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<br />Recorded at \ ~ '. {S;
<br />Reception No. ~~"l \ i... \\ ~
<br />
<br />t ~ /5<J ;:iJ
<br />. .._~~S1-, .~l~b
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<br />DEED OF TRUST
<br />
<br />. ,.~
<br />for record ' . iff
<br />at I :00 o'clock' .m.
<br />Li da Pavich Ragle
<br />H sdale County Recor~8J... ,
<br />~~t~~-'G
<br />~143
<br />p~ Cort.}
<br />
<br />THIS INDENTURE, made this .8..tb.day of November , 1996, between SANTA
<br />MARIA RESERVOIR COMPANY, whose address is P.O. Box 288, Monte Vista, Colorado 81144,
<br />referred to as GRANTOR, and the Public Trustee of the Counties of HINSDALE and MINERAL, State
<br />of Colorado, hereinafter referred to as PuBlIC TRUSTEE,
<br />
<br />WITNESSETH, THAT, WHEREAS, GRANTOR has executed Contract #C 163633 (the
<br />"Contract") dated May 8, 1989, for a loan in the principal sum of $420,400, to be repaid to the
<br />STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water
<br />Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203,
<br />with interest thereon at, the rate of five percent (6%) per annum, payable in thirty (30) equal
<br />annual installments, or until loan is paid in full.
<br />
<br />AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said loan to the State of Colorado.
<br />
<br />NOW, THEREFORE, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell
<br />and convey unto the said PUBliC TRUSTEE in trust forever, the following described property, situated in the Counties of HINSDALE and
<br />MINERAL Colorado, to wit: sn undivided 10096 interest in snd to (s) 206.5 scre-feet of the sbsolute ponion of Reservoir Priority No. 1916-
<br />11, decreed to the Santa Merkt Reser'C'ir b~' de=rse af t.":<1 Di:;::riet Court for 't{at~t. District 20 daled September i 3, 1976, Appropriation
<br />Priority No. 1916-81A, with BfJpropriBtion date of August 11, 1896 (see decree upon remittitur of Supreme Coun dated July 28, 1924,
<br />nunc pro tunc November 26, 1920), snd (b) 206.5 sere-feet of the sbsolute ponion of Reservoir Priority No. 1934-1, decreed to the
<br />Continentsl Reservoir by decree of the District Coun for Water District 20 dated October 15, 1934, Appropristion Priority No. 1934-1, with
<br />appropriBtion date of June " 1901 (collectively refe"ed to es the "Property").
<br />
<br />TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust
<br />nevertheless, that in case of default in the payment under said Contract, or any part thereof, or in the payment of the interest thereon,
<br />according to the tenor and effect of said Contract or in the payment of any prior encumbrances, principal or interest, 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 covenants contained in the Contract and elect to advertise said Property for sale,
<br />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
<br />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, II.S the said PuBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein,
<br />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
<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 Counties of HINSDALE
<br />and MINERAL, a copy of which notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the
<br />address herein given and to such person or persons appearing to have acquired a subsequent record interest in said Property at the address
<br />given in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the county
<br />seat, and to make and give to the purchaser of the Property at such sala, a certificate in writing describing the Property purchesed, and the
<br />sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same
<br />shall be redeemed as is provided by law; and said PuBliC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br />when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time such demand
<br />is made, the time for redemption having expired, make and execute to such person a deed to the Property purchased, which said deed shall
<br />be in the ordinary form of a conveyence, and shall be signed, aCknowledged and delivered by the said PuBliC TRUSTEE and shall convey and
<br />quitclaim to such person antitled to such deed, the Property purchased 88 aforesaid and all tha right, title, interest, benefit and equity of
<br />redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the Property was sold and shall
<br />refer to the power of sale therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of
<br />purchase, or in case of the redemption of the Property by a subsequent encumbrancer, such assignment or r"Jdem!Jtien!!he!1 also be referred
<br />to in sucn deed; but the notice of sale need not be set out in such deed and the PUBlIC TRUSTEE shall, out of the proceeds or avails of such
<br />sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal and
<br />interest due under the Contract 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 any, unto the
<br />GRANTOR, its successors or assigns; which sale and said deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR,
<br />its successors and assigns, and all other persons claiming the said Property, or any part thereof, by. from, through or under the GRANTOR,
<br />or any of them. It shall not be obligetory upon the purchaser at any such sale to see to the application of the purchase money.
<br />
<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
<br />authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving and releasing
<br />all rights and claims it may have in or to said Property as a Homestead Exemption, or other exemption, under and by virtue of any act of
<br />the General Assembly of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress, now
<br />existing or which may hereafter be passed in relation thereto and that the same are free and clear of all liens and encumbrances whatever,
<br />and the above bargained Property in the quiet and peaceable possession of the PUBliC TRUSTEE, its successors and assigns, against all and
<br />every person or persons lawfully claiming or to claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend.
<br />
<br />Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the Proparty; any and
<br />all amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep the Property insured
<br />in accordance with the requirements of the Contract. Should the GRANTOR fail to insure the Property in accordance with the Contract or
<br />to pay texes or assessments as the same fell due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may
<br />make any such payments or procure any such insurance, and all moneys so paid with interest thereon at the rate of ten percent (10%) per
<br />annum shall be added to and become a part of the indebtedness secured by this Deed of Trust and may be paid out of the proceeds of the
<br />sale of the Property if not paid by the GRANTOR. In addition, and at its option, the beneficiary mey declare the indebtedness secured hereby
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