HomeMy WebLinkAbout2.0 Supplemental Infor {.111ti+ "
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1405G4andAve''r''';"''r'r"' Ci;*bbd SPrings, Co 81601 '
Phone: 970'384'6000
Fax: 970'384'6005
www.rfsd.kl2'co'us
Dear Commissioners
schools.
May 11, 2009
Garfield County Planning Commission
Attn: PhitiP Vaughan, Chair
108 8th Street, #401
Gienwood SPrings, CO 81601
Superintendent,
Supbrintendent
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First, let me apologize for the confusion we caused at the last commission meeting
regarding tne ,t"t,yi?';.'"';il;ib-irtr,.ri acquisition of a portion of the East Bank
site. The District did, in fact, put *re piopertv uho"r.onlraciearlier this year' Shortly
thereafter, *re oisiiilt *ai ad'vised b;";;;ii;.ey of the need to provide notification to
the pranning commission regarding ia:;";ailiri*qr'"ition. Accordinglv' the District
mailed the attach"J L1t"' toine County I l"?i111,:.^ Unfot'unately' the Planning
Commission n"rJr-r;;;i;"; the letter' Having received no correspondence from the
commission since in" Jrt" of the r"ii"r, ine o-Istri"t incorrecry assumed there were no
concerns (from *,L-Comrission's p;;;;ti';faOout the use of the site for future
we want to assure the commission that it was never the District's intent to circumvent
the process. I met with Count, ,"pr"r!;i;iil"t tast Fridly to discuss the process for
moving fonrvard. As per your requett"iffi;iuCr'"0 *re District's response to the
,ppri"iur" portions oi tne comprehensive plan'
The District hired an education pranning consurtant rast fart to update demographic
projections, and .ontinr" discussion;;1;ii'ture school planning' During this
process, the aoard discussed or",. """iJtity
ittu"t that cuirently exist at Sopris
Erementary schoor (sES) "no
ct"nirol-dpringl rr,lioole scnooi. srs had a substantial
addition in 2006;ilh # initialty u"i[rlo *orro provide adequate cap-acity for
approximately 10 years. The school'was alreaOy ovei capacity by 2008' The Board
identified immediate priorities to,.
""nooJ
rit" u.qlisition incruding acquiring an
etementary ,.noJ-rnO .niOOt" t"nooitit" uf*g'tn" highway 82 corridor between
Glenwood spring-; ano Cattre creek to serve this rapidly growing area'
The District first contacted the owner of the East Bank property in 2001 regarding its
potentiat use as " ,"noor iite. The ilil;t ""^tacted
the owner and toured the site
again last fall.
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The District has been open about its intent to acquire the property' ln January' the
District included information about the possible purchase in its community news Y.pd"L",
and articres ran in both the Aspen Times and Gienwood post lndependent regarding the
potential acquisition. While the District is open to community input regarding site
selection, we believe this is one of only two sites large enough to a-ccommodate a
middle and/or "t"reniary
school UetwLen GlenwooJ Springi and Carbondale' With
the potential for residential development at this location, the Board was concerned that
the site would no iong"r be available when needed. The second location is at the
propor"o Cattle creJr Crossing development which was configured to include an
elementary site. However, the East Bank site is large enough to acc-ommodate both an
erementary and middre schoor shourd deveropment not occur at the cattle creek site.
We recognize that the site has limitations, including traffic concerns, access to utilities'
and potential soil issues. The Districi is rapidly neiring the end of the contractual due
dirigence period to examine these issues and make a finar determination regarding the
acduisition. Therefore, should the County have significant issues or concerns
;d;;;i;;'the site, it is imperative that we meet as quicklv as possible'
I believe the meeting last Friday with county representatives was very productive' I
think we all agree tn-at it does not make ,"nre that we have historically each proceeded
with separate planning processes. The District will commit to being involved with the
Countys update of th6 comprehensive plan if our input would be hetpful'
Please don't hesitate to call me if you have any questions' We will make ourselves
available at your earliest convenience to discuss any concerns you may have'
Shannon Pellan
Asst. SuPerintendent
Enc.
CC Fred Jarmon, Director, Building & Planning
Deborah Quinn, Asst. County Attorney
Kathy EastleY, Senior Plannier
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1405 Grand Ave.
,.Glenwood $Prings, CO 81601'-'
Phone: 970.384.6000
Fax: 970.384.6005
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Suii er intendbirt:,*1l,, l
Asst. Superintendent
February 24,2009
Garfi eld County Planning Commission
108 8th Sfreet
Glenwood SPrings, CO 81601
Dear Commissioners:
Shannon Pelland
Asst. Superintendent, Business Services
Roaring Fork School District Re-l
Enc.
pursuant to Section zz-32-124,C.R.S., please be advised that Roaring Fork School
District is currently ir, rr.gotiuiions relative to the acquisition of a parcel of real property
generally known as Eastb-ank. The entire Eastbank parcel is approximately 110 acres'
and the parties are currently attempting to define the boundaries of the parcel to be
prr."t "r"a
by the school district to be comprised of approximately 35 acres' I have
attached an exhibit to the real estate contract which provides a rough location of the
parcel.
