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<br /> 3123185 11103/2003 04:27P Weld County, CO
<br /> 1 of 2 R 11.00 D 0.00 Steve Moreno Clerk & Recorder
<br /> 1
<br /> $5 Deed of Trust
<br /> DATE: October 1, 2003
<br /> GRANTOR: THE OGILVY IRRIGATING AND LAND COMPANY
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: WELD
<br /> PRINCIPAL LOAN AMOUNT: $353,500
<br /> LOAN CONTRACT: Loan Contract No. C150148, dated October 1, 2003
<br /> REPAYMENT TERMS: 2.25% Interest per annum for a period of 20 years
<br /> COLLATERAL: An undivided one hundred percent (100%) interest in Seely Lake located
<br /> primarily within Sections 22, 23, 24, 25 and 26, Township 6 North, Range
<br /> 66 West, 6th P.M., Weld County, Colorado, as conveyed to the GRANTOR
<br /> by John M. Studebaker and Lafayette Lamb by Deed made September
<br /> 22, 1905, and recorded in Book 228 at Pages 490 through 492 of the
<br /> records of the County Clerk of Weld County, together with all easements,
<br /> rights-of-way and all other structures, appliances, fixtures and any other
<br /> property used in connection with the operation of said reservoir and
<br /> access to said reservoir.
<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 LOAN
<br /> CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with REPAYMENT
<br /> TERMS as shown above and in accordance with the Promissory Note or until loan is paid in full.
<br /> 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br /> Promissory Note to the BENEFICIARY.
<br /> 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 above described
<br /> COLLATERAL.
<br /> To have and to hold the same, together with all appurtenances, in trust nevertheless, that in
<br /> case of default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in
<br /> the performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT,
<br /> then upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after
<br /> advertising notice of said sale weekly for not less than four weeks in some newspaper of general
<br /> circulation in said COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the
<br /> time of filing said notice and demand, at public auction for cash, at any proper place designated in the
<br /> notice of sale. Out of the proceeds of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees,
<br /> charges and costs and all moneys advanced for taxes, insurance and assessments, or on any prior
<br /> encumbrance, with interest thereon and pay the principal and interest due on said Promissory Note,
<br /> rendering 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 seized of the
<br /> COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and convey the
<br /> same in the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and
<br /> Appendix 5 to Loan Contract C150148
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