PROJ00497

• Contract/PO #: C153620
• Contractor Name: Clinton Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 36
• County: Summit
• Bill Number: SB 90-87
• Loan Projects - Doc Type: Contract Documents

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EXHIBIT D

DEED OF TRUST

1. Grantor:

2. Beneficiary: Colorado Water Conservation Board
721 State Centennial Building
1313 Sherman Street
Denver, Colorado 80203
Attention: Director

and its successors in interest.

3. Trustee: The Public Trustee of Summit County, Colorado

4. Property: shares of the Class A Series 1 [and
shares of the Class A Series 2] common stock of Clinton Ditch & Reservoir
Company, represented by certificate no(s). The Property entitles the
holder thereof to a specified volume of water from the Reservoir Yield of the
Clinton Gulch ReservQ~r located in Summit County, Colorado, as set forth in
Maker's articles of incorporation.

5. Obligations: (a) Limited to that portion of the indebtedness evidenced
and created by the following described nonrecourse promissory note payable to
the order of Beneficiary (the "Note") allocated to Grantor, such portion being
$ , and all renewals, extensions, amendments and substitutions of and
for such portion.

Date: August ,1992
Note Amount: -r$6l5,OOO or $4,120,000]
Maturity Date: August ,2002
Maker: Clinton Ditch ~Reservoir Company

(b) All expenditures made or incurred by Beneficiary pursuant to the
provisions of the Note and this deed of trust and attributable to Grantor's
a1located portion of the indebtedness, together with interest thereon.

6. Grant. For valuable consideration Grantor hereby sells and conveys the
Property to Trustee, together with all appurtenances, rents, issues and
profits appertaining thereto or used in connection therewith, and warrants the
title to the Property, subject to liens for real property taxes and
assessments not currently due and other matters shown on any attachment
hereto. This grant is made in trust to secure the Obligations.

D-1