|
<br />()
<br />o
<br />Q
<br />
<br />o
<br />o
<br />() .
<br />~.-<
<br />0;:.-<
<br />
<br />N
<br />
<br />(",
<br />o l.<
<br />111
<br />'0
<br />l.<
<br />.-< 0
<br />r.J
<br />t!l 111
<br />0.0;:
<br />
<br />o.<<!l
<br />N
<br />N.-'<
<br />.. l.<
<br />.-< 111
<br />0.....
<br />V
<br />CO
<br />"'>,
<br />"'.j..l
<br />.-<e::
<br />,-;j
<br />CO 0
<br />Nl'.)
<br />'-
<br />.....j..l
<br />O.j..l
<br />;j
<br />o
<br />00;:
<br />N
<br />l"'-
<br />I
<br />0..
<br />
<br />N
<br />..,.
<br />1"'-'0
<br />I e::
<br />CO nl
<br />.....
<br />e::
<br />..-<
<br />'" 111
<br />ll'l3:
<br />'"
<br />CO ><
<br />CO nl
<br />..,.'"
<br />
<br />1
<br />J
<br />
<br />"
<br />
<br />Deed of Trust
<br />
<br />This indenture. made this.!:L day of No..; 1997. between the Smith Irrigation Ditch, a Colorado nonprofit
<br />corporation. whose address is 96193 E. Highway 40. Craig. CO 81625. hereinafter referred to as GRANTOR, and the Public
<br />Trustee of the County of Routt, State of Colorado. hereinafter referred to as PUBLIC TRUSTEE.
<br />
<br />Witnesseth. that whereas, GRANTOR has executed a Promissory Note, which is a part of Loan Contract C153787
<br />(the Contract). for a loan in the principal sum of $50,000.00 to be repaid to the State of Colorado for the use and benefit of the
<br />Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver,
<br />Coiorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at an interest rate of
<br />3.5% per annum. payable in 20 annual installments, in accordance with the terms of the Promissory Note, or untii ioan is paid
<br />in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to
<br />the State of Coiorado.
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant.
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: The Smith Ditch diversion structure constructed
<br />in 1997 and located on Elkhead Creek approximately 200 feet downstream of the Smith Ditch headgate in the N1/2 of the
<br />NW1/4 of the NW1/4 of Section 28, Township 7 North, Range 89 West of the 6th P.M. (collectively or hereinafter referred to
<br />as the "Property").
<br />
<br />To have and to hold the same. together with all and singuiar the privileges and appurtenances thereunto
<br />belonging: In Trust nevertheless, that in case of default in the payment of said note. or any part thereof, or in the payment of
<br />the interest thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br />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
<br />or agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained
<br />in the Contract and elect to advertise said Property for saie, and demand such sale by filing a notice of such election and
<br />demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE
<br />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
<br />and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said
<br />PUBLIC TRUSTEE may think b'est), and all the right, title and interest of the GRANTOR. its successors or assigns therein, at
<br />public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Saie, for the highest
<br />and best price the same will bring in cash, four weeks public notice having been previously given of the time and place of
<br />such sale. advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time
<br />published in said Cciunty of Routt. a copy of which notice shall be mailed within ten days from the date of the first publication
<br />thereof to the GRANTOR at 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 county and state is given as
<br />the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the Property at
<br />such sale, a certificate in writing describing the Property purchased, and the sum paid therefor. and the time when the
<br />purchaser (or other person 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 certificate of purchase, when
<br />said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time such
<br />demand is made, the time for redemption having expired. make and execute to such person a deed to the Property
<br />purchased. which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered
<br />by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property purchased as
<br />aforesaid and all the right. title, interest, benefit and equity of redemption of the GRANTOR, its successors and assigns made
<br />therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale therein contained,
<br />and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the
<br />redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such
<br />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
<br />such sale. after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the
<br />principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such
<br />beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum,
<br />rendering the surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall
<br />be a perpetual bar, both in law and equity, against the GRANTOR, its successors and assigns, and all other persons claiming
<br />the Property. or any part thereof, by. from, through or under the GRANTOR, or any of them. The holder of said note may
<br />purchase Property or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see to the
<br />application of the purchase money.
<br />
<br />And the GMNTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC TRUSTEE.
<br />that at the time of the unsealing of and delivery of these presents it is well seized of the Property in fee simple. and has good
<br />right, full power and lawful authority to grant. bargain, sell and convey the same in the manner and form as aforesaid; hereby
<br />fully and absolutely waiving and releasing all rights and claims it may have in or to said Property as a Homestead Exemption,
<br />or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption
<br />
<br />Appendix 5 to loan Contract C153787
<br />
|