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<br />-mnm 11111111111 111111 II 1111I1r' "11111111111111 <br />6008SS 04/08/2002 03:S0P B1344 P328 " ALSDORF <br />1 of 3 R 15.00 D 0.00 GARFIELD COUNTY CO <br /> <br />copy <br /> <br />';', l~' <br /> <br />Deed of Trust <br /> <br />; .' This indenture, made this March 20, 2002, between The Glenwood Irrigation Company, whose <br />"::addres$ is P,O, Box 27, Glenwood Springs, Colorado 81902, hereinafter referred to as GRANTOR, and the <br />'P'Ublicj'rustee of the County of Garfield, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE, <br /> <br />,s:' ','."Witnesseth. that whereas, GRANTOR has executed a promissory note, dated March 20, 2002, set <br />forth.in Contract No, C150086 (the Contract) for a loan in the principal sum of $85,000 to be repaid to the <br />STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Water <br />Conservation Board, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, with <br />interest thereon from the date of first disbursement of funds under the Contract at the effective interest <br />rate of 5% per annum, payable in 30 annual installments, in accordance with the terms of the Promissory <br />Note, or until loan is paid in full. ' <br /> <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, <br /> <br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose aforesaid, <br />does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: the <br />GRANTOR'S Glenwood Ditch diversion structure and headgate located in the NE/4 of Section 28, <br />Township 7 South, Range 88 West, 6th PM in Garfield County, Colorado, (collectively or hereinafter <br />referred to as the "Property"), <br /> <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 prior encumbrances, principal or interest, if any, or in case default shall be made in or in <br />case of violation or breach of any of the terms, conditions, covenants or agreements contained in the <br />Contract, the beneficiary hereunder may declate a violation of any of the covenants contained in the <br />Contract and elect to advertise said Property for sale, 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 PUBLIC 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 to <br />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 PUBLIC TRUSTEE'S Notice of Sale, <br />for the highest and best price the same will bring in cash, four weeks publiC notice having been previously <br />given of the time and place of such sale, advertisement once each week for five consecutive weeks, in <br />some newspaper of general circulation at that time published in said county, a copy of which notice shall <br />be mailed 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 interest in <br />said Property at the address given in the recorded instrument; where only the county and state is given as <br />the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of <br />the Property at such sale, a certificate in writing describing the Property purchased, and the sum paid <br />therefor, and the time when the purchaser (or other person entitled thereto) shall be entitied to the deed <br />therefor, unless the same shall be redeemed as is provided by iaw; and said PUBLIC TRUSTEE shall, upon <br />demand by the person holding the said certificate of purchase, when said demand is made, or upon <br />demand by the person entitled to a deed to and for the Property purchased, at the time such demand is <br />made, the time for redemption having expired, make and execute to such person a deed to the Property <br />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 <br /> <br />-18<1 <br />:;; <br /> <br />Appendix 5 to Loan Contract C150086 <br /> <br />1 <br />I&./ ; <br />/5 <br />