|
RECEPTION#:2014000053448,
<br /> 08/11/2014 at 03:36:42 PM,1 OF 2,
<br /> Deed of Trust TD Pgs:0 Doc Type DT
<br /> Karen Long,Adams County,CO
<br /> DATE: July 8, 2014
<br /> GRANTOR: PETROCCO FAMILY LIMITED PARTNERSHIP, LLLP
<br /> BENEFICIARY: COLORADO WATER CONSERVATION BOARD
<br /> COUNTY: ADAMS
<br /> PRINCIPAL LOAN AMOUNT: $840,825
<br /> LOAN CONTRACT: LOAN CONTRACT No. C150363
<br /> TERMS OF REPAYMENT: 1.50% per annum for 20 years
<br /> COLLATERAL: An undivided one-hundred percent interest in Water Rights consisting of
<br /> seventy-two (72) shares of Fulton Irrigating Ditch Company, stock
<br /> certificate number(s)4021, 4022, 4029.
<br /> This indenture is between the Grantor, and the Public Trustee of the above referenced COUNTY,
<br /> State of Colorado("PUBLIC TRUSTEE"),
<br /> FACTUAL RECITALS
<br /> The GRANTOR has executed a PROMISSORY NOTE of even date and amount, set forth in the LOAN
<br /> CONTRACT, for a loan in the PRINCIPAL LOAN AMOUNT to be repaid to the BENEFICIARY, with TERMS OF
<br /> REPAYMENT and in accordance with the PROMISSORY NOTE or until loan is paid in full.
<br /> The GRANTOR is desirous of securing payment of the PRINCIPAL LOAN AMOUNT and interest of said
<br /> PROMISSORY NOTE to the BENEFICIARY.
<br /> The GRANTOR, in consideration of the premises and for the purpose aforesaid, does hereby grant,
<br /> bargain, sell and convey unto the said PUBLIC TRUSTEE in trust forever, the above described COLLATERAL.
<br /> To have and to hold the same, together with all appurtenances, in trust nevertheless, that in case of
<br /> default in the payment of said PROMISSORY NOTE, or any part thereof, or the interest thereon, or in the
<br /> performance of any covenants hereinafter set forth or in said PROMISSORY NOTE or LOAN CONTRACT, then
<br /> upon the BENEFICIARY filing notice of election and demand for sale, said PUBLIC TRUSTEE, after advertising
<br /> notice of said sale weekly for not less than four weeks in some newspaper of general circulation in said
<br /> COUNTY, shall sell said COLLATERAL in the manner provided by law in effect at the time of filing said notice and
<br /> demand, at public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds
<br /> of said sale, the PUBLIC TRUSTEE shall retain or pay first all fees, charges and costs and all moneys advanced
<br /> for taxes, insurance and assessments, or on any prior encumbrance, with interest thereon and pay the
<br /> principal and interest due on said PROMISSORY NOTE, rendering the overplus, if any, unto the GRANTOR; and
<br /> after the expiration of the time of redemption, the PUBLIC TRUSTEE shall execute and deliver to the purchaser a
<br /> deed to the COLLATERAL sold. The BENEFICIARY may purchase said COLLATERAL or any part thereof at such
<br /> sale.
<br /> The GRANTOR covenants that at the time of the delivery of these presents, it is well seized of the
<br /> COLLATERAL in fee simple, and has full power and lawful authority to grant, bargain, sell and convey the same
<br /> in the manner and form as aforesaid. The GRANTOR fully waives and releases all rights and claims it may have
<br /> in or to said COLLATERAL as a Homestead Exemption or other exemption, now or hereafter provided by law.
<br /> The GRANTOR further covenants that the COLLATERAL is free and clear of all liens and encumbrances whatever
<br /> and that the GRANTOR shall warrant and forever defend the COLLATERAL in the quiet and peaceable possession
<br /> of the PUBLIC TRUSTEE, its successors and assigns, against all and every person or persons lawfully claiming
<br /> or to claim the whole or any part thereof.
<br /> Until payment in full of the indebtedness, the GRANTOR shall timely pay all taxes and assessments
<br /> levied on the COLLATERAL; any and all amounts due on account of the principal and interest or other sums on
<br /> any senior encumbrances, if any; and will keep the COLLATERAL insured in accordance with the requirements of
<br /> Appendix C, Amendment 1 to Loan Contract C150363
<br /> Page 1 of 2
<br />
|