please don,t hesitate to contact me should you have any questions or concerns'
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STATEMENT OF AUTHORITY
1. This State,ment of Authority relates to an entity o*t4 -ELI|ZABETH AICENNEON IRREYOCABLE TRUST
DATED DEcE;;uEiiz, zooo and is executed on behalf of
the entity pursuant to the provisions of SS 38'30'172' C'R'S
and 7-30-105, C.R.S'
2. The tlPe of ortitY is a:
I corporation I registered limited liability partnership
fl nonprofit corporation I registered limited liability limited partrership
E timitea fiability company fl timitea parfirership association
fl g*o"l partnership fl government or governmental subdivision or agency
fl timltea partnership E tt*t (S 38-30-108'5' C'R'S')
fl other: unincorporated non-profit association under S 7-30-101 et' seq' C'R'S'
i. The entity is formed under the laws of: State of Colotado'
4. The mailing address for the entity is: c/o Marolt LLP' 230 south Mill strea' Aspen'
Colorado 81611.
5. Th" El name [t position of each person authorized to execute instnrments conveylng'
encumb€ring, oiJtt*ir" ,ff*ti"g tiiil to real property on behalf of the entity is:
yTEWN M- \I'TAROLT, TRaSTEE'
6. The authority of the foregoing persgn(s) to bind the entity is [t not limited I timitea as
follows:
7. Other matt€rs concerning
prop€rty: Nona
Executed *rt IE-daYofMarctr, 2W9'
STATE OF COLORADO
County of PITKIN
The foregoing instrument
the manner in which the entity deals with interests in real
was acknowledgd before me this day of March,2009,
ss.
)
)
)
by StpYEN M. MAROLT,
December 27,20[0..
Witness mYhand and official seal.
My commission exPires:-4-lb*
Trustee for the Elizah€ttr Macgregor Irrevocable Trust Dated
|r[,ELLISAUDREYcLIPUBYARNOT oRADLO(r COTEFTSA
Exfrirsa 07
1
2.
Statement of AuthoritY
(c.R.S. $ 38-30-172)
This statement of Authorityrelates to an entityr named: EASTBAI\K LLC
The t1rye of entitY is a:
O CorPoration
E Non-ProfitCorPoration
E Limited liabilitY comPany
tr General PartnershiP
O Limited PartnershiP
(9rtthis day of March
E Registered limited liability partrership
tr Registered limited liability limited pafinership
tr Limited partnership association
tr Government or governmental subdivision
agency
Zl}9bythe sole Mernbs of Eastbanlq LLC
or
3.
4.
5.
The entity is formed under the laws of State of Colorado'
Themailingaddressoftheentityis:Tl0E.DurantAYenue,SuiteW.6,Aspen,
Colorado E1611'
TheBnamesandEpositionsofeachp€rsq.aut}ronz$toexecuteinstruments
conveying *",*uJog'; ;t}ro,*i* ;d;;,i rc .-r1a prop€rtv on behalf of the
€,Itity are: a. Robert Drincan rrrr"gr.so., n "iiau"t qiDunrene Menegement' Inc'
t.ui"n'"icrtraph,C-hiefoperatingollicerofl)unrene
Management Inc'
The authority of the foregoing person(s) to bind the entity is B not timited tr limited
as follows:
h which the entity deals with interests in real
Other matt€rs concerning the manner I
6.
7.
8.
9.
propertY:
3This Statement of Authority is executd by the sole Mernber on behalf of the entity
pursuant to the Provisions oic.n.s. $ 38-30-172
aThis Statement of AuthoritY amends and strpercedes in all respects any pnor
of AuthoritY executed onbehalf ofthe entitY'
Name:
Robert
STATE
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this 6'r 'daY of March
2009 bY Robert Duncan Macgregor as the sole Menrber of Eastbank,LLC.
Witness myhand and official seal'
NotarY
My Commission exPires:L )-+>t
)
)ss
This form shotld not be used unless the entttY is caPable of holding title to
The absence of anY limitation shall be Prima facie evidence tH no such
The statement of authoritY
1
2
3
1
ffillu@
Stike if not aPPlicable.
must be recorded to obtain the beneftts of the statute
STATEMENT OF AUTEORITY
l. This Statement of Authority relates-t9 an entity named -
FIPK4 MACGiE@i.IRREVOCABLE TRUST DATED
DECEMBER2T,2000andisexecutedonbehalfofthe€ntity
pursuant to the provisions of SS 18'3C.772' C'R'S and ?-30-
105, C.R.S.
