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4001141 6/25/2004 10:45:00 AM Andrew E. Perea 2 of 3 DT R $16.00 D $0.00 Coneios Countv, CO may have in or to said COLLATERAL as a Homestead Exemption or other exemption, now or hereafter provided by law. The GRANTOR further covenants that the collateral is free and clear of all liens and encumbrances whatever and that the GRANTOR shall warrant and forever defend the COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof. Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the COLLATERAL; any and all amounts due on account of the principal and interest or other sums on any senior encumbrances, if any; and will keep the COLLATERAL insured in accordance with the requirements of the LOAN CONTRACT. In the event of the sale or transfer of the COLLATERAL, the BENEFICIARY, at its option, may declare the entire balance of the note immediately due and payable. In case of default in any of said payments of the principal or interest, according to the terms of said Promissory Note or LOAN CONTRACT, by the GRANTOR, its successors or assigns, then said principal sum hereby secured, and interest thereon, may at once, at the option of the BENEFICIARY, become due and payable, and the said COLLATERAL be sold in the manner and with the same effect as if said indebtedness had matured, and that if foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable amount for services in the supervision of said foreclosure proceedings shall be allowed by the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if foreclosure be made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such foreclosure proceedings. It is further understood and agreed, that if a release or a partial release of this Deed of Trust is required, the GRANTOR, its successors or assigns will pay the expense thereof; that all the covenants and agreements contained herein and in the Promissory Note and LOAN CONTRACT shall extend to and be binding upon the successors or assigns of the respective parties hereto; and that the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. Executed ,the day and date first written above. The Terrace Irrigation Company, a Colorado o nonprofit corporation !, '~t >: By Ri5dney Reinhdrdt, President Attest'••• a B J 0fin L. Riddick, Secretary/Treasurer County of SS State of Colorado The foregging!4-n%rument was acknowledged before me this ,2,j day of AW&i 2004, by Rodney Reinhr;�rli4•, L: Riddick, as President and Secretary/Treasurer, respectively, of The Terrace Irriga'iloij Company:, Witness my hand and official seal. Notary Public My Retupq,,ftg ' Mid of trust to: CWCB Finance Section, Attn: Jan Illian, 1580 Logan Street, Suite 7�a��t��i�ver& 80203 (Phone Number 303- 866 -3462) Page 2 of 2