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<br />10/28/2002 11:30 REC FEE: $15.00 PAGE #: 0001 OF 0003
<br />MOFFAT COUNTY, CO, BEVERLY JOHNSON - CLERK/RECORDER DOCU#: 2002L 4852 **
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<br />DEED OF TRUST
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<br />This indenture, made this August 1, 2002, between Peroulis Brothers, a Colorado
<br />limited liability company formed pursuant to the Articles of Organization dated July 26, 1991
<br />and operated pursuant to Operating Agreement dated September 10, 1991, incorporated
<br />herein by reference, whose address is 1600 E U.S. 40, P. O. Box 355, Craig, CO 81626,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Moffat, State of
<br />Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, Peroulis & Sons executed a promissory note dated August 1, 2002, set
<br />forth in Contract No. C150083 dated August 1, 2002 (the Contract) for a loan in the principal
<br />sum of $250,000 from the Colorado Water Conservation Board, 1313 Sherman Street, Room
<br />721, Denver, Colorado 80203, to be paid pursuant to the terms and conditions contained in
<br />promissory note and contract, and the GRANTOR has pledged the following described property
<br />to secure payment of the principal and interest of said promissory note.
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<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 trust
<br />forever, to wit: an undivided 100% interest in the following: 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, Township
<br />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, according to
<br />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
<br />terms, conditions, covenants or agreements contained in the Contract, the beneficiary
<br />hereunder may declare a violation of any of the covenants contained in the Contract and elect
<br />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
<br />for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br />office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC
<br />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
<br />assigns therein, at public auction at such time and at such location as shall be designated in the
<br />PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same will bring in cash, four
<br />weeks public notice having been previously given of the time and place of such sale,
<br />advertisement once each week for five consecutive weeks, in some newspaper of general
<br />circulation at that time published in said county, a copy of which notice shall be mailed within
<br />ten days from the date of the first publication thereof to the GRANTOR at the address herein
<br />given and to such person or persons appearing to have acquired a subsequent record interest
<br />in said Property at the address given in the recorded instrument; 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
<br />and give to the purchaser of the Property at such sale, a certificate in writing describing the
<br />Property purchased, and the sum paid therefor, and the time when the purchaser (or other
<br />person entitled thereto) shall, be entitled to the deed therefor, unless the same shall be
<br />redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person
<br />holding the said certificate of purchase, when said demand is made, or upon demand by the
<br />person entitled to a deed to and for the Property purchased, at the time such demand is made,
<br />the time for redemption having expired, make and execute to such person a deed to the
<br />Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall
<br />be si!)ned, acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and
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<br />Appendix 4b to Loan Contract C150083
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