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<br />'08/19/2002 09:00 REC FEE: $15.00 PAGE #: 0001 OF 0003 <br />MOFFAT COUNTY, CO, BEVERLY JOHNSON - CLERK/RECORDER DOCU#: 2002L 3674 ** <br /> <br />Loan No. F-197679/jlb <br />Loan No. F-197679.02 <br /> <br />* CORRECTED * <br />SUBORDINATION AGREEMENT <br /> <br />THIS AGREEMENT made as of the 15th day of August, 2002, between THE <br />EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (hereinafter <br />referred to as the "Undersigned"), and COLORADO WATER CONSERVATION <br />BOARD, having its principal place of business at 1313 SHERMAN STREET, ROOM <br />721, DENVER, COLORADO 80203, (hereinafter referred to as the "Lender"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, JOHN PEROULlS & SONS have applied to the Lender for a loan in <br />the amount of THREE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS <br />($350,000.00), to be evidenced by a Note in that amount of even date herewith and <br />secured by deeds of trust of even date herewith (hereinafter referred to as the <br />"Mortgage") covering the following premises situate in MOFFAT COUNTY, <br />COLORADO: <br /> <br />TOWNSHIP 10 NORTH, RANGE 90 WEST OF THE 6TH P.M. <br />Section 8: SW '14 SE '14, SE '14 SE '14 <br />Section 9: SE '14 SW '14, SW '14 SE '14, SW'I4 SW% <br /> <br />WHEREAS, the Undersigned is the holder of the following mortgage, lease, <br />contract of sale, jUdgment or other encumbrance (hereinafter referred to as the <br />"Encumbrance"): <br /> <br />LOAN NO. F-197679 <br />Deed of Trust recorded in Moffat County, Colorado on 2/19/99 as Document <br />#1999L 691 and Deed of Trust recorded in Routt County, Colorado on 2/18/99 in <br />Book 755, Page 852 as Document #506359 <br /> <br />LOAN NO. F-197679.02 <br />Deed of Trust recorded in Moffat County, Colorado on 10/23/00 as Document <br />#2000L 4287 and Deed of Trust recorded in Routt County, Colorado on 10/25/00 <br />as Document #535162 <br /> <br />WHEREAS, to induce the Lender to make said loan, the Undersigned has <br />agreed with the Lender to subordinate to the lien of the Mortgage all right, title and <br />interest of the Undersigned, including the Encumbrance, in and to all or any part of said <br />premises; <br /> <br />WHEREAS, this Subordination Agreement is subject to existing ranch roads for <br />ingress and ingress through the property being subordinated; <br /> <br />Appendix 5 to Loan Contract C150083 <br />