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Deed of Trust
<br /> This indenture, made this 9' day of NOY 1997, between the Smith Irrigation Ditch, a Colorado nonprofit
<br /> corporation, whose address is 96193 E. Highway 40, Craig, CO 81625, hereinafter referred to as GRANTOR, and the Public
<br /> Trustee of the County of Routt, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which is a part of Loan Contract C153787
<br /> u (the Contract),for a loan in the principal sum of$50,000.00 to be repaid to the State of Colorado for the use and benefit of the
<br /> • Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver,
<br /> Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at an interest rate of
<br /> 3.5% per annum, payable in 20 annual installments, in accordance with the terms of the Promissory Note, or until loan is paid
<br /> c, in full.
<br /> v • And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to
<br /> the State of Colorado.
<br /> Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br /> bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: The Smith Ditch diversion structure constructed
<br /> N in 1997 and located on Elkhead Creek approximately 200 feet downstream of the Smith Ditch headgate in the N1/2 of the
<br /> NW1/4 of the NW1/4 of Section 28, Township 7 North, Range 89 West of the 6th P.M. (collectively or hereinafter referred to
<br /> • Q.)
<br /> as the"Property").
<br /> L.1 To have and to hold the same, together with all and singular the privileges and appurtenances thereunto
<br /> o belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of
<br /> u the interest thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br /> w z interest, if any, or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants
<br /> or agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained
<br /> cam, in the Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such election and
<br /> N demand fcr sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE
<br /> a) shall cause a copy of the same to be recorded in the recorder's office of the county in which said Property is situated, it shall
<br /> and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said
<br /> co PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at
<br /> public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,for the highest
<br /> and best price the same will bring in cash, four weeks public notice having been previously given of the time and place of
<br /> co p such sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time
<br /> N U published in said County of Routt, a copy of which notice shall be mailed within ten days from the date of the first publication
<br /> y, thereof to the GRANTOR at the address herein given and to such person or persons appearing to have acquired a subsequent
<br /> +-) record interest in said Property at the address given in the recorded instrument; where only the county and state is given as
<br /> o the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the Property at
<br /> c, a such sale, a certificate in writing describing the Property purchased, and the sum paid therefor, and the time when the
<br /> purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is
<br /> provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when
<br /> na said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time such
<br /> N demand is made, the time for redemption having expired, make and execute to such person a deed to the Property
<br /> purchased, which said deed shall be in the ordinary form of a conveyance, and shallbe;signed,.acknowledged and delivered
<br /> N by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such deed; tit.Property purchased as
<br /> N ft aforesaid and all the right, title, interest, benefit and equity of redemption of the GR4lTol , its successors and assigns made
<br /> therein, and shall recite the sum for which the said Property was sold and shall refer to the povVP°of sale therein contained,
<br /> -+ and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the
<br /> c7' 3 redemption of the Property, by a subsequent encumbrancer, such assignment or redemp id l si)alf*lso'tb$ referred to in such
<br /> deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE hell, opt cif the proceeds or avails of
<br /> • ro such sale, after first paying and retaining all fees,charges and costs of making said sale, pay to the beneficiary hereunder the
<br /> 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,
<br /> rendering the surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall
<br /> be a perpetual bar, both in law and equity, against the GRANTOR, its successors and assigns, and all other persons claiming
<br /> the Property, or any part thereof, by, from, through or under the GRANTOR, or any of them. The holder of said note may
<br /> purchase Property or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see to the
<br /> application of the purchase money.
<br /> And the GRANTOR, for itself and its successors 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 Property 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
<br /> fully and absolutely waiving and releasing all rights and claims it may have in or to said 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
<br /> Appendix 5 to Loan Contract C153787
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