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<br />617212 12/23/2002 04:0SP B1420 P34 " ALSDORF
<br />1 of 3 R 16.00 D 0.00 GARFIELD COUNTY CO
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<br />Deed of Trust
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<br />3;1
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<br />This indenture, made this November 2, 2002, between The Glenwood Irrigation Company,
<br />whose address is P.O. Box 27, Glenwood Springs, Colorado 81902, hereinafter referred to as GRANTOR,
<br />and the Public Trustee of the County of Garfield, State of Colorado, hereinafter referred to as PUBLIC
<br />.TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, dated November 2, 2002,
<br />set forth in Contract No. C150106 (the Contract) for a loan in the principal sum of $386,000 to be repaid
<br />to 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
<br />rate of 4% per annum, payable in 3D annual installments, in accordance with the terms of the Promissory
<br />Note, or until loan is paid in full.
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<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.
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<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: the
<br />GRANTOR'S Glenwood Ditch siphon structure located in the NEI4 of Section 28, Township 7 South, Range
<br />88 West, 6'" PM in Garfield County, Colorado, (collectively or hereinafter referred to as the "Property").
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<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
<br />auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks public notice having been previously
<br />given of the time and place of such sale, advertisement once each week for five consecutive weeks, in
<br />some newspaper of general circulation at that time published in said county, a copy of which notice shall
<br />be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address
<br />herein given and to such person or persons appearing to have acquired a subsequent record interest in
<br />said Property at the address given in the recorded Instrument; where only the county and state is given as
<br />the address then such notice shall be mailed to the county seat, and to make and give to the purChaser of
<br />the Property at such sale, a certificate in writing describing the Property purchased, and the sum paid
<br />therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed
<br />therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon
<br />demand by the person holding the said certificate of purchase, when said demand is made, or upon
<br />demand by the person entitled to a deed to and for the Property purchased, at the time such demand is
<br />made, the time for redemption having expired, make and execute to such person a deed to the Property
<br />purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
<br />acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person
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<br />Appendix 5 to Loan Contract C150106
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