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.' 1 " (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 allocated 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 without recourse to any other assets of Owner, 7, Covenants of Grantor: Grantor covenants arid agrees: (a) to cause the Obligations to be paid and to keep and perform according to their terms all of the covenants and agreements contained in this deed of trust and in any other instrument which may have been executed in connection with this deed of trust; (b) to pay and satisfy when due all. claims, taxes and assessments and prior encumqranc,es which affect the Property and not to permit or suffer any other lien against the Property, except if contested in good faith and by appropriate proceedings or with the prior written consent of Beneficiary; (c) to appear in and defend any action or proceeding purporting to affect the Property, this deed of trust or Beneficiary's rights therein or herein; (d) that all awards and proceeds received in connection with the condemnation of or injury or damage to the Property or amounts received in lieu of such awards or. proceeds shall be paid to Beneficiary and shall be applied by Beneficiary first to reasonable costs and expenses, including reasonable attorneys' fees; incurred by Beneficiary in connection with such awards or proceeds and then to the payment of the Obligations with the surplus, if any, to be paid to Grantor; (e) to deposit an amount equal to one-tenth of an annual payment under the. Obligations into its debt service reserve fund one year from the first loan disbursement, and annually thereafter for the first ten years of the loan; and (f) that, if Grantor fails to keep and perform any covenant or agreement contained in this deed of trust according to its terms, Beneficiary may, after 30 days' notice to Grantor, take or cause to be taken such action as it deems necessary or desirable to the end that such covenants and agreements m~y be kept and performed, and any sum advanced or costs and expenses reasonably incurred by Beneficiary in connection therewith, including reasonable attorneys' fees, shall become a portion of the Obligations and shall bear interest at the rate on the face of the Note, Grantor warrants that by its.acceptance of the benefits of the loan money pursuant to the terms of the loan agreement between Maker and Beneficiary and by Grantor's representation herein, Grantor shall be estopped from asserting for any reason that it is not authorized to mortgage the Property pursuant to the terms of this deed of trust. 8, Transfer:' SUbject to the' right of substitution provided 'for in the Purchaser's Agreement, if Grantor shall sell, contract to sell or otherwise transfer all or any part of the Property without the prior written consent of Beneficiary, the Obligations shall be forthwith due and payable at the election of Beneficiary if permitted by Colorado law as then in effect. Beneficiary may require the transferee to assume the Obligations as a condition to its consent to the transfer and impose any other conditions permitted by law,' Grantor shall promptly notify Beneficiary ()f any proposed transfer, g, Partial Release of Propertv: (a) Beginning with the making of the fifth annual payment under the Note, upon receipt by Beneficiary of a required payment or any prepayment under the Note together with interest accrued thereon,and late charges, if any, and certified as allocable to the Obligations, Beneficiary shall take all steps and execute all documents necessary to release a number of the shares and the water rights comprising the Property from the encumbrance of this deed of trust the value of which is proportional to the payment made, as calculated pursuant tQJheJoan .agreement between Maker and Beneficiary, (b) Upon payment in full of 1111111111111111111111111111111111111111111111111111111 669753 09/17/1998 04:45P 159 Sara Fisher 2 of 6 R 31,00 D 0.00 N 0.00 Ea,l. CO .