2. The tYPe of entitY is a:
I corporation f]registered limited liability partrership
Inonprofitcorporationf]registeredlimitedliabilitylimitedpartnership
[:}timiteafiabilitycompanyfttimiteapartnershipassociation
flgeneralpartnershiptrgovemmentorgovernmentalsubdivisionoragerrcy
I timiteo partnership El trust (S 38-30-108'5' C'R'S')
! other: unincorporated non-profit association under s 7-30-101 et' seq' c'R'S'
i. The entityis formed under the laws of" Snte of Colorado'
4. The mailing address for the entity is: c/o Marolt LLP' 230 south Mill stea' Aspen'
Colotado 81611'
5. rhe El name [t position of 3q. person authorized to execute instruments conveyrng'
encr,nbering, or- otn.,r*ir" "f*tiry-titi"
to '"ot property on behalf of the e'lrtity is:
sinwn a- MARoLT, TRasrEE'
6. The authoriry of the foregoing persgn(s) to bind ttre entity is [tnot limited I timite. as
follows
7. Other mattes concerning the manner tn
proPertY: Nona
Executedrni, G" daYofMarch 'zwg
STATE oF cqLoRADO )
) ss.
27,20[p..
Witness mYhand and official
which the entity deals with interests in real
')
CountY of PITKIN )
The foregoing instrument was acknowledsed before t" t'i'fl*f of March' zwg'
by STEvEN M. MAh'dlr,il;* f- the Flora Mu"gr"go''L"'ofru-ur^,tt Dated December
My commission exPres:1
AUDBEY ELLIS
NOTABY PUBLIC
STATE OF COLORADO
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RECORDATION REQUESTED BYI
Weststar B.nk
ASPEN OFFICE
/too EAST IIAIN STREET SUITE 101
ASPEN, CO E1611
WHEN RECORDED MAIL TO
W"stst r Bank
Admlnlstration Canter
PO Box 1210
GYP3um, CO 81637
SEND TAX NOTICES TO:
Eatbank, LLC' A color.do Llmited Llab'lity
C".p"nvl Elieabeth Macgragor lnsvoceble
i-li aii"o o€cemb€r 27, 2000; and Flora
M"agrtgot lrrwocabl. Trust d'tod Doc'mbc'
27,2000
131 5 Sa93 Court
A3pon, CO 81611 FOR RECOROER'S USE ONLY
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DEED OF TRUST
TH]SDEEOoFTRUSTisdatedMay3,2OO€,amongEastbank-'LLC'AcotoradoLimitedLiability
Company; Etizabeth ilr""g..goi-fti:i"fjl9 Trust daled December 27, ZO00; and Flora Macgregor
lrreyocable Trust dated
-o-*"-.brr 27,20oo, whose address is 1315 Sage court,^All"] 9.q--818r1
(,,Granro/.1; WestStar B;k,;;;;";dd.*"'ls lsieN oFFlcE, 'rqo EAsl MAIN STREET sulTE 10t'
ASpEN, CO 8f 6it lretetreO'to below sometimes ai "Lender'' and aometlmes ae "Beneflciary"); and the
i;rir," i-"t"" of ojrfield county, Golorado (referred to below as "Trustee")'
coNvEYANGE ANO GRANT, FOr v.lu.bl' con3ldoration, Grantor heEby itrevocably gnnts', transfcE and t3slgns to Tr6te€ for
lhe beneflt ol L.nd.r a! Bonrficiary all of Granto/s righr, titre, a.nilnteosili
"no
ro tn" iollwing desuibed r6al propsrty' together with all
cxisting or subEequently ur"a"o or-"ini"JUuiioings, i.lrovements ano nxtures: att eascments' tighc of way' end appultcnsn@8; Ell watsr'
watar rights and d'tch rights (inctuding stock in ulilit'rog wilh dltch "; ;;tti6; ttght")'
"na
Ell other-righg' royetti€s' and profns relating lo the
real erop€rty, induding wirhout lmitaiion eil mlne]ets, oit, n"., g"oi;-;"| "ni "ln,t",
maners, (the "Real Property") located in
Garfield CountY, State of Golorado:
see see Exhibit A, which ls attached to this Deed of Trust and made a part of this Deed of Trust as if
fullY set forlh herein.
The Real property or tts addreas is commonly known as 3925 county Road 15'4, Glenwood springs' co
El60'1.
cRoss-coLLATERALlzATtoN. ln addition to the Note, thls Deed of Trust secures all obligations, debts and liabilities, plus lnlerest thereon'
of either Grantor or Borwer to r-"nJ"r, oi
"nv
*" or more of them, as rcll as all claims by Lender sgsinst Bonower-end Grantor or any ons
or more of them, whcther n* "ila-tind
or tr,ir"an"i arising, wheth€r related ot unrelat€d to the Purpose of the Note, whethGr voluntery or
otherwise, whethor due o, not ou", Jiri"i or indired, detc;ined ot ,no"Gtmin"o, absolute or contingent, lhuideted or unlhuidated' whethBr
Bonower or Grantor may ue nairJ lioiulor"rri-oi loir$y with others, whether obllgeted as.guetanlor, surety, accommodation partv or
othe*ise, and whether ,"**.y'Jion .*r' ".trnt
' ."f u" or n"i"iri"i ."i Lconri baned b-y anv statute of tim(ations' and whethRr the
"iiiieiii";'t".p"V such amounis may be or horsafter may become otheNise unenf,orc€able.
