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<br />and (21 the Vouga Reservoir storage rights consisting of 920 acre-feet described as follows: 510 acre-feet: Priority No. 370 in Gunnison County
<br />District Court Civil Action No. 5266 provides 510 acre-feet. and 410 acre-feet: Case No. W-3576, Water Division No.4, 410 acre-feet of
<br />additional storage.
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<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 thereunto belonging: In Trust nevertheless,
<br />that in case of default in the payment of said note, or any part thereof. or in the payment of the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any prior encumbrances, principal or interest. if any, or in case default shall be made in or in case of
<br />violation or breach of any of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may declare
<br />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
<br />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
<br />TRUSTEE shall cause a copy of the same to be recorded in the recorder's office of the county in which said Property is situated, it shall and may
<br />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),
<br />and all the right. title and interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall
<br />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
<br />been previously given of the time and place of such sale, advertisement once each week for five consecutive weeks, in some newspaper of
<br />general circulation at that time published in said County of Saguache, a copy of which notice shall be mailed within ten days from the date of
<br />the first publication thereof to the GRANTOR at the address herein given and to such person or persons appearing to have acquired a subsequent
<br />reco rd interest in said Property at the address given in the recorded instrument; where only the county and state is given as the address then
<br />such notice shall be mailed to the county seat. and to make and give to the purchaser of the Property at such sale, a certificate in writing
<br />describing. the Property purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled theretol shall be entitled
<br />to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding
<br />the said certificate of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased,
<br />at the time such demand is made, the time for redemption having expired, make and execute to such person a deed to the Property purchased,
<br />which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and
<br />shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and
<br />equity of redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the said Property was sold
<br />and shall 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
<br />of purchase, or in case of the redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred
<br />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 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 interest
<br />due on said note according to the tenor and effect thereof. and all moneys advanced by such beneficiary or legal holder of said note for
<br />insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering the surplus, if any, unto the GRANTOR, its legal
<br />representatives or assigns; which sale and said deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR, its
<br />successors and assigns, and all other persons claiming the Property, or any part thereof. by, from, through or under the GRANTOR, or any of them.
<br />The holder of said note may purchase Property or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see
<br />to the application of the purchase money.
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<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE, that at the time of the
<br />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 authority
<br />to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving and releasing all rights and
<br />claims it may have in or to said Property as a Homestead Exemption, or other exemption, under and by virtue of any act of the General Assembly
<br />of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress, now existing or which may hereafter
<br />be passed in relation thereto and that the same is free and clear of ali liens and encumbrances whatever, and the above bargained Property in
<br />the quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or persons lawfully claiming
<br />or to claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend.
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<br />Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the Property; any and all
<br />amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep the Property insured in
<br />accordance with the requirements of the Contract. Should the GRANTOR fail to insure the Property in accordance with the Contract or to pay
<br />taxes or assessments as the same fall due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may make any
<br />such payments or procure any such insurance, and all monies so paid with interest thereon at the rate of ten percent (10%) per annum shall
<br />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 sale of the
<br />Property if not paid by the GRANTOR. In addition, and at its option, the beneficiary may declare the indebtedness secured hereby and this Deed
<br />of Trust to be in default for failure to procure insurance or make any further payments required by this paragraph. In the event of the sale or
<br />transfer of the Property, the beneficiary, at its option, may declare the entire balance of the note immediately due and payable.
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<br />And that in case of any default, whereby the right of foreclosure occurs hereunder, the PUBLIC TRUSTEE, the State as holder of the note,
<br />or the holder of a certificate of purchase, shall at once become entitled to the possession, use and enjoyment of the Property aforesaid, and
<br />to the rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of
<br />redemption, if any there be, and such possession shall at once be delivered to the PUBLIC TRUSTEE, the State as holder of the note, or the holder
<br />of said certificate of purchase on request. and on refusal, the delivery of the Property may be enforced by the PUBLIC TRUSTEE, the State as
<br />holder of the note, or the holder of said certificate of purchase by an appropriate civil suit or proceeding, and the PUBLIC TRUSTEE, or the holder
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