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Deed of Trust
<br /> DATE:June 1, 2003
<br /> GRANTOR: KERN RESERVOIR AND DITCH COMPANY
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: YI ELT
<br /> PRINCIPAL LOAN AMOUNT:$3,620,000
<br /> LOAN CONTRACT: Loan Contract No. C150118, dated June 1, 2003
<br /> REPAYMENT TERMS: 5.10 % Interest per annum for a period of 30 years
<br /> COLLATERAL: An undivided one hundred percent (100%) interest in and to all easements and
<br /> rights-of-way appurtenant thereto, all improvements thereon, and all other physical
<br /> and legal features known as the Kern Reservoir (also known as Windsor Lake)
<br /> located in the East Half of Section 17 and Section 16, Township 6 North, Range 67
<br /> West of the 6th P.M., Weld County, Colorado, together with all dams, embankments,
<br /> gates, easements, ditches, canals, rights-of-way and all other structures, appliances,
<br /> fixtures and other property of whatsoever kind and description that are used in
<br /> connection with the operation of said reservoir and the storage, as further described
<br /> on attached Exhibit"A".
<br /> This indenture is between the GRANTOR, and the Public Trustee of the above referenced COUNTY, State of
<br /> Colorado ("PUBLIC TRUSTEE"),
<br /> Factual Recitals
<br /> 1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN CONTRACT,for a
<br /> loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with REPAYMENT TERMS as shown above
<br /> and in accordance with the Promissory Note or until loan is paid in full.
<br /> 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said Promissory
<br /> Note to the BENEFICIARY.
<br /> The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain,
<br /> sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL.
<br /> To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of
<br /> default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in the performance
<br /> of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY
<br /> filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for
<br /> not less than four weeks in some newspaper of general circulation in said COUNTY,shall sell said COLLATERAL in the
<br /> manner provided by law in effect at the time of filing said notice and demand, at public auction for cash, at any
<br /> proper place designated in the notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or
<br /> pay first all fees, charges and costs and all moneys advanced for taxes, insurance and assessments, or on any prior
<br /> encumbrance, with interest thereon and pay the principal and interest due on said Promissory Note, rendering the
<br /> overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the PUBLIC TRUSTEE shall
<br /> execute and deliver to the purchaser a deed to the COLLATERAL sold. The BENEFICIARY may purchase said
<br /> COLLATERAL or any part thereof at such sale.
<br /> Appendix 5 to Loan Contract C150118
<br /> I11 III 111111111111 III 1111111111111
<br /> 3075220 06/20/2003 02:42P Weld County, CO
<br /> 1 of 8 R 41.00 D 0.00 Steve Moreno Clerk & Recorder
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