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RCPTN # 98111694 12/18/98 16 : 42 : 00 # PAGES - 4 FEE - $21 . 00
<br /> M RODENBERGER RECORDER, LARIMER COUNTY CO STATE DOC FEE - $ . 00
<br /> Deed of Trust
<br /> This indenture, made this /OP day of Dec 'v- L a.r' 1998, between the Greeley and Loveland
<br /> Irrigation Company, whose address is 808 23rd Avenue, Greeley, CO 80631 hereinafter referred to as GRANTOR,
<br /> and the Public Trustee of the County of Larimer, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No.
<br /> C153835 ("Contract") for a loan in the principal sum of $308,000 to be repaid to the STATE OF COLORADO
<br /> for the use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is
<br /> 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first
<br /> disbursement of funds under the Contract at the effective interest rate of 4.21% per annum, payable in 30
<br /> annual installments, in accordance with the Promissory Note Provision of said Contract, or until loan is paid in
<br /> full.
<br /> And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br /> promissory note to the State of Colorado.
<br /> Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does
<br /> hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: all easements and
<br /> rights-of-way appurtenant thereto, all improvements thereon, and all other physical and legal features known
<br /> as Equalizer Reservoir, consisting of approximately 111.6544 acres, located in Larimer County, Colorado, as
<br /> more particularly described in ATTACHMENT A, attached hereto (collectively or hereinafter referred to as the
<br /> "Property").
<br /> To have and to hold the same, together with all and singular the privileges and appurtenances
<br /> thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part
<br /> thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the
<br /> payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in case
<br /> of violation or breach of any of the terms, conditions, covenants or agreements contained in the Contract, the
<br /> beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to
<br /> advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale
<br /> with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br /> cause a copy of the same to be recorded in the recorder's office of the county in which said Property is
<br /> situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in
<br /> separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the
<br /> GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall be
<br /> designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash,
<br /> four weeks public notice having been previously given of the time and place of such sale, advertisement once
<br /> each week for five consecutive weeks, in some newspaper of general circulation at that time published in said
<br /> County of Larimer, a copy of which notice shall be mailed within ten days from the date of the first
<br /> publication thereof to the GRANTOR at the address herein given and to such person or persons appearing to
<br /> have acquired a subsequent record interest in said Property at the address given in the recorded instrument;
<br /> 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 the Property at such sale, a certificate in writing describing the
<br /> Property purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled
<br /> thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and
<br /> said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when said
<br /> demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the
<br /> time such demand is made, the time for redemption having expired, make and execute to such person a deed
<br /> to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
<br /> acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled
<br /> to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of
<br /> redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the
<br /> said Property was sold and shall refer to the power of sale therein contained, and to the sale made by virtue
<br /> thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the
<br /> Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such
<br /> deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the
<br /> Appendix 4 to Loan Contract C153835
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