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The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the <br /> COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and convey the same in <br /> the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims it may have in or to <br /> said COLLATERAL as a Homestead Exemption or other exemption, now or hereafter provided by law. The GRANTOR <br /> further covenants that the collateral is free and clear of all liens and encumbrances whatever and that the GRANTOR <br /> shall warrant and forever defend the COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, its <br /> successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part <br /> thereof. <br /> Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on <br /> the COLLATERAL; any and all amounts due on account of the principal and interest or other sums on any senior <br /> encumbrances, if any; and will keep the COLLATERAL insured in accordance with the requirements of the LOAN <br /> CONTRACT. In the event of the sale or transfer of the COLLATERAL, the BENEFICIARY, at its option, may declare the <br /> entire balance of the note immediately due and payable. <br /> In case of default in any of said payments of the principal or interest, according to the terms of said <br /> Promissory Note or LOAN CONTRACT, by the GRANTOR, its successors or assigns, then said principal sum hereby <br /> secured, and interest thereon, may at once, at the option of the BENEFICIARY, become due and payable, and the <br /> said COLLATERAL be sold in the manner and with the same effect as if said indebtedness ,had matured, and that if <br /> foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable amount for services in the <br /> supervision of said foreclosure proceedings shall be allowed by the PUBLIC TRUSTEE as a part of the cost of <br /> foreclosure, and if foreclosure be made through the courts a reasonable attorney's fee shall be taxed by the court <br /> as a part of the cost of such foreclosure proceedings. <br /> It is further understood and agreed, that if a release or a partial release of this Deed of Trust is required, <br /> the GRANTOR, its successors or assigns will pay the expense thereof; that all the covenants and agreements <br /> contained herein and in the Promissory Note and LOAN CONTRACT shall extend to and be binding upon the <br /> successors or assigns of the respective parties hereto; and that the singular number shall include the plural, the <br /> plural the singular, and the use of any gender shall be applicable to all genders. <br /> -0-�-- 10-4,49. '•`. Kern Reservoir and Ditch Company, <br /> JUDY MORRIS a Colorado nonprofit corporation <br /> NOTARY PUBLIC <br /> ( AL)STATE OF COLORADO �/�� „ >l <br /> By: /1 klm—rA I' / './.'.^— <br /> My Commission Expires 12/1/2005 W. Wayne Miller, President <br /> ATT �l" " <br /> By G[ u ( a/24 <br /> Julie Che§ter, Corporate Secretary <br /> County of ;v :•L <br /> c ( ) <br /> ) ss <br /> State of Colorado ) <br /> ti4JC <br /> The foregoing instrument was acknowledged before me this day of a . 2003, by Philip <br /> Saletta and Julie Chester, as President and Corporate Secretary, respectively, of the -rn ,eservoir and Ditch <br /> Company. <br /> Witness my hand and official seal. <br /> I / IY <br /> Notary Public0 , \ <br /> My commission expires: ,7 j, „ <br /> Page 2of2 <br /> 1111111 Hill 1111111 11111 III 1111111 IIIL III 11111 ILII IIII <br /> 3075220 06/20/2003 02:4213 Weld County, CO <br /> 2 of 8 R 41.00 D 0.00 Steve Moreno Clerk & Recorder <br />