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<br />~~ ~ j~p 1gg$ 1232119 08/0 98 01: 27P TD Chr i s C. Munoz
<br />1 of 3 R 16.00 D 0.00 Pueblo C!y Clk 8 R~e.
<br />CO~S~ ... , .
<br />~~' ~r ~ Deed of Trust
<br />This indenture, made this ~ day of , between
<br />the EXCELSIOR IRRIGATING COMPANY, 8 Colorado mutual ditch pany, WhOS2 address IS 231
<br />Nyberg Road, Pueblo, Colorado 81006, hereinafter referred to as GwaNTOR, and the Public Trustee
<br />of the County of Pueblo, State of Colorado, hereinafter referred to as PuBUC TRUSTEE,
<br />Witnesseth, that whereas, Gr~NTOR has executed a promissory note, set forth in Contract
<br />C153797 ("Contract") for a loan in the principal sum of $230,000 to be repaid to the STATE OF
<br />CO~ORADO for the use and benefit of the Department of Natural Resources, Water Conservation
<br />Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest
<br />thereon from the date of first disbursement of funds under the Contract at the effective interest rate
<br />af 3.75% per annum, payable in 30 annual installments, in accordance with the terms of the
<br />Promissory Note, or until loan is paid in full.
<br />And whereas, the GRarvTOR is desirous of securing payment of the principal and interest of
<br />~G~d pr~~isscry r,ote ,c ths State of C~lora~~.
<br />Now, therefore, the GRnNTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PuB~ic TRUST~E in trust forever,
<br />to wit: the diversion structure of the Excelsior Ditch, located in the SE1/4 of the SE1/4 of Section 36,
<br />Township 20 South, Range 64 West of the Principal Meridian, Pueblo County, Colorado (hereinafter
<br />referred to as "Property").
<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of
<br />sa;~' note, or any part thereof, or in the payment of the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in
<br />case default shall be made in or in case of violation or breach of any of the terms, conditions,
<br />covenants or agreements contained in the Contract, the beneficiary hereunder may declare a
<br />violation of any of the covenants contained in the Contract and elect to advertise said Property for
<br />sale, and demand such sale by filing a notice of such election and demand for sale with the PuB~ic
<br />TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE Sh811
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property
<br />is situated, it shall and may be lawful for the PuB~ic TRUSTEF to sell and dispose of the same (en
<br />masse or in separate parcels, as the said Pueuc TRUSTEE may think best), and all the right, title and
<br />interest of the GwaNTOR, its successors or assigns therein, at public auction at such time and at s;:ch
<br />location as shall be designated in the PuBUC TRUSTEE's Notice of Sale, for the highest and best price
<br />the same w~H b~ i; ;g ~~ cash, ~ou~ ~v~e:cs ~ubiic r,otice havi^g oeer~ pre~.~°eusly given oT tne time and
<br />place of such sale, advertisement once each week for five consecutive weeks, in some newspaper
<br />of general circulation at that time published in said county, a copy oF ~:vhich notice shall be. mailed
<br />within ten days from the date of the tir~t publica~ion ttiereof « the G=.~r~ ~ o, : at the address herein
<br />given and to such person or persons appearing to have acquired a subsequent record interest in
<br />saic; ?roperty ac thE address yiven ir ihe recordad instrument; where only the county and state is
<br />given as the address then such notice shall be mailed to the county seat, and to make and give to
<br />the purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br />and tt~~ sum pai~' ±herefor, and the time when the purchaser (or other person entitled thereto) shall
<br />be erc:c;ed to the e ~~d therefor, unless the same shall be redeemed as is provided by law; ar~ said
<br />Fusuc TR~s-~= shall, upon demand by the person holding the said certificate of purchase, ~,~~hen
<br />said demand is made, or upon demand by the person entitled to a deed to and for the Properfy
<br />purchased, at the time such demand is made, the time fo~ redemption having expired, make and
<br />execute to such person a deed to the Property purchased, which said deed shall be in the ordinary
<br />form of a conveyance, and shall be signed, acknowledged and delivered by the said Pusuc TRUSTEE
<br />Appendix 7 to Loan Contract C153797
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