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<br /> APPENDIX 6, DEED OF TRUST
<br /> Date: November 21,2018
<br /> Grantor: Fruitland Irrigation Company
<br /> Beneficiary: Colorado Water Conservation Board
<br /> County: Delta and Montrose Counties
<br /> Total Loan Amount: $1,746,290.00
<br /> Loan Contract Number: CT2019-2848
<br /> Terms of Repayment: 2.00%interest for 40 years
<br /> Pledged Property: An undivided one-hundred percent interest in the Onion Valley Dam(aka
<br /> Gould Reservoir)including any easements,rights-of-ways or other property or
<br /> property interests held and used in connection with the access and operation of
<br /> said dam, located in the NW 1/4 of the NW 1/4 of Section 18 Township 50
<br /> North, Range 6 West of the 6th P.M., in Delta and Montrose Counties.
<br /> This indenture is between the Grantor, and the Public Trustee of the above referenced County, State of
<br /> Colorado("Public Trustee").
<br /> FACTUAL RECITALS
<br /> i. The Grantor has executed a Promissory Note of even date and amount, set forth in the Loan Contract, for a
<br /> loan in the Total Loan Amount to be repaid to the Beneficiary, with Terms of Repayment and in accordance
<br /> with the Promissory Note or until loan is paid in full.
<br /> 2. The Grantor is desirous of securing payment of the Total Loan Amount and interest of said Promissory Note to
<br /> the Beneficiary.
<br /> The Grantor, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell
<br /> and convey unto the said Public Trustee in trust forever,the above described Pledged Property.
<br /> To have and to hold the same,together with all appurtenances,in trust nevertheless,that in case of default in
<br /> the payment of said Promissory Note,or any part thereof,or the interest thereon,or in the performance of any
<br /> covenants hereinafter set forth or in said Promissory Note or Loan Contract,then upon the Beneficiary filing notice
<br /> of election and demand for sale,said Public Trustee,after advertising notice of said sale weekly for not less than
<br /> four weeks in some newspaper of general circulation in said County,shall sell said Pledged Property in the manner
<br /> provided by law in effect at the time of filing said notice and demand,at public auction for cash,at any proper
<br /> place designated in the notice of sale. Out of the proceeds of said sale,the Public Trustee shall retain or pay first
<br /> all fees,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,rendering the
<br /> overplus,if any,unto the Grantor;and after the expiration of the time of redemption,the Public Trustee shall
<br /> execute and deliver to the purchaser a deed to the Pledged Property sold. The Beneficiary may purchase said
<br /> Pledged Property 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 Pledged
<br /> Property in fee simple,and has full power and lawful authority to grant,bargain,sell and convey the same in the
<br /> manner and form as aforesaid. The Grantor fully waives and releases all rights and claims it may have in or to said
<br /> Pledged Property as a Homestead Exemption or other exemption,now or hereafter provided by law. The Grantor
<br /> further covenants that the Pledged Property is free and clear of all liens and encumbrances whatever and that the
<br /> Grantor shall warrant and forever defend the Pledged Property in the quiet and peaceable possession of the Public
<br /> Trustee,its successors and assigns,against all and every person or persons lawfully claiming or to claim the whole
<br /> or any part thereof.
<br /> Until payment in full of the indebtedness,the Grantor shall timely pay all taxes and assessments levied on the
<br /> Pledged Property; any and all amounts due on account of the principal and interest or other sums on any senior
<br /> encumbrances, if any; and will keep the Pledged Property insured in accordance with the requirements of the Loan
<br /> Page 1 of 3
<br /> Appendix 6
<br /> Contract Number:CT2019-2848
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