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<br />Deed of Trust
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<br />This indenture, made this 6th day of March 1998. between the Arkansas Groundwater Users
<br />Association, whose address is 100 West 1st Street, Manzanola, CO 81058, hereinafter referred to as
<br />GRANTOR, and the Public Trustee of the County of Pueblo, State of Colorado, hereinafter referred to as
<br />PUBLIC TRUSTEE, .
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<br />Witnesseth, that whereas. GRANTOR has executed a promissory note. set forth in Contract No.
<br />C153808 (the Contract) for a loan in the principal sum of $590,590 to be repaid to the STATE OF
<br />COLORADO, Colorado Water Conservation Board, whose address is 1313 Sherman Street, Room 721,
<br />Denver, Colorado 80203, with interest thereon from the date of first disbursement of funds under the
<br />Contract at the effective interest rate of 3% per annUm, payable in 40 annual installments, in accordance
<br />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
<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: 1,007
<br />shares of stock of the Excelsior Irrigating Company, evidenced by Certificate No.7. The shares
<br />represent the Grantor's pro rata interest in the following water rights: 20 c.f.s. decreed to the Bessemer
<br />Ditch as Priority No. 55 (Admin. # 13635) by the Pueblo County District Court in Civil Action 2535 on
<br />March 23, ,1896 with an appropriation date of May 1, 1887, and trapsferred to the Excelsior Ditch on
<br />September 15, 1905 in Civil Action 9532, and 40 c.f.s. decreed to the Rocky Ford Highline Canal as
<br />Priority No. 60 (Admin. # 14616) by the Pueblo County District Court in Civil Action 2535 on March 23,
<br />1896 with an appropriation date of January 6. 1890, and transferred to the Excelsior Ditch on September
<br />15, 1905 in Civil Action 9532. (collectively or 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
<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 declare 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 ccunty 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 GRANiOR, its successors or assigns therein, at public auction
<br />at such time and at such location as shall be designated in the PUBLIC TRUSTEE'S Notice of Sale, for the
<br />highest and best price the same will bring in cash, four weeks public notice having been previously given of
<br />the time and place of such sale, advertisement Once each week for five consecutive weeks, in some
<br />newspaper of general circulation at that time published in said county, a copy of which notice shall be
<br />mailed within ten days from the date of the first publication thereof to the GRANTOR at the address herein
<br />given and to such person or persons appearing to have acquired a subsequent record interest in said
<br />Property at the address given in the recorded instl1.Jment; where only the county and state is given as the
<br />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,
<br />and the time when the purchaser (or other person entitled thereto) shall be entitled to the deed therefor,
<br />unless the same shall be redeemed as is provided by law; and said PUBLIC TRUSTEE shall, upon demand
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<br />Appendix 4 to Loan Cor;~ract No. C153803
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