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<br />Deed of Trust
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<br />This indenture, made this 1" day of September 1999, between the City of Grand Junction, whose
<br />address is 250 North 5th Street, Grand Junction, Colorado, 81501-2668, hereinafter referred to as GRANTOR
<br />and the Public Trustee of the County of Mesa, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE, '
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No.
<br />C153567, dated August 25, 1989, as amended, ("Contract"), for a loan in the principal sum of $195,930.35,
<br />to be repaid to the STATE OF COLORADO for the use and benefit of the Department of Natural Resources,
<br />Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203,
<br />payable in 25 annual installments, in accordance with said Promissory 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, does
<br />hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: an undivided fifty
<br />percent (50%) of 58662=. feet of 3D-inch class 50 ductile iron pipe, inclusive of all intake structures,
<br />incidentals, and appurtenances, the pipe laid between the Kannah Creek existing diversion structure and
<br />Juniata Reservoir, (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 case
<br />of violation or breach of any of the terms, conditions: covenants or agreements contained in the Contract, the
<br />beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to
<br />advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale
<br />with the PUBLIC TRUSTEE, Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property is
<br />situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in
<br />separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the
<br />GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall be
<br />designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash,
<br />four weeks public notice having been previously given of the time and place of such sale, advertisement once
<br />each week for five consecutive weeks, in some newspaper of general circulation at that time published in said
<br />County of Mesa, a copy of which notice shall be mailed within ten days from the date of the first publication
<br />thereof to the GRANTOR at the address herein given and to such person or persons appearing to have acquired
<br />a subsequent record interest in said Property at the address given in the recorded instrument; where only the
<br />county and state is given as the address then such notice shall be mailed to the county seat, and to make and
<br />give to the purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br />and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled
<br />to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall,
<br />upon 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 made,
<br />the time for redemption having expired, make and execute to such person a deed to the Property purchased,
<br />which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and
<br />delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the
<br />Property purchased as aforesaid and ,all the right, title, interest, benefit and equity of redemption of the
<br />GRANTOR, its successors and assigns made therein, and shall recite the sum for which the said Property was
<br />sold and shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in case
<br />of an assignment of such certificate of purchase, or in case of the redemption of the Property, by a
<br />subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed; but the
<br />notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or avails of
<br />such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the
<br />beneficiary hereunder the principal and interest due on said note according to the tenor and effect thereof,
<br />and all moneys advanced by such beneficiary or legal holder of said note for insurance, taxes and
<br />assessments, with interest thereon at ten per cent per annum, rendering the surplus, if any, unto the
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