REVOLVING LINE OF GREDIT. ThlC Dred Ot Trust securEs the lnd.btednGs lncluding' wl$out limlt uon. a rcvolving llne of crodlt'
whlch obllgate3 LenCer to mer" "Ji"-n"* to Aon-""a 30 long es Bortowet cmp1ca wlth all the tsrms of ths Not€'
Grantor prcsontty assigns to Lender (also known as Beneficiary-in this D6ed ol TruEt) all of Granto/s right' title' and interEst ln and to all
oGs.nt and future teases of the prop€rty and att Rents from the P;;;rty. l;;Jdition, 6tanto, gtants to Ltnder a Uniform Comm€Icial Code
security interost in the Personal ProPerty and Rents'
THIS DEED OF TRUST, INCLUOING THE ASSIGNUENT OF RENTS ANO THE SECURITY INTEREST IN THE RENTS AND PERSONAL
pRopERw, ls GIVEN ro se?iiie"-tAi-;n!!iqr_-gr_niiiNoierEoxEss AND (B) PERFoRilAxcE oF ANY AND ALL
OBLtcATtONs UNoER THE NOTE, THE RELATED DOcUuENia, Aio iXG DEEO OF TRU-Si. rHls DEED OF TRUST lS GIVEN ANO
ACCEPTED ON THE FOLLOTM}TG TERUS:
GRANTOR'S REPRESENTATIONS AND WARRANTIES. crsntor warants that: (a) this El€ed ot Tru8t is execuled at Boro$r',s roquest
and not at th6 request of Lender: (b) Grsntof has tho full por,r"r, iigirt, and authority io enter into this Ds€d o, Trust and to hyPothecata the
properly: (c) the provisions or tni"'o"J oiiast do not c;nflicl wit'tr, or resutt in a iefaull under.any agreement or olher instrument binding
upon Grantor and do not resu[ in " ,ior"tion of any law, regulation. court occree or order aPpliebla to Grantor; (d) Grantor has established
adequate means of obtaining rror-gorro;, on a cbntlnuini basis inromation about Borroweis f nancbl condition: and (e) Lender has made
;;il;;i;i";1o ciantoiaoout eorower (including without limitation the creditworlhiness of Borrowar).
GRANTOR,S WAlvERs, crantor waives all righB or debnseE srising by reason of any "one- action" or "antklcficiencr law, or any othar l8w
which may prevent Lender from bringing eny action againsl Grantor, iictuuing a cta:m ior deficiency to the oxtent Lender B othotrise entitled
to a claim f,or deficiency, betole or after-Lenoe/a com-mencement oi compcn-on of any toreclosule edion, oither iudicially ot by exercise of a
power ol Eale.
PAYMENT ANO PERFORMANCE. Except as otherwis€ provirod in thb Deed of Trust Borfowsf and Grantor shall pay to Lend€t all
lndebtednes s€curod by this Deed of Trusi as it bccomes drr€, and Borrower and Grantor shall skiclly perform all thel, ,espeo{ive obligalions
under the Note, lhis D6€d of Trust' end the Related Documents'
POSSESSION ANo I|AINTENANCE OF THE PROPERTY. Bonower and Granto, agree that Borroweds end Glanto/s gossession and use
ol the ProPedy shallbe govetned by tho tollffiing provisions:
poa3easionanduse. untilthaoEurronceolanEventorDetaull,Grantormey (1) remaininpossassionandcontroloftheProperty;
(2) use, operate or manage the Property; and (3) collect thG Renb fiom the ProP€rly'
Duty to Malntein. Grantor shall maintain the prop€rty in tensnlablc condition and promptly perfom all repai6. ropla€menls. and
maintenanc€ nece$ary lo pr€s€rue its value.
Cmpllence tfvlth Envlrcnmcntal Laffi. Grantor reprasents and warrants to Lender that (1) During the period ol Granto/s ownership
of thc prop€rty, tn"r" n"a'U""n no ur", g"n"raffoni manufadurB, storege, treatment, disPosal, release o, lhreatened release of sny
iazaruorJ Su6strn"" uv .r,y p.r"on on.'u'nder, about or ftom tho Property; (2) Grantol has no knoMadge of. or reason lo believe that
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there has been, except as previously disclosed to and- acknowledged by Lenoer ln, fiiting, (a) any brcach or violation of 8ny
Environmental Lar1,3, (b) ""i'r.",'g"*.tion, manufacture' stoiig", fie"tncnt, disposal release or lhcatcned releasc of any
Hazardou' Substanca on, undet, about or frorn the ProPorty Ui "ni piior ownoe or occuPantt of the Properly' or (c) any actual or
threaren'd lirigarion or "rri.J-oi;il tift il;ir;"ir5n lriirng io'such matters; and. (3).. Exc€pl as Pr.vrouslv dBdosed,!9-and
acknowledged by Lender in triting, (a) neilher Granto, nor ani ilnant,
"ontractor,
agent oi oth€r auihorized user of thB Propsrty shall
use,'€nerata,manufacture.storeiirjai,disposeoforrslea.""'nvri".riOo,tSuUitan'ceoo,und€r'eboutorfromthePropcrtrand
(b)
any such activity snall ue condJa-J n comdrtane wittr att appt#ub federal, state, and local lew8, regulations and ordinances, including
wilhout limitation arr gnrironreniatLws. dJntor euttrorizes-Lender end its agents to enter uPon the Propcrty to maks such iBP€ctjons
aod tests, at Granto/s epen3e, as LBnder may deem aPpropriate io Oif"tmini comPliance oi tne P'opurty wth this-s€diof, of the.Oeed
of Trust. Any inspections oi-t!ri" ,.0" uy Gnoer s'hall be for Lendo/s pulPoses only and shall not bc consllu€d to create any
responsibility or tiability on tne part ot iendei to Grantoror lo ,ny oltai p"o'on.
