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)

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

DEED OF TRUST8

(Due on Transfer – Strict) 9

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

Borrower and Lender covenant and agree as follows:17

1.Propertyin Trust. Borrower, in consideration of the indebtednessherein 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

known as No. (Property Address),24

Street AddressCityState Zip25

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

withinterest on the unpaid principal balance from until paid, at the rate ofpercent 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 theday of eachbeginning ; such 33

payments to continue until the entire indebtedness evidenced by said Note is fully paid; however, if not sooner paid, the entire34

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 without37

penalty except; 38

2.2.the payment of all other sums, with interest thereon at % per annum, disbursed by Lender in accordance39

with this Deed of Trust to protect the security of this Deed of Trust; and40

2.3.the performance of the covenants and agreements of Borrower herein contained.41

3.Title. Borrower covenants that Borrower ownsand has the right to grant and convey the Property, and warrants title to 42

the same, subject to general real estatetaxes for the current year, easements ofrecord or in existence, and recordeddeclarations, 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 the45

indebtedness evidencedbythe Note, and latecharges 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 Lenderpursuant 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,assessmentsand other charges, fines and impositions 52

attributable to the Property which may have or attain a priorityover 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 makingpayment when due, directly to the payee thereof.Despitethe foregoing, Borrowershallnotbe required to make 55

payments otherwise required by this section if Borrower, after notice to Lender, shall in good faith contest such obligation by, or56

defend enforcement of such obligation in, legal proceedingswhich operate to prevent the enforcement of the obligation or57

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.PropertyInsurance. Borrowershall keep the improvementsnow 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 thePropertyor (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 chosen64

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 noticeto 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 appliedto 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 failsto respond to Lender within30 days from the date notice is given in accordancewith §16 (Notice) by Lender to 75

Borrower that the insurance carrier offers to settle a claim for insurancebenefits, Lender is authorizedto collectand 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 ofPrincipal and Interest) and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such installments.79

Notwithstanding anything herein to the contrary, ifunder§ 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 fromdamage to the Propertyprior to the sale or acquisition shall pass to Lender to the extent of the sums secured bythis 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, insurancepoliciesand 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 commit86

waste or permitimpairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust87

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 hasexercised Borrower’s rights under § 6 above, if 90

Borrower fails to perform the covenants and agreements contained in thisDeed of Trust, or if a defaultoccurs in a priorlien, 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

withnotice to Borrowerif required by law,may make such appearances,disbursesuchsums and take such action as is necessary93

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 andexpenses, 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, andfees andcosts 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; and103

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 Lenderpursuant 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 disbursedplus 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 reasonablecause therefore related to Lender’s112

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 rightsof Borrowerand 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 beapplied 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 betweenLender and Borrower, inthe same ratioas 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 tothe date of taking.Borrower’sequityin the Property means the fair marketvalue of the Property lessthe 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 abandonedby 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 andapply the proceeds, at Lender’s option, either to restoration orrepair 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.Borrowernot Released. Extension of the time for payment or modification of amortization of the sums secured by this131

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 successorsin 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, or136

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.Successorsand Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein141

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 thisDeed of Trust shall be in writing and shall be given and be effective upon (1) deliveryto 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 suchnotice byfirst class U.S. mail, to Lender’saddress stated hereinor to 150

such other address as Lender may designate by notice to Borrower as provided herein.Any noticeprovided 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 withthe 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 (Transferof 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 Borrowerhas 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 dueand payable (Acceleration).To exercisethis option, Lender may invoke the power of 160

sale and any other remedies permitted bylaw.Lender shall be entitled to collect all reasonable costsand 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 bylaw. Trustee shall record acopy ofsuch notice and shall causepublication of 164

the legal notice as required by lawin 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 titleevidence; (b)to all sums securedby 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 oftheProperty 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 suchpayment, thisDeed of Trust and the obligations securedhereby shall remain in full force and effect as though 177

no Acceleration had occurred, and the foreclosure proceedings shall be discontinued.178

20.Assignmentof Rents; Appointment of Receiver;Lenderin 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; andshall beentitled 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 regardto the valuethereof.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, in188

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 Lenderor the receiver shall be applied, first 190

to payment of the costs of preservation and management ofthe Property, secondto payments due uponpriorliens, andthento 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 of193

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 principaland 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

PropertyInsurance,all as reasonably estimatedinitiallyandfromtimeto time by Lender on the basis of assessments andbills and 204

reasonable estimates thereof, taking into account any excess Funds not used or shortages.205

The principalof the Funds shallbe 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 shallapply 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 requiredto pay Borrower any 209

interest or earnings on the Funds.Lender shall give to Borrower, without charge, an annual accounting of the Funds showing210

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 they213

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 paymentin full of all sums secured by this Deed of Trust, Lender shallsimultaneously refund to Borrowerany 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 shallapply, no later than immediately prior to the sale of the Property or its acquisitionby 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 transfer222

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 anagreement granting a possessory right in the Property (or any portion thereof), in excess of 3225

years; (iv) a sale or transferof, 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) atransfer bydevise, descent or by operation of the law uponthe death ofa joint tenant.At theelection of Lender, in the event230

of each and every Transfer:231

24.1.All sums secured by this Deed of Trust shall become immediately due and payable (Acceleration).232

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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

withthe Property and remain in full forceand 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, the240

mere fact of a lapse oftime or the acceptance of payment subsequent toany of such events, whether or not Lender hadactual 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 Lenderof 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

Secretary

President

(SEAL)

IF BORROWER IS PARTNERSHIP:

Name of Partnership

A General Partner

IF BORROWER IS LIMITED LIABILITY COMPANY:

Name of Limited Liability Company

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

Secretaryof 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 orother entity (§ 38-30-172, C.R.S.)

250