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<br />April 1, 2004
<br />
<br />LOWER ARKANSAS WATER MANAGEMENT ASSOCIATION
<br />
<br />State of Colorado for the use and benefit of the Department of
<br />Natural Resources, Water Conservation Board
<br />
<br />BENT & PROWERS
<br />
<br />$1,875583.50
<br />
<br />Loan Contract No. C153768, dated May 28, 1997, and
<br />
<br />amended May 17, 1999, January 14, 2000, March 10, 2001,
<br />
<br />and April 1, 2004
<br />
<br />3% per annum for 40 years
<br />
<br />A one-hundred percent undivided interest in the property
<br />described on ATTACHMENT 1
<br />
<br />This indenture is between the GRANTOR, and the Public Trustee of the above
<br />referenced COUNTY, State of Colorado ("PUBLIC TRUSTEE"),
<br />
<br />FACTUAL RECITALS
<br />
<br />1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the
<br />LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY,
<br />with TERMS OF REPAYMENT and in accordance with the Promissory Note or until loan is paid
<br />in full.
<br />
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest
<br />of said Promissory Note to the BENEFICIARY.
<br />
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does
<br />hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the
<br />above described COLLATERAL.
<br />
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that
<br />in case of default in the payment of said Promissory Note, or any part thereof, or the interest
<br />thereon, or in the performance of any covenants hereinafter set forth or in said Promissory Note or
<br />LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said
<br />PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four weeks in some
<br />newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner provided
<br />by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper
<br />place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall
<br />retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and
<br />assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest
<br />due on said Promissory Note, rendering the overplus, if any, unto the GRANTOR; and after the
<br />expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser
<br />a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part
<br />thereof at such sale.
<br />
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of
<br />the COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and
<br />convey the same in the manner and form as aforesaid. The GRANTOR fully waives and releases all
<br />rights and claims it may have in or to said COLLATERAL as a Homestead Exemption or other
<br />exemption, now or hereafter provided by law. The GRANTOR further covenants that the collateral is
<br />free and clear of all liens and encumbrances whatever and that the GRANTOR shall warrant and
<br />
<br />DAT!=:
<br />. GRANTOR:
<br />BENEFICIARY:
<br />
<br />COUNTY:
<br />PRINCIPAL LOAN AMOUNT:
<br />LOAN CONTRACT:
<br />
<br />TERMS OF REPAYMENT:
<br />COLLATERAL:
<br />
<br />Deed of Trust
<br />
<br />Appendix C to Loan Contract C153768 Amendment No.4
<br />
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