PROJ00157

• Contract/PO #: C153702
• Contractor Name: Silt, Town of
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

494203 B-981
MILDRED ALSDORF

P-259 06/10/S~ 02:29P PG 1 OF 2
GARFIELDOJUNTY. CLERK AND REO)RDER

DEED OF TRUST

THIS IN~ENTURE, made this!9-1!a.ay ~f August, 1995, between the Town of SILT whose
address is P. O. Box 70, Silt. Colorado 81652, hereinafter referred to as'GRANToR, and the Public
Trustee of the County of Garfield, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,

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REC .
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DOC

NOT
C~!5 } 702-

COPY

Au. WITNEffl;H, THAT, WHEREAS, GRANTOR has executed a promissory note, dated
&u..~I- - .-.. I :1995', for the principal sum of Four Hundred Thousand Dollars
($400,000), paya Ie to the order of the STATE OF COLORADO for the use and benefit of the
Department of Natural Resources, Water Conservation" Board, whose address is 1313 Sherman
Street, Room 721, Denver, Colorado 80203, after the date hereof, with interest thereon from the
date thereof at the rate of four percent (4%) per annum, payable in thirty (30) annual installments.
or until loan is paid in full.

AND WHEREAS. the GRANTOR is desirous of securing payment of the principal and interest
of said promissory note in whose hands soever'the said note or any of them may be.

'. NOW. THEREFORE. the GRANTOR. in.consideration of the premises and for the purpose aforesaid. does hereby grant. bargain. sell
.and convey unto the said PUBLIC TRUSTEE in trust forever, the following described property, situated in the County of Garfield Colorado. to
wit: an undivided one hundred, percent (100%1 ,interest in the following: 'the irrigation system including, but not limited to three pump
stations. the easements and right-of:way, and parcel of land located in thl!' southerly portion of the FIRST: MESA ADDITION to the Town
of Silt. more particularly described 8S follows: beginning at a point whenca the town survey monument at the intersection of North Seventh
Street. and Grand Avenue bears-S 03046'50" W 1310.79 feet. thellce N 21006'00" E 178.97 feet; thence N 69031'20" E 312.36 feet;
thence S 46000'00" W 233.25 feet: thence S 89031'20" W 130.52 feet: thence S 00014'53" E 6.28 feet: thence S 89052'25" W 78.50
feet: to the POINT -OF-BEGINNING, containing 0.96 ecres more or less.

TO HAVE AND TO HOLD the same. together with all and singular the privileges and appurtenances thereunto belonging: 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 thereon, according
to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made
in or in case of .violati~n, or breach o~ any. of the terms, conditions, covenants or.ag~eert:len.ts herein contained, the beneficiary .hereunder
or the legal holder of the indebtedness secured hereby may declare a violation of any of-the.covenants herein contained and .elect to advertise
said property for sale, and demand such sale by filing a notice of such election and demand for sale 'with the PUBLIC TRUSTEE. Upon receipt
of such notice of election and demand for sale. the PuBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office
of the county in which said property is situated, it shall end, may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse
or in separate parc~ls. as th,e said,.PuBlI~ TRVSTEE tn,ay th~nk best), Clnd all the right, title and interest of the GRANTOR, its heirs or assigns
tluupjnt, ot p~b~c aLi,cti~q~~~.tic)ie -and.:a~A9s!il.9c)llo.~~j~a~rb13 des,ignated in 'tfie" 'pUBLIC T~USTEE'S Noti~e of Sale, for the highest and
best' price the "'Same win ''Silng Ir'l cash, four weeks put:ili"l:' -notice having been preViously given of the time and place of such sale,
advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time published in said County
of Garfield. a copy of which notice ~hall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address
herein given and to such person or persons appearing to have acquired a subsequent record interest in said property at the address given
in the recorded instrument; where only the county and state is given as the addre~s then such notice shall be mailed to the county seat.
and to make and give to the purchaser of such property at such sale, a certificate in writing describing such property purchased, and the
sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor. unless the same
shall be redeen:'led as is provided by law; and said PuBLIC TRUSTEE shall, upon demand by the person holding the said certificate tif purchase,
when said demanC: is made, or upon demand by the pe.rson entitled to a deed to and for the property purchased, at the time such d.emand
is made, the time for redemption having expired, make and execute 'to such person a deed to the said property purchased, which said deed
shall be in the ordinary ferm of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEF an~ ~'lhall conv~y
and Quitclaim' to such -pe'rsQn entitled to such deed. the said propertY purchased as afc!'esa1d end all the ";ui.-, tiiiJ;. interest, benefit and
equity of redemption of th((GAANTOR. its heirs and assigns made ti'lt:(ein, and shall recite the sum for which the said property was sold and
shall refer.to the power _ot:!ia-'e therein contained. and to the sale'made by virtue thereof; a~d in case of an a~signment'of such certiJicate
of purchase. or ir.-case C?i~e re,demption of such property, by a subs.equent encumbrancer, such assignment or redemption shall also be
referred to in 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 such sale, after first p'aying and retaining all fees. charges and costs of making said sale. pay to the beneficiarY hereunder or the legal
holder of said note -the principal and interest due on said note according to the tenor and effect thereof. and all moneys advanced by such
beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten percent (10%) per annum.
rendering the overplus. if any, unto the GRANTOR. its legal representatives or assigns; which sale and said deed so made shall be a perpetual
bar. both in law and equity, against the GRANTOR. its heirs and assigns, and' all other persons claiming the said property. or any part thereof,
by. from, through or under the GRANTOR. or any of them. The holder of said note may purchase said property or any part thereof; and it
shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money,

And the GRANTOR. for itself and its heirs, personal representCltives or assigns covenants and agrees to and with the PUBLIC TRUSTEE.
that at the time of the unsealing of and delivery of these presents it is well seized of the said land and tenements in fee simple. and has good
right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully 'and
absolutely waiving and releasing all rights and claims it may have in or to said lands. tenements. and property as a Homestead Exemption,
or other exemption, under and by virtue of any act of the General Assembly of. the State of Colorado, or as any exemption under and by
virtue of any act of the United States Congress. now existing or which may hereafter be passed in relation thereto and that the same are
free and clear of all liens and encumbrances whatever, and the above bargained property in the quiet and peaceable possession of the PUBLIC
TRUSTEE. its successors and assigns, against all and every person or persons lawfully claiming or to claim the who or any part thereof. the
GRANTOR shall and will Warrant and Forever Defend.

Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the property; any and
all amounts due on account of principat and ,nterest or other sums on any senior encumbrances. if any; and will keep all improvements that
may be on said lands insured against all perils of loss to property including the perils of fire. wind, hail, vandalism, and flood with a company
that is satisfactory to the beneficiary hereof in an amount not less thatn eighty percent (80%) of the value of the property. Each policy shall
contain a loss payable clause naming the beneficiary as mortgagee snd shall further provide that the insurance may not be canceled upon
less than thirty days written notice to the beneficiary. A ce.rtificate of insurance evidencing the insurance policy shall be delivered to the

~]~~ ;-t~~ APPEND.IX D II~
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