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<br />DATE:
<br />GRANTOR:
<br />BENEFICIARY:
<br />COUNTY:
<br />PRINCIPAL LOAN AMOUNT:
<br />LOAN CONTRACT:
<br />TERMS:
<br />COLLATERAL:
<br />
<br />1111111111111111111111111111111111111111111111111111111
<br />564719 03/24/2003 03:17P 8967 P3S Ann Eddins
<br />1 of 2 R 10.00 D 0.00 Della Cly, CO Clerk & Rec
<br />
<br />Deed of Trust
<br />
<br />March 1, 2003
<br />SURFACE CREEK DITCH & RESERVOIR COMPANY
<br />COLORADO WATER CONSERVATION BOARD
<br />DELTA
<br />
<br />$265,000
<br />
<br />Loan Contract No. C150125, dated March 1, 2003
<br />
<br />Interest of 2.8% per annum and repayment period of 30 years
<br />
<br />A one hundred percent (100%) undivided interest in the Project financed
<br />with the CWCB loan, located in the NW/4 of Section 1 and NE/4 of
<br />Section 2, Township 12 South Range 95 West 6th Principal Meridian,
<br />Delta County, Colorado, consisting of the Hotel Twin Lakes Reservoir
<br />and dam together with all gates, easements, ditches, canals, rights-
<br />of-way and all other structures, appliances, fixtures and any other
<br />property used in connection with the operation of said reservoir and
<br />access to said reservoir.
<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 terms as
<br />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 grant,
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described 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 time
<br />of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of
<br />sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and
<br />costs and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with
<br />interest thereon and pay the principal and interest due on said Promissory Note, rendering the overplus, if
<br />any, unto the GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall
<br />execute and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase
<br />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 />
<br />Appendix 5 to Loan Contract C150125
<br />
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