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<br />Deed of Trust
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<br />This indenture, made thi~ day of :.ku-o.j 1998, between the Left Hand Ditch Company,
<br />whose address is P.O. Box 229, Niwot, CO 80544, hereinafter referred to as GRANTOR, and the Public Trustee of the
<br />County of Boulder, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract #C153804
<br />("Contract") for a loan in the principal sum of $560,000 to be repaid to the State of Colorado for the use and benefit of
<br />the Department of Natural Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room
<br />721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract at
<br />the effective interest rate of 4.375% per annum, payable in 30 annual installments, in accordance with the Promissory
<br />Note Provision of said Contract, or until loan is paid in full.
<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.
<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: all easements and rights-of-way
<br />appurtenant thereto and all improvements thereon and all other physical and legal features known as the Left Hand
<br />Valley Reservoir, more particularly described. on Attachment A, (collectively or hereinafter referred to as the
<br />"Property").
<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 defauit in the payment of said note, or any part thereof, or In 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 or breach of any
<br />of the terms, conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may declare a
<br />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
<br />notice of eiection and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the
<br />recorder's office of the county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to
<br />sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think best), and all
<br />the right, titie and interest of the GRANTOR, its successors or assigns ther.ein, at public auction at such time and at
<br />such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the highest and best price the same
<br />will bring 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 at thaUime
<br />published in said County of Boulder, a copy of which notice shall be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and to such person or persons appearing to have
<br />acquired a subsequent record interest in said Property at the address given in the recorded instrument; where only
<br />the county ;;md 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, and the
<br />sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed
<br />therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by
<br />the person holding the said certificate of purchase, when said demand is made, or upon demand by the person
<br />entitled to a deed to and for the Property purchased, at the time such demand is made, the time for redemption
<br />having expired, make and execute to such person a deed to the Property purchased, which said deed shall be in the
<br />ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE and
<br />shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right,
<br />title, interest, benefit and equity of redemption of the GRANTOR, its successors and assigns made therein, and shall
<br />recite the sum for which the said Property was sold and shall refer to the power of sale therein contained, and to the
<br />sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or in case of the
<br />redemption of the Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to
<br />in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the
<br />proceeds or avails of such sale, after first paying and retaining all fees, char!;les and costs of making said sale, pay to
<br />the beneficiary hereunder the principal and interest due on said note according to the tenor and effect thereof, and all
<br />moneys advanced by such beneficiary or iegal holder of said note for insurance, taxes and assessments, with interest
<br />thereon at ten per cent per annum, rendering the surplus, if any, unto the GRANTOR, its legal representatives or
<br />assigns; which sale and said deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR, its
<br />successors and assigns, and all other persons claiming the Property, or any part thereof, by, from, through or under
<br />the GRANTOR, or any of them. The holder of said note may purchase Property or any part thereof; and it shall not be
<br />obligatory upon the purchaser at any such sale to see to the application of the purchase money.
<br />. And the GRANTOR, for itself and its successors or assigns covenants and agrees to and with the PUBLIC
<br />TRUSTEE, that at the.tjme of the unsealing of and delivery of these presents, it is well seized of the Property in fee
<br />,simple, and has good r,ight, full power and lawful authority to grant, bargain, sell and convey the same in the manner
<br />i. and form as afores.aid; hereby fully and absolutely waiving and releasing all rights and claims it may have in or to said
<br />.; Property as a Homestead Exemption, or other exemption, under and by virtue of any act of the General Assembly of
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<br />Appendix 4 to Loan Contract C153804
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