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<br />111111I1111I111111111111111111111I1111111I11111 11111111
<br />79419608/24/2001 10:14A 81096 P565 F. JOHNSON
<br />1 o( 4 R 20.00 D 0.00 Morgan County, CO
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<br />Deed of Trust
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<br />This indenture, made this 1st day of August 2001, between the Jackson Lake
<br />Reservoir and Irrigation Company, a Colorado nonprofit corporation, whose address is P.O.
<br />Box 38, Fort Morgan, CO, 80701, hereinafter referred to as GRANTOR, and the Public Trustee
<br />of the County of Morgan, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
<br />
<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, dated August 1,
<br />2001, set forth in Contract #C150063 (the Contract) for a loan in the principal sum of
<br />$1,000,000 to be repaid to the STATE OF COLORADO for the use and benefit of the
<br />Department of Natural Resources, Water Conservation Board, whose address is 1313
<br />Sherman Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of
<br />first disbursement of funds under the Contract at the effective interest rate of 4% per annum,
<br />payable in 30 annual installments, in accordance with the terms of the Promissory Note, or
<br />until loan is paid in full.
<br />
<br />And whereas, the GRANTOR is desirous of securing payment of the principal and
<br />interest of said promissory note to the State of Colorado.
<br />
<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust
<br />forever, to wit: an undivided one hundred percent interest in the Jackson Reservoir Dam,
<br />which consists of an earthen core dam with concrete facing located in Sections 23, 26 and
<br />27, Township 5 North, Range 60 West of the 6th P.M., hereinafter referred to as the
<br />"Property."
<br />
<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the
<br />payment of said note, or any part thereof, or in the payment of the interest thereon, according
<br />to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br />interest, if any, or in case default shall be made in or in case of violation or breach of any of
<br />the terms, conditions, covenants or agreements contained in the Contract, the beneficiary
<br />hereunder may declare a violation of any of the covenants contained in the Contract and elect
<br />to advertise said Property for sale, and demand such sale by filing a notice of such election
<br />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 re,corded in the
<br />recorder's office of the county in which said Property is situated, it shall and may be lawful for
<br />the PUBliC TRUSTEE to sell and dispose of the same (en masse or in separate paicels, as the
<br />said PUBLIC TRUSTEE may think best), and all the right, title and interest of the GRANTOR, its
<br />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
<br />bring in cash, four weeks public notice having been previously given of the time and place of
<br />such sale, advertisement once each week for five consecutive weeks, in some newspaper of
<br />general circulation at that time published in said county, a copy of which notice shall be mailed
<br />within ten days from the date of the first publication thereof to the GRANTOR at the address
<br />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
<br />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
<br />
<br />Appendix 7 to Loan Contract C150063
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