PROJC01542

• Contract/PO #: C153690
• Contractor Name: Kings Row Homeowners Association
• Contract Type: Loan
• Water District: 38
• County: Garfield
• Bill Number: SB 94-029
• Loan Projects - Doc Type: Contract Documents

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Fisher

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~agle County Clerk & ~ecorder
DEED OF TRUST

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THIS INDENTURE, made this lfP!day of, ~UAO'l )qq") l-S$ZI, between Kings Row
Homeowners Association, whose address is c/o Leavenworth & Caloia, P.C., P. O. Drawer 2030,
Glen wood Springs, Colorado 81602, hereinafter referred to as GRANTOR, and the Public Trustee of
the Counties of Gatfield and Eagle, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE,

wr~4!SETH, THAT, WHEREAS, GRANTOR has executed a promissory note, datedJANLI4PY
) f3 ) I ,~, forthe principal sum of Seventy Five ThousandDollars, payable.
to the' order of the STATE OF COLORADO for the use and benefit of the Department of Natural
Resources, Water Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver,
Colorado 80203, after the date hereof, with interest thereon from the date thereof at the rate of
four and three-quarters percent (4.75) per annum, payable in twenty (20) annual installments, or
until loan is paid in full.

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AND WHEREAS, the GRANTOR is desirous of securing payment of the principal and interest of said promissory note in whose hands
soever the ~aid note or any of them may be.

...... NOW, THEREFORE, the GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and
convey unto the said PUBLIC TRUSTEE in trust forever, the following described property, situated in the Counties of Garfield and Eagle
Colorado, to wit:

All open space parcels owned by the Kings Row Homeowners Association, a Colorado nonprofit corporation, as depicted in Filings I
and /I of the Kings Row Subdivision, as recorded respectively on the recorded plats thereof recorded in the Office of the Clerk of Gatfield
County, Colorado on April 20, 1976, as Reception No. 272247, and on August 24, 1978, as Reception No. 287943, and in the Office
of the County of Eagle County, Colorado on September 6, 1977, as Reception No. 155774 in Box 259, Page 431, and on March 6,
1979, as Reception No. 179414 in Book 283, Page 008, State of Colorado, and all appurtenant structures thereto.

TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging: 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 thereon, according
to the tenor and effect of said note or in the payment of any prior encumbrances, principal or interest.. if any, or in case default shall be made
in or in case of violation or breach of any of the terms, conditions, covenants or agreements herein contained, the beneficiary hereunder
or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained and elect to advertise
said property for sale, and demand such sale by filing a notice of such election and demand for sale with the PUBLIC TRUSTEE. Upon receipt
of such notice of election and demand for sale, the PUBLIC TRUSTEE 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 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 TRUSTEE may think best), and all the right. title and interest of the GRANTOR, its heirs or assigns
therein, at public auction at such time and at such location as shall be 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 having been previously given of the time and place of such sale,
advertisement once each week for five consecutive weeks, in some newspaper of general circulation at that time published in said Counties
of Garfield and Eagle, a copy of which notice shall be mailed within te"n days from the date of the first publication thereof to the GRANTOR
at the address herein given and to such person or persons appearing to have acquired a subsequent record interest in said property at the
address given in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the
county seat, and to make and give to the purchaser of such property at such sale, a certificate in writing describing such property purchased,
and the sum paid therefor, and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless
the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate
of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the prope~y purchased, at the time
such demand is made, the time for redemption having expired, make and execute to such person a deed.to the said property purchased,
which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said PUBLIC TRUSTEE
and shall convey and quitclaim to such person entitled to such deed, the said property purchased as aforesaid and all the right, title, interest,
benefit and equity of redemption of the GRANTOR, its heirs and assigns made therein, and shall recite the SiJlT'\ for- which 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 of an assignment of such
certjjicate of purchase, or in case of the redemption of such property, by a subsequent encumbrancer, such ass:gnment or redemption shall
also be referred to in such de.ed; but ,the notice o.f .sale need not be set out in such deed ~nd th.e PUBLIC TRUSTEE shall, 'o.u~ of the proceeds 0
or avails of such sale, after first paymg and retainIng all fees, charges and costs of making said sale, pay to the benefiCIary hereunder or 1"'. ..
the legal holder of said note the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced" ~
by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten per cent (10%) per annum," <-
rendering the overplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said deed so made shall be a perpetual.':::'
bar, both in law and equity, against the GRANTOR, its heirs and assigns, and all other persons claiming the said property, or any part thereof, ::)'
by, from, through or under the GRANTOR, or any of them, The holder of said note may purchase said property or any part thereof; and it -
shall not be obligatory upon the purchaser at any such sale to see to the application of the purchase money.

And the GRANTOR, for itself and its heirs, personal representatives or assigns covenants and agrees to and with the PUBLIC TRUSTEE, that
at the time of the unsealing of and delivery of these presents it is well seized of the said land and tenements in fee simple, and has good
right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully ,and
absolutely waiving and releasing all rights and claims it may have in or to said lands, tenements, and property as a Homestead Exemption,
or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under and by
virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation thereto and that the same are
free and clear of all liens and encumbrances whatever, and the above bargained property in the quiet and peaceable possession of the PUBLIC
TRUSTEE, its successors and assigns, against all and every person or persons lawfully claiming or to claim the who or any part thereof, the
GRANTOR shall and will Warrant and Forever Defend.

Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments levied on the property; any and aU
amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep all improvements that
may be on said lands insured against any casualty loss, including extended coverage, in a company or companies meeting the net worth
requirements of the beneficiary hereof in an amount not less than the then total indebtedness. Each poli~y shall contain a loss payable clause

APPENDIX B