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III Rill 111111111111 11 11,1111 II�� II 11 II °7f33
<br /> 10/02/2015 02:29 PM RF:$21.00 DF:$0.00
<br /> Boulder County Clerk,CO
<br /> Deed of Trust
<br /> DATE: September 4, 2015
<br /> GRANTOR: Oligarchy Irrigation Company, a Colorado nonprofit corporation
<br /> BENEFICIARY: Colorado Water Conservation Board
<br /> COUNTY: Boulder
<br /> PRINCIPAL LOAN AMOUNT: $781,740
<br /> LOAN CONTRACT NUMBER: CT2016-1597
<br /> TERMS OF REPAYMENT: 2.40% INTEREST FOR 30 YEARS
<br /> COLLATERAL: An undivided one-hundred percent interest in the Oligarchy Reservoir
<br /> Number 1 OUTLET WORKS, including any easements, rights-of-ways
<br /> or other property or property interests held and used in connection
<br /> with the access and operation of said OUTLET WORKS. The location is
<br /> in the NE 1/4 of Section 26, Township 3 North, Range 70 West of the
<br /> 6th P.M., Boulder County, Colorado.
<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 /> newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in the manner provided
<br /> by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper
<br /> place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall
<br /> retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and
<br /> assessments, or on any prior encumbrance, with interest thereon and pay the principal and interest
<br /> due on said PROMISSORY NOTE, rendering the overplus, if any, unto the GRANTOR; and after the
<br /> expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser
<br /> a deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part
<br /> thereof at such sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of
<br /> the COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and
<br /> convey the same in the manner and form as aforesaid. The GRANTOR fully waives and releases all
<br /> Appendix 5
<br /> Page 1 of 3
<br /> R 013
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