|
RECEPTION #: 659053, 06/08/2012 at
<br />11:45:05 AM, 1 OF 3, R $21.00
<br />ANN EDDINS, DELTA COUNTY, CO
<br />Deed of CLERK AND RECORDER
<br />DATE: . April 10, 2012
<br />GRANTOR: NORTH DELTA IRRIGATION COMPANY
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />COUNTY: DELTA
<br />PRINCIPAL LOAN AMOUNT: $808,000
<br />LOAN CONTRACT: Loan Contract No. C150331, dated April 10, 2012
<br />TERMS OF REPAYMENT: 3.10% per annum for 30 years
<br />COLLATERAL: An undivided one - hundred percent interest in the North Delta
<br />Canal water right, consisting of 49.675 cfs from the Gunnison
<br />River, appropriation date of 2/24/1901, adjudication date of
<br />6/23/1914, decreed in case CA0617, and located in Delta County.
<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 />BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well
<br />seized of the COLLATERAL in fee simple, and has full power and lawful authority to grant,
<br />bargain, sell and convey the same in the manner and form as aforesaid. The GRANTOR fully
<br />waives and releases all rights and claims it may have in or to said COLLATERAL as a Homestead
<br />Appendix 5 to Loan Contract C150331
<br />
|