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<br />;:..;:$ ....,.. <br />~"~ ' <br /> <br /> <br />Recorded at <br />Reception No. <br /> <br />~.. <br /> <br />.. <br /> <br />o'clock <br /> <br />M.. <br /> <br />Recorder <br /> <br />DEED OF TRUST <br /> <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, <br /> <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. <br /> <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 /> <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: <br /> <br />1. Propeny described in Appendix A <br /> <br />2. Property shown on map attached .1 Appendix B, <br /> <br /> <br />'collectively or hereinafter referred to as *the Property*). <br /> <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. <br /> <br /> <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 <br /> <br />r~ <br />.., a <br />-.(]1 <br />V>~ <br />a <br />r <br />CJ~ <br />.., w <br />-. '" <br />-0' <br />~ I <br />a <br />1<.: <br />I <br />me <br />c 0:. <br />g~ <br />='0 <br />rA .. I <br />g~ <br /> <br />~ <br />;:;.~ <br />'<'0 <br />;010 <br />(l) <br />8 <br />-, <br />a. <br />1I> <br />-, <br />