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<br />RECEPTION #: 2375418, BK 4402 PG 839 04117/2007 at
<br />04:39:33 PM, 1 OF 3, R $15,00 S $1,00 Doc Code: TD
<br />Janice Rich, Mesa County, CO CLERK AND RECORDER
<br />
<br />Deed of Trust
<br />
<br />February 26,2007
<br />THE HEADGATE 396 LATERAL CORPORATION
<br />COLORADO WATER CONSERVATION BOARD
<br />MESA
<br />$232,300
<br />Loan Contract No. C150234, dated February 26, 2007
<br />2.50% per annum for 30 years
<br />An undivided 100 percent interest in any rights to the 396
<br />Lateral that the Grantor holds, including approximately 7,000
<br />feet ot pipeline commencing at the Headgate ML-396, Mesa
<br />County, Colorado, and any easements, rights-ot-way, or other
<br />property or property interests held and used in connection with
<br />the access and operation ot said ditch.
<br />
<br />This indenture is between the Grantor, and the Public Trustee at the above referenced
<br />COUNTY, State of Colorado ("PUBLIC TRUSTEE"),
<br />FACTUAL RECITALS
<br />1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the
<br />LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY,
<br />with TERMS OF REPAYMENT and in accordance with the Promissory Note or until loan is paid
<br />in full.
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of
<br />said Promissory Note to the BENEFICIARY.
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does
<br />hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above
<br />described COLLATERAL.
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless,
<br />that in case of default in the payment of said Promissory Note, or any part thereof, or the
<br />interest thereon, or in the performance of any covenants hereinafter set forth or in said
<br />Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and
<br />demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less
<br />than four weeks in some newspaper of general circulation in said COUNTY, shall sell said
<br />COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand,
<br />at public auction for cash, at any proper place designated in the notice of sale. Out of the
<br />proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs
<br />and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance,
<br />with interest thereon and pay the principal and interest due on said Promissory Note, rendering
<br />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
<br />
<br />DATE:
<br />GRANTOR:
<br />BENEFICIARY:
<br />COUNTY:
<br />PRINCIPAL LOAN AMOUNT:
<br />LOAN CONTRACT:
<br />TERMS OF REPAYMENT:
<br />COLLATERAL:
<br />
<br />Appendix 5 to Loan Contract C150234
<br />Page 1 of 3
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