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<br />1111111I11111111111111 t~~~~~~~36A
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<br />ChrisC.Munoz PuebloCtyClk&Rec TO R 11.00 00.00
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<br />DEED OF TRUST
<br />
<br />DATE: November 1, 2003
<br />GRANTOR: ARKANSAS GROUNDWATER USERS ASSOCIATION
<br />BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br />1313 SHERMAN STREET, SUITE 721
<br />DENVER, CO 80203
<br />COUNTY: PUEBLO
<br />PRINCIPAL LOAN AMOUNT: $970,448
<br />LOAN CONTRACT: No. C150156, dated November 1, 2003
<br />TERMS OF REPAYMENT: 2.5% per annum for 30 years
<br />COLLATERAL: 785 shares of stock in the Excelsior Irrigating Company evidenced by
<br />Certificate NO.1 0, which shares represent the GRANTOR'S pro rata interest in
<br />the following water rights: 20 cfs decreed to the Bessemer Ditch as Priority
<br />No. 55 (Admin. #13635) by the Pueblo County District Court in Civil Action
<br />2535 on March 23, 1896 with an appropriation date of May 1, 1887, and
<br />transferred to the Excelsior Ditch on September 15, 1905 in Civil Action
<br />9532, and 40 cfs decreed to the Rocky Ford Highline Canal as Priority No. 60
<br />(Admin. #14616) by the Pueblo County District Court in Civil Action 2535 on
<br />March 23, 1896 with an appropriation date of January 6, 1890, and
<br />transferred to the Excelsior Ditch on September 15, 1905 in Civil Action
<br />9532.
<br />This indenture is between the GRANTOR, and the Public Trustee of the above referenced COUNTY,
<br />State of Colorado ("PUBLIC TRUSTEE").
<br />Factual Recitals
<br />1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN CONTRACT,
<br />for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF REPAYMENT and in
<br />accordance with the Promissory Note or until loan is paid in full.
<br />2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br />Promissory Note to the BENEFICIARY.
<br />
<br />The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL.
<br />
<br />To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of
<br />default in the payment of said Promissory Note, or any part thereof, or the interest thereon, or in the
<br />performance of any covenants hereinafter set forth or in said Promissory Note or LOAN CONTRACT, then upon
<br />the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising notice of
<br />said sale weekly for not less than four weeks in some newspaper of general circulation in said COUNTY, shall
<br />sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice and demand, at
<br />public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale,
<br />the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and all moneys advanced for taxes,
<br />insurance and assessments, or on any prior encumbrance, with interest thereon and pay the principal and
<br />interest due on said Promissory Note, rendering the overplus, if any, unto the GRANTOR; and after the expiration
<br />of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser a deed to the
<br />COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part thereof at such sale.
<br />
<br />The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the
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<br />Appendix 5 to Loan Contract C150156
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