C150398 Contract

• Contract/PO #: CT2015-151
• Contract/PO #: C150398
• Contractor Name: Louden Irrigating Canal & Reservoir Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

Deed of Trust
DATE: December 5, 2014
GRANTOR: Louden Irrigating Canal and Reservoir Company
BENEFICIARY: Colorado Water Conservation Board
CouNTY: Larimer
PRINCIPAL LOAN AMOUNT: $161,600
LOAN CONTRACT: Loan Contract No. C150398
TERMS OF REPAYMENT: 2.70% per annum for 30 years
COLLATERAL: An undivided one-hundred percent interest in Louden Irrigating
Canal and Reservoir Company's Big Thompson River Diversion
and Headgate Structure located in the NE %of the SW'/of the
NW % of Section 12, Township 5 North, Range 70 West of the 6th
P.M., Larimer County, 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 diversion and
headgate structure.
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 to Loan Contract C150398
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