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. <br /> Sequence No. 1116 <br /> 43.21 Acre feet, Appropriated 04/01/1951 <br /> This indenture is between the Grantor, and the Public Trustee of the above <br /> referenced COUNTY, State of Colorado ("PUBLIC TRUSTEE"), <br /> FACTUAL RECITALS <br /> 25. The MAKER has executed a Promissory Note of even date and amount, set forth in <br /> the LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the <br /> BENEFICIARY, with TERMS OF REPAYMENT and in accordance with the Promissory <br /> Note or until loan is paid in full. <br /> 26. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and <br /> interest of said Promissory Note to the BENEFICIARY. <br /> The GRANTOR, in consideration of the premises and for the purpose aforesaid, <br /> does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust <br /> forever, the above described COLLATERAL. <br /> To have and to hold the same, together with all appurtenances, in trust <br /> nevertheless, that in case of default in the payment of said Promissory Note, or any <br /> part thereof, or the interest thereon, or in the performance of any covenants <br /> hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then upon the <br /> BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after <br /> advertising notice of said sale weekly for not less than four weeks in some newspaper <br /> of general circulation in said COUNTY, shall sell said COLLATERAL in the manner <br /> provided by law in effect at the time of filing said notice and demand, at public auction <br /> for cash, at any proper place designated in the notice of sale. Out of the proceeds of <br /> said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and <br /> all moneys advanced for taxes, insurance and assessments, or on any prior <br /> encumbrance, with interest thereon and pay the principal and interest due on said <br /> 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 <br /> the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said <br /> COLLATERAL or any part thereof at such sale. <br /> The GRANTOR covenants that at the time of the delivery of these presents, it is <br /> well seized of the COLLATERAL in fee simple, and has full power and lawful authority to <br /> grant, bargain, sell and convey the same in the manner and form as aforesaid. The <br /> GRANTOR fully waives and releases all rights and claims it may have in or to said <br /> COLLATERAL as a Homestead Exemption or other exemption, now or hereafter <br /> provided by law. The GRANTOR further covenants that the collateral is free and clear of <br /> all liens and encumbrances whatever and that the GRANTOR shall warrant and forever <br /> defend the COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, <br /> its successors and assigns, against all and every person or persons lawfully claiming <br /> or to claim the whole or any part thereof. <br /> Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes <br /> and assessments levied on the COLLATERAL; any and all amounts due on account of <br /> the principal and interest or other sums on any senior encumbrances, if any; and will <br /> keep the COLLATERAL insured in accordance with the requirements of the LOAN <br /> CONTRACT. In the event of the sale or transfer of the COLLATERAL, the BENEFICIARY, at <br /> its option, may declare the entire balance of the note immediately due and payable. <br /> Appendix 42 to Loan Contract C15240 <br />