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DEED OF TRUST
<br /> This indenture, made this _r day of ;i p i i. ( 1997, between THE SANCHEZ
<br /> DITCH AND RESERVOIR COMPANY, whose address is Route 1, Box 215, San Acacio, CO 81150,
<br /> hereinafter referred to as GRANTOR, and the Public Trustee of the County of Costilla, State of Colorado,
<br /> hereinafter referred to as PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a Promissory Note, whi ff st part of 6 ntract
<br /> #C153623 (the Contract)for a loan in the principal sum of$200,000 to be rep itt to tt q.STATE OF cb RADO
<br /> for the use and benefit of the Department of Natural Resources, Water Conserjatioh Bcrd,whose address is
<br /> 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon:frc n $he date of first
<br /> disbursement of funds under the Contract at the interest rate of 3% per annum' payable.fin„30 Onual
<br /> installments, in accordance with the terms of the Promissory Note, or until loan is paid in full.
<br /> And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br /> promissory note to the State of Colorado.
<br /> Now, therefore, 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, to wit: an undivided one hundred
<br /> percent (100%) interest in and to the Sanchez Dam and Reservoir and all appurtenant structures thereto,
<br /> including all land underlying these facilities, as described in Exhibit 1, attached hereto and incorporated herein,
<br /> and collectively or hereinafter referred to as the "Property".
<br /> To have and to hold the same, together with all and singular the privileges and appurtenances thereunto
<br /> belonging: In Trust nevertheless,that in case of default in the payment of said note, or any part thereof, or in the
<br /> payment of the interest thereon, according to the tenor and effect of said note or in the payment of any prior
<br /> encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation or breach of
<br /> any of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may
<br /> declare a violation of any of the covenants contained in the Contract and elect to advertise said Property for
<br /> sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE.
<br /> Upon receipt of such notice of election and demand for sale,the PUBLIC TRUSTEE shall cause a copy of the same
<br /> to be recorded in the recorder's office of the county in which said Property is situated, it shall and may be lawful
<br /> for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br /> TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at
<br /> public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br /> for the highest and best price the same will bring in cash, four weeks public notice having been previously given
<br /> of the time and place of such sale, advertisement once each week for five consecutive weeks, in some
<br /> newspaper of general circulation at that time published in said county, a copy of which notice shall be mailed
<br /> within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and to
<br /> such person or persons appearing to have acquired a subsequent record interest in said Property at the address
<br /> given in the recorded instrument; where only the county and state is given as the address then such notice shall
<br /> be mailed to the county seat, and to make and give to the purchaser of the Property at such sale, a certificate in
<br /> writing describing the Property purchased, and the sum paid therefor, and the time when the purchaser(or other
<br /> person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided
<br /> by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br /> when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased,
<br /> at the time such demand is made, the time for redemption having expired, make and execute to such person a
<br /> deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be
<br /> signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person
<br /> entitled to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of
<br /> redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the
<br /> said Property was sold and shall refer to the power of sale therein contained, and to the sale made by virtue
<br /> 1111111 IIII III lttllI 11111 II 1111111 III 11111 III liii
<br /> 209766 06/13/1997 02:28P B349 P531
<br /> 1 of 4 R 21.00 D 0.00 ROY D. MARTINEZ, COSTILLA
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