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~'-' .:;:.,-......~;: . . Wichita Bank for Cooperatives 300 Farm Credit Banks Building 151 North Main Wichita, Kansas 67202 Telephone (316) 264-5371 rDJ.~0 D1W.ill 11m' \ ~~ March 25, 1981 Mr. Fred E. Daubert, Chief Projects and Planning Section Colorado Water Conservation Board 823 State Centennial Building l3l3 Sherman Street Denver, CO 80203 Dear Mr. Daubert: As you know, the Wichita Bank for Cooperatives has agreed to extend loans to the Big Thompson Ditch and Manufacturing Com- pany. Loveland, Colorado, and The Farmers Irrigating Ditch & Reservoir Company, Loveland, Colorado. The Colorado Water Conservation Board is also providing financing to them. Our Assistant Vice President. Herb Friedman, and I have talked to you over the telephone about the use of a Joint Deed of Trust which would secure both of our organizations on a pro rata basis, We are doing this with certain Rural Electric Coopera- tives that we are financing when they secure part of their financing from the Rural Electrification Administration, It looks to us like the Joint Deed of Trust would be convenient to use on these ditch companies. I think that having joint security would enable us to work together more easily. There can certainly be no potential for conflict between two lenders if a problem develops when they have joint security, This would save any controversies over lien priorities. It would also simplify other problems that can arise when the same or part of the same security is held by different lenders, I am enclosing a sample form Joint Deed of Trust which we would suggest using, If either of us have prior mortgages recorded. they would need to be released, of course, when the Joint Deed of Trust is executed and recor- ded. dMCR,. ~~O ~ Lill\::: J> c=3{ ~R\\l. o ~rn1~1rW~1il) f' MAR 2 7 19at: L.. L. CONSEII.; , Kansas-Oklahoma-Colorado-New Mexico ---- .....