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<br />RCPTN # 2002088231 08j20/2002 12:26:00 # PAGES - 4 FEE -
<br />M RODENBERGER RECORDER, LARIMER COUNTY CO STATE DOC FEE -
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<br />$20.00
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<br />Deed of Trust
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<br />This indenture, made this" day of '?-YJ ~' 2002, between The North Poudre
<br />Irrigation Company, a Colorado nonprofit corporation, whose address is P. O. Box 100, Wellington,
<br />CO 80549, hereinafter referred to as GRANTOR, and the Public Trustee of the County of Larimer,
<br />State of Colorado, hereinafter referred to as PuBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed Contract No. C153637, dated February 9,
<br />1993, amended March 20, 1997, ("Contract") for a loan in the principal sum of $1,761,096.10 with
<br />loan contract performance obligations to be repaid to the STATE OF COLORADO for the use and
<br />benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313
<br />Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first
<br />disbursement of funds under the Contract at the interest rate of 2% per annum, payable in 40 annual
<br />installments, in accordance with the Repayment Provisions of said Contract, or until loan is paid in
<br />full.
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<br />And whereas, the GRANTOR is desirous of securing payment of these loan contract
<br />obligations under said Contract to the State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit:
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<br />The North Poudre Reservoirs #5 and #6, all appurtenant structures thereto and all lands
<br />upon which these reservoirs lie, described as North Poudre Reservoir No.5, also known as
<br />Bee Lake, located in parts of Sections 5 and 6, Township 8 North, Range 68 West of the 6th
<br />P. M., and part of Section 31, Township 9 North, Range 68 West of the 6th P. M., I:-arimer
<br />County, Colorado, And North Poudre Reservoir No.6, located in parts of Sections 5, 6, 7,
<br />and 8, Township 8 North, Range 68 West of the 6th P. M., and a portion in Section 1,
<br />Township 8 North, Range 69 West of the 6th P. M., Larimer County, Colorado, (collectively
<br />or hereinafter referred to as the "Property").
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<br />To have and to hold the same, together with all and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any
<br />part thereof, or in the payment of the interest thereon, according to the tenor alld effect of said note or
<br />in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be
<br />made in or in case of violation or breach of any of the terms, conditions, covenants or agreements
<br />contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants
<br />contained in the Contract and elect to advertise said Property for sale, and demand such sale by filing
<br />a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice
<br />of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in
<br />the recorder's office ofthe county in which said Property is situated, it shall and may be lawful for the
<br />PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns
<br />therein, at public auction at such time and at such location as shall be designated in the PUBLIC
<br />TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash, four weeks public
<br />notice having been previously given ofthe time and place of such sale, advertisement once each week
<br />for five consecutive weeks, in some newspaper of general circulation at that time published in said
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