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<br />r t.tl-U f -~UU 1 W\:.U U,J. Ii J. r II ll\UU I CI. l\nLC I I r. v. <br /> <br />l' ni\ I~V. ,)u,Jo,)I:.'t,,*uo <br /> <br />r. uu u,) <br /> <br />'~~ <br /> <br />...."l..J.. <br />:0-.'" <br /> <br />TrottT&7Z~'RC <br /> <br />Atlomeys at Law <br />1120 Lincoln Street · Suite 1600 <br />Denver, Colorado 80203 <br />(303) 861-1963 · Fax (303)832-4465 <br />www.a-oUtraley.com <br />F.JlUnsion 124 <br />E-Mail: J1roU%(glIroUU.al~.com <br /> <br />February 7, 2001 <br /> <br />Via Fax 303-866-3558 <br /> <br />Via Fax 303-866-4474 <br /> <br />Linda J Bassi, Esq. <br />Assistant Attorney General <br />Natural Resources and Environment Section <br />Attorney General's Office <br />1525 Sherman Street, 5th Floor <br />Denver, Colorado 80203 <br /> <br />Janis Illian <br />Colorado Water ConselVation Board <br />Department of Natural Resources <br />1313 Shennan Street, Room 721 <br />Denver, Colorado 80203 <br /> <br />Re: Model Land & Irrigation Companv CWCB Loan, Cnntr~ct C150012, <br /> <br />Dear Linda and Janis: <br /> <br />After I sent you my letter on Monday I realized that I was not sufficiently clear i.o. <br />describing the collateral for which I requested partial releases. Parcel Nos. 1, 2, 4, 5, 6 and 9 that <br />I listed are on the second page of Exhibit A of the deed of trust. In other words, they are parcels <br />ofland, not water rights. However, in addition to those land parcels, 1 request release of the deed <br />oftIUst on the portions of the Lewelling-McCormick Ditch and Hoehne Ditch water rights owned <br />by Model (items 3 and 4 on the first page of Exhibit A), as those water rights are being sold with <br />the associated irrigated lands. <br /> <br />Regarding the value of the eweB's collateral for the loan if these panial releases are <br />granted, T think that the pending contract with State Parks to sell a portion of the Model Ditch <br />and ReselVolr watt:r right5 indicates that by far the majority of the value of the CWCB's collateral <br />is in the Modc:l Ditch and Reservoir water rights_ That purchase contract is for $1,500 per acre <br />foot of historic consumptive use, indicating a value for those water rights of almost $8 million. In <br />these circumstances, I suggest that a partial payment of the loan principal amount, say 20% or <br />25%, from the proceeds of these sales would be appropriate in return for the partial releases. <br />