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<br /> 541909 03/13/2001 12: 17P Kay Weinland
<br /> 1 of 3 R 15.00 D 0.00 Routt County, Co
<br /> Deed of Trust
<br /> This indenture, made this 1st day of February 2001, between the Woodchuck Ditch Company,
<br /> whose address is 42095 RCR 44, Steamboat Springs, Colorado, 80487, hereinafter referred to as
<br /> GRANTOR, and the Public Trustee of the County of Routt, State of Colorado, hereinafter referred to as
<br /> PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a promissory note of even date and amount,
<br /> set forth in Contract No. C150041 (the Contract) for a loan in the principal sum of $30,000 to be repaid to
<br /> the STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water
<br /> Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with
<br /> interest thereon from the date of first disbursement of funds under the Contract at the effective interest rate
<br /> of 3.75% per annum, payable in 20 annual installments, in accordance with the terms of the Promissory
<br /> Note, or until loan is paid in 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,
<br /> does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: a 400-
<br /> foot portion of the GRANTOR'S ditch, located 400 feet west of the east line and 1300 feet north of the south
<br /> line of Section 31, Township 7 North, Range 84 West, 6th P.M., Routt County, Colorado, collectively or
<br /> hereinafter referred to as the "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
<br /> case of violation or breach of any of the terms, conditions, covenants or agreements contained in the
<br /> Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the
<br /> Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such
<br /> election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br /> demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br /> office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to
<br /> sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br /> best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction
<br /> at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the
<br /> highest and best price the same will bring in cash, four weeks public notice having been previously given
<br /> of the time and place of such sale, advertisement once each week for five consecutive weeks, in some
<br /> newspaper of general circulation at that time published in said county, a copy of which notice shall be
<br /> mailed within ten days from the date of the first publication thereof to the GRANTOR at the address herein
<br /> given and to such person or persons appearing to have acquired a subsequent record interest in said
<br /> Property at the address given in the recorded instrument; where only the county and state is given as the
<br /> address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the
<br /> Property at such sale, a certificate in writing describing the Property purchased, and the sum paid therefor,
<br /> and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor,
<br /> unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand
<br /> by the person holding the said certificate of purchase, when said demand is made, or upon demand by the
<br /> person entitled to a deed to and for the Property purchased, at the time such demand is made, the time for
<br /> redemption having expired, make and execute to such person a deed to the Property purchased, which
<br /> said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered
<br /> Appendix 4 to Loan Contract C150041
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