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Deed of Trust <br />DATE: <br />JANUARY 17, 2015 <br />GRANTOR: <br />EAST MESA WATER COMPANY <br />BENEFICIARY: <br />COLORADO WATER CONSERVATION BOARD <br />COUNTY: <br />PITKIN AND GARFIELD <br />PRINCIPAL LOAN AMOUNT: <br />$555,500 <br />LOAN CONTRACT: <br />LOAN CONTRACT No. C150360 <br />TERMS OF REPAYMENT: <br />1.75% per annum for 30 years <br />COLLATERAL: <br />An undivided one -hundred percent interest in the Ditch Piping Project <br />including up to 1,450 feet of 48 -inch high density polyethylene <br />(HDPE) pipe and 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 ditch/pipeline (said easements, rights -of -ways and <br />other property or property interests held and used in connection with <br />the access and operation of said ditch/pipeline being the "Project <br />Area"). The Collateral does not include any right to any other <br />portion of the East Mesa Ditch or any other portion of the easement <br />associated with the East Mesa Ditch, other than the Project Area <br />described above and any necessary easement for ingress to and <br />egress from said Project Area, and it does not include the water <br />rights associated with the East Mesa Ditch. The PROJECT is located <br />in the Crystal River Valley in the northern portion of Pitkin County and <br />the southern portion of Garfield County, Colorado, about 7 miles <br />South of Carbondale, Colorado, on the east side of the Crystal River <br />along Highway 133, Section 3, R88W, T9S. <br />This indenture is between the Grantor, and the Public Trustee of the above referenced <br />COUNTY, State of Colorado ("PUBUC 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 <br />paid 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, <br />that in case of default in the payment of said PROMISSORY NOTE, or any part thereof, or the <br />interest thereon, or in the performance of any covenants hereinafter set forth or in said <br />Appendix 5 to Loan Contract C150360 <br />Page 1 of 3 <br />