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Deed of Trust <br /> DATE: February 1, 2014 <br /> GRANTOR: Culver Lateral Ditch Company, a Colorado nonprofit corporation <br /> BENEFICIARY: Colorado Water Conservation Board <br /> COUNTY: Boulder <br /> PRINCIPAL LOAN AMOUNT: $151,500 <br /> LOAN CONTRACT: Loan Contract No. C150390 <br /> TERMS OF REPAYMENT: 30 YEARS- no payments and zero interest for the first three years <br /> followed by 27 years of amortized payments at the interest rate of <br /> 2.30% per annum <br /> COLLATERAL: An undivided one-hundred percent interest in the Culver Lateral <br /> Ditch Company's diversion, headgate, and measurement structures <br /> including any easements, rights-of-ways or other property or property <br /> interests held and used in connection with the access and operation <br /> of said diversion structure. The location is in the NE 1/4 of the NW <br /> 1/4 of Section 2, Township 3 North, Range 70 West of the 6th P.M., <br /> in Boulder County, Colorado. <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, with <br /> TERMS OF REPAYMENT and in accordance with the PROMISSORY NOTE or until loan is paid 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 hereby <br /> grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described <br /> COLLATERAL. <br /> To have and to hold the same, together with all appurtenances, in trust nevertheless, that <br /> in case of default in the payment of said PROMISSORY NOTE, or any part thereof, or the interest <br /> thereon, or in the performance of any covenants hereinafter set forth or in said PROMISSORY NOTE <br /> or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said <br /> PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four weeks in some <br /> newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner provided <br /> by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper <br /> place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall <br /> retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and <br /> assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest <br /> due on said PROMISSORY NOTE, rendering the overplus, if any, unto the GRANTOR; and after the <br /> expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser <br /> a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part <br /> thereof at such sale. <br /> Appendix 5 to Loan Contract C150390 <br /> Page 1 of 3 <br />