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
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