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Deed of Trust DATE: October 21, 2013 GRANTOR: Boulder and Larimer County Irrigating and Manufacturing Ditch Company, a Colorado corporation BENEFICIARY: Colorado Water Conservation Board COUNTY: Boulder PRINCIPAL LOAN AMOUNT: $202,000 LOAN CONTRACT: Loan Contract No. C150374 TERMS OF REPAYMENT: 30 YEARS- no payments and zero interest for the first three years followed by 27 years of amortized payments at the interest rate of 1.90% per annum COLLATERAL: An undivided one - hundred percent interest in the Boulder and Larimer Diversion Structure, including any easements, rights -of -ways or other property or property interests held and used in connection with the access and operation of said diversion structure. The location is in the NE % of Section 1, Township 3, North, Range 70 West, running easterly across said NE %4, Section 1, over and across South Y2 of the North Y2, Section 6, North'/ of Section 5, and NW Y4 of NW %, Section 4, in Township 3 North, Range 69 West, Boulder County, Colorado. This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY, State of Colorado ( "PUBLIC TRUSTEE "), FACTUAL RECITALS 1. The GRANTOR has executed a PROMISSORY NOTE of even date and amount, set forth in the LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF REPAYMENT and in accordance with the PROMISSORY NOTE or until loan is paid in full. 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said PROMISSORY NOTE to the BENEFICIARY. The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL. To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of default in the payment of said PROMISSORY NOTE, or any part thereof, or the interest thereon, or in the performance of any covenants hereinafter set forth or in said PROMISSORY NOTE or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four weeks in some newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall Appendix 5 to Loan Contract C150374 Page 1 of 3