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RECEPTION#: 680041, 05/04/2015 at 12:33:58 PM, 1 OF 3, R $21.00 TERI A. STEPHENSON, DELTA COUNTY, CO CLERK AND RECORDER Deed of Trust DATE: March 31, 2015 GRANTOR: WEST RESERVOIR AND DITCH COMPANY, A COLORADO NONPROFIT CORPORATION BENEFICIARY: COLORADO WATER CONSERVATION BOARD COUNTY: DELTA PRINCIPAL LOAN AMOUNT: $248,378 CONTRACT NUMBER: CT2015-169 TERMS OF REPAYMENT: 2.00% per annum for 30 years COLLATERAL: An undivided one-hundred percent (100%) interest in the water rights, decreed in Case Numbers: CA0617 for 454.5AF, West Reservoir located NW SE NE Section 13, Township 13 South, Range 93 West of the 6th P.M.; CA3503 for 36CFS, West Res Supply D EXT located NW SW SE Section 7, Township 13 South; Range 92 West of the 6th P.M.; and CA4808 for 19.3CFS, West Res Sup D EXT No 2 located NE SE Section 6, Township 13 South, Range 92 West of the 6th P.M. All rights are located in Delta County, Colorado, in the Gunnison Drainage Basin and the Jay Creek Water Source. 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. 3. When the Loan Amount evidenced by the Deed of Trust is paid in full, CWCB will send a Request for a Release of Deed of Trust and the original Promissory Note marked "PAID IN FULL" to the Delta County Public Trustee with a request to release the Deed of Trust and send the released Deed of Trust to the Borrower. 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 Appendix 5 Page 1 of 3