LPPD000404

• Contract/PO #: C153678
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Contract Documents

4f72769

And the grantor covenants and agrees to and with the Public Trustee, that at the time of the ensealing of and delivery of these presents he is well seized of
the said land and tenements in fee simple, and has good right, full power and lawful authority 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 claims he may have in or to said lands, tenements, and property as a
Homestead Exemption, or other exemption, under and by virtue of any act of 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 existing or which may hereafter be passed in relation thereto and that the same are free and clear
of all liens and encumbrances whatever, except

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and the above bargained property in the quiet and peaceable possession of the Public Trustee, against all and every person or persons lawfully claiming or to
claim the whole or any part thereof, the grantor shall and will Warrant and Forever Defend,

Until payment in full of the indebtedness, the grantor shall timely pay all taxes and assessments levied on the property; any and all amounts due on
account of principal and interest or other sums on any senior encumbrances, if any; and will keep all improvements that may be on said lands insured
against any casualty loss, including extended coverage, in a company or companies meeting the net worth requirements of the beneficiary hereof in an
amount which will yield to the holder of the indebtedness, after reduction by co-insurance provisions of the policy, if any, not less than the then total
indebtedness, Each policy shall contain a loss payable clause naming the beneficiary as mortgagee and shall further provide that the insurance may not be
canceled upon less than ten days written notice to the beneficiary, At the option of the beneficiary, the original policy or policies of insurance shall be
deiivered to the beneficiary as further security lor the mdebtedness, Should the grantor fail to insure and deliver the policies or to pay taxes or assessments as
the same fall due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may make any such payments or procure any such

insurance, and all monies so paid with interest thereon at the rate of (3 % per annum shall be added to and become a part of the indebtedness secured
by this Deed of Trust and may be paid out ofthe proceeds of the sale of the property if not paid by the grantor, In addition, and at its option, the beneficiary
may declare the indebtedness secured hereby and this Deed of Trust to be in default for failure to procure insurance or make any of the payments required
by this paragraph,

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If all or any part of the property or an interest therein is sold or transferred by the grantor without beneficiary's prior written consent, excluding (a) the
creation of a lien or encumbrance subordinate to this Deed of Trust, (b) the creation of a purchase money security interest for household appliances, (c) a
transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not
containing an option to purchase, beneficiary may, at beneficiary's option, declare all the sums secured by this Deed of Trust to be immediately due and
payable, Beneficiary shall have waived such option to accelerate if, prior to the sale or transfer, beneficiary and the person to whom the property is to be sold
or transferred reach agreement in writing that the credit of such person is satisfactory to beneficiary and that the interest payable on the sums secured by
this Deed of Trust shall be at such rate as beneficiary shall request.

AND THAT IN CASE OF ANY DEFAULT whereby the right offoreclosure occurs hereunder, the holder of said note or certificate of purchase shall at
once become entitled to the possession, use and enjoyment of the property aforesaid, and to the rents, issues and profits thereof, from the accruing of such
right and during the pendency of foreclosure proceedings and the period of redemption, if any there be: and such possession shall at once be delivered to the
holder of said note or certificate of purchase on request, and on refusal, the delivery of such possession may be enforced by the holder of said note or
certificate of purchase by any appropriate civil suit or proceeding, and the holder of said note or certificate of purchase, or any thereof, shall be entitled to a
Receiver for said property, and of the rents, issues and profits thereof, after such default, including the time covered by foreclosure proceedings and the
period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the grantor or of the
then owner of said property and without regard to the value thereof, and such Receiver may be appointed by any court of competent jurisdiction upon ex
parte application and without notice - notice being hereby expressly waived - and all rents, issues and profits, income and revenue therefrom shall be
applied by such Receivenathe payment of the indebtedness hereby secured, according to the law and the orders and directions of the court,

AND, that in case of default in any of said payments of principal or interest, according to the tenor and effect of said promissory note or any part
thereof, or of a breach or violation of any of the covenants or agreements herein, by the grantor, then and in that case the whole of said principal sum hereby
secured and the interest thereon to the time of the sale may at once, at the option of the legal holder thereof, be<,ume due and payable, and the said property
be sold in the manner and with the same effect as if said indebtedness had matured, and that if foreclosure be made by the Public Trustee, an attorney's fee

of the sum of dollars
for services in the supervision of said foreclosl1re proceedings shall be allowed by the Public Trustee as a part ofthe cost of foreclosure, and if foreclosure be
made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such foreclosure proceedings.

It Is Further Understood and Agreed, that if a release of this deed of trust is required, the grantor will pay the expense thereof; that all the covenents and
agreements herein contained shall extend to and be binding upon the heirs, personal representatives, successors and assigns of the respective parties hereto;
and that the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders,

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State of Colorado
County of '( ((L6l..' Sl. 6Z-- ';>

Thefpregoing instrument was acknowls:dged before me this I ( tfi-v
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Witness my hand and seal. .
My commission expires: b -if, ~ - '1 (;,

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. Notary Public

Name and Address of Person Creating Newly Created Legal Description (~ 38-35-106,5, C.R,S,)

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