C150331 Contract

• Contract/PO #: C150331
• Contractor Name: North Delta Irrigation Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Loan Projects - Doc Type: Contract Documents

DATE:
GRANTOR:
BENEFICIARY:
COUNTY:
PRINCIPAL LOAN AMOUNT:
LOAN CONTRACT:
TERMS OF REPAYMENT:
COLLATERAL:
Deed of Trust
April 10, 2012
NORTH DELTA IRRIGATION COMPANY
COLORADO WATER CONSERVATION BOARD
DELTA
$808,000
Loan Contract No. C150331, dated April 10, 2012
3.10% per annum for 30 years
An undivided one - hundred percent interest in the North Delta
Canal water right, consisting of 49.675 cfs from the Gunnison
River, appropriation date of 2/24/1901, adjudication date of
6/23/1914, decreed in case CA0617, and located in Delta County.
This indenture is between the Grantor, and the Public Trustee of the above referenced
COUNTY, State of Colorado ( "PUBLIC TRUSTEE"),
FACTUAL RECITALS
1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the
LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY,
with TERMS OF REPAYMENT and in accordance With the Promissory Note or until loan is paid
in full.
2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of
said Promissory Note to the BENEFICIARY.
The GRANTOR, in consideration of the premises and for the purpose aforesaid, does
hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above
described COLLATERAL.
To have and to hold the same, together with all appurtenances, in trust nevertheless,
that in case of default in the payment of said Promissory Note, or any part thereof, or the
interest thereon, or in the performance of any covenants hereinafter set forth or in said
Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and
demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less
than four weeks in some newspaper of general circulation in said COUNTY, shall sell said
COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand,
at public auction for cash, at any proper place designated in the notice of sale. Out of the
proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs
and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance,
with interest thereon and pay the principal and interest due on said Promissory Note, rendering
the overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the
PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
The GRANTOR covenants that at the time of the delivery of these presents, it is well
seized of the COLLATERAL in fee simple, and has full power and lawful authority to grant,
bargain, sell and convey the same in the manner and form as aforesaid. The GRANTOR fully
waives and releases all rights and claims it may have in or to said COLLATERAL as a Homestead
Appendix 5 to Loan Contract C150331