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<br />DATE:
<br />GRANTOR:
<br />BENEFICIARY:
<br />COUNTY:
<br />PRINCIPAL LOAN AMOUNT:
<br />LOAN CONTRACT:
<br />TERMS OF REPAYMENT:
<br />COLLATERAL:
<br />
<br />Deed of Trust
<br />
<br />August 15, 2005
<br />LOWER BAUER WEST LATERAL, INC
<br />COLORADO WATER CONSERVATION BOARD
<br />MONTEZUMA
<br />$196,950
<br />Loan Contract No. C150186, dated August 15, 2005
<br />2.50% per annum for 30 years
<br />An undivided 100 percent interest in any rights to the Lower West Bauer
<br />Lateral Ditch that the Grantor holds, including approximately 15,550 feet of
<br />pipeline that will be installed in two laterals commencing at the divider box of
<br />the Ditch, located in the SE% NW% Section 17, Township 36 North, Range
<br />13 West NMPM and extending along the length of said laterals, and any
<br />easements, rights-of-way, or other property or property interests held and used
<br />in connection with the access and operation of said ditch/pipelinellaterals,
<br />which are located in Sections 17, 18, 19 and 20, Township 36 North, Range
<br />13 West NMPM, Montezuma County, Colorado.
<br />
<br />This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY,
<br />State of Colorado ("PUBLIC TRUSTEE"),
<br />FACTUAL RECITALS
<br />The GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN
<br />CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF
<br />REPAYMENT and in accordance with the Promissory Note or until loan is paid in full.
<br />The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br />Promissory Note to the BENEFICIARY.
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that in
<br />case of default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in
<br />the performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT,
<br />then upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after
<br />advertising notice of said sale weekly for not less than four weeks in some newspaper of general
<br />circulation in said COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time
<br />of filing said notice and demand, at public auction for cash, at any proper place designated in the notice
<br />of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges
<br />and costs and all moneys advanced for taxes, insurance and assessments, or on any prior
<br />encumbrance, with interest thereon and pay the principal and interest due on said Promissory Note,
<br />rendering the overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the
<br />PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
<br />BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the
<br />COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and convey the
<br />same in the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims
<br />it may have in or to said COLLATERAL as a Homestead Exemption or other exemption, now or hereafter
<br />provided by law. The GRANTOR further covenants that the collateral is free and clear of all liens and
<br />
<br />Appendix 5 to Loan Contract C150186
<br />
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