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<br />' 526788 07/19/1999 04:28P 8836 P28 LMeCraeken
<br />1 0' 3 R 15.00 D 0.00 Dell. Cly, CO Clerk & Ree
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<br />Deed of Trust
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<br />This indenture, made this ~day of V L 1999, between the Leroux Creek Water Users'
<br />Association, whose address is 1165 3100 Road, H hkiss, Colorado, 81419, hereinafter referred to as GRANTOR,
<br />and the Public Trustee of the County of Delta, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No. C150008
<br />("Contract") for a loan in the principal sum of $1,250,000 to be repaid to the STATE OF COLORADO for the use
<br />and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203, with iRterest thereon from the date of first disbursement of funds
<br />under the Contract at the effective interest rate of 3.75% per annum, payable in 30 annual installments, In
<br />accordance with the Promissory Note of said Contract, or until loan is paid in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and. interest of said promissory' note
<br />to the State of Colorado.
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<br />Now, therefore,' the GRANTOR, in COnsideration of the premises and for the purpose aforesaid, does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit:
<br />
<br />THE CARL SMITH RESERVOIR AND ALL ENLARGEMENTS THEREOF, the initial point of survey thereof being
<br />located at a point whence corner No.4, Tract 37, Section 35, Township 12 South, Range 93 West of the 6th
<br />P.M. bears north 160 10' East 308 feet distant. (That said reservoir is sometimes known as the "CARL SMITH
<br />ENLARGEMENT OF PATTERSON NO.3"), together with all easements, water and water rights, ditches and
<br />ditch rights thereunto belonging, and including, but not limited to, Priority No. H-36 for 134.87 acre feet
<br />ABSOLUTE by decree In Case No. 2563, District Court, Delta County, Seventh Judicial District, dated May 28,
<br />1936, (tabulated as May 28, 1937); Priority No. J-272 for 398.13 acre feet ABSOLUTE, 808 acre feet
<br />CONDITIONAL, by decree in Civil Action No., 3503, Delta County District Court dated March 20, 1954; and
<br />Priority No. J-272 for 320.00 acre feet ABSOLUTE by supplemental decree in Civil Action No. 3503, Delta
<br />County'District Court, dated August 5, 1963.
<br />
<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
<br />belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part therllof, or ;11".the'."
<br />payment of the interest thereon, according to the tenor and effect of said note or in the payment of any prior
<br />encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation o'r breach of
<br />any of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may
<br />declare a violation of any of the covenants contained in the Contract and elect to advertise said Property for sale,
<br />and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon
<br />receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be
<br />recorded in the recorder's office of the county in which said Property is situated, it shall and may be lawful for the
<br />PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may
<br />think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public auction
<br />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
<br />of such sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation
<br />at that time published in said County of Delta, a copy of which notice shall be mailed within ten days from the
<br />date of the first publication thereof to the GRANTOR at the address herein given and to such person or persons
<br />appearing to have acquired a subsequent record interest in said Property at the address given in the recorded
<br />Instrument; where only the county and state is given as the address then such notice shall be mailed to the county
<br />seat, and to make 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 person entitled thereto)
<br />shall be entitled to the deed therefor, unless the same Shall be redeemed as is provided by law; and said PUBLIC
<br />TRUSTEE shall, upon demand by the person h'olding the said certificate of purchase, when said demand is made, or
<br />upon demand by the person entitled to a deed to 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
<br />
<br />Appendix C to Loan Contract C150008
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