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<br />DATE: 7une 1, 2003
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<br />Deed of Trust
<br />GRANTOR: KERN RESERVOIR AND DITCH COMPANY
<br />BENEFICIARY: CO�ORADO WATER CONSERVATION BOARD
<br />COUNTY: � 1� ELD
<br />PRINCIPAL LOAN AMOUNT: $3,620,000
<br />LOAN CONTRACT: Loan ContraCt No. C150118, dated ]une 1, 2003
<br />REPAYMENT TERMS: 5 .10 % Interest per annum for a period of 3o years
<br />�J
<br />COLLATERAL: An undivided one hundred percent (100%) interest in and to all easements and
<br />rights-of-way appurtenant thereto, ail improvements thereon, and all other physical
<br />and legal features known as the Kern Reservoir (also known as Windsor Lake)
<br />located in the East Half of Section 17 and Section 16, Township 6 North, Range 67
<br />West of the 6"' P.M., Weld County, Colorado, together with all dams, embankments,
<br />gates, easements, ditches, canals, rights-of-way and all other structures, appliances,
<br />fixtures and other property of whatsoever kind and description that are used in
<br />connection with the operation of said reservoir and the storage, as further described
<br />on attached Exhibit "A".
<br />This indenture is between the Gw4NTOR, and the Public Trustee of the above referenced couNN, State of
<br />Colorado ("PUBLIC TRUSTEE"),
<br />Factual Recitals
<br />1. The �t�aNTOR has executed a Promissory Note of even date and amount S2t fOlth 111 the LOAN CONTRACT for a
<br />lOdl1 I� the PRINCIPAL LOAN AMOUNT t0 b2 I'2pold t0 th@ BENEFICIARY, Wlth REPAYMENT TERMS d5 ShOWt1 dbOV2
<br />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 Promissory
<br />NOt2 t0 th2 BENEFICIARY.
<br />Th2 GRANTOR in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain,
<br />S@II 811d C011Vey U11t0 th2 581d PUBLIC TRUSTEE 111 tCUSt f01'2Vel', the above described COLLATERAL.
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of
<br />default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in the performance
<br />of any covenants hereinafter set forth or in said Promissory Note or �oAN CoNT�,CT th211 Up011 th@ BENEFICIARY
<br />filing notice of election and demand for sale, Seld PUBLIC TRUSTEE after advertising notice of said sale weekly for
<br />not less than four weeks in some newspaper of general circulation in said CoutvN shall sell said COLLATERAL in the
<br />manner provided by law in effect at the time of filing said notice and demand, at public auction for cash, at any
<br />proper place designated in the notice of sale. Out of the proceeds of said sale, the Pua�ic TRUSTEE shall retain or
<br />pay first all fees, charges and costs and all moneys advanced for taxes, insurance and assessments, or on any prior
<br />encumbrance, with interest thereon and pay the principal and interest due on said Promissory Note, rendering the
<br />overplus, if 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 co��arERa� sold. The BENEFiciaRY may purchase said
<br />COLLATERAL or any part thereof at such sale
<br />Appendix 5 to Loan Contract C150118
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<br />�75220 06/20/2003 02:42P Weld County, CO
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