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Deed of Trust <br />DATE: <br />May 22, 2014 <br />GRANTOR: <br />Sylvan Dale Ranch, LLLP, a Limited Liability Limited Partnership <br />BENEFICIARY: <br />Colorado Water Conservation Board <br />COUNTY: <br />Larimer <br />PRINCIPAL LOAN AMOUNT: <br />$105,171 <br />LOAN CONTRACT: <br />Loan Contract No. C150392 <br />TERMS OF REPAYMENT: <br />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 />1.75% per annum <br />COLLATERAL: <br />An undivided one -hundred percent interest in twenty (20) acre-foot <br />units of Colorado -Big Thompson Project Water contractual rights <br />#2123, administered through the Northern Water Conservancy <br />District, defined as: <br />COM AT A PT ON S LN OF SEC 3 FROM WH SE COR OF <br />SW1/4SW1/4 OF SD SEC BEARS N87 35'E 700FT; N32 10'E <br />373.4FT; N83 E 270.4FT; N66 12'E 428.7FT; N26 52'E 743.8FT; <br />N19 22'E 597.8FT; N14 23'E 90FT; S69 14'E 322.8FT; S80 56'E <br />TO PT OF INTER WITH E LN OF NW1/4SE1/4 OF SD SEC, N TO <br />NE COR OF S1/2NW1/4SE1/4 OF SD SEC; TH W TO NW COR <br />OF S1/2NE1/4SW1/4; TH N TO E & W C/L OF SD SEC; THWTO <br />NW COR OF NW1/4SW1/4; TH S TO SW COR OF SD SEC; TH E <br />ALG S LN OF SD SEC TO POB; EXC SW1/4, S OF S RIM OF BIG <br />THOMPSON CANYON; EXC ALL EXIST R/W & EASE & <br />SE1/4NE1/4 OF SEC 4; EXC ALL EXIST R/W & EASE. (SECTION <br />3 & 4 — TOWNSHIP 5 NORTH — 70 WEST) (See attached Allottee <br />Contract Detail). <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 5 to Loan Contract C150392 <br />Page 1 of 3 <br />