HomeMy WebLinkAboutECHDA18-005 6 West Apartments LLC Deed of TrustEagle County, CO 201803213
Regina O'Brien 03/01/2018
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P.O. Box 850
Eagle, CO 81631
DEED OF TRUST
(Subordinate Lien)
Borrower (Grantor): 6 West Apartments LLC, a Colorado limited liability company
Lender (Beneficiary): Eagle County Housing and Development Authority, a body politic
Shared Appreciation: This Security Instrument does not carry any charge or
accumulation of interest. If Borrower does not pay the Principal
amount of the Promissory Note (the "Note") off in full on or
before the fifth anniversary of the date of the Note, Borrower shall
pay Lender the "Shared Appreciation" determined under Section
3(B) of the Note, on the Maturity Date defined below.
Principal Amount
of Promissory Note: $323,879.00
Date of Promissory Note: February 27, 2018
Maturity Date: (i) Lender's acceleration of the Note under paragraph 20 of this
Security Instrument; (ii) Borrower's refinancing of the first priority
construction loan that finances the construction of the 6 West
Apartments Project; (iii Borrower's sale or transfer of the
Property; or (iv) the 15' anniversary of the date of the Note
February 27„ 2033)
THIS DEED OF TRUST ("Security Instrument") is made on February 27, 2018 among the
Grantor, 6 West Apartments LLC, a Colorado limited liability company ("Borrower"), the
Public Trustee of Eagle County, Colorado ("Trustee"), and the beneficiary, Eagle County
Housing and Development Authority, a body politic within the State of Colorado ("Lender").
Borrower owes Lender the principal sum of $323,879.00 (the "Principal"). This debt is
evidenced by Borrower's Promissory Note dated the same date as this Security Instrument
("Note").
The Note provides that the full debt shall be due and payable in full upon the date that is the
earliest of (i) Lender's acceleration of the Note under paragraph 20 of this Security Instrument;
(ii) Borrower's refinancing of the first priority construction loan that finances the construction of
the 6 West Apartments Project; (iii) Borrower's sale or transfer of the Property; or (iv) the 15`"
anniversary of the date of the Note (February 27, 2033), which is the "Maturity Date" of the
Note.
The loan evidenced by the Note and secured by this Security Instrument (the "Loan") is being
made under the ECHDA Subordinate Loan Agreement dated the same date as this Security
Instrument (the "Loan Agreement") between Lender and Borrower.
In addition to the Loan, Borrower obtained a deed of trust loan (the "First Deed of Trust
Loan") from FirstBank, a Colorado banking corporation (the "Senior Lien Holder"), which
loan is secured by a first deed of trust lien on the Property (the "First Deed of Trust"). The
documents evidencing or securing the First Deed of Trust Loan are collectively referred to herein
as the "First Deed of Trust Loan Documents".
This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the
Note, including any Shared Appreciation that becomes due under the Note, and all renewals,
extensions and modifications of the Note; (b) the payment of all sums, advanced under paragraph
7 hereof to protect the security of this Security Instrument; and (c) the performance of
Borrower's covenants and agreements under this Security Instrument and the Note. For this
purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale,
subject to the rights of the Senior Lien Holder under the First Deed of Trust, the property located
in Eagle County, Colorado, which has the address of 32532 Highway 6, Edwards Colorado
ECHDAI 8-005
("Property Address") and is legally described as Lot 1, Final Plat of the 6 West Apartments
Subdivision, recorded in the records of the Eagle County Clerk and Recorder at Reception
Number 1,01803Zo-"1
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements
and additions shall also be covered by this Security Instrument. All of the foregoing is referred
to in this Security Instrument as the "Property".
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and
has the right to grant and convey the Property and, except for the First Deed of Trust and other
encumbrances of record acceptable to the Senior Lien Holder, and the Restrictive Covenant
dated February 27, 2018 granted by Borrower in favor of Lender for the 6 West Apartments
Planned Unit Development (the "ECHDA Restrictive Covenant"), the Property is
unencumbered. Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to such encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to constitute a uniform security
instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Shared Appreciation. Borrower shall promptly pay when
due the Principal of the Note, and, if the Principal is not paid off in full on or before the
fifth anniversary of the Note and this Security Instrument, the Shared Appreciation under
Section 3(B) of the Note, together with any other amounts due under the Note.
2. Application of Payments. Unless applicable law provides otherwise, all payments
received by Lender under paragraph 1 shall be applied: first, to Principal due; second to
any Shared Appreciation that is due; and last, to any late charges and other sums due
under the Note.
