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<br />00380730 12/03/2003 09:45am SK: 0511 PG, 1306 <br />SANDRA J JACKSON, RECORDER, RIO GRANDE CTY, CO <br /> <br />claims it may have in or to said COLLATERAL as a Homestead Exemption or other exemption, now or <br />hereafter provided by law. The GRANTOR further covenants that the collateral is free and clear of all <br />liens and encumbrances whatever and that the GRANTOR shall warrant and forever defend the <br />COLLATERAL in the quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, <br />against all and every person or persons lawfully claiming or to claim the whole or any part thereof. <br />Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and <br />assessments ievied on the COLLATERAL; any and all amounts due on account of the principal and <br />interest or other sums on any senior encumbrances, if any; and will keep the COLLATERAL insured in <br />accordance with the requirements of the LOAN CONTRACT. In the event of the sale or transfer of the <br />COLLATERAL, the BENEFICIARY, at its option, may declare the entire balance of the note immediately due <br />and payable. <br />In case of default in any of said payments of the principal or interest, according to the terms of <br />said Promissory Note or LOAN CONTRACT, by the GRANTOR, its successors or assigns, then said <br />principal sum hereby secured, and interest thereon, may at once, at the option of the BENEFICIARY, <br />become due and payable, and the said COLLATERAL be sold in the manner and with the same effect as <br />if said indebtedness had matured, and that if foreclosure be made by the PUBLIC TRUSTEE, an attorney's <br />fee in a reasonable amount for services in the supervision of said foreclosure proceedings shall be <br />allowed by the PUBLIC TRUSTEE as a part of the cost of foreclosure, and if foreclosure be made through <br />the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such <br />foreclosure proceedings. <br />It is further understood and agreed, that if a release or a partial release of this Deed of Trust is <br />required,.-lhe';GAA!\iTOR, its successors or assigns will pay the expense thereof; that all the covenants <br />and~Q~~~rMnts1~(I)PtairEld ,herein and in ~he Promissory Not~ and L<?AN CONTRACT shall extend .to and <br />bebll)dll:!g{JJPOI;lJh~ gUycessqrs or assigns of the respective parties hereto; and that the Singular <br />nq:rlli~J;,ffril~if1P)~9e,~f(&,~,M,ural,the plural the singular, and the use of any gender shall be applicable to <br />c'E1JJ:ge:tJaers J, " - " " " <br /> <br />(it\;0,i'),:'~"3~~: ,. ~ j <br />\':;':(C~)}POAATE:> ,,' ,,:!, / <br />, \"<;.,SEAL91,1':;;<<" / <br />;,Y'~(;,,':;:;,,:;~E~:5i;:~!:'~<; " <br /> <br />ATTEST:."" <br /> <br />The Rio Grande and Piedra Valley Ditch Company, a <br />Colorado nonprofit corporation <br /> <br /> <br />By wd Ot;v~'/'A R.' _^r . ~ () <br />illiam M. McJ~I~JsJ~nt <br /> <br /> <br />'\ <br />~J; -> <br /> <br /> <br />) <br />) SS <br />State of Colorado ) <br />The foregoing instrument was acknowledged before me this 3O+h day of ()cJ.o~ 2003, by <br />WilHam M. McNeil as President and Michael J. Schaefer as Secretary!Treasurer of The Rio Grande and <br />Piedra Valley Ditch Company. Witness my hand and official seal. <br /> <br />1)ac..A.d q. Gal ('~ Notarypublic <br /> <br />My commission expires <br /> <br />f..a - / 3 ~()1 <br /> <br />Page 2 of 2 <br />