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<br />20040543 4/30/20048:30:00 AM PATTI NICKELL
<br />10f3 DT R $16,00 D $0.00 Bent County. CO
<br />
<br />Deed of Trust
<br />
<br />DATE: April 1, 2004
<br />GRANTOR: LOWER ARKANSAS WATER MANAGEMENT ASSOCIATION
<br />BENEFICIARY: State of Colorado for the use and benefit of the Department of
<br />Natural Resources, Water Conservation Board
<br />COUNTY: BENT
<br />PRINCIPAL LOAN AMOUNT: $49,180.57
<br />LOAN CONTRACT: Loan Contract No. C153756, dated September 18, 1997, and
<br />amended April 1, 2004
<br />TERMS OF REPAYMENT: 3.25% per annum for 6 years
<br />COLLATERAL: A one-hundred percent undivided interest in the property described
<br />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 />F ACTUAL RECITALS
<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
<br />paid in full.
<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 />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 />To have and to hold the same, together with all appurtenances, in trust nevertheless,
<br />that in case of default in the payment of said Promissory Note, or any part thereof, or the
<br />interest thereon, or in the performance of any covenants hereinafter set forth or in said
<br />Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and
<br />demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not
<br />less than four weeks in some newspaper of general circulation in said COUNTY, shall sell said
<br />COLLATERAL in the manner provided by law in effect at the time of filing said notice and
<br />demand, at public auction for cash, at any proper place designated in the notice of sale. Out
<br />of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and
<br />costs and all moneys advanced for taxes, insurance and assessments, or on any prior
<br />encumbrance, with interest thereon and pay the principal and interest due on said
<br />Promissory Note, rendering the overplus, if any, unto the GRANTOR; and after the expiration
<br />of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser a
<br />deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part
<br />thereof at such sale.
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well
<br />seized of the COLLATERAL in fee simple, and has full power and lawful authority to grant,
<br />bargain, sell and convey the same in the manner and form as aforesaid. The GRANTOR fully
<br />waives and releases all rights and claims it may have in or to said COLLATERAL as a
<br />Homestead Exemption or other exemption, now or hereafter provided by law. The GRANTOR
<br />further covenants that the collateral is free and clear of all liens and encumbrances whatever
<br />and that the GRANTOR shall warrant and forever defend the COLLATERAL in the quiet and
<br />
<br />c.'II
<br />Appendix C to Loan Contract C153756 Amendment No. Ii c,.,~
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