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<br />
<br />Deed of Trust
<br />
<br />This indenture, made this 1st day of October 2001, between The North Poudre Irrigation
<br />Company, whose address is 3729 Cleveland Avenue, P.O. Box 100, Wellington, Colorado 80549,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Larimer, State of
<br />Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />Witnesseth, that whereas, GRANTOR has executed Contract No. C153385, dated May 1, 1982,
<br />as amended, ("Contracf') for a loan in the amount of $1,331,703.71 with loan contract performance
<br />obligations to be repaid to the STATE OF COLORADO for the use and benefit of the Department of
<br />Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721,
<br />Denver, Colorado 80203, and
<br />And whereas, the GRANTOR is desirous of securing the performance of these loan contract
<br />obligations under said Loan Contract to the State of Colorado.
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: the
<br />Fossil Creek Reservoir and Dam, located in Sections 10 and 15, Township 6 North, Range 68 West,
<br />of the 6th PM in the County of Larimer, State of Colorado, collectively or hereinafter referred to as the
<br />"Property."
<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of
<br />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
<br />default shall be made in or in case of violation or breach of any of the terms, conditions, covenants or
<br />agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the
<br />covenants contained in the Contract and elect to advertise said Property for sale, and demand such
<br />sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of
<br />such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be
<br />recorded in the recorder's office of the county in which said Property is situated, it shall and may be
<br />lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the
<br />said PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors
<br />or assigns therein, at public auction at such time and at such location as shall be designated in the
<br />PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash, four weeks
<br />public notice having been previously given of the time and place of such sale, advertisement once
<br />each week for five consecutive weeks, in some newspaper of general circulation at that time published
<br />in said county, a copy of which notice shall be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and to such person or persons
<br />appearing to have acquired a subsequent record interest in said Property at the address given in the
<br />recorded instrument; where only the county and state is given as the address then such notice shall be
<br />mailed to the county seat, and to make and give to the purchaser of the Property at such sale, a
<br />certificate in writing describing the Property purchased, and the sum paid therefor, and the time when
<br />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
<br />holding the said certificate of purchase, when said demand is made, or upon demand by the person
<br />entitled to a deed to and for the Property purchased, at the time such demand is made, the time for
<br />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
<br />delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such
<br />deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of
<br />
<br />Appendix 2 to Contract C153385 Amendment No.2
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