C153742 DOT Release

• Contract/PO #: C153742
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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Amended Deed of Trust
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This indenture,made this L-- day of Al/p if I 1 1997, between the Beaver Park Water,
Inc., whose address is P. O. Box 286, 401 Broadway, Penrose, CO 81240, hereinafter referred to as GRANTOR, and the
Public Trustee of the County of Fremont, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract #C153742, as
amended ("Contract"), for a loan in the principal sum of$975,000 to be repaid to the STATE OF COLORADO for the use
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and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street,
Room 721, Denver, Colorado 80203,with interest thereon from the date of first disbursement of funds under the Contract at
the interest rate of 31A% per annum, payable in 30 annual installments, in accordance with the promissory note, or until
loan is paid in full. This deed of trust is amended to reflect an increased loan amount. The original deed of trust,
dated October 23, 1996,was recorded at Book 1268 Page 279 on December 9, 1996,with the Recorder of Fremont
County,State of Colorado.
And whereas,the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to the
State of Colorado.
Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: the Brush Hollow Dam and Reservoir, all
appurtenances thereon, and the land on which the Dam and Reservoir lie consisting of approximately 460.91 acres and
described as follows: The following 4 parcels within Section 24, Township 18 South, Range 69 West of the 6th Principal Meridian
() consisting of the acreages indicated: (1)NE'/,NE'/<(40.297 acres), (2) SEX NE.4(40.271 acres), (3)NE/+SE', (40.497 acres),
and(4) SE% SE/, (40.47 acres);and the following 2 parcels within Section 25, Township 18 South, Range 69 West of the 6th
Principal Meridian consisting of the acreages indicated: (1)NE%NE%(40.436 acres)and(2)NY,SE'/,NE/,(30.244 acres);and l\Lr
the following 4 parcels within Section 19, Township 18 South, Range 68 West of the 6th Principal Meridian consisting of the
acreages indicated: (1)NW',NW',(40.394 acres), (2)SW 4 NW%(40.155 acres), (3)NW/,SW%(39.872 acres),and(4) SW/,
SWJ (39.598 acres); and the following 2 parcels within Section 30, Township 18 South, Range 68 West of the 6th Principal
Meridian consisting of the acreages indicated: (1) NW 4 NW/. (39.185 acres), and (2) N% SW% NW/, (29.410 acres),
(collectively or hereinafter referred to as the'Property').
To have and to hold the same,together with all and singular the privileges and appurtenances thereunto belonging: In
Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest
thereon,according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or 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 or agreements
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contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the Contract
and elect to advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale with
the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE 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 and may be lawful for the
PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think best),
and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such
location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,for the highest and best price the same will bring in cash,
(� four weeks public notice having been previously given of the time and place of such sale, advertisement once each week for five
_ consecutive weeks, in some newspaper of general circulation at that time published in said County of Fremont, a copy of which
v notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and
to such person or persons appearing to have acquired a subsequent record interest in said Property at the address given in the IR
recorded instrument;where only the county and state is given as the address then such notice shall be mailed to the county seat,
c� and to make and give to the purchaser of the Property at such sale,a certificate in writing describing the Property purchased,and ):
the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, _ F-
unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding m
the said certificate of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the _cr,8
Property purchased,at the time such demand is made,the time for redemption having expired, make and execute to such person mm.N i_
a deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed, m z
,Z acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such deed,the w z
Property purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the GRANTOR, its successors Eimm n.w
V and assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale =m IL
therein contained,and to the sale made by virtue thereof;and in case of an assignment of such certificate of purchase,or in case N m
of the reothe Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred tos in _m m
such deed;demptibut then of notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall,out of the proceeds or avails of —a
such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the ..R.Z
principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such beneficiary or -. a
legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering the moo m m
surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual — B
bar, both in law and equity,against the GRANTOR, its successors and assigns,and all other persons claiming the Property,or any °ri 0
part thereof, by,from,through or under the GRANTOR,or any of them. The holder of said note may purchase Property or any part °y m
thereof;and it shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money. mm...._m
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And the GRANTOR,for itself and its successors or assigns covenants and agrees toi and with the PUBLIC TRUSTEE,that at r,
the time of the unsealing of and delivery of these presents, it is well seized of the Property in fee simple, and has good right,full a
power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and m N
Exhibit 3 to Contract #C153742 Amendment #1 a� °