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<br />2870904 08/01/2001 04:11P JA Suki Tk,.moto
<br />1 o! 3 R 15,00 I> 0,00 Weld County Cll
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<br />Of D Lf Deed of Trust
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<br />This indenture, made this 1st day of July 2001, between the Owl Creek Supply and Irrigation
<br />Company, whose address is P.O, Box 206, Eaton, Colorado 80615, hereinafter referred to as
<br />GRANTOR, and the Public Trustee of the County of Weld, State of Colorado, hereinafter referred to as
<br />PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas; GRANTOR has executed a promissory note dated July 1, 2001, set
<br />forth in Contract No. C150034 dated July 1, 2001, (the Contract) for a loan in the principal sum of
<br />$450,000 to be repaid to the STATE OF COLORADO for the use and benefit of the Department of
<br />Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721,
<br />Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the,
<br />Contract at the effective interest rate of 4% per annum, payable in 30 annual installments, in
<br />accordance with the terms of the Promissory Note, or until loan is paid in full.
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<br />Andwhereas, the GRANTOR is desirous of securing payment of the principal and interest of
<br />said promissory note to the. S.tate. of ~olo~ado. _
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />, aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever,
<br />to wit: the GRANTOR'S Owl Creek Supply Ditch, consisting of approximately 12 miles of ditch and
<br />associated hydraulic structures, said ditch commencing at a point 1300 feet north 800 30' west of the
<br />northeast corner of Section 11, township 7 north, range 65 west, of the P,M., located in Weld County,
<br />Colorado (collectively or 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
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of
<br />said note, or any part thereof, or in the payment of the interest thereon, according to the tenor and
<br />effect of said note or in the payment of any prior encumbrances, principal or interest, if any, or in case '
<br />defaullsha/l be made in or in case of violation or breach of any of the terms, conditions, covenants or
<br />agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the
<br />covenants contained in the Contract and elect to advertise said Property for sale, and demand such
<br />sale by fiiing a notice of such election ahd demand for sale with the PUBLIC TRUSTEE. Upon receipt of
<br />such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to
<br />be recorded in the recorder's office of the county in which said Property is situated, it shall and may
<br />be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels,
<br />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
<br />designated in the PUBLIC TRUSTEE's Notice of Sale, for the highest and best price the same will bring
<br />in cash, four weeks pUblic notice having been previously given of the time and place of such sale,
<br />advertisement once each week for five consecutive weeks, in some newspaper of general circulation
<br />at that time published in said county, 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
<br />persons appearing to have acquired a subsequent record interest in said Property at the address
<br />given in the recorded instrument; where only the county and state is given as the address then such
<br />noflce shall be mailed to the county seat, and to make and give to the purchaser of the Property at
<br />such sale, a certificate in writing describing the Property purchased, and the sum paid therefor, and
<br />the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor,
<br />unless the same shall be redeemed ,as is provided by law; and said PUBLIC TRUSTEE shall, upon
<br />demand by the person holding the said certificate of purchase, when said demand is made, or upon
<br />demand by the person entitled to a deed to and for the Property purchased, at the time such demand
<br />is made, the time for redemption having expired, make and execute to such person a deed to the
<br />Property purchased, which said deed shall be inthe ordinary form,of a conveyance, and shall be
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<br />A.ppendix 4 to Contract No. C150034
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