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<br />Recorded at
<br />Reception No.
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<br />Recorder
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<br />DEED OF TRUST
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<br />THIS INDENTURE, modo thi~ay of January 1996, batween THE TOWN OF BRECKENRIDGE, whose address is 150
<br />Ski Hill Road, P.O. Box 168, Breckenridge, Colorado B0424, hereinalter referred to as GRANTOR, and the Public Trustee of the
<br />County of SUMMIT, State of Colorado, hereinafter referred to 8S PuBLIC TRUSTEE,
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<br />WITNESSETH, THAT, WHEREAS, GRANTOR has executed a promissory note, set forth in Contract #C153351 ('the
<br />Contract'), as emended, for a loan in the principal sum of ONE MilliON TWO HUNDRED THOUSAND Dollars ($1,200,000), to
<br />be repaid to the STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water Conservation Board,
<br />whose address is 1313 Sherman Street. Room 721, Denver, Colorado 80203, with interest thereon in accordance with the Contract
<br />at the rate of four percent (4%) per annum, payable in forty (40) annual installments, 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 promissory note to the
<br />State of Colorado . .
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<br />NOW. THEREFORE, the GRANTOR, in consideretion of the premises and for the purpose eforesaid, does hereby grant,
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever. the following described property, situated in the County of
<br />SUMMIT, Colorado. to wit:
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<br />1. Propeny described in Appendix A
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<br />2. Property shown on map attached .1 Appendix B,
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<br />'collectively or hereinafter referred to as *the Property*).
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<br />TO HAVE AND TO HOLD the same, logether with all and singular the privileges and appurtenances thereunto belonging:
<br />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
<br />thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any,
<br />or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants or agreements
<br />contained in the Contract, the benefiCiary hereunder may declare a violation of any of the covenants contained in the Contract and
<br />elect to advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale with the
<br />PuBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PuBLIC TRUSTEE shall cause a copy of the same
<br />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
<br />TRUSTEE to self and dispose of the same (en masse or in separate parcels, as the said PuBLIC TRUSTEE may think best), and all the
<br />right, title and interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall
<br />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
<br />notice having been previously given of the time and place of such sale, advertisement once each week for five consecutive weeks,
<br />in some newspaper of general circuja~ion at that time published in said County of Summit, a copy of which notice shall be mailed
<br />within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and to such person or
<br />persons appearing to have acquired a subsequent record interest in said Property at the address given in the recorded instrument;
<br />where only the county and state is given as the address then such notice shall be mailed to the county seat, and to make and give
<br />to the purchaser of the Property at such sale, a certificate in writing describing the Property purchased, and the sum paid therefor,
<br />and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be
<br />redeemed as is provided by law; and said PuBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br />when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time suC;h .
<br />demand is made, 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 t:,e ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC
<br />TRUSTEE and snail convey and quitclttim to such person entitled to such deed, the Property purchased as aforesaid and all the right,
<br />title, interest, benefit and equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the sum for
<br />which the said Propeny was sold and shall refer to the power of sale therein contained, and to the sale made by virtue thereof;
<br />and iil case of an assignmenl of such certificate of purchase, or in case of the redemption of the Property, by a subsequent
<br />encumbrancer, such assignment or redemption shall also be referred to in such deed; but the notice of sale need not be set out
<br />in such deed and the PUBLIC TRUSTEE shall, out of the proceedS or avails of such sale, after first paying and retaining all fees,
<br />r.harges and costs of making said sale, pay to the beneficiary hereunder the principal and interest due on said note according to
<br />tne tenor and effect thereof, 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 GRANTOR, its successors or
<br />assigns; which sale and said deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR, its successors
<br />and assigns, and all other persons claiming the Property, or any part thereof, by, from, through or under the GRANTOR, or any of
<br />them. The holder of said note may purchase Property or any part thereof; and it shall not be obligatory upon the purchaser at any
<br />such sale to see to the application of the purchase money.
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<br />es to and with the PUBLIC TRUSTEE, that at
<br />Y In fee simple, and has good right, full
<br />nd form as aforesaid; hereby fully and
<br />as a Homestead Exemption, or other
<br />o. or as any exemption under and by
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