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<br />Deed of Trust
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<br />This indenture, made this /3f}I. day of < '\ANUAP- L( 2000, between the Pine River
<br />Canal Company, whose address IS 1720 CR 329, Ignacio, CO 81137, hereinafter referred to as
<br />GRANTOR, and the public Trustee of the County of La Plata, State of Colorado, hereinafter referred to as
<br />PU8LIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note, set forth in Contract No.
<br />C150019 ["Contract") for a loan in the principal sum of $243,700 to be repaid to the STATE OF
<br />COLORADO for the use and benefit of the Department of Natural Resources, Water Conservation Board,
<br />whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from
<br />the date of substantial completion at the rate of 3.5% per annum, payable in 20 annual installments, in
<br />accordance with the 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, does
<br />hereby grant, bargain, sell and convey unto the said PU8LIC TRUSTEE in trust forever, to wit: the
<br />structures [pipeline, entrance structures, and all appurtenances) associated with the tunnel hill project, as
<br />more thoroughly degcribed in the Legal Description, attached hereto as Attachment A and incorporated
<br />herein, (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 appurtenances
<br />thereunto belonging: In Trust nevertheless, that ili case of default in the payment of said note, or any
<br />part thereof, or in the payment of the interest the(eon, according to the tenor arid effect of said note or
<br />in the payment of anY prior encumbrances, princip<ll 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 decla(e a violation of any of the covenants contained in the
<br />Contract and elect to advertise said Property for 5ale, 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 PU8LIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's
<br />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, 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 PU8LIC TRUSTEE's Notice of Sale,
<br />for the highest and best price the same will bring in cash, four weeks pulllic 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 of La Plata, a
<br />copy of which notice shall be mailed within ten daYS from the date of the first publication thereof to the
<br />GRANTOR at the address herein given and to such person or persons appearing to have acquired a
<br />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
<br />make and give to the purchaser of the Property at such sale, a certificate in writing describing the
<br />Property purchased, and the sum paid therefor. and the time when the purchaser (or other person
<br />entitled thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided
<br />by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of
<br />purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the
<br />Property purchased. at the time such demand is made, the time for redemption having expired. make and
<br />execute to such person a deed to the Property purchased. which said deed shall be in the ordinary form
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<br />Appendix 4 to Loan Contract C150019
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