3. Prior Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
obligations under the First Deed of Trust, including Borrower's covenants to make
payments when due. Borrower shall pay all taxes, assessments, charges fines impositions
attributable to the Property which may attain priority over this Security Instrument, and
leasehold payments or ground rents, if any. Borrower shall pay them on time directly to
the person or entity owed payment. Borrower shall promptly furnish to Lender all
notices of amounts to be paid under this paragraph. If Borrower makes these payments
directly, Borrower shall promptly furnish to Lender receipts evidencing the payments.
Except for the lien of the First Deed of Trust, Borrower shall promptly discharge any
other lien which shall have attained higher priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a
manner acceptable to Lender; (b) contests in good faith the lien by, or defends against
enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
prevent enforcement of the lien; or (c) secures from the holder of the lien agreement
satisfactory to Lender subordinating the lien to this Security Instrument. Except for the
lien of the First Deed of Trust, if Lender determines that any part of the Property is
subject to a lien which may attain priority over this Security Instrument, Lender may give
Borrower a notice identifying the lien. Borrower shall satisfy such lien or take one of
more of the actions set forth above within 10 days of giving the notice.
4. Subordination. Lender and Borrower acknowledge and agree that this Security
Instrument is subject and subordinate in all respects to the liens, terms and conditions of
the First Deed of Trust and to all advances heretofore made or which may hereafter be
made pursuant to the First Deed of Trust including all sums advanced for the purpose of
(a) protecting or further securing the lien of the First Deed of Trust, curing defaults by
Borrower under the First Deed of Trust or for any other purpose expressly permitted by
the First Deed of Trust or (b) constructing, renovating, repairing, furnishing, fixturing or
equipping the Property. The terms and provisions of the First Deed of Trust are
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paramount and controlling, and they supersede any other terms and provisions hereof in
conflict therewith.
If the Senior Lien Holder acquires title to the Property pursuant to a deed in lieu of
foreclosure, the lien of this Security Instrument shall automatically terminate upon the
Senior Lien Holder's acquisition of title, provided that (i) Lender has been given written
notice of a default under the First Deed of Trust and (ii) Lender shall not have cured the
default under the First Deed of Trust, or diligently pursued curing the default as
determined by the Senior Lien Holder, within the 60 -day period provided in such notice
sent to Lender.
S. Hazard or Property Insurance. Borrower shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire, hazards included within the
term "extended coverage" and any other hazards for which Senior Lien Holder requires
insurance. This insurance shall be maintained in the amounts and for the periods that
Senior Lien Holder requires. If Borrower fails to maintain coverage described above,
Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property
in accordance with paragraph 7.
All insurance policies and renewals shall be acceptable to Senior Lien Holder and shall
include a standard mortgagee clause in favor of Lender. All requirements hereof
pertaining to insurance shall be deemed satisfied if Borrower complies with the insurance
requirements under the First Deed of Trust. All original policies of insurance required
pursuant to the First Deed of Trust shall be held by Senior Lien Holder; provided,
however, Lender may be named as a loss payee as its interest may appear and may be
named as an additional insured. If Lender requires, Borrower shall promptly give to
Lender copies of all paid receipts of paid premiums and renewal notices. In the event of
loss, Borrower shall give prompt notice to the insurance carrier, the Senior Lien Holder
and Lender. Lender may make proof of loss if not made promptly by the Senior Lien
Holder or Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be
applied to restoration or repair of the Property damaged, if the restoration or repair is
economically feasible and Lender's security is not lessened. If the restoration or repair is
not economically feasible or Lender's security would be lessened, the insurance proceeds
shall be applied to the sums secured by this Security Instrument, whether or not then due,
with any excess paid to Borrower. If Borrower abandons the Property, or does not
answer within 30 days a notice from Lender that the insurance carrier has offered to settle
a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to
repair or restore the Property or to pay sums secured by this Security Instrument, whether
or not then due. The 30 -day period will begin when notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to
Principal shall not extend or postpone the due date of the payments referred to in
paragraph 1 or change the amount of the payments. If under paragraph 20, the Property
is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to the extent of
the sums secured by this Security Instrument immediately prior to the acquisition.
Notwithstanding the above, Lender's rights to collect and apply the insurance proceeds
hereunder shall be subject and subordinate to the rights of the Senior Lien Holder to
collect and apply such proceeds in accordance with the First Deed of Trust.
6. Construction of Project, Preservation, Maintenance and Protection of the Property;
Borrower's Loan Application; Leaseholds. Borrower agrees to construct the 6 West
Apartments project in accordance with the First Deed of Trust Loan Documents.
