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<br />RCPTN # 2000049549 07/24/2000 16:07:00 # PAGES - 3 FEE -
<br />M RODENBERGER RECORDER, LARIMER COUNTY CO STATE DOC FEE -
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<br />Deed of Trust
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<br />$15.00
<br />$.00
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<br />ThIS Indenture, made thls~ day of July 2000, between"North Poudre Irrigation Company, whose
<br />address is P. O. Box 100, Wellington, Colorado, 80549, hereinafter referred to as GRANTOR, and the Public
<br />Trustee of the County of Larimer, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that Whereas, GRANTOR has executed Loan Contract No. C153449, dated October 1,
<br />1985, as amended, ("Contract"). for a loan with loan contract performance obligations to be repaid to the
<br />STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water Conservation
<br />Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado, 80203, and
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<br />Whereas, the GRANTOR is desirous of securing the performBnce of these loan contract obligations
<br />under said Loan Contract to the State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does
<br />hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit:
<br />
<br />An undivided fifty percent (50%) interest in the following portions of the North Poudre Reservoir
<br />No. 15 located in Larimer County:
<br />
<br />1. 200,000 :l: cubic yards of embankment.
<br />2. 17,000:l: tons of filter material.
<br />3. 3,050:l: linear feet of toe drains.
<br />4. 30,000 :l: tons of riprap.
<br />5. 210 :l: cubic yards of concrete.
<br />6. 306 :l: linear feet of 42-inch reinforced concrete pipe.
<br />7. Two 42-inch square outlet gates.
<br />(Collectively or hereinafter referred to as the "Property").
<br />
<br />To have and to hold the same, together with all and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part
<br />thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the
<br />payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in case
<br />of violation or breach of any of the terms, conditions, covenants or agreements contained in the Contract, the
<br />beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to
<br />advertise said Property for sale, and demand such sale by filing a notice of such election and demand for sale
<br />with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property is
<br />situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in
<br />separate parcels, as the said PUBLIC TRUSTEE may think best). and all the right, title and interest of the
<br />GRANTOR, its successors or assigns therein, at public auction at such time and at such location as shall be
<br />designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash,
<br />four weeks public notice having been previously given of the time and place of such sale, advertisement once
<br />each week for five consecutive weeks, in some newspaper of general circulation at that time published in said
<br />County of Larimer, 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
<br />have acquired a subsequent record interest in said Property at the address given in the recorded instrument;
<br />where only the county and state is given as the address then such notice shall be mailed to the county seat,
<br />and to make and give to the purchaser of the Property at such sale, a certificate in writing describing the
<br />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
<br />said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when said
<br />demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the
<br />time such demand is made, the time for redemption having expired, make and execute to such person a deed
<br />to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
<br />acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled
<br />to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of
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