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<br />e33020 03/20/2000 01:04P B8e1 P63e lMeCraeken
<br />1 of 3 R 15,00 D 0,00 Delta Cty, CO Clerk & Ree
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<br />Supplemental Deed of Trust
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<br />This indenture, made this S- day of JtJ.1 J I\l~ :J,oo () . , between theleroux Creek
<br />Water Users' Association, whose address is 1165 31 Road, Hotchkiss, Colorado, .81419,
<br />hereinafter referred to as GRANTOR, and the Public 'rustee of the County of Delta, State of Colorado,.
<br />hereinafter referred to as PUBLIC TRUSTEE, .
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No.
<br />C150008, as amended ("Contract") for a loan in the principal sum of $1,450,000 to be repaid to the
<br />ST ATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water
<br />Conservation Board, whose address. is 1313 Sherman Street, Room 721, Denver, Colorado 80203,
<br />with interest thereon from the date of first disbursement of funds under the Contract at the effective
<br />int~rest rate ot 3. i 5% per annum, payable in :30 annual instailments, in accordance with .the
<br />Promissory Note of said Contract, or until loan is paid in fuil. .
<br />
<br />And whereas, the Grantor has previously executed a Deed of Trust, recorded on July 1 9,
<br />1999 at Reception No. 52678B Book 836 Pages 28-30, Delta County, Colorado, securing a portion of .
<br />this loan in the sum of $1,250,000, .
<br />
<br />And whereas, the principal sum of the loan has been increased by $200,000 to a total of
<br />$1,450,000,
<br />
<br />And whereas, the G~ANTOR is desirous of securing payment of the fuil amount of the
<br />principal and interest of said promissory note to the State of Colorado through this Supplemental
<br />Deed of Trust, to operate in ~onjunction with the above referenced original Deed of Trust.
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, seil 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
<br />thereof being located at a point whence corner No.4, Tract 37, Section 35, Township 12 South,
<br />Range 93 West of the 6th P.M. bears north 160 10' East 308 feet distant. (That said reservoir is
<br />sometimes known as the "CARL SMITH ENLARGEMENT OF PATTERSON NO.3"), together with
<br />ail easements, water and water rights, ditches ahd ditch rights thereunto belonging, and including,
<br />but not limited to, Priority No. H-36 for 134.87 ~cre feet ABSOLUTE by decree in Case No. 2563,
<br />District Court, Delta County, Seventh Judicial District, dated May 2B, 1936, (tabulated as May 2B,
<br />1937); Priority No. J-272 for 398.13 acre feet ABSOLUTE, 808 acre feet CONDITIONAL, by
<br />decree in Civil Action No. 3503, Delta County District Court dated March 20, 1954; and Priority
<br />. 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 />(coilectively or hereinafter referred to as the "Property").
<br />
<br />. To have and to hold the same, together with ail and singular the privileges and appurtenances
<br />thereunto belonging: In Trust nevertheless, that in Case of default in the payment of said note, or any
<br />part thereof, or in the payment of the interest thereon, according to the tenor and effect of said note
<br />or il) the payment of any prior encumbrances, prinCipal or interest, if any, or in case default shail be
<br />made in or in case of violation or breach of any of the terms, conditions, covenants or agreements
<br />contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants
<br />contained in the Contract and elect to advertise salet Property for sale, and demand such sale by filing
<br />a notice of such eltlction and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of
<br />election and demand for sale, the PUBLIC TRUSTEE sheil cause a copy of the ~ame to be recorded in the
<br />recorder's office of the county in which said Property is situated, it shail and may be lawful for the
<br />PUBLIC TRUSTEE to seil and dispose of the same (en masse or in separate parcels, ~s the said PUBLIC
<br />TRUSTEE may think best), and ail the right, title and interest of the GRANTOR, its successors or assigns
<br />therein, at public auction at such time and at such location as shail be designated in the PUBLIC
<br />TRUSTEE'S Notice of Sale, for the highest and best price the same wiil bring in cash, .four weeks public
<br />notice having been previously given of the time and place of such sale, advertisement once each
<br />week to" five ccnsecutive weA!(S, in some newspaper of ger:eral circulation at that time published in
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<br />Attachment 3 to Loan Contract C150008 Amendment No.1
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