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<br />D<e<ed odf 1rJrlLJ[~t
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<br />This indenture. made this 25 TE day of April, 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
<br />Trustee of the County of Weld, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, 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 ST A fE OF COLORADO for the use and benefit of the Department of
<br />Natural Resources, Water ConsetVation Board, whose address is 1313 Sherman Stree~ 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 4Y.% per annum,
<br />payable in 30 annual installments, in accordance with the terms of the Promissory Note Provisions of said Contract, or until loan is
<br />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 consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain. sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: 160 acre-foot units of Colorado-Big Thompson
<br />Project water, approved by the Board of the Northern Water Conservancy District on April 11, 1997, (collectively or
<br />hereinafter referred to as the "PropertyU).
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<br />To have and to hold the same, together with all and singular the privileges and appurtenances thereunto belonging: In
<br />Trust nevertheless, that in case of delimit in the payment of said ndle, 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 shall 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 Property for sale, and demand such sale by filing a notice of su(Oh election and demand for sale with the PUBLIC TRUSTEE. Upon
<br />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
<br />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
<br />of the same (en masse or in separate parcels, as the said PUBLIC T\l.USTEE may think best), and all the righ~ title and interest of the
<br />GRANTOR, its successors or lISSigns therein, at public auction at such time and at such location as shall 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 />given 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 ilotice shall be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and tP such person or persons appearing to have acquired a subsequent
<br />record interest in said Property at the address given in the recorded iIlstrument; where only the county and state is given as the address
<br />then such notice shall be mailed to the county sea~ and to make and give to the purchaser of the Property at such sale, a certificate in
<br />writing describing the Property purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled
<br />thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall,
<br />upon demand 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 sucll demand is made, the time for redemption having expired, make
<br />and execute to such person a deed to the Property purchased, which ;aid deed shall be in the ordinary form of a conveyance, and shall
<br />be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such
<br />deed, the Property purchased as aforesaid and all the righ~ title, interes~ benefit and equity of redemption of the GRANTOR, its
<br />successors and assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale
<br />therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the
<br />redemption of the Property, .by a subsequent encumbrancer, such assignment or redemption shall also be referrcd to in such deed; but
<br />the notice of sale need not be set out in such deed and the PUBLiC TftUSTEE shall, out of the proceeds or avails.of such. sale, after first
<br />pal::iQp,~l(a!fQI. !;.all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal and m.' terest due on
<br />said"!> . or. 10 the tenor and effect thereof, and all moneyS advanced by such beneficiary or legal holder of said note for
<br />inSiDnn e, _ es ..~~ issess~ents, wi~ interest there~n at ten per cent per annum, rendering the surplus.' if an)', untt> th~ G~OR, its
<br />legr;;;."r r. t I~ or assIgns; whIch sale and said deed so made shall be a perpetual bar, both In law and equity, against the
<br />.GRA.'l!TO "sor> and assigns, and all other persons claiming the Property, or any part thereof, by, trom, through or under the
<br />Glt\W t\ "J-them. The holder of said note may purchase Property or any part thereof; and it shall not be obligatory upon the
<br />pur~\'Se..,Stich sale to see to the apphcallon of the purchase money. .
<br />A~ the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE, that at the time
<br />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
<br />lawful authority to gran~ bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving
<br />and releasing all rights and claims it may have in or to said Propert)' as a Homestead Exemption, or other exemption, under and by
<br />virtue of any act of the General Assembly of the State of Colocado, or as any exemption under and by virtue of any act of the United
<br />States Congress, now existing or which may hereafter be passed in relation thereto and that the same is fTee and clear of all liens and
<br />encumbrances whatever, and the above bargained Property in the quiet and peaceable possession of the PUBLIC TRUSTEE, its
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<br />2547770 6-1605 P-650 05/13/1997 11:00A PG I
<br />Weld Countv -co .fA Sllk; 'T'~lIk::lm"tn rlprt.- f...
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