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<br />D~~d O! ~~I .~t
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<br />This indenture, made this_ day of 1997, between the Lower Arkansas Water
<br />Management Association, whose address IS ?O. Box 1161, Lamar, CO 81052, hereinafter referred to as GRANTOR, and
<br />the Public Trustee of the Councy of Prowers, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which isa part of Loan
<br />Contract #C153715 (the Contract), as amended, for a loan in the principal sum of $3,688,567.74 to be repaid to the State
<br />of Colorado for the use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is
<br />1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of
<br />funds under the Contract at the effective interest rate of 3% per annum, payable in 40 annual installments, in accordance
<br />with the terms of the Promissory Note, or until loan is paid in full.
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
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<br />Now, therefore, 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, to wit:
<br />(collectively or hereinafter referred to as the "Property")
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<br />To have and to hold the same, together with all and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the
<br />payment of the interest thereon, according to the tenor and effect of said note or in the payment of any prior
<br />encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation or breach of any of the
<br />terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may declare a violation of
<br />any of the covenants contained in the Contract and elect to advertise said Property for sale, and demand such sale by filing
<br />a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />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
<br />masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the
<br />GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall be designated in
<br />the PUBLIC TRUSTEE's Notice of Sale, for the highest and best price the same will bring in cash, four weeks public notice
<br />having been previously given of the time and place of such sale, advertisement once each week for five consecutive
<br />weeks. in some newspaper of general circulation at that time published in said County of Prowers, a copy of which notice
<br />shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and
<br />to such person or persons appearing to have acquired a subsequent record interest in said Property at the address given
<br />in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the
<br />county seat, and to make and give to the purchaser of the Property at such sale, a certificate in writing describing the
<br />Property purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be
<br />entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall,
<br />upon demand by the person holding the said certificate of purchase, when said demand is made, or upon demand by the
<br />person entitled to a deed to and for the Property purchased, at the time such demand is made, the time for redemntion
<br />having expired, make and execute to such person a deed to the Property purchased, which said deed shall be in the
<br />ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall
<br />convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, title,
<br />interest, benefit and equity of redemption of the GRANTOR, its successors and assigns made therein, ;;lnd shall recite the
<br />sum for which the said Property was sold and shall refer to the power of sale therein contained, and to the sale made by
<br />virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the Property, by
<br />a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed: bllt the notice of sa!e
<br />need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or avails of such sale, after first paying
<br />and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal and interest
<br />due on said note according to the tenor and effect thereof, and all moneys advanced by such beneficiary or legal holder of
<br />said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering the surplus, if
<br />any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual bar,
<br />both in law and equity, against the GRANTOR, its successors and assigns, and all other persons claiming the Property, or
<br />any part thereof, by, tram, through or under the GRANTOR, or any of them. The holder of said note may purchase Property
<br />or any part thereof; and it shall not be obngatory upon the purchaser at any such sale to see to the, application of the
<br />purchase money. ,
<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE,
<br />that at the time of the unsealing of and delivery of these presents it is well seized of the Property in fee simple, and has
<br />good right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and fonn as afdresaid~
<br />her~by fully and absolutely waiving and releasing all rights and claims it may'have in or to said PropertY as a Homestead
<br />Exemption, or other exemption, under and by virtue of any act of the General ~sembly of t1ie State of Colorado, or as any
<br />exemption under and by virtue of any act of the United States Congress, now existing or which may hereaftetbe passed in
<br />relation thereto and that the same is free and clear of all liens and encumbrances whatever, and the i3bove bargained
<br />Property in the quiet and peaceable possession of the PUBLIC TRUSTEE, its suCcessors and aSsigns, against,aIL and every
<br />person or persons lawfully claiming or to claim the whole or any part thereof. by, through or under the GRAmoR, the
<br />GRANTOR shall and will Warrant and Forever Defend. ' - '
<br />Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and ~9ssessmer.lts levied on the
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