Borrower shall not destroy, damage or impair the Property, allow the Property to
deteriorate, or commit waste on the Property. Borrower shall be in default if any
forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good
faith judgment could result in forfeiture of the Property or otherwise materially impair the
lien created by this Security Instrument or Lender's security interest. Borrower may cure
such default and reinstate, as provided in paragraph 17, by causing the action or
proceeding to be dismissed with a ruling that, in Lender's good faith determination,
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precludes forfeiture of the Borrower's interest in the Property or other material
impairment of the line created by the Security Instrument or Lender's security interest.
Borrower acknowledges that this Property is subject to certain use and occupancy
restrictions evidenced by the ECHEDA Restrictive Covenant, limiting the Property's use
to certain covenants and restrictions regarding occupancy.
7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants
and agreements contained in this Security Instrument, or there is a legal proceeding that may
significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy,
probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may
do and pay for whatever is necessary to protect the value of the Property and Lender's rights
in the Property. Lender's actions may include paying any sums secured by a lien which has
priority over this Security Instrument (including sums secured by the First Deed of Trust),
appearing in court, paying reasonable attorneys' fees and entering on the Property to make
repairs. Although Lender may take action under this paragraph 7, Lender is not obligated
to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of
Borrower secured by this Security Instrument.
Prior to taking any actions under this paragraph 7, however, Lender shall notify the Senior
Lien Holder of such default in the manner provided in paragraph 20 of this Security
Instrument, and shall provide the Senior Lien Holder with the opportunity to cure any such
default under this Security Instrument. All amounts advanced by the Senior Lien Holder to
cure a default hereunder shall be deemed advanced by the Senior Lien Holder and shall be
secured by the First Deed of Trust. In addition, Lender agrees that it will not commence
foreclosure proceedings or accept a deed in lieu of foreclosure, or exercise any other rights or
remedies hereunder until it has given the Senior Lien Holder at least 60 days' prior written
notice. Any action by Lender hereunder to foreclose or accept a deed in lieu of foreclosure
shall be subject to the "due on sale" provisions of the First Deed of Trust.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the
Property. Lender shall give Borrower notice at the time of or prior to an inspection
specifying reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or
consequential, in connection with any condemnation or other taking of any part of the
Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be
paid to Lender, subject to the terms of the First Deed of Trust.
In the event of a total taking of the Property, the proceeds shall be applied to the sums
secured by this Security Instrument, whether or not then due, with any excess paid to
Borrower. In the event of a partial taking of the Property in which the fair market value of
the Property immediately before the taking is equal to or greater than the amount of the
sums secured by this Security Instrument immediately before the taking, unless Borrower
and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be
reduced by the amount of the proceeds multiplied by the following fraction: (a) the total
amount of the sums secured immediately before the taking, divided by (b) the fair market
value of the Property immediately before the taking. Any balance shall be paid to Borrower.
In the event of a partial taking of the Property in which the fair market value of the Property
immediately before the taking is less than the amount of the sums secured immediately
before the taking, unless Borrower and Lender otherwise agree in writing or unless
applicable law otherwise provides, the proceeds shall be applied to the sums secured by this
Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that
the condemnor offers to make an award or settle a claim for damages, Borrower fails to
respond to Lender within 30 days after the date the notice is given, Lender is authorized
to collect and apply the proceeds, at its option, either to restoration or repair of the
Property or to the sums secured by this Security Instrument, whether or not then due.
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Unless Lender and Borrower otherwise agree in writing, any application of proceeds to
principal shall not extend or postpone the due date of the payments referred to in
paragraph 1 or change the amount of such payments.
10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the
time for payment or modification of amortization of the sums secured by this Security
Instrument granted by Lender to any successor in interest of Borrower shall not operate to
release the liability of the original Borrower or Borrower's successors in interest. Lender
shall not be required to commence proceedings against any successor in interest or refuse
to extend time for payment or otherwise modify amortization of the sums secured by this
Security Instrument by reason of any demand made by the original Borrower or
Borrower's successors in interest. Any forbearance by Lender in exercising any right or
remedy shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The
covenants and agreements of this Security Instrument shall bind and benefit the
successors and assigns of Lender and Borrower, subject to the provisions of paragraph
16. Borrower's covenants and agreements shall be joint and several. Any Borrower who
co-signs this Security Instrument but does not execute the Note: (a) is co-signing this
Security Instrument only to mortgage, grant and convey Borrower's interest in the
Property under the terms of this Security Instrument; (b) is not personally obligated to
pay the sums secured by this Security Instrument; and (c) agrees that Lender and any
other Borrower may agree to extend, modify, forbear or make any accommodations with
regard to the terms of this Security Instrument or the Note without that Borrower's
consent; provided, however, that such modification or accommodation shall not be made
without the prior written consent of the Senior Lien Holder.
