PROJ00554 - Laserfiche WebLink

Home Browse Search

"II" .;,;. . . DEED OF TRUST THIS DEED OF TRUST is made this ___ day of , 1988, between the San Luis Valley Irrigation District (the "District") whose address is 296 Miles Street, Center, Colorado 81125; and the Public Trustee of the County of Saguache (the "Trustee"); for the benefit of the Colorado Water Conservation Board (the "CWCB") whose address is 721 State Centennial Building, 1313 Sherman Street, Denver, colorado 80203. The District and the CWCB covenant and agree a~ follows: 1. The District, in consideration of the indebtedness herein recited and the trust herein created, hereby grants and conveys to the Trustee in trust, with power of sale, the following described property: 470 acre feet of the absolute portion of reservoir water priority No. 19l6-63A 2. This Deed of Trust is given to secure the CWCB the repayment of the indebtedness evidenc~~ by the Project Contract, Second Amendment, dated 2.6~Of ~ v elL , 1988, Contract No. C153478, in the principal sum O~26,087.44, with interest on the unpaid principal balance from , 1988, until paid, at the rate of five (5) percent per annum, with principal and interest payable at the CWCB address stated above, in forty (40) annual payments of $30,660.31, due on the day of each beginning , 19---; such payments to continue until the entire indebtedness evidenced by the Project Contract is fully paid. TO HAVE AND TO HOLD the same in trust nevertheless, that in case of default in the payment of said contract or any part thereof or intere~t thereon, or in the performance of any covenants hereinafter set forth, then upon the CWCB filing notice of election and demand for sale, said Public Trustee, after advertising notice of said sale weekly, for not less than four weeks, in some news- paper of general circulation in said county, shall sell said property in the manner provided by law in effect at the time of filing said notice and demand, at pUblic auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale said Trustee shall retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest thereon, and pay the principal and interest due on said note, rendering the overplus (if any) unto the District; and after the expiration of the time of redemption, said Trustee shall execute and deliver to the purchaser a deed to the property sold. The CWCB may purchase said property or any part thereof at such sale.