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<br />Deed of Trust
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<br />This indenture, made this,;t3 <::::l. day of ~~~~ 1996, between the Windsor Reservoir and Canal Company,
<br />whose address is P. O. Box 106, Eaton, Colorado 80615, hereinafter referred to as GRANTOR, and the Public Trustee of the
<br />County of Larimer, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE.
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract #C153725 (the
<br />Contract) for a loan in the principal sum of $1,202,000 to be repaid to the STATE OF COLORADO forthe use and benefit
<br />of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721,
<br />Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at the
<br />effective interest rate of 4.15% per annum, payable in 30 annual installments, in accordance with the terms of the
<br />Promissory Note Provisions of said Contract, or until Joan is paid 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 Colorado,
<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: (1) the diversion structure of the Poudre Valley
<br />Canal on the Poudre River located in the Northwest Quarter of Section 15, Township 8 North, Range 70 West and (2) Cobb
<br />Lake, more fully described on Attachment 1, attached hereto and incorporated herein, all located in Larimer County, Colorado,
<br />(collectively or hereinafter referred to as the "Property").
<br />
<br />To have and to hold the same, together with all and singular the privileges and appurtenances thereunto belonging:
<br />In Trust ne\Lertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the
<br />interest thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br />interest, jf 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 sale, 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 PUBLIC
<br />TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public
<br />auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and
<br />best price the same will bring in cash, four weeks public notice having been previously given of the time and place of such
<br />sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time
<br />published in said county, a copy of which notice shall be mailed within ten days from the date of the first publication thereof
<br />to the GRANTOR at the 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 instrument; where only the county and state is given as the
<br />address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the Property at such
<br />sale, a certificate in writing describing the Property purchased, and the sum paid therefor, and the time when the purchaser
<br />lor other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by
<br />law; and said PUBLIC 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 tc and for the Property purchased, at the time such demand is
<br />made, the time for redemption having expired, make and execute to such person a deed to the Property purchased, which
<br />said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC
<br />TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all
<br />the right, title, interest, benefit and equity of redemption of the GRANTOR, its successors and assigns made therein, and shall
<br />recite the sum for which the said Property was soid and shail refer to the power of sale therein contained, and to the sale
<br />made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the
<br />Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed; but the
<br />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
<br />first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal and
<br />interest due on said note according to the tenor and effect thereof, and all moneys advanced by such beneficiary or legal
<br />holder nf said note for insurance, taxes and assessments, with interest thereon at ten per cent per annum, rendering the
<br />surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual
<br />bar, both in law and equity, against the GRANTOR, its successorS and assigns, and all other persons claiming the Property,
<br />or any part thereof, by, from, through or under the GRANTOR, or any of them. The holder of said note may purchase Property
<br />or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see to the appli'cation of the
<br />purchase money.
<br />And the GRANTOR, for itself and its successors or assigns cov'enants and agrees to and with the PUBllC TRUSTEE, that at
<br />the time of the unsealing of and delivery of these presents it is well seized of the Property in fee simple, and has good right,
<br />full power and lawful authority to grant, bargain, sell and cor,vey the same in the "';lanner and form as aforesaid; hereby fully
<br />and absolutely waiving and releasing all rights and claims it may have in or to said Property as a Homestead Exemption, or
<br />other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under
<br />and by virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation thereto
<br />and that the same is free and clear of all liens and encumbrances whatever, and the above bargained Property in the quiet
<br />.
<br />
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<br />APPENDIX B
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