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<br />RELEASED BY
<br />
<br />
<br />I OCT 2 4 2005 I D~ed of Trust
<br />
<br />h' e t is ;t1;;J:- day of January 2001, between the Columbine Ranches
<br />Prope , a Colorado non-profit corporation, whose address is 11246
<br />Lewistown Street, Commerce City, CO, hereinafter referred to as GRANTOR, and the Public Trustee
<br />of the County of Adams, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note dated June 6, 2000,
<br />pursuant to Loan Contract No. C15001 0 dated June 6, 2000 (the Contract), for a loan in the principal
<br />sum of $305,250.00 to be repaid to the State of Colorado for the use and benefit of the Department
<br />of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room
<br />721, Denver, Colorado 80203, with interest thereon from the date of substantial completion of the
<br />project under the Contract payable in 30 annual installments, in accordance with the terms of the.
<br />Promissory Note, or until loan is paid in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of
<br />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 forever,
<br />to wit: five (5) shares of the capital stock of the Farmers Reservoir and Irrigation Company as
<br />evidenced by Certificate No. 7671, and all of the water, water rights and other associated rights
<br />represented thereby, 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 payment of
<br />said note, or any part thereof, or in the payment of the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in
<br />case default. shall be made in or in case of violation or breach of any of the terms, conditions,
<br />covenants or agreements contained in the Contract, the beneficiary hereunder may declare a
<br />violation of any of the covenants contained in the Contract and elect to advertise said Property for
<br />sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC
<br />TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property
<br />is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en
<br />masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and
<br />interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such
<br />location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price
<br />the same will bring in cash, four weeks public notice having been previously given of the time and
<br />place of such sale, advertisement once each week for five consecutive weeks, in some newspaper
<br />of general circulation at that time published in said County of Adams, 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 address
<br />herein given and to such person or persons appearing to have acquired a subsequent record
<br />interest in said Property at the address given in the recorded instrument; where only th9 county and
<br />state is given as the address then such notice shall be mailed to the county seat, and to make and
<br />give to the purchaser of the Property at such sale, a certificate in writing describing the Property
<br />purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled
<br />thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by
<br />law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of
<br />purchase, when said demand is made, or upon demand by the person entitled to a deed to and for
<br />the Property purchased, at the time such demand is made, the time for redemption having expired,
<br />make and execute to such person a deed to the Property purchased, which said deed shall be in the
<br />ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC
<br />TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property
<br />purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the
<br />GRANTOR, its successors and assigns made therein, and shall recite the sum for which the said
<br />Property was sold and shall refer to the power of sale therein contained, and to the sale made by
<br />virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the
<br />. redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall
<br />also be referred to in such deed; but the notice of sale need not be set out in such deed and the
<br />
<br />C0761596
<br />2/15/2001 10:36:03
<br />PG: 0001-903
<br />15.00 DOC FEE:
<br />CAROL SNYDER
<br />ADAMS COUNTY
<br />
<br />0.00
<br />
<br />x
<br />
<br />3
<br />
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