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DEED OF TRUST <br /> DATE: ' September 22, 2017 <br /> GRANTOR: CONSOLIDATED DITCH AND HEADGATE COMPANY <br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD <br /> COUNTY: RIO GRANDE <br /> TOTAL LOAN AMOUNT: $1,010,000.00 <br /> LOAN CONTRACT NUMBER: CT2018-1o17 <br /> TERMS OF REPAYMENT: 1.8o%INTEREST FOR 3o YEARS <br /> PLEDGED PROPERTY: AN UNDIVIDED ONE-HUNDRED PERCENT INTEREST IN THE DIVERSION DAM <br /> AND HEADGATE STRUCTURE INCLUDING THE ANY EASEMENTS,RIGHTS-OF- <br /> WAYS OR OTHER PROPERTY OR PROPERTY INTERESTS HELD AND USED IN <br /> CONNECTION WITH THE ACCESS AND OPERATION OF SAID DIVERSION DAM <br /> AND HEADGATE STRUCTURE,LOCATED IN THE NW 1/4 OF THE NW 1/4 OF <br /> SECTION 16,TOWNSHIP 39 NORTH,RANGE 7 EAST OF THE NEW MEXICO <br /> P.M. <br /> This indenture is between the Grantor, and the Public Trustee of the above referenced <br /> COUNTY, State of Colorado ("PUBLIC 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 TOTAL LOAN AMOUNT to be repaid to the BENEFICIARY, with <br /> TERMS OF REPAYMENT 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 TOTAL LOAN AMOUNT and interest of said <br /> PROMISSORY NOTE to the BENEFICIARY. <br /> The GRANTOR,in consideration of the premises and for the purpose aforesaid, does hereby <br /> grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described <br /> PLEDGED PROPERTY. <br /> To have and to hold the same,together with all appurtenances,in trust nevertheless,that <br /> in case of default in the payment of said PROMISSORY NOTE,or any part thereof,or the interest <br /> thereon, or in the performance of any covenants hereinafter set forth or in said PROMISSORY NOTE <br /> or LOAN CONTRACT,then upon the BENEFICIARY filing notice of election and demand for sale, said <br /> PUBLIC TRUSTEE,after advertising notice of said sale weekly for not less than four weeks in some <br /> newspaper of general circulation in said CouNTY, shall sell said PLEDGED PROPERTY in the manner <br /> provided by law in effect at the time of filing said notice and demand,at public auction for cash, <br /> at any proper place designated in the notice of sale. Out of the proceeds of said sale,the PUBLIC <br /> TRUSTEE shall retain or pay first all fees,charges and costs and all moneys advanced for taxes, <br /> insurance and assessments, or on any prior encumbrance,with interest thereon and pay the <br /> principal and interest due on said PROMISSORY NOTE, rendering the overplus,if any,unto the <br /> GRANTOR;and after the expiration of the time of redemption,the PUBLIC TRUSTEE shall execute <br /> and deliver to the purchaser a deed to the PLEDGED PROPERTY sold. The BENEFICIARY may purchase <br /> said PLEDGED PROPERTY or any part thereof at such sale. <br /> Appendix 6 <br /> Page 1 of 3 <br />