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" '''~ ---c---TT9'97n~a~' 08/18/199702-:25P,bTBeii('Co. ~Olrc -C-}~~';-:- ::--C:C:i".-':-:C-::- - --- ~~---"':'--"------ 11 of 2 R 11.00 D'0:00'Palli Nici:kell ' ' " ' -' ' Deed of Trust This indenture, made this /S~ay of 1l-~tL!511997, between the Lower Arkans~s W~t~r:~~~~~~,!lent Association, wboseaddress is P.O; Box 1161; Lamar, CO 81052, hereinafter referred to as GRANTOR, and the Public 17rustee'ofth~, . . ..-1 I'" (I . . CountyofProwers, State of Colorado, hereinafter referred to as Pu BLlCTRUSTEE, ' ", :'" "" "',;".~'~:, Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which is a part ofL9ab Cl;lntract #C15~76~ :' (the Contract), for a loan in't1ie principal sum of $2,300,000.00 to be repaid to the State of Colorado for the use and 'benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman S.treet, .Room' 721, Oe'f1~er, ,Coiorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at the effective interest rate of 3%,per annum, payable in 40 annual installments, in accordance with the terms of the Promissory Note, or until loan is paid in full. ' And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to the State of Colorado. Now, therefore, the GRANTOR, in consideration of the premises' and, for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: 42.4 shares of "capital stock of the Highland Irrigation Company, evidenced by stock certificate number 300. The shares represent Grantor's pro rata interest in'the~ following water rights: Priority No. 27, decreed for 16.6 cfsin the original adjudication for Water District No. 190n August 10, 1903, with a May 31, 1866 appropriation date, which was originally decreed to the Sizer Ditch and was transferred to the Highland;Canal by decree of the Bent County District Court dated November 11, 1910. Priority No. 97-,- decreed for 7.4 cfs in the original adjudication for Water.oistrict No. 19,onAugust 10,1903, with an April 1 ,1884 appropriation date, which was originally decreed to the Sizer Ditch and 'transferred to the Highland Canal. by decree of the Bent County District Court dated November 11, 1910. Priority No. 120, decreed for 38.5 cfs by the Bent County District Court on August 30, 1922, with a March 1,1909 appropriation date, (collectively or hereinafter referred to as the "Property"). To have and to hold the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment cifthe interest thereon, according to the tenor and ,effect of said note or, in the payment of-any prior encumbrances, principal or interest, if'any,' or hi c~se default 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 beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to advertise said Property for sale, and demand,such,sale by filing a notice of such;election and demand for sale with the PUBLIC TRUSTEE. Upon receipt 'of such notice 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 which said Prop,erty is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, tit/eand interest of the GRANTOR, its successors or assigns 'therein, at 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 price the same will bring in cash, four weeks public notice having been previously given of the time anq place:of such sale,' advertisement once each we~k for five consecl,ltive weeks, in some newspaper of gener~1 circulation at .that time published in said County of Prowers, a copy of which notice shall be mailed, within ten days from. the date of the first publication tI:lereof to -th~ ,GRANTOR at the address herein given and to such person or persons appearing ,to have a<;quired a subs~ql,lent record interest in said Property at the address given in the recorded instrument; where only the county and state is given as the address then ~uch notice shall be mailed to the county seat, and to make and give to \he purcha~er of the Property at such sale, a certificate in writing describing the PropertY purchased, and ,tM sum paid therefor, and the timl:l when the piJrchaser (or other person entitled thereto) shall be entitled to the deed therefor, ul)l~ls tf.1e s.amr shall be redeemed as is provid~d by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said ce~ifi~ate of purchase, when said demand is made, or'upondemand by the person entitled to a deed to and for the Property purchased, at"the.'.time such demand is made, the time for redemption having expired, make and execute to such person a deed to the Property purch~s~d,~Y;;ti,ich saidCleed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said I?UBLic .TRUSTEE" and shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, titl~?Jn!(3rest,b~r;Jefit<1.nd equity of redemption of the GRANTOR, its successors and assigns made therein, and shall recitethe'sum forwt'iich,the"~~id,.:p(9p~rty.,v,-i~s..sofd and shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in cas!,!, of an assignmerit:pf suchc~~iflcate of purchase, or in case of the redemption of-the Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeCls or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiaryJwreunder the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by s~cH benefic~ry'Qr'I~gai,"h6Ider of said note for insurance, taxes and assessments, wi~h interest thereon at ten per cent per annum, rendering the s9'tPIO~~. if~a~ily~ 'unto the GRANTOR, its I~gal' representatives or ~ssigns; which sale and said ~e~d so made shall be a perpetual'~'ar,' bO,t,h r'\d~~v:;a~~"~;"W~~~~inst the GRANTOR, ItS successors and assigns, and all other persons claiming the Property, or any part thereof, by, ffOOl. ,throu ' .. ,~t!:'e GRANTOR, or any of them. The holder of s~id ~ote may purchase property or any part thereof; and it shail n~t~~e '~611gl~~n~ttJe ~ purchaser at any such sale to see to the application of the purchase money. , '. ~ '.' '~ 'ii :,/J!",:; ,';:: ~ ," '.~. "\:; I-,e. 1P;.,t~\.C> i>j) ~ And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUB,L1CT~IJ~re,E", ,J t~J!m~~ of the unsealing of and delivery of these presents it is well seized of the Property in fee simple, and has good right, 'f.t;J1bi:l:G~<q.'QdI~1 . :J. './" r ~ 'lr.,f\" .....:.! ,,":" Appendix 6 to Loan Contract #C153768 '"i"I~I}I",~:~,\..,;"l;';\\ }".