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<br />: 154096 09/29/199803:!57P DT L. Nichols ' ,
<br />,,1 0' 2 R 11.00 D 0.00 N 0.00 Crowlsy Coun~y;Co
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<br />Deed of Trust i~';}""'-'~~;:'~:>,.
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<br />This indenture, made this L day of AlA1l.ls-r 1 998, between Rodney J. Prei~~;!~hO~ ~dre:\' ,)'
<br />is gO South Cascade Avenue, Suite 950, Colorado Springs, CO 80903, hereinafter referred to as GRA1\rrdF!, and:rne,l'ubli~'
<br />Trustee of the County of Crowley, State of Colorado, hereinafter referred to as PUBLIC TRUSTEE, <1, :::.~ .'; ....; 4 .':; ,:
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<br />Witnesseth, that whereas, GRANTOR has executed a Promissory Note, which isa P~kof~tllqr.l..9oQntra"ct'
<br />No. C153824 (the Contract), for a loan in the principal sum of $90,000.00 to be repaid to the State of Colorado for the use
<br />and benefit of the Department of Natural Resources, Water Conservation Board, whose address is 1313 Shennan Street,
<br />Room 721, Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the Contract
<br />payable in 30 annual installments, in accordance with the terms of the Promissory 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 promissory
<br />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. does hereby
<br />grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, to wit: 2 c.f.s. out of the 60 cubic feet of water
<br />per second of time decreed to Box Springs Canal No.1, with an appropriation date of October 24, 1899, and an
<br />adjudication date of August 30, 1922, as adjudicated in the District Court for the County of Bent and the State of
<br />Colorado, which water rights historically have been diverted from Horse Creek at a point of diversion on the right bank,
<br />decreed to be located whence the Southwest corner of Section 20, Township 18 South, Range 56 West of the Sixth
<br />P.M., b,ears South 310 35' West 2960 feet, said point of diversion located in what is now known as Crowley County,
<br />which was split off from Otero County, in which the point of diversion was decreed to be located (collectively or
<br />hereinafter 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
<br />belonging: In Trust nevertheless, that in case of default in the payment of said note, or any part thereof, or in the payment of
<br />the interest thereon, according 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 bre;ach 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
<br />contained in the 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 demand for sale, the
<br />PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office of the county in which said Property i~
<br />situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell and dispose of the same (en masse or in separate parcels,
<br />as the said PUBLIC TRUSTEE may think best), and all the right, titie,and interest of the GRANTOR, its successors or assigns
<br />therein, at public auction at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for
<br />the highest and best price the same will bring in cash, four weeks public notice having been previously given of the time and
<br />place of such sale, advertisement once each week for five consecutive weeks, in some newspaper of general circulation at
<br />that time published in said County of Crowley, a copy of which notice shall be mailed within ten days from the date of the first
<br />publication thereof to the GRANTOR at the address herein given and to such person or persons appearing to have acquired a
<br />subsequent record interest in said Property at the address given in the recorded instrument; where only the county and state
<br />is given as the address then such notice shall be mailed to the county seat, and to make and give to the purchaser of the
<br />Property at such sale, a certificate in writing describing the Property purchased, and the sum paid therefor, and the time
<br />when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor, unless the same shall be
<br />redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of
<br />purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the Property purchased,
<br />at the time such demand is made, the time for redemption having expired, make and execute to such person a deed to the
<br />Property purchased, which said deed shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and
<br />delivered by the said PUBLIC TRUSTEE and shall convey and quitclaim to such person entitled to such deed, the Property
<br />purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the GRANTOR, its successors and
<br />assigns made therein, and shall recite the sum for which the said Property was sold and shall refer to the power of saie
<br />therein contained, and to the sale made by virtue thereof; and in case of an assignment of such certificate of purchase, or In
<br />case of the redemption of the Property, by a subsequent encumbrancer, such assignment or redemption'shall also be
<br />referred to in such deed; but the notice of sale need not be set out in such deed and the PUBLIC TRUSTEE shall, out of the
<br />proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sate, pay to the
<br />beneficiary hereunder the principal and interest due on said note according to the tenor and effect thereof, 'and all moneys
<br />advanced by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at ten
<br />per cent per annum, rendering the surplus, if any, unto the GRANTOR, its legal representatives or assigns; which sale and said
<br />deed so made shall be a perpetual bar, both in law and equity, against the GRANTOR, its successors and assigns, and all
<br />other persons claiming the Property, or any part thereof, by, from, through or under the GRANTOR, or any of them. The holder
<br />of said note may purchase Property or any part thereof: and it shall not be obligatory upon the purchaser at any such sale to
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<br />Appendix 3 to Loan Contract C153824
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