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RCPTN # 95057128 09/13/95 08 : 28 : 00 # PAGES - 2 FEF; -
<br /> M RODENBERGER RECORDER, LAR1MER COUNTY CO $11 . 00
<br /> STATE DOC FEE -
<br /> $ . 00
<br /> DEED OF TRUST
<br /> THIS INDENTURE, made this 20thday of June , 1995, between NEW
<br /> CACHE LA POUDRE IRRIGATING COMPANY whose address is P. O. Box 104, Lucerne,
<br /> Colorado 80646 hereinafter referred to as GRANTOR, and the Public Trustee of
<br /> the County of LARIMER, State of Colorado, hereinafter referred to as PUBLIC
<br /> TRUSTEE,
<br /> WITNESSETH, THAT, WHEREAS, GRANTOR has executed a promissory note,
<br /> dated July 29, 1993, for the principal sum of Four Hundred Fifty Thousand
<br /> Dollars ($450,000) payable to the order of the STATE OF COLORADO for the use and
<br /> benefit of the Department of Natural Resources, Water. Conservation Board,
<br /> whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, after
<br /> the date hereof, with interest thereon from the date thereof at the rate of four
<br /> percent (4%) per annum, payable in 25 annual installments of Twenty-Eight Thousand Eight Hundred Five Dollars
<br /> and Thirty-Eight Cents ($28,805.38), or until loan is paid in full.
<br /> AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said promissory
<br /> note in whose hands soever the said note or any of them may be.
<br /> NOW, THEREFORE, 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 following described property,
<br /> situated in the County of LARIMER Colorado, to wit: the diversion structure in the Cache LaPoudre River located in the SW 1/4 of the SE
<br /> 1/4 of the NE 1/4 of Section 11, Township 6 North, Range 68 West of the 6th P.M. in Larimer County, Colorado at a point which lies
<br /> N87°30"W 1040 feet from the 1/4 section corner common to Sections 11 and 12 in said Township 6 North and Range 68 West.
<br /> TO HAVE AND TO HOLD the same,together with all and singular the privileges and appurtenances thereunto belonging: In Trust
<br /> nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest thereon, according
<br /> to the tenor and effect of said note or in the payment of any prior encumbrances,principal or interest,if any,or in case default shall be made
<br /> in or in case of violation or breach of any of the terms, conditions, covenants or agreements herein contained, the beneficiary hereunder
<br /> or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained and elect to advertise
<br /> said property for sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt
<br /> of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office
<br /> of the county in which said property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same(en masse
<br /> or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its heirs or assigns
<br /> therein,at public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and
<br /> best price the same will bring in cash, four weeks public notice having been previously given of the time and place of such sale,
<br /> advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time published in said County
<br /> of Larimer,a copy of which notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address
<br /> herein given and to such person or persons appearing to have acquired a subsequent record interest in said property at the address given
<br /> in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the county seat,
<br /> and to make and give to the purchaser of such property at such sale, a certificate in writing describing such property purchased, and the
<br /> sum paid therefor,and the time when the purchaser(or other person entitled thereto)shall be entitled to the deed therefor,unless the same
<br /> shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br /> when said demand is made, or upon demand by the person entitled to a deed to and for the property purchased, at the time such demand
<br /> is made,the time for redemption having expired, make and execute to such person a deed to the said property purchased, which said deed
<br /> shall be in the ordinary form of a conveyance,and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey
<br /> and quitclaim to such person entitled to such deed, the said property purchased as aforesaid and all the right, title, interest, benefit and
<br /> equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the sum for which the said property was sold and
<br /> shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate
<br /> of purchase, or it cns? of the redemption of such property, by a subsequent encumbrancer, such assignment or redemption shall also be
<br /> referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or avails
<br /> of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder or the legal
<br /> holder of said note the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such
<br /> beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering
<br /> the overplus, if any,unto the GRANTOR,its legal representatives or assigns;which sale and said deed so made shall be a perpetual bar,both
<br /> in law and equity,against the GRANTOR,its heirs and assigns,and all other persons claiming the said property,or any part thereof,by,from,
<br /> through or under the GRANTOR, or any of them. The holder of said note may purchase said property or any part thereof; and it shall not be
<br /> obligatory upon the purchaser at any such sale to see to the application of the purchase money.
<br /> And the GRANTOR,for itself and its heirs,personal representatives or assigns covenants and agrees to and with the PUBLIC TRUSTEE,
<br /> that at the time of the unsealing of and delivery of these presents it is well seized of the said land and tenements in fee simple, and has good
<br /> right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and
<br /> absolutely waiving and releasing all rights and claims it may have in or to said lands, tenements,and property as a Homestead Exemption,
<br /> or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under and by
<br /> virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation thereto and that the same are
<br /> free and clear of all liens and encumbrances whatever,except N/A and the above bargained property in the quiet and peaceable possession
<br /> of the PUBLIC TRUSTEE,,its successors and assigns, against all and every person or persons lawfully claiming or to claim the who or any part
<br /> thereof, the GRANTOR shall and will Warrant and Forever Defend.
<br /> Until payment in full of the indebtedness,the GRANTOR shall timely pay all taxes and assessments levied on the property;any and
<br /> all amounts due on account of principal and interest or other sums on any senior encumbrances,if any;and will keep all improvements that
<br /> may be on said lands insured against any property loss, including any loss to the property including the perils of flood, fire, and tornado,
<br /> in a company or companies meeting the satisfaction of the beneficiary hereof in an amount not less than the then total indebtedness. Each
<br /> policy shall contain a loss payable clause naming the beneficiary as mortgagee and shall further provide that the insurance may not be
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