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RECEIVED iii' 11111 iii 111111 Ilii 111111111111 Iii 11111 Illi illi
<br />r 'AUG 1 0 1998 1232119 08/03/1998 01:27P TD Chris C. Munoz
<br /> 1 of 3 R 16.00 D 0.00 Pueblo Cty Clk & Rec.
<br /> c`'
<br /> cartsDeed of Trust
<br /> ..
<br /> This indenture, made this V5-1-!--/ day of LJW\u r)—( , between
<br /> the EXCELSIOR IRRIGATING COMPANY, a Colorado mutual ditch c` mpany, whose address is 231
<br /> Nyberg Road, Pueblo, Colorado 81006, hereinafter referred to as GRANTOR, and the Public Trustee
<br /> of the County of Pueblo, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract
<br /> C153797 ("Contract") for a loan in the principal sum of $230,000 to be repaid to the STATE OF
<br /> COLORADO for the use and benefit of the Department of Natural Resources, Water Conservation
<br /> Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest
<br /> thereon from the date of first disbursement of funds under the Contract at the effective interest rate
<br /> of 3.75% per annum, payable in 30 annual installments, in accordance with the terms of the
<br /> 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
<br /> said promissory note to the State of Colorado.
<br /> Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br /> aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever,
<br /> to wit: the diversion structure of the Excelsior Ditch, located in the SE1/4 of the SE1/4 of Section 36,
<br /> Township 20 South, Range 64 West of the Principal Meridian, Pueblo County, Colorado (hereinafter
<br /> referred to as "Property").
<br /> To have and to hold the same, together with all and singular the privileges and
<br /> appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of
<br /> said note, or any part thereof, or in the payment of the interest thereon, according to the tenor and
<br /> effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in
<br /> case default shall be made in or in case of violation or breach of any of the terms, conditions,
<br /> covenants or agreements contained in the Contract, the beneficiary hereunder may declare a
<br /> 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
<br /> TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br /> cause a copy of the same to be recorded in the recorder's office of the county in which said Property
<br /> is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en
<br /> masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and
<br /> interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such
<br /> location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price
<br /> the same ,
<br /> willi� bring in cash, four weeks public notice having beer, pre';cusiy given of the time and
<br /> place of such sale, advertisement once each week for five consecutive weeks, in some newspaper
<br /> of general circulation at that time published in said county, a copy of vhich notice shall be mailed
<br /> within ten days from the date of the first publication thereof is the at the address herein
<br /> given and to such person or persons appearing to have acquired a subsequent record interest in
<br /> said Property at the address given in the recorded instrument; where only the county and state is
<br /> given as the address then such notice shall be mailed to the county seat, and to make and give to
<br /> the purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br /> and th' sum pair' therefor, and the time when the purchaser (or other person entitled thereto) shall
<br /> be eni.L,ed to thetherefor, unless the same shall be redeemed as is provided by law; and said
<br /> PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase, -then
<br /> said demand is made, or upon demand by the person entitled to a deed to and for the Property
<br /> purchased, at the time such demand is made, the time for redemption having expired, make and
<br /> execute to such person a deed to the Property purchased, which said deed shall be in the ordinary
<br /> form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE
<br /> Appendix 7 to Loan Contract C153797
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