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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`Yrincipal 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 ,fad'-rriatired, and that if
<br /> foreclosure be made by the PUBLIC TRUSTEE, an attorney's fee in a reasonable 'amdunt 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 /> Kern Reservoir and Ditch Company,
<br /> JUDY MORRIS a Colorado nonprofit corporation
<br /> NOTARY PUBLIC
<br /> ..,...,..,......,.. .......0.,..„.j
<br /> ( L) STATE OF COLORADO
<br /> My Commission Expires 12/1/2005
<br /> By: al Tien c_ l)/),/d1--,
<br /> W. W yne Miller, President
<br /> ATT /
<br /> g 0:- /t., ,f , , ,
<br /> ulie Ch ter, Corprate Secretary
<br /> County of (dk) Q, )
<br /> ) ss
<br /> State of Colorado )
<br /> The foregoing instrument was acknowledged before me this / day of ALA ., 2003, by Philip
<br /> Saletta and Julie Chester, as President and Corporate Secretary, respectively, of the -rn`'eservoir and Ditch
<br /> Company. _
<br /> Witness
<br /> Witness my hand and official seal. ',
<br /> . cyL d
<br /> Notary Pub
<br /> My commission expires: I,
<br /> rCwJ
<br /> Page 2 of 2
<br /> 111111111111111111111111 1111111111 11111I'll
<br /> 3075220 06/20/2003 02:42P Weld County, CO
<br /> 2 of 8 R 41.00 0 0.00 Steve Moreno Clerk& Recorder
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