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<br />, <br />. .. <br />',' . <br /> <br />rJ <br />\1] <br />r <br /> <br />, <br />,,. <br />.0"" <br /> <br />"'b14\ ;' <br /> <br />DEED OF TRUST <br /> <br />1, Grantor: Upper Eagle Regional Water Authority, acting by and <br />through its water activity enterprise <br />846 Forest Road <br />Vail. CO 81657 <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, Prooertv: (a) 3830 shares of the Class A Series 2 common stock of the Eagle <br />Park Reservoir Company. represented by certificate nos, 8 (268 shares), 9 (383 <br />shares). 10 (539 shares), 11 (659 shares), 12 (860 shares) and 13 (1,121 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 Company. to <br />develop a Total Project Yield of 2013 acre-feet, as that term is more particularly <br />defined in and determined pursuant to the terms of the Eagle Park Reservoir <br />Purchasers' Agreement dated June 17, 1998 (the "Purchasers' Agreement"), <br />among the Colorado River Water Projects Enterprise. the Eagle River Water <br />and Sanitation District. Upper Eagle Regional Water Authority, Vail Associates. <br />Inc, ,and the Eagle Park Reservoir Company: 177 acre-feet of historic <br />consumptive use credits which were quantified, changed and decreed to the <br />member districts of the Authority in Water Division No, 5 Case Nos, W-3289, W~ <br />3664. W-3999, 80CW397. 81CW161, 81CW195. 84CW225 and 92CW295 from <br />the water rights more particularly described in the attached Exhibits, 1 and 2. <br /> <br />(c) This deed of trust and the Property described in paragraph 4(b) above is subject <br />to the terms of the Purchasers' Agreement, including without limitation the right <br />to substitute for the water rights in paragraph 4(b) an equivalent amount of <br />water from Green Mountain Reservoir in accordance with the terms of <br />paragraph 5(f) of the Purchasers' Agreement. <br /> <br />5. 'Obliaations: (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 $2.216.574.00. and <br />all renewals. extensions, amendments and substitutions of and for such portion, <br /> <br />Date: September -1L. 1998 ~ <br />Note Amount: $7,492,520 <br />Maturity Date: September .J2...... 2028 <br />Maker:" Eagle Park Reservoir Company , <br /> <br />1111111111111111111111111111111111111111111111111111111 <br />669752 09/17/t998'~:~4~t5grS.r. Flsher <br />1 Df 8 R 41.00 D 0.00 N 0.00 Ea.le CO <br /> <br />Appendix C to Loan Contract C153829 <br />