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<br />08/21/2002 11:20 REC FEE: $20,00 PAGE #: 0001 OF 0004
<br />MOFFAT COUNTY, CO, BEVERLY JOHNSON - CLERK/RECORDER DOCU#: 2002L 3734 H
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<br />DEED OF TRUST
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<br />This indenture, made this August 1. 2002, between John Peroulis and Sons, a
<br />Colorado general partnership, whose address is P.O. Box 1015, Craig, CO 81626,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Moffat. State
<br />of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, dated August
<br />1,2002, set forth in Contract No. C150083 dated August 1,2002 (the Contract) for a loan
<br />in the principal sum of $250,000 to be repaid to the STATE OF COLORADO for the use
<br />and benefit of the Department of Natural Resources, Water Conservation Board, whose
<br />address is 1313 ,Sherman Street, Room 721, Denver, Colorado 80203, with interest
<br />thereon from the date of first disbursement of funds under the Contract at the effective
<br />interest rate of 3,0% per annum, payable in 30 annual installments, in accordance with the
<br />terms of the Promissory Note, or until loan is paid in full.
<br />
<br />.Il,nd-Whereas,t.J:ie-GRANFGR is d(jsiF0b1S---Bf-se6ti~\:laymef1t-eHAe-pfineipal-and-
<br />interest of said promissory note to the State of Colorado. \
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in . .
<br />trust forever, to wit: an undivided 100% interest in the following: (1) Martin Cull Reservoir,
<br />the land on which it is located consisting of 80 acres described' as the SE4 of the SW4 and
<br />the SW4 of the SE4, Section 9,(2) the water rights to fill the reservoir described as 250 AF
<br />appropriated November 1, 1954 and adjudicated December 31, 1974 in Court Case W620-
<br />74,. (3) 120 acres, more or less, described as the SW4 of the SE4 of Section 8, SE4 of the
<br />SE4 of Section B,the SW4 of the SW4 of Section 9, and (4) 157,66 acres, more or less,
<br />described as NW/4 NE/4, SW/4 NE/4, NW/4 SE/4 and the SW/4 SE/4 of Section 17,
<br />Township 10 North, Range 90 West 6th PM hereinafter referred to as "the Property."
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<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the
<br />payment of said note. or any part thereof, or in the payment of the interest thereon,
<br />according to the tenor and effect of said note or in the payment of any prior encumbrances,
<br />principal or interest, if any, or in case default shall be made in or in case of violation or
<br />breach of any of the terms, conditions, covenants or agreements contained in the Contract,
<br />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 such sale by filing a
<br />notice of such election arid demand for sale with the PUBLIC TRUSTEE:. Upon receipt of
<br />such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the
<br />same to be recorded in the recorder's office of the county in which said Property. is
<br />situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same
<br />(en masse or in separate parcels. as the said PUBLIC TRUSTE:E may think best), and all the
<br />right, title and interestofthe GRANTOR, its successorsor assigns therein, at public auction
<br />at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of
<br />Sale, for the highest and best price the same will bring in cash, four weeks public notice
<br />having been previously given of the time and place of such sale, advertisement once each
<br />week for five consecutive weeks. in some newspaper of general circulation at that time
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<br />Appendix 4 to Loan Contract C150083
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