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<br />DEED OF TRUST
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<br />This indenture, made this 5:; day of ApfI'/ 1997, between THE SANCHEZ
<br />DITCH AND RESERVOIR COMPANY, whose address is Route 1, Box 215, San Acacia, CO 81150,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Costilla, State of Colorado,
<br />hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which is a part of Contract
<br />#C153623 (the Contract) for a loan in the principal sum of $200,000 to be repaid to the STATE OF COLORADO
<br />for the use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is
<br />1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first
<br />disbursement of funds under the Contract a! the interest rate of 3% per annum, payable in 30 annual
<br />installments, in accordance with the terms of the Promissory Note, or unlilloan 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
<br />promissory note to the State of Colorado,
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<br />Now, therefore, the GRANTOR, in considerat1pn of the premises and for the purpose aforesaid, does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: an undivided one hundred
<br />percent (100%) interest in and to the Sanchez Dam and Reservoir and all appurtenant structures thereto,
<br />including all land underlying these facilities, as described in Exhibit 1, attached hereto and incorporated herein,
<br />and collectively or hereinafter referred to as the "Properly",
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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 interest thereon, according to the tenor and effect of said note or in the payment of ahy prior
<br />encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation or breach of
<br />any of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may
<br />declare a violation of any of the covenants contained in the Contract and elect to advertise said Properly for
<br />sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE.
<br />Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same
<br />to be recorded in the recorder's office of the county in which said Properly is situated, it shall and maybe lawful
<br />for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at
<br />public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks public notice having been previously given
<br />of the time and place of such sale, advertisement once each week for five consecutive weeks, in some
<br />newspaper of general circulation at that time published in said county, a copy of which notice shall be mailed
<br />within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and to
<br />such person or persons appearing to have acquired a subsequent record interest In said Properly at the address
<br />given in the recorded instrument; where only the county and state is given as the address then such notice shall
<br />be mailed to the county seat, and to make and give to the purchaser of the Properly at such sale, a certificate in
<br />writing describing the Properly purchased, and the sum paid therefor, and the time when the purchaser (or other
<br />person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided
<br />by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br />when said demand is made, or upon demand by the person entitled to a deed to and for the Properly purchased,
<br />at the time such demand is made, the time for redemption having expired, make and execute to such person a
<br />deed to the Properly purchased, which said deed shall be in the ordinary form of a conveyance, and shall be
<br />signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person
<br />entitled to such deed, the Properly purchased as aforesaid and all the right, title, interest,' benefit and equity of
<br />redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the
<br />said Properly was sold and shall refer to the power of sale therein contained, and to the sale made by virtue
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<br />1111111111111111111111111111111111111111111111111111111
<br />209766 06/13/1997 02:28P B349 pe31
<br />1 ot 4.,R 21.00 D 0.00 ROY D, MARTINEZ, COSTILLA
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