|
<br />'.'
<br />
<br />.
<br />
<br />N\
<br />\J)
<br />c---
<br />
<br />..
<br />
<br />L..b\
<br />
<br />DEED OF TRUST
<br />
<br />1, Grantor: Vail Associates, Inc" a Colorado corporation
<br />137 Benchmark Road
<br />Avon, Colorado 81620
<br />
<br />2, Beneficiarv: Colorado Water Conservation Board
<br />Attn: Construction Fund Section
<br />1313 Sherman Street, Room 721
<br />Denver, Colorado 80203
<br />and its successors in interest.
<br />
<br />3, Trustee: The Public Trustee of Eagle County, Colorado
<br />
<br />4, Property: (a) 5816 shares of the Class A Series 1 common stock of the Eagle
<br />Park Reservoir Company, represented by certificate nos, 2 (407 shares), 3 (581
<br />shares), 4 (820 snares), 5 (1,001 shares), 6 (1,305 shares), and 7 (1,702 shares),
<br />The Property entitles the holder thereof to a specified volume of water from the
<br />annual yield of the Eagle Park Reservoir located in Eagle County, Colorado, as set
<br />forth in the Eagle Park Reservoir Company's articles of incorporation,
<br />
<br />(b) The following described water rights, limited to the extent required, together with
<br />the other water rights owned or available to the Eagle Park Reservoir
<br />Company, to develop a Total Project Yield of 2013 acre-feet, as that term is
<br />more particularly defined in and determined pursuant to the terms of the Eagle
<br />Park Reservoir Purchasers' Agreement dated June 17\ 1998 (the "Purchasers'
<br />Agreement"), among the Colorado River Water Projects Enterprise, the Eagle
<br />River Water and Sanitation District, Upper Eagle Regional Water Authority, Vail
<br />Associates, Inc. and the Eagle' Park Reservoir Company: 250 acre-feet of
<br />annual snowmaking return flows which accrue to the Eagle River from the
<br />Arrowhead and Beaver Creek Ski Areas, Those ski areas are generally
<br />located in Sections 19, 30 and 31, T, 5 S" R. 81 W" 6th P,M. and Sections 10,
<br />11, 14, 15, 23-26, 35 and 36, T, 5 S" R. 81 W., 6th P,M. By decrees entered in
<br />Water Division No, 5 Case Nos, 88CW456, 89CW201 and. 89CW296, the .
<br />snowmaking diversions for these ski areas are fully augmentei:l and the return .
<br />flows are calculated and measured pursuant to the accounting procedures
<br />decreed in Water Division No, 5 Case No. 94CW303,
<br />
<br />(c:) . This'deed of trust and the Property described in paragraph 4(b) above is
<br />subject to the terms of the Purchasers'. Agreement, including without limitation
<br />the right to substitute for the water rights in paragraph 4(b) an equivalent
<br />amount of water from Green Mountain Reservoir in accordance with the terms
<br />of paragraph 5(f) of the Purchasers' Agreement.
<br />
<br />5. Obliqations: (a) Limited to that portion of the indebtedness evidenced and created
<br />. by the following described nonrecourse promissory note payable to the order of
<br />Beneficiary (the "Note") allocated to Grantor, such portion being $3,366,104,00, and
<br />all renewals, extensions, amendments and substitutions of and for such portion,
<br />
<br />Date: September ...!..L, 1998
<br />Note Amount: $7,492,520
<br />Maturity Date: September ~. 2028
<br />
<br />Maker: Eagle Park Reservoir Company. 1IIIIn 1IIIIIIIInfHlI=llnll.~ltlllllllllllll
<br />6697!3 09/17/1998 04:4!P 1!9 Sara Fisher
<br />1 0' 6 R 31.00 D 0.00 N 0.00 Ea.le CO
<br />
<br />Appendix C to Loan Contract C153829
<br />
|