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Deed of Trust <br /> DATE: February 12, 2014 <br /> GRANTOR: Big Elk Meadows Association, a Colorado nonprofit corporation <br /> BENEFICIARY: Colorado Water Conservation Board <br /> COUNTY: Larimer <br /> PRINCIPAL LOAN AMOUNT: $1,515,000 <br /> LOAN CONTRACT: Loan Contract No. C150391 <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 /> 2.75% per annum <br /> COLLATERAL: An undivided one-hundred percent interest in the PROJECT, which <br /> consists of: <br /> Rainbow Lake Dam <br /> NW1/4 SW1/4 SW1/4 Section 35, Township 4 North, Range 72 West of the 6th P.M., Larimer <br /> County <br /> Willow Lake Dam <br /> S1/2 NW1/4 SW1/4 Section 35, Township 4 North, Range 72 West of the 6th P.M., Larimer <br /> County <br /> Mirror Lake Da_m <br /> SW1/4 NE1/4 SW1/4 Section 35, Township 4 North, Range 72 West of the 6th P.M., Larimer <br /> County <br /> Meadow Lake Dam <br /> SW1/4 NW1/4 SE1/4 and NW1/4 SW1/4 SE1/4 of Section 35, Township 4 North, Range 72 <br /> West of the 6th P.M., Larimer County <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 /> Appendix 5a to Loan Contract C150391 <br /> Page 1 of 3 <br />