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<br />Deed of Trust
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<br />This indenture, made this Ll1... day of J/J JJ F:.. 1996, between the Morgan County Quality Water
<br />District, whose address is P. 0, Box 121 B, Fort Morgan, CO 80701, hereinafter referred to as GRANTOR. and the Public
<br />Trustee of the County of Weld, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, set forth in Contract #C153718 (the
<br />Contract) for a loan in the principal sum of Three Million Dollars 1$3,000,000) 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 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the
<br />Contract at the effective interest rate of 4% per annum, payable in 30 annual installments, in accordance with the terms of
<br />the Promissory Note Provisions of said Contract, or until loan is paid in full.
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<br />0, And whereas, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note to
<br />\.the 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,
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<br />bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit:
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<br />\ 1) all of the real property, togerher wirh improvements, including all fencing and wells, situate, lying and being in the
<br />" I Counry of Weld and State of Colorado, described as follows: Section 8, Township 3 North, Range 61 West of the 6th
<br />\j P.M.; and
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<br />2) all rhe right, title, inrerest, claim and demand which the GRANTOR has in and to the oil, Gas and other minerals,
<br />including all of its rights to explore for and develop the same, lying in and under the following described tract of land
<br />situate in Weld Counry, Colorado: Section 8, Township 3 North, Range 61 Wesr of the 6th Principal Meridian; and
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<br />3) all water and waterrights appurtenanr to Section 8, Township 3 North, Range 61 West of the 6th Principal Meridian,
<br />including, but not limited to: Well Permit No. 16644-FP, located in the SW1/4 SW1/4 Section 8, Township 3 N, Range
<br />61 Waf rhe 6th P.M., with priority date of September 12, 1972, maximum annual appropriation of 345 acre-feet, and
<br />maximum pumping rate of 1600 GPM loriginal claimant Thelma Krause); Well Permit No, 17501-FP, locared in the
<br />NW1/4 SW1/4 Section 8, Township 3 N, Range 61 Waf the 6th P_M., with priority date of January 20, 1971, maximum
<br />annual appropriation of 345 acre-feet, and maximum pumping rate of 1600 GPM loriginal claimant Thelma Krause); and
<br />Well Permit No. 17502-FP, located in the NE1/4 NW1/4 Section 8, Township 3 N, Range 61 W of the 6th P.M., with
<br />priority date of January 20, 1971, maximum annual appropriation of 345 acre-feet, and maximum pumping rate of 1600
<br />GPM loriginal claimant Thelma Krause); and
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<br />4) all ofrhe GRANTOR'S right, title and inrerest in and to that certain water lease dated September 7, 1974. from Richard
<br />L. Beaghler, Mary Jane Gordon and A. J. Beaghler to R. J. Seyfried and Anne Seyfried, conveyed to the GRANTOR by an
<br />Assignment of Water Lease recorded in Book 1527. Reception No. 2471505, of the records of the Clerk and Recorder
<br />of Weld County, Colorado, covering the production of ground water and certain rights incident thereto beneath a tract
<br />of land situate in Weld County, Colorado, described as follows: rhe South 1/2 of the North 1/2 and the Southeast 1/4
<br />of Section 5, Township 3 North, Range 61 West of the 6th P.M., containing 320 acres more or less, together with all
<br />of the BORROWER'S right, title and interest, if any. in and to Well Permit No. 18338-FP, located in the SWII4 NE7/4
<br />Secrion 5, Township 3 N, Range 61 W of the 6th P.M., with priority date of May 15, 1974, maximum annual
<br />appropriation of 175 acre-feet, and maximum pumping rate of 1200 GPM (original claimant Dr. A.J. Beaghler) and Well
<br />Permit No. 31655-FP, located in the SW1/4 NE1/4 Section 5, Township 3 N, Range 61 Waf the 6th P.M., with priority
<br />date of March 20, 1975, maximum annual appropriation of 170 acre-Ieet, and maximum pumping rate 01 1200 GPM
<br />(original claimant Dr. A.J. Beaghler),
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<br />all of which shall be hereinafter collectively 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 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
<br />interest thereon, according to the tenor and effect of said note or in the payment of any prior encumbrances, principal or
<br />interest, jf any, or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants
<br />or agreements contained in the Contract, the beneficiary hereunder may declare a violation of any of the covenants contained
<br />in the Contract and elect to advertise said Property for sale, and demand such sale by filing a notice of such election and
<br />demand for sale with the PUBliC TRUSTEE. Upon receipt of such notice of election and demand for sale, the PUBLIC TRUSTEE
<br />shall cause a copy of the same to be recorded in the recorder's office of the county in which said Property is situated, it shall
<br />and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels, as the said PUBLIC
<br />TRUSTEE may think bestL 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, for the highest and
<br />best price the same will bring in cash, four weeks public notice having been previously given of the time and place of such
<br />sale, advertisement -once each week for five consecutive weeks, in some newspaper of general circulation at that time
<br />published in said county, a copy of which notice shall be mailed within ten days from the date of the first publication thereof
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