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<br />the COLlATERAL in fee simple. and has full power and lawful authority to grant, bargain, sell and <br />convey the same in the manner and form as aforesaid. The GRANTOR fully waives and releases all <br />rights and claims it may have in or to said COLlATERAl as a Homestead Exemption or other <br />exemption, now or hereafter provided by law. The GRANTOR further covenants that the collateral is <br />free and clear of all liens and encumbrances whatever and that the GRANTOR shall warrant and <br />forever defend the COLlATERAL. in the quiet and peaceable possession of the PUBUC TRUSTEE. its <br />successors and assigns, against all and every person or persons lawfully claiming or to claim the <br />whole or any part thereof. <br /> <br />Until payment in full of the indebtedness. the GRANTOR shall timely pay all taxes and <br />assessments levied on the COLLATERAL; any and all amounts due on account of the principal and <br />interest or other sums on any senior encumbrances. if any; and will keep the COLLATERAL. insured in <br />accordance with the requirements of the LOAN CoNTRACT. In the event of the sale or transfer of the <br />COLLATERAl, the BENEFICIARY, at its option, may declare the entire balance of the note immediately <br />due and payable. <br /> <br />In case of default in any of said payments of the principal or interest, according to the terms of <br />said Promissory Note. or LOAN CONTRACT. by the GRANTOR. its successors or assigns, then said <br />principal sum hereby secured, and interest thereon. may at once, at the option of the BENEACIARY, <br />become due and payable, and the said ColLATERAl be sold in the manner and with the same effect <br />as if said indebtedness had matured, and that if foreclosure be made by the PuBUC TRUSTEE, an <br />attorney's fee in a reasonable amount for services in the supervision of said foreclosure proceedings <br />shall be allowed by the PuBLIC TRUSTEE as a part of the cost of foreclosure, and if foreclosure be <br />made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost <br />of such foreclosure proceedings. <br /> <br />It is further understood and agreed. that if a release or a partial release of this Deed of Trust is <br />required. the GRANTOR, its successors or assigns will pay the expense thereof; that all the covenants <br />and agreements contained herein and in the Promissory Note and LOAN CONTRACT shall "extend to <br />and be binding upon the successors or assigns of the respective parties hereto; and that the singular <br />number shall include the plural. the plural the singular, and the use of any gender shall be applicable <br />to all genders. <br /> <br />South Side Ditch Company I a Colorado nonprofit <br />corporation <br /> <br />(SEAL) <br /> <br />By <br /> <br />John A. Whiteside, President <br /> <br />A lTEST: <br />By <br /> <br />Jon T. Stephens, Corporate Secretary <br />County of Larimer ) <br />) SS <br />State of Colorado ) <br />The foregoing instrument was acknowledged before me this _ day of 2003. by John A. Whiteside and Jon <br />T. Stephens as President and Corporate Secretary, reSpeCtively, of the South Side Ditch Company. WItneSS my hand and <br />official seal. <br /> <br />Notary Public <br /> <br />My commission expires: <br /> <br />Page 2 of 2 <br />