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554401 DT 02/14/2008 11:54:22 AM <br />Page: 1 of 3 R 16.00 D 0.00 T 16.00 <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 <br />Page 1 of 3 <br />