CT2017-1402 Attorney Opinion Letter

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Deed of Trust DATE: AUGUST 10,2016 GRANTOR: THE NORTH POUDRE IRRIGATION COMPANY, A COLORADO NONPROFIT CORPORATION BENEFICIARY: COLORADO WATER CONSERVATION BOARD COUNTY: LARIMER TOTAL LOAN AMOUNT: $1,451,673.00 LOAN CONTRACT NUMBER: Cr2o17*1402 TERMS OF REPAYMENT: 2.25%INTEREST FOR THIRTY(30)YEARS PLEDGED PROPERTY: AN UNDIVIDED ONE-HUNDRED PERCENT INTEREST IN THE RESERVOIR Na 4 DAM AND RESERVOIR,INCLUDING THE ENTIRE STRUCTURE AND ANY EASEMENTS,RIGHTS-OF-WAYS OR OTHER PROPERTY OR PROPERTY INTERESTS HELD AND USED IN CONNECTION WITH THE ACCESS AND OPERATION OF SAID DAM AND RESERVOIR.THE LOCATION IS IN THE S 1 OF THE NW'A AND THE N 1 OF THE SW'A OF SECTION 29,TOWNSHIP 9 NORTH,RANGE 68 WEST,OF THE 61/"P.M.,LARIMER COUNTY,COLORADO 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 Nom of even date and amount, set forth in the LOAN CONTRACT, for a loan in the TOTAL 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 TOTAL 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 PLEDGED PROPERTY. 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 PLEDGED PROPERTY 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 PUBLIC TRUSTEE shall execute Appendix 6 Page 1of3