C150374 Contract

• Contract/PO #: C150374
• Contractor Name: Boulder and Larimer County Irrigation and Manufacturing Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Boulder
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and
assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest
due on said PROMISSORY NOTE, rendering the overplus, if any, unto the GRANTOR; and after the
expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser
a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part
thereof at such sale.
The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of
the COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and
convey the same in the manner and form as aforesaid. The GRANTOR fully waives and releases all
rights and claims it 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 PROMISSORY
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.
[THE REST OF THIS PAGE INTENTIALLY LEFT BLANK]
Appendix 5 to Loan Contract C150374
Page 2 of 3