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<br />554400 DT 02/14/2008 11:50:58 AM
<br />Page: 1 of 3 R 16.00 D 0.00 T 16.00
<br />Carol Tullis Clerk /Recorder, Montezuma County, Co
<br />1111 WA Fri N ,11F.16,131,1IAIL lilt WrAli 11111
<br />Deed of Trust
<br />DATE: August 31, 2007
<br />GRANTOR: BLACK DIKE PIPELINE COMPANY
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />COUNTY: MONTEZUMA
<br />PRINCIPAL LOAN AMOUNT: $603,980
<br />LOAN CONTRACT: Loan Contract No. C150249, dated August 31, 2007
<br />TERMS OF REPAYMENT: 2.85% per annum for 30 years
<br />COLLATERAL: An undivided 100 percent interest any rights to the Black Dike
<br />Ditch that the Grantor holds including approximately four (4)
<br />miles of pipeline commencing at diversion structure no. 509, and
<br />any easements, rights -of -way, or other property or property
<br />interests held and used in connection with the access and
<br />operation of said ditch /pipeline which is located in Section 33,
<br />Range 17 West, Township 36 North, Montezuma County,
<br />Colorado.
<br />This indenture is between the Grantor, and the Public Trustee of 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 />Appendix 5 to Loan Contract C150249
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