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201500422927 F iN��d for Record in RIO GRANDE _: 4DF HILL. RECORDER 01--09-2015 At 02156 PM. DO OF TRT 21.00 OR `" Page 217 219 of Trust Instrument Book Page 01500422927 OR 573 217 • DATE: August 30, 2014 GRANTOR: SANFORD CANAL COMPANY,A COLORADO NONPROFIT CORPORATION BENEFICIARY: COLORADO WATER CONSERVATION BOARD COUNTY: RIO GRANDE PRINCIPAL LOAN AMOUNT: $101,000 CONTRACT MGMT SYSTEM NUMBER: 72321 TERMS OF REPAYMENT: 1.75% per annum for 30 years COLLATERAL: an undivided one hundred percent (100%) interest in the PROJECT,which includes the diversion, headgate and measurement equipment located in the SE %of the SW ' of the NE '/of Section 17, Township 34 North, Range 10 East of the NM Meridian, Conejos County and including all appurtenances, easements, rights-of-way, or other property or property interest held and used in connection with the access and operation of said COLLATERAL. This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY, State of Colorado ("PUBLIC TRUSTEE"), FACTUAL RECITALS 1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF REPAYMENT and in accordance with the Promissory Note or until loan is paid in full. 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said Promissory Note to the BENEFICIARY. The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL. To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in the performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four weeks in some newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest due on said Promissory Note, rendering the overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale. Appendix 5 Page 1 of 3