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<br />Deed of Trust
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<br />This indenture, made this _ day of 2000, between the Columbine
<br />Ranches Property Owner's Association, a Colorado non-profit corporation, whose address is 11246
<br />Lewistown Street, Commerce City, CO. hereinafter referred to as GRANTOR. and the Public Trustee
<br />of the County of Adams, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which is a part of
<br />Loan Contract No. C150010 (the Contract), for a loan in the principal sum of $305,250.00 to be
<br />repaid to the State of Colorado for the use and benefit of the Department of Natural Resources,
<br />Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado
<br />80203, with interest thereon from the date of substantial completion of the project under the Contract
<br />payable in 30 annual installments, in accordance with the terms of the Promissory Note, or until loan
<br />is paid in full.
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<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.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose -
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust
<br />forever, to wit: the water rights as described on attached Exhibit A (hereinafter referred to as the
<br />"Property").
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<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of
<br />said note, or any part thereof, or in the payment of the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in
<br />case default shall be made in or in case of violation or breach of any of the terms, conditions,
<br />covenants or agreements contained in the Contract, the beneficiary hereunder may declare a
<br />violation of 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 such election and demand for sale with the PUBLIC
<br />TRUSTEE. Upon receipt of such notice of election 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 PUBLIC 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
<br />price the same will bring in cash. four weeks pUblic notice having been previously given of the time
<br />and place of such sale, advertisement once each week for five consecutive weeks, in some
<br />newspaper of general circulation at that time published in said County of Adams. a copy of which
<br />notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at
<br />the address herein given and to such person or persons appearing to have acquired a subsequent
<br />record interest in said Property at the addreSs given in the recorded instrument; where only the
<br />county and state is given as the address then such notice shall be mailed to the county seat, and to
<br />make and give to the purchaser of the Property at such sale, a certificate in writing describing the
<br />Property purchased, and the sum paid therefor. and the time when the purchaser (or other person
<br />entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is
<br />provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said
<br />certificate of purchase, when said demand is made. or upon demand by the person entitled to a
<br />deed to and for the Property purchased. at the time such demand is made, the time for redemption
<br />having expired, make and execute to such person a deed to the Property purchased, which said
<br />deed shall be in the ordinary form of a conveyance. and shall be signed, acknowledged and
<br />delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such
<br />deed, the Property purchased as aforesaid and all the right, title, interest. benefit and equity of
<br />redemption of the GRANTOR. its successors and assigns made therein. and shall recite the sum for
<br />which the said Property was sold and shall refer to the power of sale therein contained, and to the
<br />sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case
<br />of the redemption of the Property. by a subsequent encumbrancer, such assignment or redemption
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<br />Appendix F(1) to Loan Contract C150010
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