|
RECEPTION #: 20080008986, 02/13/2008 at
<br />10:57:42 AM,
<br />1 OF 5, R $26.00 TD Pgs: 0
<br />Scott Doyle, Larimer County, CO
<br />Deed of Trust
<br />DATE:
<br />July 24, 2007
<br />GRANTOR:
<br />LOWER POUDRE AUGMENTATION COMPANY
<br />BENEFICIARY:
<br />COLORADO WATER CONSERVATION BOARD
<br />COUNTY:
<br />LARIMER
<br />PRINCIPAL LOAN AMOUNT:
<br />$3,104,053
<br />LOAN CONTRACT:
<br />Loan Contract No. C150245, dated July 24, 2007
<br />TERMS OF REPAYMENT:
<br />2.5% per annum for 30 years
<br />COLLATERAL:
<br />An undivided one - hundred percent interest in certain real
<br />property known as Tinmath Flatiron Reservoir, more particularly
<br />described in the attachment hereto (Exhibit A, "Property
<br />Description "), together with all improvements thereon, including
<br />but not limited to gates, ditches, canals, and all other structures
<br />and fixtures, and any easements, rights -of -way, or other property
<br />or property interests held and used in connection with the
<br />operation of said reservoir.
<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 />Appendix 5 to Loan Contract C150245
<br />Page 1 of 3
<br />COLORADO WATER CONSERVATION BOARD
<br />
|