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<br />RECEIVED
<br />APR 3 0 1999
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<br />C('llorad~ W,~!.;r
<br />Con""',..","""",,,,, Deed of Trust
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<br />This indenture, made this gl:J" day of ~c.JL I q q '1 , between the Leroux Creek Water
<br />Users' Association, whose address is 1165 3100 Road, Hotchkiss, Colorado, 81419, hereinafter referred to
<br />as GRANTOR, and the Public Trustee of the County of Delta, State of Colorado, hereinafter referred to as
<br />PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No. C153854
<br />("Contract") for a loan in the principal sum of $300,000 to be repaid to the STATE OF COLORADO for the
<br />use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313
<br />Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first
<br />disbursement of funds under the Contract at the effective interest rate of 4.00% per annum, payable in 30
<br />annual installments, in accordance with the Promissory Note Provision of said Contract, or until loan is paid in
<br />full.'
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of ,said promissory,
<br />note to the State of Colorado. ' "h' ,- ,,,-, =,
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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:,: '
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<br />THE CARL SMITH RESERVOIR AND ALL ENLARGEMENTS THEREOF, ,the Initial point of survey thereof
<br />being located at a point whence corner No.4, Tract 37, Section 35; Township" 12 South, Range 93 West
<br />of the 6th P.M. bears north 160 10' East 308 feet distant. (That said reservoir is sometimes known as
<br />the "CARL SMITH ENLARGEMENT OF PATTERSON NO.3"), together with all easements, water and
<br />water rights, ditches and ditch rights thereunto belonging, and including, but not limited to, Priority No. ,H,
<br />36 for 134.87 acre feet ABSOLUTE by decree in Case No. 2563, District Court, Delta County, Seventh
<br />Judicial District, dated May 28, 1936, (tabulated as May 28, 1937); Priority No. J-272 for 398.13 acre
<br />feet ABSOLUTE, 808 acre feet CONDITIONAL, by decree in Civil Action No. 3503, Delta County District
<br />Court dated March 20, 1954; and Priority No.J-272 for 320.00 acre feet ABSOLUTE by supplemental
<br />decree in Civil Action No. 3503, Delta County District Court, dated August 5, 1963, (collectively or
<br />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 appurtenances thereunto
<br />belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in
<br />the payment ,of the interest thereon, according to the tenor and effect of said note or in the payment of any
<br />prior encumbrances, 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, the beneficiary
<br />hereunder may'declare a violation of any of the covenants contained in the Contract and elect to advertise
<br />said Property for sale, and demand such sale by filing a notice of such election and demand for sale with the
<br />PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a
<br />copy of the same to be recorded in ,the recorder's office of the county in which said Property is situated, it
<br />shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate
<br />parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its
<br />successors or 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 weeks public
<br />notice having been previously given of the time' and place of such sale, advertisement once each week for
<br />, five consecutive weeks, in some newspa~er of general circulation at that time published in said County of
<br />Delta, a copy of which notice shall be mailed within ten days from the date of the first publication thereof to
<br />the GRANTOR at the address herein given and to such person or persons appearing to have acquired a
<br />subsequent record interest in said Property at the address given in the recorded instrument; where only the
<br />county and state is given as the address then such notice shall be mailed to the county seat, and to make and
<br />give to the purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br />and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled
<br />to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall,
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<br />Appendix 4 to Loan Contract C153854
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