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<br />499515 10/09/1995 12:15? B: 768 P: 35i
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<br />Recorded at Delta County Clerk &. Recorder Le-la J. McCracken
<br />Reception No. _
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<br />DEED OF TRUST
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<br />THIS INDENTURE, made this ~day of December 1995, between LONE CABIN
<br />DITCH AND RESERVOIR COMPANY, whose address is 4236 N Road, Paonia, Colorado
<br />81428, hereinaftevefeir~d to ,as GRANTOR, and the Public Trustee of the County of
<br />DELTA, State cifCol?~ado; 'hereinafter referred to as PUBLIC TRUSTEE,
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<br />RECEiVED
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<br />WITNESSET~H, THAT ;:WHEREAS, GRANTOR has executed a promissory note, set
<br />forth in Contract #C153517 dated July 13, 1988, (the "Contract"), as amended, for a
<br />loan in the, principal sum of Ninety.Two Thousand Seven Hundred Dollars ($92,7001, to
<br />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,
<br />Room 721, Denver, Colorado 80203, with interest at the rate of five percent (5%) per
<br />annum, payable in forty (40) annual installments, or until loan is paid in full.
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<br />OCT j 8 1996
<br />
<br />Colorado Waler
<br />Conservation Board
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<br />AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to the
<br />State of Colorado.
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<br />NOW. THEREFORE, the GRANTOR. in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain,
<br />sell and convey unto the said PUBLIC TRUSTEE in trust forever, the following described property (collectively or hereinafter referred
<br />to as the "Property"), :::ituated in Oe!ta County, Colorado, to ....,,.It: an und:v:ded eighty percent (80%) lnt~rest in the fcllc.......iiig features
<br />of the Lone Cabin Reservoir dam which is located in Township 14 South, Range 91 West, 6th Principal Meridian:
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<br />- 60 feet plus or minus of toe key drain - 360 square yards plus or minus of spillway filter blanket
<br />- 360 square yards plus or minus of spillway riprap - 175 linear feet plus or minus of 12-inch PVC pipe
<br />- 120 linear feet plus or minus of 8-inch PVC pipe . 12-inch outlet pipe and valve box
<br />- , outlet energy dissipator - 7,000 cubic yards plus or minus of embankment fill material
<br />- 3'0" x 0'8" x 2'8" of spillway cutoff wall - 3 ditch control structures
<br />- 10.inch sluice gate with stem, encasing pipe, handwheel, pedestal, and other appurtenances including a 34 "x2-0"
<br />steel' trash rack
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<br />TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging:
<br />In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of the interest
<br />thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest, if any,
<br />or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants or agreements
<br />contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and
<br />elect to advertise said Properly for sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC
<br />TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall cause a copy of the same to be
<br />recorded in the recorder's office of the county in which said Property 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, ss the said PUBLIC TRUSTEE may think best). and all the right, title
<br />and interest of the GRANTOR, its 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 in cash, four weeks public -notice
<br />having been previously given of the time and place of such sale, advertisement once each week for five consecutive weeks, in some
<br />newspaper of general circulation at that time published in said County of Delta, a copy of which notice shall be mailed within ten
<br />days from the date of the first publication thereof to the GRANTOR at the address herein given and to such person or persons
<br />appearing to have acquired a subsequent record interest in said Property at the address given in the recorded instrument; where only
<br />the county and state is given as the address then such notice shall be mailed to the county seat, and to mak.e and give to the
<br />purchaser of the Property at 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, unless the same shall be
<br />redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase,
<br />when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased, at the time such
<br />demand is made, the time for redemption having expired, make and execute to such person a deed to the Property purchased, which
<br />said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE
<br />and shall convey and quitclaim to such person entitled to such deed, the Property purchased as aforesaid and all the right, title,
<br />interest, benefit and equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the sum for which
<br />the said Property was sold and shall refer to the power of sale therein contained, and to the sale made by virtue thereof; and in case
<br />of an assignment of such certificate of purchase, or in case of the redemption of the Property, by a subsequent encumbrancer, such
<br />assignment or redemption shall also be referred to in such deed; but the notice of sale need not be set out in such deed and the
<br />PUBLIC TRUSTEE shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making
<br />said sale, pay to the beneficiary hereunder the principal and interest due on said note according to the tenor and effect thereof, and
<br />all moneys Eldvan~ed by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon
<br />at ten per cent per annum, rendering the surplus, if any, unto the GRANTOR, its successors or assigns; which sale and said deed so
<br />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
<br />purchase Property or any part thereof; and it shall not be obligatory upon the purchaser at any such sale to see to the application
<br />of the purchase 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
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