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<br />PAGE DOCUMENT
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<br />BoOoOK3136
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<br />PAGE317
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<br />2072192 08/21/02 0850AM
<br />MONIKA To~~ CLK~REC MESA COUNTY Co
<br />RECFEE $25.00
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<br />Deed Of Trust
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<br />This indenture, made this 1st day of April 2002, between the Appleton Northwest
<br />(ML 369) Lateral and Drainage Corporation, whose address is 878 22 Road, Grand
<br />Junction, CO 81505, hereinafter referred to as GRANTOR, and the Public Trustee of the
<br />County of Mesa, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, dated April 1 ,
<br />2002, set forth in Contract No. C150088 dated April 1, 2002 (the Contract) for a loan in the
<br />principal sum of $100,000 to be repaid to the STATE OF COLORADO for the use and
<br />benefit of the Department of Natural Resources, Water Conservation Board, whose address
<br />is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the
<br />date of first disbursement of funds-under the Contract at the effective interest rate of 2,75%
<br />per annum, payable in 30 annual installments, in accordance with the terms of the
<br />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
<br />interest of 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 GRANTOR'S Appleton Northwest 369 Lateral and headgate on the Grand
<br />Valley Irrigation Canal, located in Section 19 and NW/4 of Section 30, Township 1 North,
<br />Range 1 West of the Ute Principal Meridian, Mesa County, Colorado, and as shown on
<br />Attachment 1 hereto, collectively or hereinafter referred to as the "Property."
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<br />To have and to hold the silme, together with ali and singular the privileges and
<br />appurtenances thereunto belonging:' In Trust nevertheless, that in case of default in the
<br />payment of said note, or any part thereof, or in the payment of the interest thereon,
<br />according to the tenor and effect of said note or in the payment of any prior encumbrances,
<br />principal or interest, if any, or in case default shall be made in or in case of violation or
<br />breach of any of the terms, conditions, covenants or agreements contained in the Contract,
<br />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
<br />notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such
<br />notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same
<br />to be recorded in the recorder's office of the county in which said Property is situated, it shall
<br />and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in
<br />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
<br />at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the
<br />highest and best price the same will bring in cash, four weeks public notice having been
<br />previously given of the time and place of such sale, advertisement once each week for five
<br />consecutive weeks, in some newspaper of general circulation at that time published in said
<br />county, a copy of which notice shall be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and to such person or
<br />
<br />Appendix 5 to Loan Contract C150088
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