-The
rcpresentations and waranties containsd herain
are bascd on Grantors o* aiiid*"" in investigating tlre property'or rLzlrdous Substance3... Granlor hereby (1) rel€ases and waivas
any tuture clains against LeniSiiiir"o"r",tylicJntilbution ioina event Grantol becomes lisbla for cleanup or olhor costs under any
such taws: and (2) agre€s rolii".rirtv "ra
]iold harmless Lendir againat any and all claim6,.losses, liabilitica, damages, Penalli€s' and
expenses which Lender a"y Jir"Jry o-r inoirectty sustaln or sufrer rEsuting liom a breach of thls sedion ol tho Deed of Trust or as a
consequence of any usa, generatlon, manufaciure, storage. Jispoiat, ,il""se o, threatenBd relsase occurring prior to Granto/s
ownetship or interest in lhe property, wiretfrer or nol tho same wag or should have bcen known to Gtantor. Tho pTovisions ol this scdion
of the Ded of trust, tnctuoiri{ii6'"oi,g"tio" to inoemnify. strilt survve thc payment ol the-lndBbledncss and the satistadion and
rcconveyance of the lien of rhis-oeed ot irust and shall not b€ aftected by Lendireacquisition of eny lnlerest in the ProP8rty, wh€thet by
foreclosure or otheMise.
Nulssnce, waste. Grantor shall not cau8e, @nduct or p€rm( any nuisance nor-commit, pgmit,-or suffer any stripPing ot or wast€ on o'
i; t;; pr;;;rty ;i any portion'-oi ir," il;;fty. Wittrout'trniting the generality of the fo.egoing, Grantor will not temove, oI grant to any
other party the rlght to ,u.oui, "nv ti.Lei, .iner"r" (including oiiana gai), coal, clay. scoria' soil' gravel or rock Pro'ducts without
Lende/s Piior written consent.
Removal of lmprovements. Grantor shall not demolish or remove any improvemenls frorn the R€al Propgrty without Lende/s priol
written cons6nl. As a condition lo the rcmoval of any lmprovem€nts, Lendcr'may require Grantor to make arrangements satisfactory lo
Lenoir to replace such lmptovements with lmprovements of et least equal value'
Londe/s Rlght to EDter, Lander and Lendeis Egents and representatives may enler upon thc Real Prop6rty at all rcasonable tim€s to
anend to Lenders int"r""tr "nilllnJp"a in, n"-"i propurty fbr purposes of Giantoas ompliane with the terms and @ndilions of this
Deed o, Trust.
compllancs with Govemmcntal RequliEm6nt!. Grantor shall promptly comPly with -all laws, ordinan@6, and reguletions, now oI
herealte, in effsd, of ail gorir;"nt"i "rtt
oritics applicable to ttri usc oi occuiincy o, th6 Property, including witholt -limitation th6
Arnericans wth obabiliti€s Act. Grantor may conlest in good faith any such law, ordinance, or regulstion and withhold compllence
ouring .ni pro*"ding. induii;! appropriate appeels, so lJng as Grantoi has notified Lender in wriling prior to doing so and so long as.
i, r-"io"i'rior" opiniin, Lendels ihienists in t]ri property sre notJeopardize<t. Lrnder may require Grantol to Post adoquate socurity o]
a surety bond, reasonebly satisfactory to L€nder, to Protect Lende/s intelcat'
Duty to prot3cl Grantor agrees neither to ebaMon or leavs unattend€d the Property. Grantor shall do all other scts, in addition to
those acts sel forth above tn-this sedion, which fiom the characlgr End use o{ the Property are reasonably necBssary to protect and
preserve the ProPerty.
