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<br />J. Patrick Kelly El Paso cty CO
<br />03/31/2000 01 :51' 200034505
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<br />Deed of Trust
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<br />This indenture, made this l,i day of 1~1/:Uc"J( ) 2000. between the Chilcott Ditch
<br />Company, whose address is 10465 REA Road, Fountain, Colorado 80817, hereinafter referred to as
<br />GRANTOR, and the Public Trustee of the County of EI Paso, State of Colorado, hereinafter referred to as
<br />PUBLIC TRUSTEE.
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, which is a part of
<br />Contract No. C150029 (the Contract) for a loan in the principal sum of $250.000 to be repaid to the
<br />STATE OF COLORADO for the use and benefit of the Depart",ent of Natural Resources, Water
<br />ConseNation Board, whose address is 1313 Sherman Street, Room 721. Denver, Colorado 80203, with
<br />interest thereon from the date of first disbursement of funds under the Contract at the effective interest
<br />rate of 4% per annum, pay@ble in thirty (30) annual installments, in accordance with the terms of the
<br />Promissory Note, or until loan is paid in full.
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
<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 PUBLIC TRUSTEE in trust forever, to wit a one
<br />hundred percent interest in the diversion structure of the Chilcott Ditch on the Fountain Creek and all
<br />rights.of.way and easements associated with said diversion structure, which are located in the East Half
<br />of Sec. 25. Range 64 West. Township 15 South. 6" Principal Meridian, collectively or hereinafter
<br />referred to as the "Property."
<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 iri the payment of said note, or any
<br />part thereof, or in the paymer1t of the interest thereon, according to the tenor and effect of said note or in
<br />the payment of any prior enc:umbrances, principal or interest, if any, or in case default shall be made in
<br />or in case of violation or bre&lch of any of the terms, conditions, covenants or agreements contained in
<br />the Contract, 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 $uch sale by filing a notice of such
<br />election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />demand for saie. the PUBLIC TRUSTEE shall cause a copy of the sa",e to be recorded in the recorder's
<br />office of the county in which ~aid Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE
<br />to sell and dispose of the sa",e (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best). and all the right. tille and inleresl of the GRANTOR. its succe~sors or assigns therein, at public
<br />auction at such time and at Sl-lch location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br />for the 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 orice each week for five consecutive
<br />weeks, in some newspaper of general circulation at that time published in said county, a copy of which
<br />notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the
<br />address herein given and to such person or persons appearing to have acquired a subsequent record
<br />interest in said Property at the address given in the recorded instrtJment; where only the county and
<br />state is given as the address then such notice shall be mailed to the county seat. and to make and give
<br />to the purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br />and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be
<br />entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC
<br />TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when said demand
<br />is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time
<br />such demand is made, the time for redemption having expired, make and execute to such person a
<br />deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and
<br />shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and
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<br />Appendix 5 to Loan eontract C150029
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