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<br />S76923 07/31/2000 01:20P 81014 P90 S. SISNROY
<br />1 0' 3 R lS.00 D 0.00 Otero County, CO
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<br />Deed of Trust
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<br />This indenture, made this~ day of H /Its' 2000, between Otero Ditch
<br />Company, a Colorado nonprofit corporation, whose addr ss IS P.O. Box 239, La Junta, Colorado 81050,
<br />hereinafter referred to as GRANTOR, and the Public Trustee of the County of Otero, State of Colorado,
<br />hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, which is a part of
<br />Contract #C150040 (the Contract) for a loan in the principal sum of $155,000 to be repaid to the STATE
<br />OF 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 effective interest rate of
<br />4% per annum, payable in thirty (30) annual installments, in accordance with the terms of the
<br />Promissory Note, or until loan is paid in full.
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said
<br />promissory note to the State of Colorado.
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid,
<br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: the
<br />Otero Ditch Company diversion structure on the Arkansas River located in the N/2 of the NE/4 of Sec
<br />18, T22S, R59W, of the 6th Principal Meridian, Otero County, State of Colorado, collectively or
<br />hereinafter referred to as the "Properly."
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<br />To have and to hold the same, together with all 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 or in
<br />the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in
<br />or in case of violation or breach of any of the terms, conditions, covenants or agreements contained in
<br />the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the
<br />Contract and elect to advertise said Properly for sale, and demand such sale by filing a notice of such
<br />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
<br />office of the county in which said Properly is situated, it shall and may be lawful for the PUBLIC TRUSTEE
<br />to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may think
<br />best), and all the right, title and interest of the GRANTOR, its successors or assigns therein, at public
<br />auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks public notice having been
<br />previously given of the time and place of such sale, advertisement once each week for five consecutive
<br />weeks, in some newspaper of general circulation at that time published in said county, a copy of which
<br />notice shall be mailed within ten days from the date of the first publication thereof to the GRANTOR at the
<br />address herein given and to such person or persons appearing to have acquired a subsequent record
<br />interest in said Property at the address given in the recorded instrument; where only the county and
<br />state is given as the address then such notice shall be mailed to the county seat, and to make and give
<br />to the purchaser of the Properly at such sale, a certificate in writing describing the Property purchased,
<br />and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be
<br />entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and said PUBLIC
<br />TRUSTEE shall, upon demand by the person holding the said certificate of purchase,when said demand
<br />is made, or upon demand by the person entitled to a deed to and for the Properly purchased, at the time
<br />such demand is made, the time for redemption having expired, make and execute to such person a
<br />deed to the Properly purchased, which said deed shall be in the ordinary form of a conveyance, and
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<br />Appendix D to Loan Contract C150040
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