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<br />822067 10/28/2004 12:06P B1194 P499 F. JOHNSON
<br />1 of 2 R 11.00 D 0.00 Mo~9an County, CO
<br />Deed of Trust
<br />DATE: February 1, 2004
<br />GRANTOR: THE LOWER PLATTE AND BEAVER CANAL COMPANY
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />COUNTY: MORGAN
<br />PRINCIPAL LOAN AMOUNT: $313,605
<br />LOAN CONTRACT: Loan Contract No. C150165, dated February 1, 2004
<br />TERMS OF REPAYMENT: 2.5% per annum for 30 years
<br />COLLATERAL: An undivided one-hundred percent interest in the diversion structure
<br />diverting off the South Platte River for the Lower Platte and Beaver
<br />Canal, and located in the NW/4 SE/4 and NE/4 SE/4 of Section 25,
<br />Township 4 North, Range 57 West of the 6~' P.M., Morgan County
<br />Colorado, including all easements, rights-of-way, measuring boxes,
<br />valves, flumes, and other irrigation works, appliances, equipment and
<br />machinery associated with the diversion structure.
<br />This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY,
<br />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 LOAN
<br />CONTRACT, for a loan In the PRINCIPAL LOAN AMOUNT t0 be repaid t0 the BENEFICIARY, With TERMS OF
<br />REPAYMENT and in accordance with the Promissory Note or until loan is paid in full.
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br />PrOPY11SSOry Note t0 the BENEFICIARY.
<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 />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 L oAN CCNTRACT,
<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 />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 />same in the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims
<br />Appendix 5 to Loan Contract C150165
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