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<br />4001141 6/25/2004 10.45:00 AM Andrew E Perea
<br />1 of 3 DT R $16.00 D $0.00 Coneios County. CO
<br />Deed of Trust
<br />DATE: April 1, 2004
<br />GRANTOR: The Terrace Irrigation Company
<br />BENEFICIARY: Colorado Water Conservation Board
<br />COUNTY: Conejos
<br />PRINCIPAL LOAN AMOUNT: $245,430
<br />LOAN CONTRACT: Loan Contract No. C150171, dated April 1, 2004
<br />TERMS OF REPAYMENT: 2.50% per annum for 30 years
<br />COLLATERAL: One hundred percent (100 %) undivided interest in the GRANTOR'S
<br />property known as Terrace Reservoir located in the S/1 SEA 9 -36 -6 SW/4 SW /4 10 -36 -6 E/2
<br />SW/4 & NW /4 SW/4 14 -36 -6 NW /4 NW /4, E/2 NW /4 & N/2 SE /4 & SW/4 NE /4 15 -36 -6 NE /4 16-
<br />36-6 NE /4 NW /4 & NW /4 NE/4 23 -36 -6 (Less easement S B333 P747 754, 917, 920 B172
<br />P544), Conejos County, Colorado, together with all gates, easements, ditches, canals, rights -of-
<br />way and all other structures, appliances, fixtures and any other property used in connection with
<br />the operation of said reservoir and access to said reservoir and 922.73 cfs of water rights
<br />described on Attachment 1 hereto.
<br />This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY,
<br />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 LOAN
<br />CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF
<br />REPAYMENT 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
<br />Promissory Note to the BENEFICIARY.
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL.
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case
<br />of default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in the
<br />performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then
<br />upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising
<br />notice of said sale weekly for not less than four weeks in some newspaper of general circulation in said
<br />COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice
<br />and demand, 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 and all
<br />moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest
<br />thereon and pay the principal and interest due on said Promissory Note, rendering the overplus, if any,
<br />unto the GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall execute
<br />and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said
<br />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 seized of the
<br />COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and convey the
<br />same in the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims it
<br />Appendix 5 to Loan Contract C150171
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