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� � <br />43.21 Acre feet, Appropriated 04/01 /1951 <br />This indenture is between the Grantor, and the Public Trustee of the above <br />refer�nced CouNrr, State of Colorado ("PUBLIC TRUSTEE"), <br />FACTUAL RECITALS <br />1. The MnKER has executed a Promissory Note of even date and amount, set forth in <br />the LonN Conm�►cT, for a loan in the PRiNCiPA� Lont� Aneounrr to be repaid to the <br />BENEFICIARY, Wlth TERMS OF REPAYMENT a�d 1� aCCArdaI1C@ Vlllth th@ P('01111SSO�j/ <br />Note or until loan is paid in full. <br />2. The GRntv�oR is desirouS of securing payment of the PRiNCiPA� LoAN AnnouNr and <br />interest of said Promissory Note to the BENEFicinRY. <br />The Gw�wTOR, in consideration of the premises and for the purpose aforesaid, <br />does hereby grant, bargain, sell and convey unto the said PuBUC TRUS�E in trust <br />forever, the above described Co�u►TEw�►�. <br />To have and to hold the same, together with all appurtenances, in trust <br />nevertheless, that in case of defauft in the payment of said Promissory Note, or any <br />part thereof, or the interest thereon, or in the performance of any covenants <br />hereinafter set forth or in said Promissory Note or Lo�w Conrr�cT, then uppn the <br />BENEFic�aRY filing notice of election and demand for sale, said PuBUC TRUSr�E, after <br />advertising notice of said sale weekly for not less than four weeks in some newspaper <br />of general circulation in said Coutv'r�r, shall sell said COLLATERAL in the manner <br />provided by law in effe�t at the time of filing said notice and demand, at public auction <br />for cash, at any proper place designated in the notiee of sale. Out of the procreeds of <br />said sale, the PuBUC TRUS�E shall retain or pay first all fees, charges and cd$ts and <br />all moneys advanced for taxes, insurance and assessments, or on any prior <br />encumbrance, with interest thereon and pay the principal and inter�st due ori said <br />Promissory Note, rendering the overplus, if any, unto the GwvvTOR; and after the <br />expiratian of the time of redemption, the Pusuc TRUS�E shall execute and d�liver to <br />the purchaser a deed to the Cb��►�w�� sold. The BENEFicu��r may purchase said <br />Coua�w�►� or any part thereof at such sale. <br />The Gt�►nrroR covenants that at the time pf the deliv�ry of these presents, it i� <br />well seized of the Cou.a��►� in fee simple, and has full power a�d lawful authority to <br />grant, bargain, sell and convey the same in the manner and form as aforesaid. the <br />Gw�wroR fully waives and releases all rights and claims it may h�ve in or to said <br />Cou�arEw►� as a Homestead Exemption or other exerrtption, now or hereafter <br />provided by law. The GtZVVTOrt further covenants that the collateral is free and clear of <br />all liens and encumbrances whatever and th�t the Gw�vTOR shall warrant and forever <br />defgnd the Cou.s►�� in the quiet and peace�ble possession of ttre PuBUC TRUST�E, <br />its successors and assigns, against all and every person or persons lawfully claiming <br />or to claim the whole or any part thereof. <br />Until payment in full of the indebtedness, the GRnNTOR shall timely pay all taxes <br />and assessments levied on the Co�u�rE��; any and �II amounts due on account of <br />the principal and interest or other sums on any senior encumbrances, if any; and will <br />keep the Cow►rEtzA� insured in accordance with the requirements of the Lo�w <br />CoNrw►cr. In the event of the sale or transfer of the Cot.u�TErt�►�., th@ BENEFICIARY, at <br />its option, may declare the entire balance of the note immediately due and payable. <br />In case of default in any of said paymer�ts of the principal or interest, according <br />Appendix 9 to Loan Contract C1 �0240 <br />