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<br />199807660610211998"0:fi011P,-DT-'Bent'Co.-~CO -.
<br />l, 1 or 2 R 11.00 D 0.00 Patti Nickell
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<br />Deed of Trust
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<br />This indenture, made this /-:5.r day of June 1998, between the Lower Arkansas Wat~r Management
<br />Association, whose address is P.O. Box 1161, Lamar, CO 81052, hereinafter referred to as GRANToR, and the Public~Trustee of the
<br />County of Prowers, State of Colorado; hereinafter referted to as PUBLIC TRUSTEE, . '
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<br />, Witnesseth, that whereas, GRANTOR hasexecute(j a Pro~issoryNote, ~hich is a part of Loan Contract No.
<br />C153768 (the Contract), for a ioan in the prinGipal sum of $2,306,000,00 to be repaid to the State of Colorado for the use and benefit of the
<br />Department of Natural 'Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado
<br />80203, with interest thereon from the date of first disbursement of funds under the Contract at the effective interest rate of 3% per annum,
<br />payable in 40 annual installments, in accordance with the terms of the Promissory Note, or until loan is paid in full.
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to the
<br />State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain, sell and convey unto the said PU~L1C TRUSTEE in trust forever, to wit: 448 shares of capital stock of the Highland Irrigation
<br />Company, evidenced by stock ceiiificatenumber 313. The shares represent Grantor's 'pro ratainferest in the following water
<br />rights: Priority No. 27, decreed for 16.6 cfs in the original adjudication for Water District No. 19 on August 10, 1903, with a May 31,
<br />1866 appropriation date, which was originally decreed to the Sizer Ditch and was transferred to the Highland Canal by decree of the
<br />Bent County District Court dated November 11, 1910. Priority No. 97, decreed for 7.4 cfs in the original adjudication for Water District
<br />No. 19 on August 10, 1903, with an April 1, 1884 appropriation date, which was originally decreed to the Sizer Ditch and transferred to
<br />the Highland Canal by decree of the Bent County District Court dated November 11, 1910. Priority No. 120, decreed for 38.5 cfs by
<br />the Bent County District Court on August 30, 1922, with a March 1, 1909 appropriation date, (collectively or hereinafter referred to as the
<br />"Property").
<br />To have and to hold the same, together with all and singular the privileges and appurtenances thereunto belonging: In
<br />Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest thereon,
<br />according to the tenor and effect of said note or in the paymentof any prior ehcumbrances;'principal or in~erest, if any, or'in case default
<br />shall be made in' or in case of violation or breach of any of the terms; conditions, covenants or agreements contained in the Contract, the
<br />beneficiary hereunder may declare a violation of any of the covenantstOlltainedin the Cbntract and elect to advertise said Property for
<br />sale, and demand such sale by filing a notice' of such eHectionand demand for'sale~iNith'the PUBLIC TRLisTEE~ Upon receipt ofSuch notice
<br />of election and demand for sale, the PUBLIC TRUSTEE shall cause a cOpy of the same to be recorded in the recOrder's office of the county in
<br />which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate
<br />parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title arid interest of the GRANTOR,' its successors or assigns therein, at
<br />public auction at such time and at such location as shall be designated in the PUBlic TRUSTEE'S Notice of Sale, for the highest and best
<br />price the same will bring in cash, four weeks public notice having been previously given of the time and place of such sale, advertisement
<br />once each week for five consecutive weeks, in some newspaper of general circulation at that time published in said County of Prowers, a
<br />copy of which notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at t!1~ ,~9,~r'1SS herein
<br />given and to such person or persons appearing to have acquired a subsequent record interest in said Property at th~,a~~re.sl')j ~iV'~',"jliJl the
<br />recorded instrument; where only the county and state is given as the address the~ such notice shall bemailedto.~Iil~CPlJf\ty.se.~t..<lrd to
<br />, mak.e and give to the purchaser of the Property at such sale, a certificate in writing describing the Property pur~~~s~d'; ~f1d,Jh~\ ~ul!llpaid
<br />therefor, and the time when the purchaser, (or other person entitled thereto) shall be entitled to the deed therefor:, unless'thE!' same snail bp.
<br />redeemed as is provided by law; and said PUBLIC TRUSTgE shall, upon demand by the person holding the said certificat~'of:"purchase, when
<br />said demand is made, or upon demand by the person ~ntitled to a deed to and tor the Property purchased, at the~,time such, demand is
<br />made, the time for redemption having expired, make and execute to such person a deed to the Property purchas,~d,~w~ich's~id deed-shall
<br />be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLlCTRYSTE~'and.shalico'rl'.jey
<br />and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, title, intere~t,beMfit 'and,equity
<br />of redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for \"ihich the ~ai9'j:?r6pi:iity' Wa'g' ~old and
<br />shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in:!2?1se of an ?ssignr;iient-Of!sllc;h certificate of
<br />purchase, or in case of the redemption of the Property, by a subsequent encumbrancer, such assignment ,o.t redemp~ion shall also be
<br />referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shail;;~,~i pfJhe pro~,~eds'or avails
<br />of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the ben~ti,~i~jy h~~eunder.>t~e principal
<br />and interest due on said note according to the tenor and effect thereof, and all moneys advanced by sus.h:'b~riE!fitia'ry or legal holder of
<br />said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, renqeri~g:;!~g,sulJ?l\-Is, if:any, ,l!nto the
<br />GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual bar; 'ooy1 ;.ir',!?w and-~q9ity, 'against
<br />the GRANTOR, its successors and assigns, and all other persons claiming the Property, or any part thereof,by, f~r'ri~througt\,lbriund'er the
<br />GRANTOR, or any, of them. ' The holder of said' note- may, purchase Property or any part thereof; and it shall no'Lbe obligatory upon the
<br />purchaser at any such sale to see to the application of the purchase money.
<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE, that at the time
<br />of the unsealing of and delivery of these presents it is well seized of the Property in fee simple, and has good right, full power and lawful
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<br />Appendix 6 to Loan Contract No. C153768
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