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<br />This indenture, made this _ day of 1997 between ARISTOCRAT RANCHETTE WATER
<br />PROJECT, INC., whose address is P. O. Box 247, Fort Lupton, CO 80621, hereinafter referred to as GRANTOR, and the Public Trustee
<br />of the County of Weld, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />WitJrl\esseth, that whelre.as, GRANTOR has executed a promissory note, set forth in Contract #C153739 (the Contract)
<br />for a loan in the principal sum of $600,000 to be repaid to the STATE OF COLORADO for the use and benefit of the Department of
<br />Natural Resources, Water 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 rate of 4 y.% per annum,
<br />payable in 30 annual instaliments, in accordance with the terms of the Promissory Note Provisions of said Contract, or until loan is paid
<br />In full.
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<br />And whelreas, the GRANTOR is desirous of securin9 payment of the principai and interest of said promissory note to the
<br />State of Colorado.
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<br />Now, thelrefolre, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain, seli and convey unto the said PUSLlC TRUSTEE in trust forever, to wit X water units (coliectively or hereinafter referred to as the
<br />"Properly").
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<br />To have and to hold the same, together with ali and singular the privileges and appurtenances thereunto belonging: In
<br />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,
<br />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
<br />default shali be made in or in 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 Contract and elect to advertise
<br />said Properly for sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon
<br />receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shali cause a copy of the same to be recorded in the
<br />recorder's office of the county in which said Properly is situated, It shali and may be lawful for the PUSLlC TRUSTEE to seli and dispose of
<br />the same (en masse or in separate parcels, as the said PUSLlC TRUSTEE may think best), and ali the right, titie and interest of the
<br />GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shali be designated in the PUBLIC
<br />TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash, four weeks public notice having been previously
<br />9iven of the time and place of such sale, advertisement once each week for five consecutive weeks, in some newspaper of general
<br />circulation at that time published in said county, a copy of which notice shali be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and to such person or persons appearing to have acquired a
<br />subsequent record interest in said Properly at the address given in the recorded instrument; where only the county and state is given
<br />as the address then such notice shali be mailed to the county seat, and to make and give to the purchaser of the Properly at such sale,
<br />a certificate in writing describing the Properly purchased, and the sum paid therefor, and the time when the purchaser (or other person
<br />entitled thereto) shali be entitied to the deed therefor, unless the same shali be redeemed as is provided by law; and said PUBLIC
<br />TRUSTEE shali, upon demand by the person holding the said certificate of purchase, when said demand is made, or upon demand by
<br />the person entitled to a deed to and for the Properly purchased, at the time such demand is made, the time for redemption having
<br />expired, make and execute to such person a deed to the Properly purchased. which said deed shali be in the ordinary form of a
<br />conveyance, and shali be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such
<br />person entitled to such deed, the Properly purchased as aforesaid and ali the right, title, interest, benefit and equity of redemption of
<br />the GRANTOR, its successors and assigns made therein, and shali recite the sum for which the said Properly was sold and shali refer to
<br />the power of sale therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of
<br />purchase, or in case of the redemption of the Properly, by a subsequent encumbrancer, such assignment or redemption shali also be
<br />referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shali, out of the proceeds or
<br />avails of such sale, after first paying and retaining ali fees, charges and costs of making said sale, pay to the beneficiary hereunder the
<br />principal and interest due on said note according to the tenor and effect thereof, and ali moneys advanced by such beneficiary or legal
<br />holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering the surplus, if any,
<br />unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shali be a perpetual bar, both in law and
<br />equity, against the GRANTOR, its successors and assigns, and ali other persons claiming the Properly, or any part thereof, by, from,
<br />through or under the GRANTOR, or any of them, The hoider of said note may purchase Properly or any part thereof; and it shali not be
<br />obligatory upon the purchaser at any such sale to see to the application of the purchase money.
<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE, that at the time of
<br />the unsealing of and delivery of these presents it is weli seized of the Properly in fee simpie, and has good right, fuli power and iawful
<br />authority to grant, bargain, seli and convey the same in the manner and form as aforesaid; hereby fuliy and absolutely waiving and
<br />releasing ali rights and claims it may have in or to said Properly as a Homestead Exemption, or other exemption, under and by virtue of
<br />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
<br />Congress, now existing or which may hereafter be passed in relation thereto and that the same is free and clear of all liens and
<br />encumbrances whatever, and the above bargained Properly in the quiet and peaceable possession of the PUBLIC TRUSTEE, its
<br />successors and assigns, against ali and every person or persons lawfuliy claiming or to claim the whole or any part thereof, the
<br />GRANTOR shali and wili Warrant and Forever Defend.
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<br />Appendix D to Loan Contract #C153739
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