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RECEPTION#: 688665, 07/11/2016 at
<br /> 01:40:28 PM, 3, R $21.00
<br /> TERI A. STEPHENSON, DELTA COUNTY,
<br /> CO CLERK AND RECORDER
<br /> Deed of Trust
<br /> DATE: MAY 25, 2016
<br /> GRANTOR: ORCHARD RANCH DITCH COMPANY, A COLORADO NONPROFIT
<br /> CORPORATION
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: DELTA
<br /> TOTAL LOAN AMOUNT: $151,500
<br /> LOAN CONTRACT NUMBER: CT2016-2795
<br /> TERMS OF REPAYMENT: 1.95% INTEREST FOR 30 YEARS
<br /> PLEDGED PROPERTY: AN UNDIVIDED ONE-HUNDRED PERCENT INTEREST IN THE ORCHARD
<br /> RANCH DITCH PIPELINE, INCLUDING APPROXIMATELY 8,260 FEET OF
<br /> MAINLINE PIPELINE AND 2,560 FEET OF LATERAL PIPELINE INCLUDING,
<br /> AND COMMENCING AT, THE SCREENING STRUCTURE DOWNSTREAM OF
<br /> SURFACE CREEK DIVERSION STRUCTURE No. WDID 4000774, AND
<br /> ANY EASEMENTS. RIGHTS-OF-WAY, OR OTHER PROPERTY OR PROPERTY
<br /> INTERESTS HELD AND USED IN CONNECTION WITH THE ACCESS AND
<br /> OPERATION OF SAID DITCH/PIPELINE WHICH IS LOCATED IN SECTIONS
<br /> 11, 12, 13, AND 14, TOWNSHIP 14 SOUTH, RANGE 95 WEST, OF THE
<br /> SIXTH PRINCIPAL MERIDIAN IN DELTA 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 PLEDGED PROPERTY.
<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
<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 PLEDGED
<br /> PROPERTY in the manner provided by law in effect at the time of filing said notice and demand,
<br /> at public auction for cash, at any proper place designated in the notice of sale. Out of the
<br /> proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs
<br /> and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance,
<br /> with interest thereon and pay the principal and interest due on said PROMISSORY NOTE,
<br /> rendering the overplus, if any, unto the GRANTOR; and after the expiration of the time of
<br /> Appendix 6
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