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~ 111111111111111111111111111111111 1Il1l1 III 11111 1111 1111 3061998 05113/2003 01:58P Weld county, CO 1 01 3 R 16.00 D 0.00 SIeve Mareno Clerk & Recorder Deed of Trust DATE: March 1,2003 GRANTORS: G.M.S. LAND AND CATTLE COMPANY, LLC BENEFICIARY: COLORADO WATER CONSERVATION BOARD COUNTY: WELD COUNTY PRINCIPAL LOAN AMOUNT: $202,000 LOAN CONTRACT: Loan Contract No. C150132, dated March 1,2003 TERMS: Interest of 2.75% per annum and repayment period of 30 years COLLATERAL: An undivided one hundred percent (100%) interest in and to approximately 320 acres described as the west half of Section 18, Township 10 North, Range 66 West, 6th P.M., Weld County, Colorado, together with all easements, ditches, canals, rights-of-way and all other structures, appliances, fixtures and any other property used in connection with the operation of Giffin #1 and #2 reservoirs, a right-of-way for access to the north end of Giffin #2 Reservoir which is located in Section 17, Township 10 North, Range 66 West, 6tX1 P.M.. and an easement for storage of water in Giffin #2 reservoir. This indenture is between the GRANTOR, and the Public Trustee of the above referenced COUNTY, State of Colorado ("PUBLIC TRUSTEE"), Factual Recitals 1. The GRANTOR has executed a Promissory Note of even date and amount, set forth in the LOAN CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with terms as shown above and in accordance with the Promissory Note or until loan is paid in full. 2. The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said Promissory Note to the BENEFICIARY. 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 above described COLLATERAL. To have and to hold the same, together with all appurtenances, in trust Appendix 4 to Loan Contract C150132