PROJ00249

• Contract/PO #: C153691
• Contractor Name: Lloyd Ranch Limited Partnership
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

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PAGE OOCUMENl"
Q'CIOC__ M.,

.
Recorder

C - IS 3 c. ~ (

Recorded at
Reception No.

DEED OF TRUST
THIS INDENTURE. made this 61f1 day of NrNc t15ER , 1994, between LLOYD
RANCH LIMITED PARTNERSHIP, whose address is 3216 East Spruce Street, Seattle, Washington
98122, hereinafter referred to as GRANTOR, and the Public Trustee of the County of Mesa, State
of Colorado, hereinafter referred to as PUBLIC TRUSTEE,

BOOK2239

PAGE 17~

1759842 0943A" 06/10/96
H NIKA TODD CLK&REC "ESA COUNTY Co

WITNESSETH. THAT. WHEREA~ Lloyd jJanch Limited Partnership has executed a
promissory note in contract dated JJ~Ve.HP1F..'=L Lc; , 1994, for the principal sum RECEI\'''''''''''
of Ninety Seven Thousand Five Hundr 'd Dollars ($97,500), payable to the order of 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 B0203, after the date JA N 1 3 l(ire'
hereof, with interest thereon from the date thereof at the rate of five percent per annum, payable
in twenty annual installments, or until loan is paid in full. Colorado Wai:",

Conservation eoaJi'j
AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note in whose hands
soever the said note or any of them may be. .

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, the following described property, situated .in the County of Mesa. Colorado. to wit:

The Grantors share of Rapid Creek Reservoirs 111 and #2, the land on which the reservoirs are situated. and the land surrounding the
reservoirs consisting of Sections 22, 23, NW/4 Section 26, NE/4 Section 27, TlI S, R97W, 6th Principal Meridian, Mesa County, Coiorado,
and legal access to all of this property, and water rights thereof consisting of approximately 2,034 acre-feet as described: 1) Priority # 103,
Rapid Creek Reservoir # 1, 570.5 acre-feet, priority date 9/30/34, and 2) Priority # 706, Rapid Creek Reservoir # 1, 581. 74 acre-feet, priority
date 7/25/41, and 31 Priority #778, Rapid Creek Reservoir #2, 219.09 acre-feet. priority date 8/19/46, and 4) Priority #805, Rapid Creek
Reservoir #2, 763 acre-feet, priority date 7/20/48, and $) 6.5 cfs from Generation Three Ditch and First Enlargement as descreed in Case
#88CW303 dated 7/24/92. .

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 herein contained, the beneficiary hereunder
or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained 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 same 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 bestL and all the right, title and interest of the GRANTOR, itS, beirs or assigns
therein,. at public auctio~ at s.uch .time and at such location ~s sha~1 be des.ignated in the 'pUBLIC T~USTEE'S Noti~e of Sale"tor,~~~,~~i~hest a.n~.
best price the same Will bring In cash, four weeks pubhc 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,pi.il>lisl1~~iii!sii"itf County'
of Mesa, a copy of which notice shall be mailed within ten days from the date of the first publication thereof to the GRA~lioR e.t:n~a'ddress
herein given and to such person or persons appearing to have acquired a subsequent record interest in said propsrty- it~ P9WfHJS.. g1vim. ;
in the recorded instrument; where only the county and state is given as the address then such notice shall bemailedl.O.cg.le1:bUl1tv seaL ,"
and to make and give to the purchaser of such property at such sale, a certificate in writing describing such prope~p'm.oh~c!>o.rld tfJe,~'
sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed ttui.~f6ri Unrais.th.~,same'
shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said ceftificate, of purct\ase,
when said demand is made, or upon demand by the person entitled to a deed to and for the property purchased, at the tlri18 ''S'uC;h;demand
is made, the time for redemption having expired, make and execute to such person a deed to the said property purchased, which said deed
shall be in the ordinary form of a conveyance, and shall be signed, aCknowledged and delivered by the said PUBLIC TRUSTEE and shall convey
~nd quitclaim to such person entitled to such deed, the said property purchased as aforesaid and all the right, title, interest, benefit and
equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the sum for which the said property was sold and
shall refer to the power of sale 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 redemption of such property, by a subsequent 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 fRUSTEE shall, out of the proceeds or avails
of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder or the legal
holder of said note the principal and interest due -:In said note according to the tenor and effect .thereof, an. i'lItm~eys advanced by such
beneficiary or legal holder of said note for insur..: - !, taxes and assessments, with interest tMr t~'!Oen{ per annum, rendering
the overplus, jf any, unto the GRANTOR, its legal rel1 sentatives or assigns; which sale and saiq; a e shall be a perpetual bar, both
in law and equity, against the GRANTOR, its heirs and assigns, and all other persons claiming the. said property, 49f~'\IY part thereof, by. from,
through or under the GRANTOR, or any of them. The holder of said note may purchase said propemt..~r tl{\yO'a'11'iftereof; and it shall not be
obligatory upon the purchaser at any such sale to see to the application of the purchase money\~' U

And the GRANTOR, for itself and its heirs, personal representatives or assigns covenants and agr~E!~sJq:<8ricPJo.1h~fpUBlIC TRUSTEE,
that at the time of the unsealing of and delivery of these presents it is well seized of the said 1iU'ld Rfl~en&Rent\'in fee simple, and has good
right, full power and lawful authority to grant, bargain, sell and convey the same in the mati'her 'a'no form as aforesaid; hereby fully and
absolutely waiving and releasing all rights and claims it may have in or to said lands, tenements, and property as a Homestead Exemption,
or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exempti-on under and by
virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation thereto and that the same are
free and crear of all liens and encumbrances whatever, except Deed of Trust in the original amount of $1,500,000 dated May 15, 1989,
between Lloyd Ranch Limited Pannership and Edward Corwin, Personal Representative of the estate of W. R. Lloyd Ranch, filed in Mesa
County, Colorado, on May 15, 1989, in Book 1742, Page 524. and the above bargained property in the quiet and peaceable possession of
the PUBLIC TRUSTEE, its successors and assigns, against all and. every person or persons lawfully claiming or to claim the who or any part
thereof, the GRANTOR shall and will Warrant and Forever Defend.

APPENDIX B