DUE ON SALE - CONSENT By LENDER. Lender m8y, at Lende/s Option, declafe immediat€ly d-ue and payable all sums socured by thb
DeQd of Trusl upon the salg o, tr"n"i"r, *it6*t uendeli priorwinen consenl, ol all or any part of the Resl Propcrty, or any interest in the
n"iip.p.rty l,,sate or transfel means th6 conveyancc of Reat Prope(y or any right,.tiile or intenst in the Real ProPorty; wh€thel legal,
beneficial or equitabte: whether v;lu;ta, oi invofuntdry: whsthe; by ouiright sale, de€d, installm€nl sale contracl, land contracl, contracl for
deed, lessehold interest with " rrim freler Uan ttrreiis) years, l6ase-oition contlad, o_r by salG, assignment, or translerol any beneficial
;i;;Jin ;r at""y tand trust nofoing'trua io ifre near proidrry, o; by eny other method. of convcyancs of an inteleet h the Real Ploporty. lf
anv Granto, is a corporation, partn"rit ip or limlted liability companyitranser aBo includss eny chang€ in owneBhip ol more than lw€ntyjive
ilrJrii)lgaj } il;;;i;; !i;, pr;nlrship inteasts oi tmda filblhy company interests,.aslhe caBa mav be, of such G;antor. However,
ir,i"ipid" jnLrr
"a-oe erJr.isea'f,y ienal, it "u"t exercise is prohlbitio uy icdirat law or by.colorado law. Borrorcr shall be pelmlttBd to
"i"crru . r6el estate tease in eiLls of 3 yea6 lo Robert buncan Micgregor or an entity fomed and controlled by Robert Duncan
Macgregor.
TAXES AND LIENS. The follwing provisions relating to the taxes and liens on lhe Property ere p6rt of this Deed of Tru51:
paymGnL Grantor shalt pay when due (and in all events prior to delinqu€ncy) all taxes. special tsxes. assessments, charge6 (includinq
*aar anO sawer). finss and'impositlons ievbd against or on account of the Piop€rty, and shall pay when duc.sll claims for wotk done on
or tor Belvices rendered or maierial furnishBd to-thc property. Grantor shall mainttin ths Properly free of all liens having Priority.over or
"qurf
io m" interest of Lender under this Deed ol Trusl, ex;ept for thc lien ol taxes and ass€ssments not due and excapt as olheMise
provided in this Deed of Ttust,
Rlght to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good laith disPuta over the
obi6arion to pay, so tong as Lendc/s interesi in the Property is not jeopardized. lf a lien_ aris6s or ls tilsd a3 a result of nonpayment,
Gra-ntor ghail wiitrtn fift6e; (i5) days afrer the lien arises or, ii a lien is fi16d, within tiftean (15) days afier Granto, has noti@ ol.the filing,
r"irr" ff," dlscharge ot tfre itn, 'or if requ€sted by Lender, deposit with Londer cash or I suffcient corPorate surety bond or other
security satlsfaclor! to L"nder in an amount sufficiint to discharge ths li€n Plus any costs and atlomeys'fB€s, or other.ch€rges that
ioulO accrue as a iesul of a tocctosure or sate und6r the lien. li any @ntesl, Granto, shell delend itsef and Lender and shall satisly
"ni aOr"i"" irOgrent belore enfolc8ment against the Property. Grantor 6hall name Lender as an additional obligee under any sulety
bond furnished in the contest procecdings.
Evldence of paymenL Grantor shall upon demand furnish to Lender satisfaclory evidcnce of Payrnent ol the laxeli or ass€ssments aod
shait auinorize tire appropriate govemmsntal ofrcial lo deliw' lo Lend€t at any llmo a written ststrment of the lar€s end assessmenls
against the ProPerty.
Notica of Construcuon. Grantor shall notiry Lender at least flncen (15) days bcfora any work is commencad, any sewies are
fumished, or any matorlats ere supplied to lhi Propcrty. if any mechanic's lien, matBrialmen's lien, or other lien muld be asssrted on
account of the work, servi{Es. or anateriab. G€nto, will upon rEquest ol Lender fumish to Lender edvanca assulances satisfaclory to
Lender that Grantor can and will pay the cost ol such imptovements
pRopERrf DAMAGE TNSURANCE, Ths follo.ring provisions relallng to insuring th6 Property are a p8d ot this oeed of Trust.
