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*100665*
<br /> 100665 3/6/2014 1:16 PM DT Linda Pavich
<br /> 1 of 3 R$20 D$0 N$0 S$1 M$0 E$0 Hinsdale Co.
<br /> Deed of Trust
<br /> DATE: February 7, 2014
<br /> GRANTOR: Santa Maria Reservoir Company, a mutual reservoir corporation under
<br /> C.R.S. §7-42-101 et seq. and a Colorado nonprofit corporation
<br /> BENEFICIARY: Colorado Water Conservation Board
<br /> COUNTY: Hinsdale
<br /> PRINCIPAL LOAN AMOUNT: $3,071,663
<br /> LOAN CONTRACT: LOAN CONTRACT No. 0150365
<br /> TERMS OF REPAYMENT: 1.75% per annum for 30 years
<br /> COLLATERAL: An undivided one-hundred percent interest in the Continental Reservoir and any
<br /> associated storage rights, easements, rights-of-ways or other property or property
<br /> interests held and used in connection with the access and operation of said
<br /> reservoir. Continental Reservoir is located in Sections 21, 28, and 29 of Township
<br /> 42 North, Range 3 West, of the N.M.P.M., with its outlet works located in the SW
<br /> 1/4 of Section 21, Township 42 north, Range 3 West, N.M.P.M. in Hinsdale
<br /> County.
<br /> This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY, State of
<br /> Colorado ("PUBLIC TRUSTEE"),
<br /> FACTUAL RECITALS
<br /> 1. The GRANTOR has executed a PROMISSORY NOTE of even date and amount, set forth in the LOAN
<br /> CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT tO be repaid to the BENEFICIARY, with TERMS OF
<br /> 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 said
<br /> PROMISSORY NOTE to the BENEFICIARY.
<br /> The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br /> bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL.
<br /> To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of
<br /> default in the payment of said PROMISSORY NOTE, or any part thereof, or the interest thereon, or in the
<br /> performance of any covenants hereinafter set forth or in said PROMISSORY NOTE or LOAN CONTRACT, then
<br /> upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising
<br /> notice of said sale weekly for not less than four weeks in some newspaper of general circulation in said
<br /> COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice
<br /> and demand, 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 and all moneys
<br /> advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest thereon and
<br /> pay the principal and interest due on said PROMISSORY NOTE, rendering the over plus, if any, unto the
<br /> GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to
<br /> the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL Or any part
<br /> thereof at such sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the
<br /> COLLATERAL and has full power and lawful authority to grant, bargain, sell and convey the same in the
<br /> manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims it may have in
<br /> or to said COLLATERAL as a Homestead Exemption or other exemption, now or hereafter provided by law.
<br /> Appendix 5 to Loan Contract C150365
<br /> Page 1 of 3
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