C153739 Contract

• Contract/PO #: C153739
• Contractor Name: Aristrocrat Ranchettes Water Project, Inc.
• Contract Type: Loan
• Water District: 2
• County: Weld
• Bill Number: SB 96-153
• Loan Projects - Doc Type: Contract Documents

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111111I1111111111111111111111111111111111I11111 11111111
2662699 12/23/1998 04:26P Weld County CO
1 of 2 R 11.00 D 0.00 JA Sukl Tsukamoto '

D<e<ed of TJr1LJ[~1t

This Indenture, made this dcO day of December 1998, between ARISTOCRAT RANCHETTE WATER PROJECT,
INC., whose address is P. O. Box 247; Fort Lupton, CO 80621, hereinafter referred- to as GRANTOR, and the Public Trustee of the
County of Weld, State of Colorado, hereinafterreferred to as PUBLIC TRUSTEE,

Witnesseth, that whereas, GRANTOR has executed a pron:riJ;sory note, set forth in Contract #C153739 (the Contract) 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 Natural
Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest
thereon from the date of flIst disbursement of funds under the Contract at the effective interest rate of 4V.% per annum, payable in 30
annual instalhnents, in accordance with the tenns of the Promissory Note Provisions of said Contract, 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 to the State of
Colorado.

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, to wit: 20 acre-foot units of Colorado-Big Thompson Project water,
approved by the Board of the Northern Colorado Water Conservancy District on December 11, 1998, (collectively or
hereinafter referred to as the "Property").

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 violation or breach of any of the terms, conditions, covenants or agreements contained in the Cori:tract, the
beneficiary hereunder may declare a violation of any of the covenants contained in the Contract 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 s'ame 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 TRUSTEE to sell and dispose of the same (en
masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its
successors or assigns therein, at public auction at such time and at such location as shall be designated in the PiJBLIC TRUSTEE'S Notice
of Sale, for the highest and best price the same will bring in cash, four weeks public 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, a copy of which notice shall be mailed within ten days from the date of the flISt publication thereof to
the GRANToRat 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 address then such notice shall
be mailed to the county seat, and to make and give to the purchaser of the Property at such sale, a certificate in writing describing the
Property purchased, and the sum paid therefor, and the time when the purcbaser (or other person entitled tp.eretoj'shall be,entitled to
the deed therefor, unless tjJ.e same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE Shall, upon d'emand by the
person holding the said certificate of purchase, when said demand is made, or upon demand by the pers~h ,entitledfti a deed;!oand for
the Property purchased, at the time such demand is made, the time for redemption having expired, make an4'ex,e,c~!e to such person a
deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be s~<;\!/acKn")Vledged and
delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to SUCh deed,.tI,1e ;Froperty' purchased as
aforesaid and all the right, title" interest, benefit and equity of redemption of the GRANTOR, its succe~s1rs' ~l1da1~gasmade therein,
and shall reCite the sum for which the saId Property was sold and shall refer to the power of sale therem contamed;(lI1d 'to ,the sale
made by,virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of'ili~ pr,operty, by a
snbsequent 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 flIst paying and retaining all fees,
charges and costs of making said sale, pay to the beneficiary hereunder 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 per cent per annum, rendering the swplus, if any, ~to 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 successors and
assigns, and all other persons claiming the Property, or any part thereof, by, from, through or under the GRANTOR, or any of them.
The holder of said note may purchase 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 successors 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 Property 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 Property as a Homestead ExemptiC\o"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 hereafl;er be passed in relation thereto and that the same is free and dear of all liens and

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