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• 584715 DT 09/10/2012 01:51:11 PM
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<br /> Carol Tullis Clerk/Recorder, Montezuma County, Co
<br /> 17,14.111,110111014:140�OI N!, ��4u L � 11111
<br /> Deed of Trust
<br /> DATE: July 2, 2012
<br /> GRANTOR: MONTEZUMA VALLEY IRRIGATION COMPANY
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: MONTEZUMA
<br /> PRINCIPAL LOAN AMOUNT: $338,603
<br /> LOAN CONTRACT: Loan Contract No. C150333, dated July 2, 2012
<br /> TERMS OF REPAYMENT: 2.75% per annum for 30 years
<br /> COLLATERAL: An undivided one-hundred percent interest in any rights to the
<br /> May Pipeline that the Grantor holds including approximately five
<br /> (5) miles of pipeline commencing at the NE 1/4 of the NW % of
<br /> Section 33, Township 36 North, Range 14 West, N.M.P.M.,
<br /> diverting from the Dolores River.
<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 PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY,
<br /> with TERMS OF REPAYMENT and in accordance with the Promissory Note or until loan is paid
<br /> in full.
<br /> 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of
<br /> said Promissory Note to the BENEFICIARY.
<br /> 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, the above
<br /> described COLLATERAL.
<br /> To have and to hold the same, together with all appurtenances, in trust nevertheless,
<br /> that in case of default in the payment of said Promissory Note, or any part thereof, or the
<br /> interest thereon, or in the performance of any covenants hereinafter set forth or in said
<br /> Promissory Note or LOAN CONTRACT, then upon the BENEFICIARY filing notice of election and
<br /> demand for sale, said PUBLIC TRUSTEE, after advertising notice of said sale weekly for not less
<br /> than four weeks in some newspaper of general circulation in said COUNTY, shall sell said
<br /> COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand,
<br /> at public auction for cash, at any proper place designated in the notice of sale. Out of the
<br /> proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs
<br /> and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance,
<br /> with interest thereon and pay the principal and interest due on said Promissory Note, rendering
<br /> the overplus, if any, unto the GRANTOR; and after the expiration of the time of redemption, the
<br /> PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the COLLATERAL sold. The
<br /> BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well
<br /> seized of the COLLATERAL in fee simple, and has full power and lawful authority to grant,
<br /> bargain, sell and convey the same in the manner and form as aforesaid. The GRANTOR fully
<br /> waives and releases all rights and claims it may have in or to said COLLATERAL as a Homestead
<br /> Appendix 5 to Loan Contract C150333
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