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<br />2779~56 07111/2000 03:42P JA Suki Tsukamoto
<br />1 of 3 R 15.00 D 0.00 Weld County CO
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<br />q5foDeed of Trust
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<br />This Indenture, made this S+b day of July 2000, between ARISTOCRAT RANCHETTE WATER
<br />PROJECT, INC., whose address is P. O. Box 247, Fort lupton, CO 80621, hereinafter referred to as GRANTOR,
<br />and the Public Trustee of the County of Weld, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No. C153739 (the
<br />Contract) for a loan in the principal sum of $600,000 to be repaid to the STATE OF COLORADO for the use and
<br />benefit 6f the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under
<br />the Contract at the effective interest rate of 4%% per annum, payable in 30 annual installments, in accordance with
<br />the terms of the Promissory Note Provisions of said Contract, 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
<br />note to the State of Coiorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, a total of 38 acre-foot units of
<br />Colorado Big Thompson Project water to wit: 20 acre-foot units of Colorado-Big Thompson Project water,
<br />approved by the Board of the Northern Colorado Water Conservancy District on May 14, 1999, and 18 acre-
<br />foot units of Colorado-Big Thompson Project water, approved by the Board of the Northern Colorado Water
<br />Conservancy District on April 14, 2DOO, collectively or hereinafter r-sferred to as the "Property."
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<br />To have and to hold the same, together with all and singular the priVileges and appurtenances thereunto
<br />belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, orin the
<br />payment of the interestthereon, according to the. tenor and effect of said note or ilithe payment of any prior
<br />encumbrances, principal or interest, if any, orin case default shall be made in or in case of violation or breach of any
<br />of the terms, conditions, covenants or agreementsco'ntained in the Contract, the beneficiary hereunder may deciare
<br />a vioiation of any of the covenants contained in the Contract and elect to advertise said Property for sale, and
<br />demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of
<br />such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in
<br />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 sell and dispose of the same ('en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction at such
<br />time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best
<br />price the same will bring in cash, four weeks public notice having been previously given of the time and place of
<br />such sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation at
<br />that time published in said county, a copy of which notice shall 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
<br />acquired a subsequent record interest in said Property at the address given in the recorded instrument; where only
<br />the county and state is given as the address then such notice shall be mailed to the county seat, and to make and
<br />give to the purchaser of the Property at such sale, a certificate in writing describing the Property purchased, and the
<br />sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed
<br />therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand
<br />by the person holding the said certificate of purchase, when said demand is made, or upon demand by the person
<br />entitled to a deed to and for the Property purchased, at the time such demand is made, the time for redemption
<br />having expired, make and execute to such person a deed to the Property purchased, which said deed shall be in
<br />the ordinary form of a conveyance, and shall be signed, acknowiedged and deiivered by the said PUBLIC TRUSTEE
<br />and shall convey and quitclaim to such person entitied to such deed, the Property purchased as aforesaid and all
<br />the right, title, interest, benefit and equity of redemption of the GRANTOR, its successors and assigns made therein,
<br />and shall recite the sum for which the said Property was sold and shall refer to the power of sale therein contai,ned,
<br />and to the saie made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of
<br />the redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall 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 shall, out
<br />of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making. said
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