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<br />6008SS 04/08/2002 03:S0P B1344 P328 " ALSDORF
<br />1 of 3 R 15.00 D 0.00 GARFIELD COUNTY CO
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<br />Deed of Trust
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<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,
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<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. '
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<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,
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<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"),
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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 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
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<br />Appendix 5 to Loan Contract C150086
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