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<br />\ \"\1\ \1\\\ \11\1 \\\\HIII\ \1\\\ 1\\\ \,,\ Linda J. Dalev
<br />11/18/20039:40:42 AM 1 C tv CO
<br />R $11.00 D $0.00 Lap ata 000 .
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<br />
<br />Deed of Trust
<br />
<br />DATE:
<br />GRANTOR:
<br />BENEFICIARY:
<br />COUNTY:
<br />PRINCIPAL LOAN AMOUNT:
<br />LOAN CONTRACT:
<br />REPAYMENT TERMS:
<br />COLLATERAL: .
<br />
<br />October 1, 2003
<br />THE PINE RIVER-BAYFIELD DITCH COMPANY
<br />COLORADO WATER CONSERVATION BOARD
<br />LA PLATA
<br />$202,000
<br />
<br />Loan Contract No. C150154, dated October 1,2003
<br />2.75% Interest per annum for a period of 30 years
<br />An undivided one hundred percent (100%) interest in the Beaver Creek
<br />siphon located in Section 34, Township 34 North, Range 7 West, NMP, in
<br />La Plata County, Colorado, together with all easements, rights-of-way
<br />and all other structures, appliances, fixtures and any other property used
<br />in connection with the operation of said siphon and access to said siphon.
<br />
<br />This indenture is between the GRANTOR, and the Public Trustee of the above referenced
<br />COUNTY, State of Colorado ("PUBLIC TRUSTEE"),
<br />
<br />Factual Recitals
<br />
<br />1. 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 REPAYMENT
<br />TERMS as shown above and in accordance with the Promissory Note or until loan is paid in full.
<br />
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br />Promissory Note to the BENEFICIARY.
<br />
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described
<br />COLLATERAL.
<br />
<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
<br />time of filing said notice and demand, at public auction for cash, at any proper place designated in the
<br />notice of sale. Out of. the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees,
<br />charges 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 />
<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
<br />claims it may have in or to said COLLATERAL as a Homestead Exemption or other exemption, now or
<br />hereafter provided by law. The GRANTOR further covenants that the collateral is free and clear of all
<br />liens and encumbrances whatever and that the GRANTOR shall warrant and forever defend the
<br />
<br />Appendix 5 to Loan Contract C150154
<br />
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