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<br />RCPTN # 2000087371'-'1/26/2000 12:17:00 # PAGES - FEE -
<br />M RODENBERGER RECORDEK, LARIMER COUNTY CO STATE DOC .~E -
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<br />$15.00
<br />$.00
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<br />Deed of Trust
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<br />This indenture, made this 14th day of December 2000, between'lhe Tunnel Water Company,
<br />whose address is P.O. Box 1584, Fort Collins, Colorado 80522, hereinafter referred to as GRANTOR, and
<br />the Public Trustee of the County of Larimer, State of Colorado, hereinafter referred to as PUBLIC
<br />TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note of even date and loan
<br />~ount, as set forth in Contract No. C150052 (the Contract) for a loan in the principal sum of $1,600,000
<br />o be repaid to the STATE OF COLORADO for the use and benefit of the Department of Natural
<br />Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver,
<br />t Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at
<br />the effective interest rate of 4.5% per annum, payable in 30 annual installments, in accordance with the
<br />terms of the Promissory Note, or until loan is paid in full.
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit an
<br />undivided one hundred percent (100%) interest in all water and water rights available to the Laramie River
<br />System of the Tunnel Water Company, pursuant to the decree in Case No. 5993 entered on September
<br />11, 1944, by the District Court, Larimer County, Colorado, together with an easement for the Laramie-
<br />Poudre Tunnel. The Laramie-Poudre Tunnel is located on Forest Service lands within Sections 7, 8, 9,
<br />and 16, Township 8 North, Range 75 West of the 6th P.M., Larimer county Colorado, hereinafter referred
<br />to as the "Property."
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<br />To have and to hold the same, together with all and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part
<br />thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the
<br />payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in
<br />case of violation or breach of any of the terms, conditions, covenants or agreements contained in the
<br />Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the
<br />Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such
<br />election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br />office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to
<br />sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public
<br />auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks public notice having been previously
<br />given of the time and place of such sale, advertisement once each week for five consecutive weeks, in
<br />some newspaper of general circulation at that time published in said county, a copy of which notice shall
<br />be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address
<br />herein given and to such person or persons appearing to have acquired a subsequent record interest in
<br />said Property at the address given in the recorded instrument; where only the county and state is given as
<br />the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of
<br />the Property at such sale, a certificate in writing describing the Property purchased, and the sum paid
<br />therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed
<br />therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon
<br />demand by the person holding the said certificate of purchase, when said demand is made, or upon
<br />demand by the person entitled to a deed to and for the Property purchased, at the time such demand is
<br />made, the time for redemption having expired, make and execute to such person a deed to the Property
<br />purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
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<br />Appendix 3 to Loan Contract C150052
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