Malntenanc. of lnluBnco. Grantor shall procure and maintaln policies of fire insurane with slandard extend3d coverage
endoBaments on a fair valuc basis for the full ir}suEble value cowrlng all lmprovements on lhe Rsal Prcperty in an amounl sufficient to
avoia apptication of any coinsurance clause, and with a standard mortgagee claus€ in favor ot Lcndsr. Grantor shall also procure and
meintain comprehensive general liability insurancd in such coverage amounts as Lender may request with Trustee and Lender being
named as adjitional insureds in such liibility in6urancs policies. Addltionelly. Grantor shall meintain such othel insuranc6. including but
not limited to hazard, business inlemtption, and boil€r insurance, as LendBr may teasonsbly require. Polid6s shall bG wlitten in tom,
amounts, coveEges and basis rBasooably acceptable to Londet and ls6ucd by a company or companies raasonably ecceptable to
Lander. Grantor, upon requast of Lrnd6r, will deliver to Lender lrom time to tim€ the policbs ot certillcates of insurance in fom
satisfaclory to Lender, inctuding stipulations that coveragcs wlll not be crncElled or diminished wlthout al leest ten (10) days prior written
notico to Lander. Each insuiand policy also shall inilude an endorcemonl providing thal covoraga in favor of l'.endor will not be
impairad in any way by any ac1, omission o, drfault of Grantor or any other Person, Should th6 Real Prop€tty be locatBd in an area
oesignated Uy itre tiinaor 6t the Federal Emergency Management Agoncy a6 a spscial iood hazard alea, Grantor agrees to obtain and
mainlain Fedtral Flood lnsuran@, il available, wilhin 45 days afier notico i8 glven by Lender thal the Prcp€rty is locetod ln a sp€ciel
flood hazard area, for th€ tull unpaid principsl balane of th€ loen and any prior licns on the Prcp€rty securing the loan. uP to the
marimum policy limits get under the National Flood lnsuaance Plogram, or as otherwise tequirc<, by Lender, and lo mainlain such
lllill illll lllllll lll llllll lll llllll lil llil lilt lllt
697253 I5/O5/2OOG l2:34P 81796 PTdg l,l ALSDORF
3 of 9 R 46.00 D O.OO GhRFIELD COUilTY Co
insurance for the term of the loan.
Applicatlon of procoed3. crantor shall promptly notify Lendet of any loss or damags to the PIoperty. Lend6r may make Proot of lo8s if
crantor tails to do so within nnecn (rsl L.y"'oitn" cisuatty. Wtreiher or not Lender's security is imPaicd, Lendet may' at Lend6/s
etection, receiw and retain th;;;;;'";;'";y i*rran* "#_"eply
th6 proceeds to th€.redudi;n ol the lndebledness, Peymcnt of any
lien afiecting the property, or itr-" L.tor"tion aid repak of the Prcpjrty. ti Lenoer ecas lo apPly thc procecds to resloration and repair,
Grantor shall repair or repiai tie Ja.rJcO ot de"t oycd lmprovomcnts in a manner..salishdory lo Lender' Lendet shall'.upon
satbfacdory proof of BUch "frnJitrri, p"f or reimbuEaGrant6r fom the proceods tor lh€ reasonable cosl of repair or rcstoration if
Grantor is not in default uMer this Deed of Trust. Any proceeds which havi not bGen disbursad wilhln 1E0 days aner thoir recclpt 8nd
which Lcnder has not "*n,niJ roirc r"prir oi i"rtoiaiion of the Prop€rty shell b€ uscd first to Pay any amount owing to.Lender under
this D6ed of Trust, then to p"V "a"*o i^["-r."t, ana ihe r.m"inder, ll iny, shall be applled to.the principal balan6 of the lndcbtedness'
iiiunO", nofOr .ny prooiaJin-"i p"ir"nt in full of tne lndebtcdness,'such ProceGds shall b€ Paid to Grantor as Granlor's inter€sts
may apPear,
Granto/s Report on tnsurane. Upon request ol L6nder, horever nol moro than once a yaar, Grantor shall fumish to Lender a reporl
on aactr exkili'ng policy of insumnce rno*ini' (l) the name of the insurei (2) the ,l8ks insured; (3) the amount of the policy; (4) the
property insured, ttre uen curJni repf."".int'rirr" of slrch.property, and thE manner ot detemining thal value: and. (5) the expiration
date of the policy. Grantor rlrrii, ,'pon ,"qu""t of Lender, havi ari inoependant aPpIais€r satisfaclory to Lender determine the cash
value replacement cost of tho Property
LENDER'S EXPENDITURES. lf any 8c1ion or proCeading b Cornmenced that would materially affecl Lenders interest in the Propsrty or il
CEnio, frif. to comply wifh any prwiston ot this Deed oiTrust or any Related Oocumontq incJuding but not limtted to-Grantor's failurc to
Ji"ar,"rgJo, p"y *tri,ri Or"
"ny-"inot
nts Orantor rs required to discha{;e or pay under thls Deed of.Trust or any Related Documents,.Lender
i" Cir,;-tiii 6eiratf may (but
"-f.aff
'not
ue outigri"O to1 i"f" any aclion t-hat Lenier deems spproPriate, including but not limlted to discharging
"ipryig i[ 6i",liens,'security int'erests, eicumurancs ani other claims, at any timo levied or placed on the Ptopeny and paying all costs
i;r[lr;;"s, maintaining "na
p,-e"."ing iir. propcry. A[ such.expendltucs incuned oI paid by Lende] for such purposes will than bear
iii".""t"tfi"ratechafedundertheN-otefromttreiateincurreooipaidbyLendertothedateorrepaymentbyGranlor. Alls-uchexpena€s
;1iL-;;; ; p;'t or gr| rnucuteonii. .no, "i l".a"i" option. will (A) be iayable on demand;. (B) bo added to the balance of the Note 8nd
G "pporri-"i "-ong
and b€ payabte with any installmint payments to become due during eithGr (1) th€ Grm of any applicable insuranca
iJ[i'Viil izl ttre reriaining te;m'ofthe Note: 6r (C) be t]eatA as a balloon payment which wlll.bo.due and payabl€ at the Note's maturitv.
