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<br /> DEED OF TRUST
<br /> THIS DEED OF TRUST is made on the date of the notarization below, between Bennett Creek Ranch, LLC,
<br /> whose address is 4545 Yulle Rd,Bennett,Colorado 80102 ("Grantor"); and the Public Trustee of Adams County,
<br /> Colorado ("Trustee"); for the benefit of Thornburg Family Limited Partnership,Ltd., Route 1, Box 116,
<br /> Bennett Colorado 80102("Grantee").
<br /> Grantor and Grantee covenant and agree as follows:
<br /> 1. Property in Trust. Grantor, in consideration of the indebtedness herein recited and the trust herein
<br /> created, hereby grants and conveys to Trustee in trust, with power of sale, the following legally described property
<br /> located in the City and County of Adams,State of Colorado:
<br /> PARCEL A: THE WEST 1/2 OF THE WEST 1/2 OF SECTION 24, TOWNSHIP 3
<br /> SOUTH, RANGE 63 WEST, EXCEPT THE SOUTH 660 FEET THEREOF, COUNTY OF
<br /> ADAMS,STATE OF COLORADO;
<br /> PARCEL B: THE EAST 1/2 OF THE WEST 1/2 OF SECTION 24,TOWNSHIP 3 SOUTH,
<br /> RANGE 63 WEST,COUNTY OF DAMS,STATE OF COLORADO
<br /> Also known as 50747 E.381 Ave.Bennett,Colorado 80102(the"Property")_
<br /> 2. Note: Other Obligations Secured. This Deed of Trust is given to secure to Grantee:
<br /> 2.1. the repayment of certain indebtedness in the amount of$2,000,000 as evidenced by that certain
<br /> Promissory Note (the "Note"), dated as of the date hereof, by Grantor in favor of Grantee, with interest on the
<br /> unpaid principal balance accruing at the rate set forth in the Note,with the balance of the indebtedness,if not sooner
<br /> paid as required under the Note,due and payable on or before June 15,2029;
<br /> 2.2. the payment of all other sums disbursed by Grantee in accordance with this Deed of Trust to
<br /> protect the security of this Deed of Trust at the rate of interest set forth in the Note;and
<br /> 23. the performance of the covenants and agreements of Grantor under the Note and of Grantor
<br /> hereunder.
<br /> 3. Title. Grantor covenants that Grantor owns and has the right to grant and convey the Property, and
<br /> warrants title to the same, subject to general real estate taxes for the current year, easements of record or in
<br /> existence,and recorded declarations,restrictions,reservations and covenants,if any,as of this date.
<br /> 4. Payment of Principal and Interest. Grantor shall (i) promptly pay when due the principal of and
<br /> interest on the indebtedness evidenced by the Note,and(ii)perform all of Grantor's other covenants contained in the
<br /> Note.
<br /> 5. Application of Payments. Unless otherwise stated in the Note,all payments received by Grantee under
<br /> the terms hereof shall be applied by Grantee first to amounts disbursed by Grantee pursuant to §9 (Protection of
<br /> Grantee's Security),and the balance in accordance with the terms and conditions of the Note.
<br /> 6. Prior Mortgages and Deeds of Trust; Charges; Liens. Grantor shall perform all of Grantor's
<br /> obligations under any prior deed of trust and any other prior liens.Grantor shall pay all taxes,assessments and other
<br /> charges,fines and impositions attributable to the Property which may have or attain a priority over this Deed of Trust,
<br /> and leasehold payments or ground rents, if any. Despite the foregoing, Grantor shall not be required to make
<br /> payments otherwise required by this section if Grantor, after notice to Grantee, shall in good faith contest such
<br /> obligation by, or defend enforcement of such obligation in, legal proceedings which operate to prevent the
<br /> enforcement of the obligation or forfeiture of the Property or any part thereof, only upon Grantor making all such
<br /> contested payments and other payments as ordered by the court to the registry of the court in which such
<br /> proceedings are filed.
<br /> 7. Property Insurance. Grantor shall keep the improvements now existing or hereafter erected on the
<br /> Property insured against loss by fire or hazards included within the term"extended coverage"in an amount at least
<br /> equal an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior encumbrances on the
<br /> Property.All of the foregoing shall be known as"Property Insurance."
<br /> The insurance carrier providing the insurance shall be qualified to write Property Insurance in Colorado and
<br /> shall be chosen by Grantor.All insurance policies and renewals thereof shall include a standard mortgage clause in
<br /> favor of Grantee.In the event of loss,Grantor shall give prompt notice to the insurance carrier and Grantee.Grantee
<br /> may make proof of loss if not made promptly by Grantor.
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