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Deed of Trust
<br />This indenture, made this W day of � 6A( 9 ( l 1997, between the Town of
<br />Morrison, whose address is P.O. Box 95, Morrison, Colorado 80465, hereinafter referred to as GRANTOR,
<br />and the Public Trustee of the County of Jefferson, State of Colorado, hereinafter referred to as PUBLIC
<br />TRUSTEE,
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, which is a part of Contract
<br />#C153773 (the Contract) for a loan in the principal sum of $504,000 to be repaid to the STATE OF
<br />COLORADO or the use and benefit of the Department of Natural Resources, Water Conservation Board,
<br />whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from
<br />the date of first disbursement of funds under the Contract at the effective interest rate of 5% per annum,
<br />payable in 30 annual installments, in accordance with the terms of the Promissory Note, or until the loan
<br />is paid in full.
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: An
<br />undivided one hundred percent (100 %) interest in the GRANTOR's raw water intake, grit removal chamber,
<br />approximately 850 linear feet of raw water pipeline, and intake connection, located within and along Bear
<br />Creek in the Southwest Quarter of Section 35, Township 4 South, Range 70 West, 6' PM, in and
<br />immediately west of the Town of Morrison, Colorado, (collectively or hereinafter referred to as the
<br />"Property ").
<br />To have and to hold the same, together itl� airl ular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in sei} n the payment of said note, or any part
<br />thereof, or in the payment of the interest thereon, according to thq tWr and effect of said note or in the
<br />payment of any prior encumbrances, principal Qr.,OtWes 'P iyp c in'se default shall be made in or in
<br />case of violation or breach of any of the terry ditil r's1'% c_4 is or agreements contained in the
<br />Contract, the beneficiary hereunder may declr�r" 4- ,a"violAon of any of the covenants contained in the
<br />Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such
<br />election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br />office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to
<br />sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public
<br />auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE's Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks public notice having been previously
<br />given of the time and place of such sale, advertisement once each week for five consecutive weeks, in
<br />some newspaper of general circulation at that time published in said county, a copy of which notice shall
<br />be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address
<br />herein given and to such person or persons appearing to have acquired a subsequent record interest in
<br />said Property at the address given in the recorded instrument; where only the county and state is given as
<br />the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of
<br />the Property at such sale, a certificate in writing describing the Property purchased, and the sum paid
<br />therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed
<br />therefor, unless the same shall be redeemed as is provided by law; .and said PUBLIC TRUSTEE shall, upon
<br />demand by the person holding the said certificate of purchase, when said demand is made, or upon
<br />demand by the person entitled to a deed to and for the Property purchased, at the time such demand is
<br />made, the time for redemption having expired, make and execute to such person a deed to the Property
<br />purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
<br />acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person
<br />Appendix 5 to Contract #C153773 C 0 to
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