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657i3!'ie7t3j2003"If:20A'"_"'P991'DT~" 1 0' 4 R 21.00 I) 0.00 N 0.00 Logan County CO Deed of Trust DATE: May 1, 2003 GRANTOR: STROMBERGER LAND AND CATTLE COMPANY, LLC BENEFICIARY: COLORADO WATER CONSERVATION BOARD COUNTY: LOGAN COUNTY PRINCIPAL LOAN AMOUNT: $414,000 LOAN CONTRACT: Loan Contract No. C150123, dated May 1, 2003 TERMS: Interest of 2.50% per annum and repayment period of 20 years COLLATERAL: An undivided one hundred percent (100%) interest in and to the property described on Attachment 1 hereto, consisting of approximately 286 acres, more or less, and the water and equipment listed on Attachment 1. This indenture is between the GRANTOR, and the Public Trustee of the above referenced COUNTY, State of Colorado ("PUBLIC TRUSTEE"), Factual Recitals 1. The, GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN CONTRACT, for a loan in the PRINCIPAL LOAN.AMoUNT to be repaid to the BENEFICIARY, with terms as shown above and in accordance with the Promissory Note or until loan is paid in full. 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said Promissory Note to the BENEFICIARY. The GRANTOR,' in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL. To have and to hold the same, together with all appurtenances, in trust neverthe,less, that in case of default in the payment of said' Promissory Note, or any part thereof, or the interest thereon, or in the performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, Appendix 3 to Loan Contract C150123