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<br />. . ,
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<br />Recorded at
<br />Reception No.
<br />
<br />o'clock
<br />
<br />M..
<br />
<br />Recorder
<br />
<br />DEED OF TRUST
<br />
<br />THIS INOENTURE, made this 6,rkday of ~OOC; 1995, between APPLETON
<br />ML350 OrrCH COMPANY, INC, whose address is 327 H Road. Grand Junction, Colorado 81505,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Mesa, State of
<br />Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />WITNESSETH, THAT, WHEREAS, GRANTOR hps ex,ecuted a promissory note, set forth in
<br />Contract #C153708 (the "Contract"l dated ;). f..'~ I ~ {/J . ,.ss, for a loan
<br />in the principal sum of Forty Thousand Oollars ' ($ 0,0 0). to be repaid to the STATE OF
<br />COLORADO for the use and benefit of the Department of Natural Resources. Water Conservation
<br />Board, whose address is 1313 Sherman Street, Room 721, Denver. Colorado 80203, with interest
<br />thereon from the date of first disbursement of funds under the Contract at the rate of four percent
<br />14%1 per annum, payable in thirty (301 annual installments, 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 to the State of
<br />~tirorat!o .
<br />
<br />NOW, THEREFORE. the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and
<br />convey unto the said PuBLIC TRUSTEE in trust forever, the following described property. situated in the County of Mesa, Colorado, to wit:
<br />The Appleton Ml350 Ditch Company .Inc. main headgate and main ditch, described 8S follows: commencing at the main headgate (ML350)
<br />on the Grand Vaney Canal and runs south along the west side of 23 Y:z Road to H Road. from which point it extends south approximately
<br />1400 feet along 23% Road and also west approximately 1340 feet along the south side of H Road, from which point the ditch divides
<br />continuing west approximately 500 feet and also south along 23 y.. Road for approximately 2200 feet. all of which is located in Sections
<br />29 and 32. Township 1 North. Range 1 West, Ute Principal Meridian, Mesa County, Colorado, (collectively or hereinafter referred to as the
<br />"Property"). .
<br />
<br />TO HAVE AND TO HOLD the same. together with all and singular the privileges and appurtenances thereunto belonging: In Trust
<br />nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest thereon. according
<br />to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made
<br />in or in case of violation or breach of any of the terms, conditions. covenants or agreements contained in the Contract tIle tJeneficlary
<br />hereunder may declare a violation of any of the covenants contained In the Contract and elect to advertise said Property for sale, and demand
<br />such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt of such notice of election and
<br />demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office of the county in which said
<br />Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as
<br />the said PuBLIC TRUSTEE may 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 best price the same will
<br />bring in cash, four weeks public notice having been previously given of the time and place of such sale, advertisement once each week for
<br />five consecutive weeks, in some newspaper of general circulatIon at that time published in said County of Mesa, a COpy of which notice
<br />shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the address herein given and to such person
<br />or persons appearing to have acquired a subsequent record interest in said Property at the address given in the recorded instrument; where
<br />only the county and state is given as the address then such nOlice shall be mailed to the county seat, and to make and give to the purchaser
<br />of the Property at such sale, a certificate in writing describing the Property purchased. and the sum paid therefor, and the time when the
<br />purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law;
<br />and said PUBlIC-T'RUSTEE'shall, upon demand by the person holding the said certificate of purchase, when said demand is made, or upon
<br />demand by the'.person-entitied to a deed to and for the Property purchased, at the time such demand is made, the time for redemption having
<br />expired, f!1ake,anp execute .to such person a deed to the Property purchased, which said deed shall be in the ordinary form of a conveyance,
<br />and shall be sighed; acknOWledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such
<br />deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the GRANTOR, its heirs and
<br />assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of sale the rem contained,
<br />and to the sale made by vi~ue ~hereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the
<br />Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed; but the notice of sale need
<br />not be set ol!t in such deed and the PUBLIC TRUSTEE shall, out of the proceeds or avails of such sale, after first paying and retaining all fees,
<br />charges and costs of making said sale, pay to the beneficiary hereunder the principal and interest due on said note according to the tenor
<br />and effect thereof, and all moneys advanced by such beneficiary or legal holder of said note for insurance, taxes and assessments, with
<br />interest thereon at ten per cent per annum, rendering the surplus, if any, unto the GRANTOR, its successors or assigns; which sale and said
<br />deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR, its successors and assigns, and all other persons
<br />claiming the Property, or any part thereof, by, from, through or under the GRANTOR, or any of them. The holder of said -note may purchase
<br />Property or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase
<br />money"
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<br />And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBliC TRUSTEE, that at the ttme of the
<br />unsealing of and delivery of these presents it is well seized of the Property in fee simple, and has good right, full power and la wful authority
<br />to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving and releasing all rights
<br />and claims it may have in or to said Property as a Homestead Exemption, or other exemption, under and by virtue of any act of the General
<br />Assembly of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress, now existing or which
<br />may hereafter be passed in relation thereto and that the same is free and clear of all liens and encumbrances whatever. and the above
<br />bargained Property in the quiet and peaceable possession of the PUBLIC TRUSTEE, its successors and assigns, against all and every person
<br />or persons lawfully claiming or to claim the whole or any part thereof, the GRANTOR shall and will Warrant and Forever Defend"
<br />
<br />Until payment in fuff of the indebtedness, the GRANTOR shaH timely pay all taxes and assessments levied on the Property; any and all
<br />amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep the Property insured in
<br />accordance with the requirements of the Contract. Should the GRANTOR fail to insure the Property in accordance with the Contract or to
<br />pay taxes or assessments as the same fall due, or to pay any"amounts_pavable,upon senior encumbr.anc.es, ifany.,.the'beneficiary".may make.
<br />any such "paymen"ts" o.r procure a,l"y "s.uch~fn-surance, and all "monies-so paid with interest""thereon at the rate of-ten pe"rcent (1 O%) per annum
<br />shall be added to and become a part of the indebtedness secured by this O"eed of Trust and may be paid out of the proceeds of the sale of
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