any prior lien holder (net award) shall be divided between Lender and Borrower, in the same ratio as the amount of 120
the sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower’s equity in the Property 121
immediately prior to the date of taking. Borrower’s equity in the Property means the fair market value of the Property less the 122
amount of sums secured by both this Deed of Trust and all prior liens (except taxes) that are to receive any of the award, all at the 123
value immediately prior to the date of taking. 124
If the Property is abandoned by Borrower or if, after notice by Lender to Borrower that the condemnor offers to make an 125
award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is given, Lender 126
is authorized to collect and apply the proceeds, at Lender’s option, either to restoration or repair of the Property or to the sums 127
secured by this Deed of Trust. 128
Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in §§ 4 129
(Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) nor change the amount of such installments. 130
12. Borrower not Released. Extension of the time for payment or modification of amortization of the sums secured by this 131
Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of 132
the original Borrower, nor Borrower’s successors in interest, from the original terms of this Deed of Trust. Lender shall not be 133
required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of 134
the sums secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower’s successors in interest. 135
13. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or 136
otherwise afforded by law, shall not be a waiver or preclude the exercise of any such right or remedy. 137
14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulative to all 138
other rights or remedies under the Note and this Deed of Trust or afforded by law or equity, and may be exercised concurrently, 139
independently or successively. 140
15. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein 141
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject 142
to the provisions of § 24 (Transfer of the Property; Assumption). All covenants and agreements of Borrower shall be joint and 143
several. The captions and headings of the sections in this Deed of Trust are for convenience only and are not to be used to interpret 144
or define the provisions hereof. 145
16. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Borrower provided for 146
in this Deed of Trust shall be in writing and shall be given and be effective upon (1) delivery to Borrower or (2) mailing such 147
notice by first class U.S. mail, addressed to Borrower at Borrower’s address stated herein or at such other address as Borrower may 148
designate by notice to Lender as provided herein, and (b) any notice to Lender shall be in writing and shall be given and be 149
effective upon (1) delivery to Lender or (2) mailing such notice by first class U.S. mail, to Lender’s address stated herein or to 150
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of 151
Trust shall be deemed to have been given to Borrower or Lender when given in any manner designated herein. 152
17. Governing Law; Severability. The Note and this Deed of Trust shall be governed by the law of Colorado. In the 153
event that any provision or clause of this Deed of Trust or the Note conflicts with the law, such conflict shall not affect other 154
provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the 155
provisions of the Deed of Trust and Note are declared to be severable. 156
18. Acceleration; Foreclosure; Other Remedies. Except as provided in § 24 (Transfer of the Property; Assumption), 157
upon Borrower’s breach of any covenant or agreement of Borrower in this Deed of Trust, or upon any default in a prior lien upon 158
the Property, (unless Borrower has exercised Borrower’s rights under § 6 above), at Lender’s option, all of the sums secured by 159
this Deed of Trust shall be immediately due and payable (Acceleration). To exercise this option, Lender may invoke the power of 160
sale and any other remedies permitted by law. Lender shall be entitled to collect all reasonable costs and expenses incurred in 161
pursuing the remedies provided in this Deed of Trust, including, but not limited to, reasonable attorney’s fees. 162
If Lender invokes the power of sale, Lender shall give written notice to Trustee of such election. Trustee shall give such notice 163
to Borrower of Borrower’s rights as is provided by law. Trustee shall record a copy of such notice and shall cause publication of 164
the legal notice as required by law in a legal newspaper of general circulation in each county in which the Property is situated, and 165
shall mail copies of such notice of sale to Borrower and other persons as prescribed by law. After the lapse of such time as may be 166
required by law, Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder for cash at the 167
time and place (which may be on the Property or any part thereof as permitted by law) in one or more parcels as Trustee may think 168
best and in such order as Trustee may determine. Lender or Lender’s designee may purchase the Property at any sale. It shall not 169
be obligatory upon the purchaser at any such sale to see to the application of the purchase money. 170
Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, 171
including, but not limited to, reasonable Trustee’s and attorney’s fees and costs of title evidence; (b) to all sums secured by this 172
Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto. 173
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 4 of 5
19. Borrower’s Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due hereunder, 174
the owners of the Property or parties liable hereon shall be entitled to cure said defaults by paying all delinquent principal and 175
interest payments due as of the date of cure, costs, expenses, late charges, attorney’s fees and other fees all in the manner provided 176
by law. Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as though 177
no Acceleration had occurred, and the foreclosure proceedings shall be discontinued. 178
20. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower 179
hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under § 18 (Acceleration; 180
Foreclosure; Other Remedies) or abandonment of the Property, have the right to collect and retain such rents as they become due 181
and payable. 182
Lender or the holder of the Trustee’s certificate of purchase shall be entitled to a receiver for the Property after Acceleration 183
under § 18 (Acceleration; Foreclosure; Other Remedies), and shall also be so entitled during the time covered by foreclosure 184
proceedings and the period of redemption, if any; and shall be entitled thereto as a matter of right without regard to the solvency or 185
insolvency of Borrower or of the then owner of the Property, and without regard to the value thereof. Such receiver may be appointed 186
by any Court of competent jurisdiction upon ex parte application and without notice; notice being hereby expressly waived. 187
Upon Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, Lender, in 188
