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<br />., .t' <br /> <br />paid first to Beneficiary to pay the Obligations, with the surplus, if any, to <br />be paid to Grantor. <br /> <br />If Beneficiary becomes the owner of any of the Property or of any other shares <br />of Maker's stock (whether previously held by Grantor or a ,third party) by <br />foreclosure or other exercise of its rights as lender to Maker, Beneficiary <br />shall not be prohibited from opposing the Water Court applications of any <br />other owner of such shares (including Grantor) to prevent injury to <br />Beneficiary's instream flow water rights solely by reason of Section 11.2 of <br />Maker's articles of incorporation (which Grantor acknowledges was not intended <br />to create any such prohibition against Beneficiary) or any equivalent <br />provisions, and Grantor waives any right of objection to such opposition on <br />the basis of any such provision. The foregoing agreement and waiver shall <br />survive the termination of this deed of trust but are personal to Beneficiary, <br />i.e., they shall grant no rights to any third-party purchaser at foreclosure <br />or any successor or assignee of Beneficiary. <br /> <br />Notwithstanding anything to the contrary herein or in the Note, (a) in the <br />event of a default under this deed of trust or the Note, Beneficiary shall <br />look only to the Property for repayment of amounts due hereunder or under the <br />Note, and shall not look to the Grantor or any official, employee, officer, <br />director or shareholder thereof for any amounts determined to be owed, <br />including any deficiencies between the amounts owed and the value of the <br />Property; and (b) no portion of any proceeds of foreclosure or other monies <br />received by Beneficiary hereunder shall be applied to any amounts outstanding <br />under the Note other than the Obligations. <br /> <br />Notwithstanding the execution, delivery and recording of this deed of trust, <br />Grantor acknowledges and agrees that, consistent with Colo. Rev. Stat. <br />9938-30-102 and 4-9-102(3) (1973) or any equivalent statutory provisions, upon <br />the occurrence of an event of default Beneficiary at its option may treat the <br />Property solely as personal property and may proceed to exercise its rights <br />and remedies with respect to the Property solely under the Colorado Uniform <br />Commercial Code and the General Security Agreement of even date herewith <br />executed by Grantor for the benefit of Beneficiary and covering the Property, <br />and Grantor waives any right it may have to assert affirmatively or as a <br />defense that the Property must be foreclosed under the Colorado real property <br />foreclosure statutes. If Beneficiary exercises the foregoing option, in the <br />event of any inconsistency between this deed of trust and such General <br />Security Agreement, the General Security Agreement shall control. The <br />foregoing shall not limit the effect of this deed of trust as constructive <br />notice of Beneficiary's interest in the Property. <br /> <br />12. Miscellaneous. (a) This deed of trust and each of its provisions shall <br />be binding upon the successors and assigns of Grantor and shall inure to the <br />-- ---benaU1;-o-f--t:he--'l'rustee-,--the--R~ic-iary--a.nd-i-ts-sUGG&Sso"S---and--assi-gns.;- ___ <br />(b) this deed of trust may be amended or modified only by an instrument in <br />writing signed by the party charged with such amendment or waiver; (c) the <br />terms "Grantor," "~eneficiary," Trustee," "Maker," "Property," "Obligations," <br /> <br />-4- <br />