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<br />Deed of Trust
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<br />This indenture, made this ;?g {;{.. day 01 January 2001. between the Columbine Ranches
<br />Property Owner's Association, a Colorado non-profit corporation. whose address is 11246
<br />Lewistown Street, Commerce City, CO, hereinafter relerred to as GRANTOR, and the Public Trustee
<br />01 the County 01 Adams, State 01 Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas. GRANTOR has executed a Promissory Note dated June 6, 2000.
<br />pursuant to Loan Contract No. C150010 dated June 6, 2000 (the Contract), for a loan in the principal
<br />sum of $305,250.00 to be repaid to the State of Colorado for the use and benelit 01 the Department
<br />of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room
<br />721. Denver, Colorado 80203, with interest thereon from the date of substantial completion of the
<br />project under the Contract payable in 30 annual installments, in accordance with the terms of the
<br />Promissory Note, or until loan is paid in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of
<br />said promissory note to the State of Colorado.
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and co~vey unto the said PUBLIC TRUSTEE in trust forever.
<br />to wit: five (5) shares of the capital stock of the Farmers Reservoir and Irrigation Company as
<br />evidenced by Certificate No. 7671. and all of the water, water rights and other associated rights
<br />represented thereby, hereinafter referred to as the "Property."
<br />
<br />To have and to hold the same, tog~ther with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevElrtheless, that in case 01 default in the payment of
<br />said note, or any part thereof, or in the payment 01 the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any priot encumbrances, principal or interest, if any, or in
<br />case default shall be made in or in case of violation or breach 01 any of the terms, conditions,
<br />covenants or agreements contained in the Co~tract, the beneficiary hereunder may declare a
<br />violation 01 any of the covenants contained in thE; Contract and elect to advertise said Property for
<br />sale, and demand such sale by filing a notice of ~uch election and demand for sale with the PUBLIC
<br />TRUSTEE. Upon receipt of such notice of electio~ and demand for sale, the PUBLIC TRUSTEE shall
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property
<br />is situated, it shall and may be lawful for the PU13l1c TRUSTEE to sell and dispose of the same (en
<br />masse or in separate parcels, as the said PUBLIC "TRUSTEE may think best), and all the right, title and
<br />interest of the GRANTOR, its successors or assigns therein. at public auction at such time and at such
<br />location as shall be designated in the PUBLIC TRUSTEE's Notice of Sale, for the highest and best price
<br />the same will bring in cash, four weeks public notice having been previously given of the time and
<br />place of such sale, advertisement once each weElk for five consecutive weeks, in some newspaper
<br />of general circulation at that time published in saiej County of Adams. a copy of which notice shall be
<br />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
<br />!r.terest in said Property at the address gi'/en in the recorded instrument; where only the county and
<br />state is given as the address then such notice shall be mailed to the county seat, and to make and
<br />give to the purchaser of the Property at such sale, a certificate in writing describing the Property
<br />purchased, and the sum paid therefor, and the time when the purchaser (or other person entitled
<br />thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by
<br />law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certilicate of
<br />purchase. when said demand is made, or upon demand by the person entitled to a deed to and for
<br />the Property purchased, at the time such demand is made, the time lor redemption having expired.
<br />make and execute to such person a deed to the Property purchased. which said deed shall be in the
<br />ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC
<br />TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property
<br />purchased as aforesaid and all the right. title, interest, benefit and equity of redemption of the
<br />GRANTOR. its successors and assigns made therein, and shall recite the sum lor which the said
<br />Property was sold and shall refer to the power of sale therein contained. and to the sale made by
<br />virtue thereof; and in case 01 an assignment of such certificate 01 purchase. or in case of the
<br />redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall
<br />also be referred to in such deed; but the notice of sale need not be set out in such deed and the
<br />
<br />'2i15/200110:35:03
<br />PG: 0001-003
<br />15.00 DOC FEE:
<br />CAROL SNYDEF:
<br />ADAMS COUNTY
<br />
<br />0.00
<br />
<br />3
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