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<br />Deed of Trust ��.�¢_<<�� !{!•���fj F:3 �:����a r���� �:��,�,��2: ��;,
<br />��r��a �1�.�:%� ��.arG�i� �I•��C�
<br />DATE: December 15, 2003
<br />GRANTOR: THE GRAND MESA RESERVOIR COMPANY
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />1313 SHERMAN STREET, SUITE 721
<br />DENVER, CO 80203
<br />COUNTY: MESA
<br />PRINCIPALLOANAMOUNT: $1H1,8OO
<br />LoAN CoNTRacT: Loan Contract No. C150157, dated December 15, 2003
<br />TERMS OF REPAYMENT: 2.40% per annum for 20 years
<br />Co��aTERa�: An undivided one hundred percent (100%) interest in GRaNTOR's
<br />Grand Mesa Reservoirs #1 and #9, as described on Attachrnent
<br />1 to this Deed of Trust.
<br />This indenture is between the GFtatvTOR, and the Public Trustee of the above
<br />referenced CouNn, State of Colorado ("PUBLIC TRUSTEE"),
<br />Factual Recitals
<br />1. The GRa,rvTOR has executed a Promissory Note of even date and amount, set forth in the
<br />LOAN CONTRACT, fOt' 8 lOat1 111 th2 PRINCIPAL LOAN AMOUNT t0 be C2pald t0 th@ BENEFICIARY,
<br />Wlth TERMS OF REPAYMENT atld Ill aCCOPdaC1C@ Wlth th@ PI'01711SSOP)/ NOte OP Utltll IOaC1 IS
<br />paid in fulL
<br />2. The GRa,NTOR is desirous of securing payment of the PRiNCiPa� Loatv AnnouNT and interest
<br />of said Promissory Note to the BEtvEFiciARY.
<br />The Gwo,tvTOR, in consideration of the premises and for the purpose aforesaid, does
<br />hereby grant, bargain, sell and convey unto the said PuBUC TRUSTEE in trust forever, the
<br />above described Co�tATERa�.
<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 #hereon, or in the perFormance of any covenants hereinafter set forth or in said
<br />Promissory Note or Loatv CoNTFtacT, then upon the BEtvEFiciaRY filing notics of election and
<br />demand for sale, Sald PUBLIC TRUSTEE, after advertising notice of said sale weekly for not
<br />less than four weeks in some newspaper of general circulation in said CouNn, shall sell said
<br />Co��aTERa� in the manner provided by law in effect at the time of filing said notice and
<br />demand, at public auction for cash, at any proper place designated in the notice of sale. Out
<br />of the proceeds of said sale, the PuBUC TRUSTEE shall retain or pay first all fees, charges and
<br />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
<br />Promissory Note, rendering the overplus, if any, unto the GRaNTOR; and after the expiration
<br />of the time of redemption, the PuBUC TRUSTEE shall execute and deliver to the purchaser a
<br />deed to the Co��aTE�,� sold. The BENEFiciaRY may purchase said Co��TERa,� or any part
<br />thereof at such sale.
<br />The GRaNTOR covenants that at the time of the delivery of these presents, it is well seized of
<br />Appendix 5 to Loan Contract C150157
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