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<br />Deed of Trust
<br />
<br />This indenture, made this 1st day of October 2001, between The North Poudre
<br />Irrigation Company, a Colorado nonprofit corporation, whose address is P. O. Box 100,
<br />Wellington, CO 80549, hereinafter referred to as GRANTOR, and the Public Trustee of the
<br />County of Larimer, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note of even date and
<br />amount, set forth in Contract No. C150013 ("Contract") for a loan in the principal sum of
<br />$1,107,000 to be repaid to the STATE OF COLORADO for the use and benefit of the
<br />Department of Natural Resources, Water Conservation Board, whose address is 1313
<br />Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of
<br />first disbursement of funds under the Contract at the interest rate of 4.04% per annum, payable
<br />in 20 annual installments, in accordance with the Promissory Note, or until loan is paid in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and
<br />interest of said promissory note to the State of Colorado.
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust
<br />forever, to wit: Fossil Creek Dam and Reservoir located in Sections 10 and 15, Township 6
<br />North, Range 68 West, PM, collectively or hereinafter referred to as the "Property."
<br />
<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
<br />payment of said note, or any part thereof, or in the payment of the interest thereon, according
<br />to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br />interest, if any, or in case default shall be made in or in case of violation or breach of any of the
<br />terms, conditions, covenants or agreements contained in the Contract, the beneficiary
<br />hereunder may declare a violation of any of the covenants contained in the Contract and elect
<br />to advertise said Property for sale, and demand such sale by filing a notice of such election and
<br />demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand
<br />for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder'~
<br />office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC
<br />TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or
<br />assigns therein, at public auction at such time and at such location as shall be designated in
<br />the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash,
<br />four weeks public notice having been previously given of the time and place of such sale,
<br />advertisement once each week for five consecutive weeks, in some newspaper of genera I
<br />circulation at that time published in said eounty of Larimer, a copy of which notice shall be
<br />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
<br />record interest in said Property at the address given in the recorded instrument; where only the
<br />county and state is given as the address then such notice shall be mailed to the county seat,
<br />
<br />Appendix 5 to Loan Contract C150013
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