12. Loan Charges. If any law that sets maximum loan charges provides that the Shared
Appreciation or other charges collected or to be collected in connection with the Loan
exceed the permitted limits, then: (i) any such Shared Appreciation or loan charge shall be
reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any
sums already collected from Borrower that exceeded permitted limits will be refunded to
Borrower. The Note Holder may choose to make this refund by reducing the Principal
Borrower owes under the Note or by making a direct payment to Borrower. If a refund
reduces Principal, the reduction will be treated as a reduction of the original Principal due
under this Note.
13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
delivering it or by mailing it by first class mail unless applicable law requires use of another
method. The notice shall be directed to the Property Address or any other address Borrower
designates by notice to Lender. Any notice to Lender shall be given by first class mail to
Lender's address stated herein or any other address Lender designates by notice to
Borrower. Any notice provided for in this Security Instrument shall be deemed to have
been given to Borrower or Lender when given as provided in this paragraph.
14. Governing Law; Severability. This Security Instrument shall be governed by federal
law and the law of the jurisdiction in which the Property is located. In the event that any
provision or clause of this Security Instrument or the Note conflicts with applicable law,
such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given effect without the conflicting provision. To this end the provisions of
this Security Instrument and the Note are declared to be severable.
15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this
Security Instrument.
16. Transfer of the Property or a Beneficial Interest in Borrower. Borrower may sell or
otherwise transfer all or substantially all of the Property at any time upon paying off in full
all amounts due under the Note. Borrower agrees that the transfer of a majority of the direct
or indirect ownership interests in Borrower in an arms' length transaction to one or more
persons who are not then affiliated with any of the owners of direct or indirect ownership
interests in Borrower will be deemed a sale of the Property that requires Borrower to pay the
Note off in full. Lender agrees that any other transfer of direct or indirect ownership
M
interests in Borrower is permitted without notice to Lender or Lender's consent, without
requiring Borrower to pay the Note off.
Borrower and Lender agree that whenever the Note or this Security Instrument gives
Lender the right to approve or consent with respect to any matter affecting the Property
(or the construction of any improvements thereon) or otherwise (including the exercise of
any "due on sale" clause), and a right of approval or consent with regard to the same
matter is also granted to the Senior Lien Holder pursuant to the First Deed of Trust, the
Senior Lien Holder's approval or consent or failure to approve or consent, as the case
may be, shall be binding on Borrower and Lender.
17. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have
the right to have enforcement of this Security Instrument discontinued at any time prior to
the earlier of. (a) 5 days (or such other period as applicable law may specify for
reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under this
Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of
any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security
Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such
action as Lender may reasonably require to assure that the lien of this Security Instrument,
Lender's rights in the Property and Borrower's obligation to pay the sums secured by this
Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this
Security Instrument and the obligations secured hereby shall remain fully effective as if no
acceleration had occurred.
18. Assignment. Lender may assign, negotiate, pledge, or otherwise hypothecate its interest
in the Loan to Eagle County, Colorado any other subdivision of Eagle, County, or to any
entity that is wholly-owned, directly or indirectly by Eagle County, and may assign and
delegate any or all of its primary supervisory and disbursing functions to any of Eagle
County, any subdivision of Eagle County, or any entity that is wholly-owned, directly or
indirectly, by Eagle County. Lender agrees not to assign, negotiate, pledge, or otherwise
hypothecate its interest in the Loan except as permitted by the preceding two sentences of
this paragraph 18.
19. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal,
storage, or release of any Hazardous Substances on or in the Property. Borrower shall
not do, nor allow anyone else to do, anything affecting the Property that is in violation of
any Environmental Law. The preceding two sentences shall not apply to the presence,
use, or storage on the Property of quantities of Hazardous Substances that are generally
recognized to be appropriate to normal residential uses and to the construction, operation,
repair, and maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand,
lawsuit or other action by any governmental or regulatory agency or private party involving
the Property and any Hazardous Substance or Environmental Law of which Borrower has
actual knowledge. If Borrower learns, or is notified by any governmental or regulatory
authority, that any removal or other remediation of any Hazardous Substance affecting the
Property is necessary, Borrower shall promptly take all necessary remedial actions in
accordance with Environmental Law. Prior to taking any such remedial action, however,
Borrower shall notify the Senior Lien Holder that such remedial action is necessary and
shall obtain the Senior Lien Holder's prior written consent for such remedial action.
