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<br /> Amended Deed of Trust
<br /> \ This indenture, made this L— day of 4 p if I i 1997, between the Beave Park Water,
<br />,N1 Inc., whose address is P. O. Box 286, 401 Broadway', Penrose, CO 81240, hereinafter referred to as GRA OR, and the
<br /> I Public Trustee of the County of Fremont, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br /> Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract 153742, as
<br /> amended ("Contract"), for a loan in the principal sum of$975,000 to be repaid to the STATE OF COLORAD for the use
<br /> and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sh rman Street,
<br /> 4 Room 721, Denver, Colorado 80203,with interest thereon from the date of first disbursement of funds under tle Contract at
<br /> the interest rate of 3'/z% per annum, payable in 30 annual installments, in accordance with the promissory note, or until
<br /> loan is paid in full. This deed of trust is amended to reflect an increased loan amount. The original eed of trust,
<br /> dated October 23, 1996,was recorded at Book 1268 Page 279 on December 9, 1996,with the Recordeof Fremont
<br /> County,State of Colorado.
<br /> And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to the
<br /> State of Colorado.
<br /> Now, therefore, the GRANTOR, in considerate of thepremises and for the purpose aforesaid, does'
<br /> \ consideration p rp hereby grant,
<br /> bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: the Brush Hollow Dam and Reservoir, all
<br /> appurtenances thereon, and the land on which the Dam and Reservoir lie consisting of approximately 460. 1 acres and
<br /> described as follows: The following 4 parcels within Section 24, Township 18 South, Range 69 West of the 6th Pri cipal Meridian
<br /> consisting of the acreages indicated: (1)NE%NEX(40.297 acres), (2) SEX NEX(40.271 acres), (3)NEX SE'/, (40.497 acres),
<br /> and(4) SE/, SEX (40.47 acres);and the following 2 parcels within Section 25, Township 18 South, Range 69 West of the 6th
<br /> Principal Meridian consisting of the acreages indicated: (1)NE/4 NE/4(40.436 acres)and(2)N%SE%NEX(30.24 acres);and \cl
<br /> the following 4 parcels within Section 19, Township 181 South, Range 68 West of the 6th Principal Meridian co sisting of the
<br /> % acreages indicated: (1)NW%NW/4(40.394 acres), (2)$W%NW 44(40.155 acres), (3)NW 44 S W%(39.872 acres) and(4)SW'/4
<br /> t SW44 (39.598 acres); and the following 2 parcels within Section 30, Township 18 South, Range 68 West of th 6th Principal
<br /> Meridian consisting of the acreages indicated: (1) NW'/4 NW 44 (39.185 acres), and (2) NY, SW/4 NW'% ( 9.410 acres),
<br /> (collectively or hereinafter referred to as the "Property,.
<br /> To have and to hold the same,together with all and singular the privileges and appurtenances thereuntcbelonging: In
<br /> Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment f the interest
<br /> thereon,according to the tenor and effect of said note or in the payment of any prior encumbrances,principal or interest,if any,or
<br /> Ici.‘. . in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenantsr agreements
<br /> contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained i the Contract
<br /> and elect to advertise said Property for sale, and demand such sale by filing a notice of such election and demafor sale with
<br /> the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale,the PUBLIC TRUSTEE shall causa copy of the
<br /> same to be recorded in the recorder's office of the county in which said Property is situated, it shall and may b lawful for the
<br /> PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE y think best),
<br /> and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction at such ti a and at such
<br /> location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,for the highest and best price the same wil bring in cash,
<br /> four weeks public notice having been previously given of the time and place of such sale, advertisement once each week for five
<br /> consecutive weeks, in some newspaper of general circulation at that time published in said County of Fremont, a copy of which
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<br /> notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address h rein given and
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<br /> to such person or persons appearing to have acquired a subsequent record interest in said Property at the addre s given in the o
<br /> recorded instrument;where only the county and state is given as the address then such notice shall be mailed to t a county seat,
<br /> and to make and give to the purchaser of the Property at such sale,a certificate in writing describing the Property urchased,and )..;
<br /> the sum paid therefor, and the time when the purchaser(or other person entitled thereto) shall be entitled to the deed therefor, _ ii
<br /> unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall. upon demand by the erson holding m
<br /> the said certificate of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the _a 8
<br /> 1 Property purchased,at the time such demand is made,the time for redemption having expired, make and execute o such person N i_
<br /> a deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and s all be signed, mr z
<br /> C acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to uch deed,the w E
<br /> Property purchased as aforesaid and all the right,title, interest, benefit and equity of redemption of the GRANTOR, its successors mom a w
<br /> and assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale B
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<br /> 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
<br /> \NN,- of the redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall also he referred to in _m m
<br /> such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall,out of the proceeds or avails of —a m
<br /> such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiaryhereunder the .m z
<br /> principal and interest due on said note according to the tenor and effect thereof,and all moneys advanced by suc4 beneficiary or a
<br /> legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum rendering the moo m a
<br /> surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual B
<br /> bar, both in law and equity, against the GRANTOR, its successors and assigns,and all other persons claiming the property,or any rn o
<br /> part thereof, by,from,through or under the GRANTOR,or any of them. The holder of said note may purchase Prop rty or any part =...1)m
<br /> thereof;and it shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money. m
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<br /> AAnd the GRANTOR,for itself and its successors or assigns covenants and agrees to and with the PUBLIC RUSTEE,that at
<br /> o 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 mml m a
<br /> power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and �N
<br /> Exhibit 3 to Contract #C153742 Amendment #1 °
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