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Deed of Trust <br />This indenture, made this 1st day of December 1999, between the North Poudre Irrigation Company, <br />whose address is P.O. Box 100, Wellington, CO 80549, hereinafter referred to as GRANTOR, and the <br />Public Trustee of the County of Larimer, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE, <br />Witnesseth, that whereas, GRANTOR has executed Contract No. C153637 ("Contract") for a loan in <br />the principal sum of $1,761,096.10 to be repaid to the STATE OF COLORADO for the use and benefit <br />of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203, with interest thereon from May 1, 1995 at the interest rate <br />of 2% per annum, payable in 40 annual installments, in accordance with the Repayment Provisions of <br />said Contract, or until the loan is paid in full. <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. <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 />The North Poudre Reservoirs #5 and #6, all appurtenant structures thereto and all lands upon <br />which these reservoirs fie, as more particularly described in Attachment A (collectively or <br />hereinafter referred to as the "Property"). <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 <br />part thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or <br />in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made <br />in or in case of violation or breach of any of the terms, conditions, covenants or agreements contained <br />in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in <br />the Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of <br />such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election <br />and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the <br />recorder'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 <br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns <br />therein, at public auction at such time and at such location as shall be designated in the PUBLIC <br />TRUSTEE's Notice of Sale, for the highest and best price the same will bring in cash, four weeks public <br />notice having been previously given of the time and place of such sale, advertisement once each week <br />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 <br />appearing to have acquired a subsequent record interest in said Property at the address given in the <br />recorded instrument; where only the county and state is given as the address then such notice shall be <br />mailed to the county seat, and to make and give to the purchaser of the Property at such sale, a <br />certificate in writing describing the Property purchased, and the sum paid therefor, and the time when <br />the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same <br />shall be redeemed as is provided by law, and said PUBLIC TRUSTEE shall, upon demand by the person <br />holding the said certificate of purchase, when said demand is made, or upon demand by the person <br />entitled to a deed to and for the Property purchased, at the time such demand is made, the time for <br />redemption having expired, make and execute to such person a deed to the Property purchased, <br />which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and <br />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 <br />redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for <br />