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<br />659316 01/28/2003 11:15A 8947 P372 DT <br />2 of 2 R 11.00 D 0.00 N 0.00 Logan Count.y CO <br /> <br /> <br />provided by law. The GRANTOR further covenants that the collateral is free and clear of all liens and <br />encumbrances whatever and that the GRANTOR shall warrant and forever defend the COLLATERAL in the <br />quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and. assigns, against all and every <br />person or persons lawfully claiming or to claim the whole or any part thereof. <br />Until payment in full.of the indebtedness, the GRANTOR shall timely pay all taxes and assessments. <br />levied on the COLLATERAL; any and all amounts due on account of the principal and ihterest or other sums <br />on any senior encumbrances, if any; and will keep the COLLATERAL insured in accordance with the <br />requirements of the LOAN CONTRACT. In the event of the sale or transfer of the COLLATERAL, the <br />BENEFICIARY, at its option, may declare the entire balance of the note immediately due and payable. <br />In case of default in any of said payments of the principal or interest, according to the terms of said <br />Promissory Note or LOAN CONTRACT, by the. GRANTOR, its successors or assigns, then said principal sum <br />hereby secured, and interest thereon, may at once, at the option of the BENEFICIARY, become due and <br />payable, and the said COLLATERAL be sold in the manner and with the same effect as if said indebtedness- <br />had matured, and that if foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable <br />amount for services in the supervision of said foreclosure proceedings shall be allowed by the PUBLIC <br />TRUSTEE as a part of the cost of foreclosure, and if foreclosure be made through the courts a reasonable <br />attorney's fee shall be taxed by the court as a part of the cost of such foreclosure proceedings. <br />It is further understood and agreed, that if a release ora partial release of this Deed -of Trust is <br />required, the GRANTOR, its successors or assigns will pay the expense thereof; that all the covenants and <br />agreements contained herein and in the Promissory Note and LOAN CONTRACT shall extend to and be <br />binding upon the successors or assigns of the respective parties hereto; and that the singular number sRall <br />includE!m. ' I ai, the plural the singular, and the use of any gender shall be applicable to all genders. <br />,:" "<- <br /> <br />. 'be day and date first written above. <br />j", <br />~. <br />'.~.. <br /> <br />The Low' Line Ditch Company, a Colorado <br />nonprofit corporation <br /> <br />By 19~. ~ <br />Donald Schell, President <br /> <br />By <br />Steven J. Kai er, Corporate Secretary <br /> <br />County of':f ()74JA ~ SS <br /> <br />State of Colorado ) <br /> <br />The foregoing instru~ent was acknowledged before me this ~ay of ~ <br />ScheU and Steven J. Kaiser, as president and corporate secretary, respectiv <br />Company. Witness my hand and official seal. #'" ..r;/-, -.4 <br /> <br /> <br />.~"'.2/}"'~i <br /> <br />2003, by. Donald <br />, of the Low Line Ditch <br /> <br />Notary Public <br /> <br /> <br />Page 2 of 2 <br />