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RECEPTION#: 871412, 12/2812015 at
<br /> 10:04:47 AM, 1 OF 3, DT R $21.00
<br /> TRESSA W. GUYIES, MONTROSE
<br /> COUNTY, CO CLERK AND RECORDER
<br /> Deed of TrL
<br /> DATE: November 3, 2015
<br /> GRANTOR: UNCOMPAHGRE VALLEY WATER USERS ASSOCIATION, A COLORADO
<br /> NONPROFIT CORPORATION
<br /> BENEFICIARY: COLORADO-WATER CONSERVATION BOARD
<br /> COUNTY: MONTROSE
<br /> PRINCIPAL LOAN AMOUNT: $6,999,300.00
<br /> CONTRACT NUMBER: CT2015-174
<br /> TERMS OF REPAYMENT: 2.0 % per annum for 20 years
<br /> COLLATERAL: An undivided one-hundred percent interest in Drop 5 Hydroelectric
<br /> Facility including any easements, rights-of-ways or other property or
<br /> property interests held and used in connection with the access and
<br /> operation of said hydroelectric facility, located six (6) miles
<br /> southeast of Montrose, Colorado in Section 24 of T48N R9W,
<br /> New Mexico Meridian, Montrose 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,
<br /> with TERMS OF REPAYMENT and in accordance with the PROMISSORY NOTE or until loan is paid
<br /> 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
<br /> hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above
<br /> described 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 Nom, or any part thereof, or the interest
<br /> thereon, or in the performance of any covenants hereinafter set forth or in said PROMISSORY
<br /> NOTE or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and demand for
<br /> sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less than four
<br /> weeks in some newspaper of general circulation in said COUNTY, shall sell said COLLATERAL in
<br /> the manner provided by law in effect at the time of filing said notice and demand, at public
<br /> auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of
<br /> said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and all moneys
<br /> advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest
<br /> thereon and pay the principal and interest due on said PROMISSORY NOTE, rendering the
<br /> overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the
<br /> PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
<br /> BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well
<br /> Appendix 5
<br /> Page 1 of 3
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