CT2016-2001 Contract

• Contract/PO #: CT2016-2001
• Contractor Name: Tunnel Water Company, The
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

Deed of Trust
DATE: October 21, 2015
GRANTOR: THE TUNNEL WATER COMPANY
BENEFICIARY: COLORADO WATER CONSERVATION BOARD
COUNTY: LARIMER
PRINCIPAL LOAN AMOUNT: $1,111,000
LOAN CONTRACT NUMBER: CT2016-2001
TERMS OF REPAYMENT: 2.55 % interest for 30 years
COLLATERAL: An undivided one-hundred percent interest in the structures owned
and operated by the BORROWER commonly known as the West and
East Portal Structures, said interest to include the necessary
easements, rights-of-ways or other property or property interest
held by the Borrower and used in for the access and operation of
said structures. The West Portal Structure is located NE1/4 of the
SW1/4 of Section 7, Township 8 North, Range 75 West of the Sixth
P.M., Larimer County. The East Portal Structure is located NW1/4
of the NE1/4 of Section 16, Township 8 North, Range 75 West of
the Sixth P.M., Larimer County.
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
Appendix 6
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