DEE OF TRU~7~
<br />(AssumabQe - Not Due on a e)
<br />THIS DEED OF TRVST is made this 15th day of October, 2DD3 ba Cween Owens Brothers
<br />Concre to Company, a Colorado eorlaoration
<br />(Borrower),
<br />whose address is 5550 Sheridan Blvd., Arvada, CO 80002 ; and the Public Trustee of
<br />the County in which the Property (see paragraph 1) is situated (Trustee); for the
<br />benefit of Ralph Nix Produce, Inc., a Colorado corporation (Lender), whose address ie
<br />16959 WCR 44, Gilcrest, CO 80627,
<br />Borrower and Lender covenant and agreo as follows:
<br />1. Property in Trust. Borrower, in consideration of the indebtedness heroin
<br />recited and the trust herein created, hereby grants and conveys to Trustee in true t,
<br />with power of sale, the following descrihed property located in rho County of
<br />Wald, State of Colorado:
<br />SEE EXHIBITS "A", "D", "C", "D", "$", !'P" ATTACHED BERET MADE PART HEREOF
<br />which has the address of Vacant Land, Colorado
<br />(Property Address) together with all its appurtenances (Property)
<br />2. Note; other Obligations secured. This Deed of Trust is given to secure to
<br />Lender:
<br />A. the repayment of the in deb tedneae evidenced by Borrower's note (Note) dated October
<br />25, 2001, in the principal sum of $1,732,050.00 U.S. Dollars, with interest on the
<br />unpaid principal balance from October 25, 2001, until paid, at the rate of 8.0
<br />percent per annum, with principal and interest payable at 16959 WCR44, Gilcrest, CO
<br />80627
<br />or such other place as the Lender may designate, Monthly in payments of $14,487.57
<br />Dollars (U.B.S FOVRTEEN THOVSAND FOUR HUNDRED EIGHTY SEVEN AND 57/100) due on the 25th
<br />day of each Month beginning November 25, 2001; such payments to Continue until the
<br />eniira indebtedness evidenced by said Note is fully paid; however, iE not sooner paid,
<br />the entire principal amount outstanding and accrued interest thereon, shall be due and
<br />payable on October 25, 2011;
<br />and Borrower is to pay to Lender a late charge of 5.0 } of any payment not received by
<br />the Lander within 10 days after payment is due; and Borrower has the right to prepay
<br />Cha principal amount Data tending under said Note, in whole or in part, at any time
<br />without penalty except no prepayment penalty.
<br />e. the payment of all other sums, with interest thereon at 12.0 } per annum, disbursed
<br />by Lander in accordance with this Dead of Trust to pre tact the security of this Deed
<br />of Trust; and
<br />C. the performance of the covenanto and agreeiaents of eorzower herein contalned.
<br />3. Title. Borrower covenants that Borrower owns and has the right to grant and
<br />convey the Property, and warrants title to the same, aubj ect to general real as tats
<br />taxes for the current year, easements of record or in exia tents, and recorded
<br />declarations, ras trictiona, reservations and covenants, if any, as of this data and
<br />except
<br />4. Payment of Principal and In tar est. Borrower shall promptly pay when due the
<br />principal of and interest on the indebtedness evidenced by the Nota, end late charges
<br />as provided in the Note and shall perform all of Borrower's other covenants contained
<br />in the Nota.
<br />5. Application of Payments. All payments received by Londer under Che terms
<br />hereof shall he applied by Lender first in payment of amounts due pursuant to
<br />paragraph 23 (Escrow Funds for Taxes and Insurance), then to amounts disbursed by
<br />Lender pursuant to paragraph 9 (Protection of Lendez'e 5acurity), and the balance in
<br />accordance with the terms and conditions of the Note.
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