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<br />Deed of Trust
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<br />This indenture, made this I (!fJ, day of 1)eeew. c.oer 1998, between the Greeley and Loveland
<br />Irrigation Company, whose address is 808 23rd Avenue, Greeley, CO 80631 hereinafter referred to as GRANTOR,
<br />and the Public Trustee of the County of Larimer, State of ColDrado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract No,
<br />C153835 ("Contract") for a loan in the principal sum Df $308,000 to be repaid to the STATE OF COLORADO
<br />for the use and benefit of the Department of Natural Resources, Water Conservation Board, whose address is
<br />1313 Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first
<br />disbursement of funds under the Contract at the effective interest rate of 4,21 % per annum, payable in 30
<br />annual installments, in accordance with the Promissory Note Provision of said Contract, or until loan is paid in
<br />full,
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<br />And whereas, the GRANTOR is desirDus 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 PUBLIC TRUSTEE in trust forever, to wit: all easements and
<br />rights-of-way appurtenant thereto, all improvements thereon, and all other physical and legal features known
<br />as Equalizer Reservoir, consisting of approximately 111,6544 acres, located in Larimer County, Colorado, as
<br />mDre particularly described in ATTACHMENT A, attached hereto (collectively or hereinafter referred to as the
<br />"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 in case of default in the payment of said note, or any part
<br />thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or in the
<br />payment of any priDr encumbrances, principal Dr interest, if any, or in caSe default shall be made in or in case
<br />of violation or breach of any of the terms, conditions, covenants or agreements contained in the Contract, the
<br />beneficiary hereunder may declare a violation of any of the covenants contained in the Contract and elect to
<br />advertise said Property for sale, and demand such sale by filing a notice of such election and demand fDr sale
<br />with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE shall
<br />cause a copy of the same to be recorded in the recorder's office of the county in which said Property is
<br />situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in
<br />separate parcels, as the said PUBLIC TRUSTEE may think best), and all the right, title and interest of the
<br />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,
<br />four weeks public notice having been previously given of the time and place of such sale, advertisement once
<br />each week for five consecutive weeks, in some newspaper of general circulation at that time published in said
<br />CDunty of Larimer, 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
<br />have acquired a subsequent recDrd interest in said Property at the address given in the recDrded instrument;
<br />where oniy the county and state is given as the address then such notice shall be mailed to the county seat,
<br />and to 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 entitled
<br />thereto) shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law; and
<br />said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of purchase, when said
<br />demand is made, or upon demand by the person entitled tD a deed to and for the Property purchased, at the
<br />time such demand is made, the time for redemption having expired, make and execute to such person a deed
<br />to the Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed,
<br />acknowledged and delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled
<br />to such deed, the Property purchased as aforesaid and all the right, title, interest, benefit and equity of
<br />redemption of the GRANTOR, its successors and assigns made therein, and shall recite the sum for which the
<br />said Property was sold and shall refer to the power of sale therein contained, and to the sale made by virtue
<br />thereof; and in case of an assignment of such certificate of purchase, or in case of the redemption of the
<br />Property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such
<br />deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the
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<br />Appendix 4 to Loan Contract C153835
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