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PU81.IC TRUSTEE �Uft� ee.•n��r... ..�.�A� � �v :� r:�to Do�.ig las CauntY, �� 01@1�31c � 15. Fl0 3 R R 1�84 F� 344 03/12/01 13:2b GAhULE R, h1Uf.I:AY Cle•rk. t� Fecnrde�r NOTECANl;ELLED Deed of Trust �a1Qig312 DEED OF THUST AELEASEp This indenture, made this � 2 day of �� 2001, between the Chatfield South Water District, a quasi-municipal corporation, whose address is P. O. Box 474, Littleton, Colorado 80160-0474, hereinafter referred to as GRaruTOR, and the Public Trustee of the County of Douglas, State of Colorado, hereinafter referred to as PuBUC TRUSTEE. Witnesseth, that whereas, GRarvroR has executed a Promissory Note dated March 19, 1999, which is a part of Loan Contract No. C153837 dated March 19, 1999 (the Contract), for a loan in the principal sum of $500,000.00 to be repaid to the State of Colorado for the use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract payable in 20 /� annual installments, in accordance with the terms of the Promissory Note, or until loan is paid in full. �r And whereas, the GRatvroR is desirous of securing payment of the principal and interest of said promissory note to the State of Colorado. Now, therefore tFl@ GRANTOR in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell an�! �onvey unto the said Pua� �c TRUSTGE in trust forever, to v:�it: 34.20 acre-feet of Antero Reservoir water, evidenced by Antero Reservoir Certificate No. 1039, and 1 share of Warrior Ditch Company water representing 13 to 20 acre-feet of water, evidenced by Warrior Ditch Company Certificate No. 496, collectively or hereinafter referred to as the "Property." To have and to hold the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale with the Pueuc TRUSrEE. Upon receipt of such notice of election and demand for sale th@ PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office of the county in which said Property is situated, it shall and may be lawful for the Puauc TRUSrEE to sell and dispose of the same (en masse or in separate parcels 8S the S11d PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR its successors or assigns therein, at public auction at such time and at such location as shall be designated in the Puauc TausTEE's Notice of Sale, for the highest and best price the same will bring in cash, four weeks public notice having been previously given of the time and place of such sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time published in said County of Douglas, a copy of which notice shall be mailed within ten days from the date of the first publication thereof to the GRa,NTOR at the address herein given, to the Denver Water Department Attn: Legal Division, 1600 West 12' Avenue, Denver, Colorado 80254, and to such person or persons appearing to have acquired a subsequent record interest in said Property at the address given in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the Property at such sale, a certificate in writing describinq the Property purchased, and the surri paid therefor, and fhe time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and said Pusuc TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time such demand is made, the time for redemption having expired, make and execute to such person a deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PusuC TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the GRANTOFi its successors and assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed; but the notice of sale need not be set out in such deed and the Pueuc TRUSrEE shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten