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RECEPTION#: 673519, 05/15/2014 at
<br /> 11:49:56 AM, 1 OF 2, R $16.00
<br /> ANN EDDINS, DELTA COUNTY, CO
<br /> Deed of Trust CLERK AND RECORDER
<br /> DATE: April 14, 2014
<br /> GRANTOR: Lone Cabin Ditch& Reservoir Company, a Colorado nonprofit corporation
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: DELTA
<br /> PRINCIPAL LOAN AMOUNT: $252,803
<br /> LOAN CONTRACT: LOAN CONTRACT No. C150361
<br /> TERMS OF REPAYMENT: 1.75% per annum for 30 years
<br /> COLLATERAL: An undivided one-hundred percent (100%) interest in the storage rights in the Lone Cabin
<br /> Reservoir, decreed in Case Numbers CA 0617, CA2563 and 07CW95 for diversion of
<br /> approximately 20 c.f.s. of irrigation water from the Middle Fork and Lake Fork of Minnesota
<br /> Creek, tributary to the North Fork of the Gunnison River and the Colorado River, located in
<br /> Gunnison County and Delta County, for 90 acre-feet and 235.9 acre-feet in the Lone Cabin
<br /> Reservoir located in Delta County, Colorado.
<br /> This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY, State of Colorado
<br /> ( PUBLIC TRUSTEE"),
<br /> FACTUAL RECITALS
<br /> 1. The GRANTOR has executed a PROMISSORY NOTE of even date and amount, set forth in the LOAN CONTRACT, for a loan in
<br /> the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF REPAYMENT and in accordance with the
<br /> 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 PROMISSORY NOTE to
<br /> the BENEFICIARY.
<br /> The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and
<br /> 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 default in the
<br /> payment of said PROMISSORY NOTE, or any 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 BENEFICIARY filing notice of election and
<br /> demand for sale, said 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 by law in effect at the
<br /> time of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of sale. Out of
<br /> the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and all moneys advanced for
<br /> taxes, insurance and assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest due
<br /> on said PROMISSORY NOTE, rendering the overplus, if any, unto the GRANTOR; and after the expiration of the time of
<br /> redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY
<br /> may purchase said COLLATERAL or any part thereof at such sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the COLLATERAL in fee
<br /> simple, and has full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as
<br /> aforesaid. The GRANTOR fully waives and releases all rights and claims it may have in or to said COLLATERAL as a Homestead
<br /> Exemption or other exemption, now or hereafter provided by law. The GRANTOR further covenants that the COLLATERAL is
<br /> free and clear of all liens and encumbrances whatever and that the GRANTOR shall warrant and forever defend the
<br /> COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every
<br /> person or persons lawfully claiming or to claim the whole or any part thereof.
<br /> Until payment in full of the indebtedness,the GRANTOR shall timely pay all taxes and assessments levied on the
<br /> COLLATERAL; any and all amounts due on account of the principal and interest or other sums on any senior encumbrances, if
<br /> any; and will keep the COLLATERAL insured in accordance with the requirements of the LOAN CONTRACT. In the event of the
<br /> Appendix 5 to Loan Contract C150361
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