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<br />215584 01/15/1999 11:02A B355 P355
<br />d 1 of 2 R 11.00 D 0,00 ROY D. MARTINEZ, COSTILLA
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<br />Dee OT'" rust . .
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<br />This Indenture, made thirfo6:lJiday of AI".c, i/ b I 1998, betwee~ the Trinchera Irrigation Company, whose
<br />address Is P. O. Box 41, Blanca, Co orado 81123, hereinafter referred to as GRANTOR, and the Public Trustee of the County of
<br />Costilla, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whe~eas,<?RA~Tq~.Ii~~:'~~~cUt(j'd'~<ipr6rliiss';&~ot~:osetforth' In Contract No. C153607L, as
<br />amended ("Contract") for a loan in thEl princlpal$'(Jl-n of $611,477,85 to be rei*1idto the STATE; OF COLORADO for the use and
<br />benefit of the Department of Natural Resources, Water ConservatioqBoatd,\VhdSi;l;addrlisSis'1313 Sherman Street, Room 721,
<br />Denver, Colorado 80203, wIthiriterest'tnereoii'frotn tne date of filsl disbursement tif funds under the Contract at the effective
<br />interest rate of 1 % per annum, payable in 40 annual installments, In accordance with the Promissory Note Provision of said
<br />Contract, or until loan 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 promissory note to the
<br />State of Colorado,
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<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: the Mountain Home Reservoir, the appurtenances
<br />thereto, and the land on which it lies, as more fully described on Exhibit 1 attached hereto (collectively or hereinafter referred to
<br />as the "Property"),
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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 default In the payment of said note, or any part thereof, or in the payment of the Interest
<br />thereon, according to thl." tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any,
<br />or In case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants or agreements
<br />contained in the Contrad; the beneficiary hereunder may declare a violation of any of the covenants contained in the Contract
<br />and elect to advertise said Properly for sale, and demand such sale by filing a notice of such election and demand for sale with
<br />the PUBLIC TRUSTEE, Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the
<br />same to be recorded in the recorde~s office of the county in which said Property is situated, it shall and may be lawful for the
<br />PUBLIC TRUSTEE to sell and dispose of the same (en masse or In separate parcels, as the said PUBLIC TRUSTEE may think best),
<br />and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction at such time and at such
<br />location as shall be 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 previo!Jsly given ,of the tim.e and, place of such sale, "dvertisement once each week for five
<br />consecutive weeks, in some newspaperofgE;lnE;lral circulation aithat.time p!J,blished ,insaiq County of Costilla,.a copy of which
<br />notice. shall be mailed \Vithin. ten days from Jhe gate of thEl first publication .thElreof to thEl GRANTOR at thEl addrElss hElmin givEln
<br />and to such person orpElrsons.appElaring to havEl acquirEld,a.subse'lyent rElcordjriterest in said ProPElrly al thEl addrElss given in
<br />the rElcordEld instrument; wherElonly the county and state isgivElnas thEl.addrElss thEln such.noticEl shall bEl mailEld to thEl county
<br />sElat, and to make and givEl.to thEl purchasElr of the PropElrty at such salEl, a certific:;lte in writing de~cribiriQ.thEl Property
<br />purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the
<br />deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon PefTland by the
<br />person holding the said certificate of purchase, when said demand is made, or upon demand by the person' entiUed to a deed to
<br />and for the Property purchased, at the time such c:!~mand is made, the time for redemption having eXRired, make and execute to
<br />such person a deed to the Properly purchased, which said deed shall be in the ordinary form of a Gonveyance, and shall be
<br />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 right, title, interest, 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 thEl power
<br />of sale therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or
<br />in case of the redemption of the Properly, by a subsequent encumbrancer, such assignment or redemption shall also be referred
<br />to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or
<br />avails of such sale, after first paying and retaining all fees, charges and costs of making said safe, pay to the beneficiary
<br />hereunder the principal and Interest due on said note according to the tenor and effect thereof, and all moneys advanced by
<br />such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per
<br />annum, rendering the surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made
<br />shall be a perpetual bar, both In law and equity, against the GRANTOR, its successors and assigns, and all other persons claiming
<br />the Property, or any part thereof, by, from, through or under the GRANTOR, or any of them. The holder of said note may purchase
<br />Property or any part thereof; and it shall not be oblIgatory upon the purchaser at any such sale to see to the application of the
<br />purchase money.
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<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the Pua,lc TRUSTEE, that at
<br />the time of the unsealing of and delIvery of theSe presllnts, it is well se.ized of the property. in fee simple, :;Ind has good right, full
<br />power and lawful authority 10 grant, barg<\ifl;.:sell and cpnvey,tpe same.In the. marner and form as aforesaid; hereby fully and
<br />absolutely waiving and releasing all rightsa'nd ql"ims it may .have In or to s.<\idProperty ~s a Homestead EX",mption, or other
<br />exemption, under and by virtue o\c<\ny act of the General Assembiy of the State. of Golo[ado"Qr.?s any exemption under and by
<br />virtue of any act of the Unlted.$tates Congress, now existing cr which may hereafter,be passed in relation thereto and that the
<br />same is free and clear of all lIens and encumbrances whatever, and the above bargained Property in the quiet and peaceable
<br />possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or persons lawfully claiming or to
<br />claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend.
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<br />N: ~.;
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