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<br />Carol Tullis Clerk /Recorder, Montezuma County, Co
<br />111117.6 ������,����';��' Y11AJKLW1 M"i 11111
<br />Deed of Trust
<br />DATE: December 7, 2007
<br />GRANTOR: MONTEZUMA VALLEY IRRIGATION COMPANY
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />COUNTY: MONTEZUMA
<br />PRINCIPAL LOAN AMOUNT: $2,979,825
<br />LOAN CONTRACT: Loan Contract No. C150251, dated December 7, 2007
<br />TERMS OF REPAYMENT: 2.25% per annum for 30 years
<br />COLLATERAL: An undivided one - hundred percent interest in any rights to the May
<br />Lateral Pipeline that the Grantor holds including approximately five
<br />(5) miles of pipeline commencing at the NE % of the NW % of
<br />Section 33, Township 36 North, Range 14 West, N.M.P.M.,
<br />diverting from the Dolores River.
<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 />Appendix 5 to Loan Contract C150251
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