As used in this paragraph 19, "Hazardous Substances" are those substances defined as
toxic or hazardous substances by Environmental Law and the following substances:
gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and
herbicides, volatile solvents, materials containing asbestos or formaldehyde, and
radioactive materials. As used in this paragraph 19, "Environmental Law" means
federal laws and laws of the jurisdiction where the Property is located that relate to
health, safety or environmental protection.
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NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as
follows:
20. Acceleration; Remedies. Lender shall give notice to Borrower and the Senior Lien
Holder prior to acceleration following Borrower's breach of any covenant or agreement
in this Security Instrument, the Loan Agreement, the ECHDA Restrictive Covenant or the
Note. The notice shall specify: (a) the default; (b) the action required to cure the default;
(c) a date, not less than 30 days from the date the notice is given to Borrower (and with
respect to the Senior Lien Holder, 60 days from the date the notice is given to the Senior
Lien Holder), by which the default must be cured; and (d) that failure to cure the default
on or before the date specified in the notice may result in acceleration of the sums
secured by this Security Instrument and sale of the Property. The notice shall further
inform Borrower of the right to reinstate after acceleration and the right to bring a court
action to assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the default is not cured by Borrower on or before the date
specified in the notice, and the Senior Lien Holder has not exercised its right to cure the
default, then Lender at its option may require immediate payment in full of all sums
secured by this Security Instrument without further demand and may invoke the power of
sale and any other remedies permitted by applicable law. Notwithstanding Lender's right
to invoke any remedies hereunder, as provided in paragraph 7 above, Lender agrees that
it will not commence foreclosure proceedings or accept a deed in lieu of foreclosure, or
exercise any other rights or remedies hereunder until it has given the Senior Lien Holder
at least 60 days' prior written notice. Lender shall be entitled to collect all expenses
incurred in pursuing the remedies provided in this paragraph 20, including, but not
limited to, reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender or Trustee shall mail copies of a notice of sale
in the manner prescribed by applicable law to Borrower, the Senior Lien Holder and to the
other persons prescribed by applicable law. Trustee shall give notice of sale by public
advertisement for the time and in the manner prescribed by applicable law. Trustee, without
demand on Borrower, shall sell the Property at public auction to the highest bidder for cash
at the time and place and under the terms designated in the notice of sale in one or more
parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel
of the Property to any later time on the same date by public announcement at the time and
place of any previously scheduled sale. Lender or its designee may purchase the Property at
any sale.
Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any
covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be
prima facie evidence of the truth of the statements made therein. Trustee shall apply the
proceeds of the sale in the following order: (a) to all expenses of the sale, including, but
not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this
Security Instrument; and (c) any excess to the person or persons legally entitled to it.
21. Release. Upon payment of all sums secured by this Security Instrument, Lender shall
release this Security Instrument without charge to Borrower. Borrower shall pay any
recordation costs.
22. Substitute Trustee. Lender, at its option, may from time to time remove Trustee and
appoint a successor trustee to any Trustee appointed hereunder by an instrument recorded
in the county in which this Security Instrument is recorded. Without conveyance of the
Property, the successor trustee shall succeed to all the title, power and duties conferred
upon Trustee herein and by applicable law.
23. Modification of First Deed of Trust Loan Documents. Lender consents to any
agreement or arrangement in which the Senior Lien Holder waives, postpones, extends,
reduces or modifies any provisions of the First Deed of Trust Loan Documents, including
any provisions requiring the payment of money.
24. Homestead Interest Waiver. Borrower hereby relinquishes and forever releases any
homestead exemptions in the Property.
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Signature Page to Deed of Trust
By signing below, each person acknowledges that he or she has read, understands, and agrees to
the terms and conditions of this deed of trust, and each person acknowledges receipt of an exact
copy.
l Alcm'n 9
STATE OF EALAIb40
Ie&n
COUNTY OF FA6t+
ss.
Borrower:
6 West Apartments LLC, a Colorado limited
liability company
By: West Edwards Apartments LLC, a Colorado
limited liability company, its Managing
Member
By.
Stephen S. Spessard, its manager
Acknowledged, subscribed and sworn to before me on this day of- , 2018, by
Stephen S. Spessard, the manager of West Edwards Apartments LLC, a Colorado limited
liability company, as the Managing Member of 6 West Apartments LLC, a Colorado limited
liability company, on behalf of 6 West Apartments LLC.
WITNESS MY HAND AND OFFICIAL SEAL.
My commission expires: q,,zop-y
Notary Public
KARISSA DABEL~ N TARY UBL C
COUNTY OF r STATE OF
TETON ' WYOMING
MY COMMISSION EXPIRESNOVEMBER 21.20
