PROJC00368

• Contract/PO #: C153639L
• Contractor Name: New Cache La Poudre Irrigating Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 93-1273
• Loan Projects - Doc Type: Contract Documents

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DEED OF TRUST

THIS INDENTURE, made this 20th:lay of June
CACHE LA POUDRE IRRIGATING COMPANY whose address is
Colorado 80646 hereinafter referred to as GRANTOR, and
the County of LARIMER, State of Colorado, hereinafter
TRUSTEE,

, 1995, between NEW
P. O. Box 104, Lucerne,
the Public Trustee of
referred to as PUBLIC

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WITNESSETH, THAT, WHEREAS, GRANTOR has e~ecuted a promissory note,
dated July 29. 1993, for the principal sum of Four Hundred Fifty Thousand
Dollars ($450,0001 payable to the order of the STATE OF COLORADO for the use and
benefit of the Department of Natural Resources, Water. Conservation Board,
whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203. after
the date hereof, with interest thereon from the date thereof at the rate of four
percent (4%) per annum, payable in 25 annual installments of Twenty-Eight Thousand Eight Hundred Five Dollars
and Thirty-Eight Cents ($28,805_38), or until loan is paid in full.

AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said promissory
note in whose hands soever the said note or any of them may be.

NOW. THEREFORE, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby
grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the following described property,
situated in the County of LARIMER Colorado, to wit: the diversion structure in the Cache LaPoudre River located in the SW 1/4 of the SE
1/4 of the NE 1/4 of Section 11, Township 6 North, Range 68 West of the 6th P.M. in Larimer County, Colorado at a point which lies
N87030'W 1040 feet from the 1/4 section comer common to Sections 11 and 12 in said Township 6 North and Range 68 West.

TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust
nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest thereon, according
to the tenor and effect of said note orin the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made
in or in case of violation or breach of any of the terms, conditions, covenants or agreements herein contai.ned, the beneficiary hereunder
or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained and elect to advertise
said property for sale, and demand such sale by filing a notice of SlJch election and demand for sale with the PUBLIC TRUSTEE. Upon receipt
of such notice of election and demand for sale, the PUBLIC TRUSTEe shall cause a copy of the same to be recorded in the recorder's office
of the county in which said property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse
or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, "title and interest of th€l GRANTOR, its heirs or assigns
therein, at public auction at such time and at such location as shall pe deSignated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and
best price the same will bring in cash, four weeks public notice having been previously given of t:'e time and place of such sale,
advertisement once each week for five consecutive weeks, in some newspaper of general circulation at t:1at time published in said County
of Larimer, a copy of which notice shall be mailed within ten days frelm the date of the first publication thereof to the GRANTOR at the address
herein given and to such person or persons appearing to have acqI,Jired a subsequent record interest in said pro;>frty at the address given
in the recorded instrument; where only the county and state is given as the address then such notice shall be m~aed to the county seat,
and to make and give to the purchaser of such property at such sale, a certificate in writing describing such property purchased, and the
sum paid therefor, and the time when the purchaser (or other persofl entitled thereto) shall be entitled to the deed therefor, unless the same
shall be redeemed as is prOVided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
when said demand is made. or upon demand by the person entitled to a deed to and for the property purchased, at the time such demand
is made, :.the time for red~mption, having expired, make and execute to such person a deed to the said property purchased, which said deed
shall be ::."\ the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey
and quitclaim to such person entitled to such deed, the said property purchased as aforesaid and all the right, title, interest, benefit and
equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the sum for which the said property was sold and
shall refer t.:)the,power of s51& therein contained, and to the sale rrtade by virtue thereof; and in case of an assignment of such certificate
of purchase, ',:.r ir:"c"0"s.;~ of the redemption "of such property, by a SiJbsequent encumbrancer, such assignment or redemption shall also be
referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or avails
of such sale, after first paying and retaining all fees, Charges and c:osts of making said sale, pay to the beneficiary hereunder or the legal
holder of said note the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such
beneficiary or legal holder of said note for insurance, taxes _and assessments, with interest thereon at ten per cent per annum, rendering
the overplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual bar, both
in law and equity, against the GRANTOR, its heirs and assigns, and all other persons claiming the said property, or any part thereof, by, from,
through or under the GRANTOR, or any of them. The holder of said f10te may purchase said property or any part thereof; and it shall not be
obligatory upon the purchaser at any such sale to see to the applic:atio~ of the purchase money.

And the GRANTOR, for itself and its heirs, personal representatives or assigns covenants and agrees to and with the PUBLIC TRUSTEE,
that at the time of the unsealing of and delivery of these presents it is well seized of the said land and tenements in fee simple, and has good
right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and
absolutely waiving- and releasing all rights and claims it may have i(l or to said lands, tenements, and property as a Homestead Exemption,
or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under and by
virtue of any act of the United States Congress, now eXisting or Which may hereafter be passed in relation thereto and that the same are
free and clear of all liens and encumbrances whatever, except N/A and the above bargained property in the quiet and peaceable possession
of the PUBLIC TRUSTEE,. its succeSSOrS and assigns, against all and e'l/ery person or persons lawfully claiming or to claim the who or any part
thereof, the GRANTOR shall and will Warrant and Forever Defend.

Until payment in full of the indebtedness, the GRANTOR sludl timely pay all taxes and assessments levied on the .property; .any and
all amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep all improvements that
may be on said lands insured against any property loss, including .any loss to the property including the pertls of flood, fire, and tornado,
in a company or companies meeting the satisfaction of the beneficitlry hereof in an amount not less than the then total indebtedness. Each
policy shall contain a loss payable clause naming the bene!Lciary as mortgagee and shall further provide that the insurance may not be

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