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<br />Fil. for Record in
<br />U,S ANIMAS, CO
<br />BERNARD J. GUNZALES
<br />On 11-16-2000 At 02:0'3 pm.
<br />DEED 0 TRUS 40.00
<br />Ooc ~ees .00
<br />DR Book 1000 Page 784 - 791
<br />Deed of Trust
<br />Instru.ent Book Page
<br />200000648'310 OR 1000 784
<br />This indenture, made this I1::tb day of If, r 2000, between The Model Land
<br />& Irrigation Company, a Colorado corporation, whos. ddress is P.O. Box 57, Model, Colorado 81059,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Las Animas, State of
<br />Colorado, hereinafter referred to as PUBLIC TRUSfEE,
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<br />Witnesseth, that whereas, GRANTOR haS executed a Promissory Note, which is a part of
<br />Contract No. C150012 (the Contract) for a loan in the principal sum of $335,000 tc be repaid to the
<br />STATE OF COL.ORADO or the use and benefh of the Department of Natural Resources, Water
<br />Conservation Soard, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203
<br />with interest thereon from the date of first disbursement of funds under the Contract at the effectiv~
<br />ir.tercst rote of 3.75~~ per annum. payable in 30 annes! inst311ments, in accoidanca I,\lith the telms of
<br />the Promissory Note, or until the 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
<br />said promissory flote 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 PUBUC TRUSTEE in trust forever, to wit, the
<br />water rights and real property described in EJ<hibit A, attached hereto and incorporated herein
<br />(collectively or hereinafter referred to as the 'Property"). The GRANTOR agrees mat, in the event the
<br />State of Colorado forecloses on all or a portion of the Property, the GRANTOR shall continue to provide
<br />irrigation water to that portion of the Property that includes irrigated lands, identified in Exhibit A, to the
<br />extent that irrigation water is available to the GRANTOR. The GRANTOR shall use beSt efforts to ensure the
<br />availability of irrigation water for those lamjs. In the event the GRANTOR changes the location of the
<br />irrigated lands, the GRANTOR shall notify the STATE within 30 days of such change.
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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
<br />part thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or
<br />in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made
<br />in or in case of violation or breach of any of the terms, conditions, covenants or agreements contained
<br />in the Contract, me beneficiary hereunder may deClare a violation of any of the covenants contained in
<br />the Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of
<br />such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice cf election
<br />and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the
<br />recorders office of the county in which said Property is situated, it shall and may be lawful for the
<br />PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns
<br />therein, at public auction at such time and at s\Jch location as shall be designated In the PUBLIC
<br />TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash, four weeks public
<br />notice having been previously given of the time and place of such sale, advertisemen1 once each week
<br />for five consecutive weeks, in a newspaper of general circulation at that time published in said county,
<br />a copy of which notice shall be mailed within ten days from the date of first publication thereof to the
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<br />Appendix C to Loan contract C150012
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