person, by agent or by judicially-appointed receiver, shall be entitled to enter upon, take possession of and manage the Property 189
and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied, first 190
to payment of the costs of preservation and management of the Property, second to payments due upon prior liens, and then to the 191
sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually received. 192
21. Release. Upon payment of all sums secured by this Deed of Trust, Lender shall cause Trustee to release this Deed of 193
Trust and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the statutory Trustee’s fees. 194
If Lender shall not produce the Note as aforesaid, then Lender, upon notice in accordance with § 16 (Notice) from Borrower to 195
Lender, shall obtain, at Lender’s expense, and file any lost instrument bond required by Trustee or pay the cost thereof to effect the 196
release of this Deed of Trust. 197
22. Waiver of Exemptions. Borrower hereby waives all right of homestead and any other exemption in the Property under 198
state or federal law presently existing or hereafter enacted. 199
23. Escrow Funds for Taxes and Insurance. This § 23 is not applicable if Funds, as defined below, are being paid pursuant 200
to a prior encumbrance. Subject to applicable law, Borrower shall pay to Lender, on each day installments of principal and interest are 201
payable under the Note, until the Note is paid in full, a sum (herein referred to as “Funds”) equal to of the 202
yearly taxes and assessments which may attain priority over this Deed of Trust, plus of yearly premium installments for 203
Property Insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and 204
reasonable estimates thereof, taking into account any excess Funds not used or shortages. 205
The principal of the Funds shall be held in a separate account by Lender in trust for the benefit of Borrower and deposited in 206
an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency. Lender shall apply the 207
Funds to pay said taxes, assessments and insurance premiums. Lender may not charge for so holding and applying the Funds, 208
analyzing said account or verifying and compiling said assessments and bills. Lender shall not be required to pay Borrower any 209
interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing 210
credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional 211
security for the sums secured by this Deed of Trust. 212
If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments and insurance premiums as they 213
fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is 214
given in accordance with § 16 (Notice) by Lender to Borrower requesting payment thereof. Provided however, if the loan secured 215
by this Deed of Trust is subject to RESPA or other laws regulating Escrow Accounts, such deficiency, surplus or any other 216
required adjustment shall be paid, credited or adjusted in compliance with such applicable laws. 217
Upon payment in full of all sums secured by this Deed of Trust, Lender shall simultaneously refund to Borrower any Funds held 218
by Lender. If under § 18 (Acceleration; Foreclosure; Other Remedies) the Property is sold or the Property is otherwise acquired by 219
Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, whichever occurs 220
first, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 221
24. Transfer of the Property; Assumption. The following events shall be referred to herein as a “Transfer”: (i) a transfer 222
or conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or interest therein); (ii) the 223
execution of a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Property (or any part 224
thereof or interest therein); (iii) or an agreement granting a possessory right in the Property (or any portion thereof), in excess of 3 225
years; (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or receive, more than fifty 226
percent (50%) of the controlling interest or more than fifty percent (50%) of the beneficial interest in Borrower and (v) the 227
reorganization, liquidation or dissolution of Borrower. Not to be included as a Transfer are (x) the creation of a lien or 228
encumbrance subordinate to this Deed of Trust; (y) the creation of a purchase money security interest for household appliances; or 229
(z) a transfer by devise, descent or by operation of the law upon the death of a joint tenant. At the election of Lender, in the event 230
of each and every Transfer: 231
24.1. All sums secured by this Deed of Trust shall become immediately due and payable (Acceleration). 232
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 5 of 5
24.2. If a Transfer occurs and should Lender not exercise Lender’s option pursuant to this § 24 to Accelerate, 233
Transferee shall be deemed to have assumed all of the obligations of Borrower under this Deed of Trust including all sums secured 234
hereby whether or not the instrument evidencing such conveyance, contract or grant expressly so provides. This covenant shall run 235
with the Property and remain in full force and effect until said sums are paid in full. Lender may without notice to Borrower deal 236
with Transferee in the same manner as with Borrower with reference to said sums including the payment or credit to Transferee of 237
undisbursed reserve Funds on payment in full of said sums, without in any way altering or discharging Borrower’s liability 238
hereunder for the obligations hereby secured. 239
24.3. Should Lender not elect to Accelerate upon the occurrence of such Transfer then, subject to § 24.2 above, the 240
mere fact of a lapse of time or the acceptance of payment subsequent to any of such events, whether or not Lender had actual or 241
constructive notice of such Transfer, shall not be deemed a waiver of Lender’s right to make such election nor shall Lender be 242
estopped therefrom by virtue thereof. The issuance on behalf of Lender of a routine statement showing the status of the loan, 243
whether or not Lender had actual or constructive notice of such Transfer, shall not be a waiver or estoppel of Lender’s said rights. 244
25. Borrower’s Copy. Borrower acknowledges receipt of a copy of the Note and this Deed of Trust. 245
246
EXECUTED BY BORROWER. 247
IF BORROWER IS NATURAL PERSON(s):
doing business as
IF BORROWER IS CORPORATION:
ATTEST:
Name of Corporation
By
Secretary
President
(SEAL)
IF BORROWER IS PARTNERSHIP:
Name of Partnership
By
A General Partner
IF BORROWER IS LIMITED LIABILITY COMPANY:
Name of Limited Liability Company
By
Its Authorized Representative
Title of Authorized Representative
STATE OF COLORADO
COUNTY OF
The foregoing instrument was acknowledged before me this day of , 20 , by
* .
Witness my hand and official seal.
My commission expires:
Notary Public
*If a natural person or persons, insert the name(s) of such person(s). If a corporation, insert, for example, “John Doe as President and Jane Doe as 248
Secretary of Doe & Co., a Colorado corporation.” If a partnership, insert, for example, “Sam Smith as general partner in and for Smith & Smith, 249
a general partnership.” A Statement of Authority may be required if borrower is a limited liability company or other entity (§ 38-30-172, C.R.S.)
250