The De€d of Trust also will s"ur" p"y..nt oi tf'eie imounts. Such right shall be in addition to all other righls 8nd remgdies to which Lsnder
may b€ entitlsd uPon Oetaull.
WARRANW; DEFENSE OF TITLE. The following provislons relating to ownershiP of lhe Property ate e part of lhis De€d of Trusl:
Tltl6. Grantor warants that: (a) Grantor holds good and marketeble litle ol record lo the Property in tec simple, free and clo-ar of all
liens and encumbrances other ihin those set forli in th€ Real property doscription or in any title insurance policy, title repod, or flnal title
opin-ion i*tr"O in favor of, and accepted by, Lendcr in connection with this Deed of Tlust, end (b) Grantol has the full rilht, power' snd
authority to execulB and deliver lhis Deed of Trusl to Lsnder'
Defenro of Tltl6. Subject lo lhe excaption in the per8graph above, GEntor wanants and will forever defond tho title to the P,oPerty
;g;;"i ih" tawtul ctaimi of alt f"rs"ns.' tn the eveni any-adion or procaodlng is comrnoncod that qucstions Grantoie tille or th€ interest
oiTrustee or Lender underthiJ Deed of Trust, Grantor;hall dBtend the action at Grantofs oxpense. Grantor may belhe nominal party
in such proceeding, but tendii strall be enlitled to participate in the proce.ding and to be reprss€nt€d in the Proceeding by counsel of
lenO"fj onn choiil, and GrBntor will detiver, or causo to be delivered, to LeMer such instruments aE Lender may request from time to
limB to Permil such ParbciPation
Compliance w|th Lam. GEntor warrants that the Properly and Granto/s use of lhe ProPerty comPlies with all existing applicablG la$'
ordinances, and rBgulations of gowmmental authorities.
Sullval of Roprsontatlons and Warrdntios. All repr6entations, waranties, and agreemonts mede by Grantor in this D€ed-of Trust
shall suNive thi execurion and detivery ot thls Deed oi Trust, shall bs continuing in nsture, and shall rEmain in full rorce and 6fied until
such lime as Boro$/eis lndebtBdnes-s shall be paid ln full-
CONDEMNATION. The foililing provislons relating to @ndemnation Prrcedings are a parl ol this Deed of Trust:
proceedings. lf any proce€ding in cond€mnalion b filed, Grantor shall promptly notify Lender in writing, and Graotor shall promPtly take
such steps;s .ay b" nec"ssafi to delend the ac{ion and obtain thc award. Grantor may be the nominsl Party in Euch proceeding, but
Lender shall Ue entilEa to participate ln thc proca€ding and to bs reptcsented in the proce€ding by counsel of its own choice, and
Grantor will dolivar or caus€ lo b6 delivered to Lendgr suih instruments and documentation as may be requested by Lond6r lrom time to
time to permit such participation.
Appllceton ol Net proce€ds. ll all or any part of the Property b condcmned by eminent domain Proce6dings or by any proceeding or
p',Ifii"" in liiu of condemnation, Londer miy at its election reguire that all or any_porlion of the net proc€eds of th€ award b€ aPPliBd lo
ihe lndubt"dn.s" or the repair or restoration bf ttre Property. The nel Procseds of the award shall m€an the award afler Payment of all
reesonable costs, expenses, and attorn€ys'fees incurred by Trustea or Lendgr in conneclion with the condemnation.
tMFOStTtON OF TAXES, FEES ANO CHARGES BY GOVERNMENTAL AUTHORITIES. The follming provjsions relsting to governmentel
taxes, lees and charges are a part of lhis Deed of TIust:
Current Tax6, Foes and Charg€s. Upon request by Lender, Grantor shall executc such documcnts in addition to lhis Dced of Trust
End take whatever other ac{ion-is roquested by LenOer to perfgcl end continuo Lender's lien on the Rcal ProPerty. Granlor shall
reimbulse Lcnder f,or all laxes, as aesciiUed b€loiv, tog€ther with all expansas incurred in r€cording, psrreding or continuing this Decd of
fiuit, inctuOing *ithout limitation all taxes, fces, documontary stamps. and olher charges for recording or registering this Oeed of Trust.
Taxes. The following shall conslilute taxes lo which this sect'ron applles: (1) a sp€cific tar upon lhis type ol Deed ol Tflsl or upon ell or
any part of the tnda6tedness securod by thls Deed ol Trust: (2) a specific tax on Borower whlch Borrower ls suthorized or requirod to
deiucl from payments on the lndebtEdness s€cured by lhlE type of Do€d of Trusl; (3) a tax on this tyPe of Deed of Trust chargeable
ilainst the Llnier or the holder of the Note; and (4) C specific tax on all or any portion of the lndebt€dness or on payments of princiPal
and interest made bY Bonorver.
Subscquent Tax€s. lf any tsx to which this section applies is enacled subsoquent to the dato ot this Ooed of Trust, this event shall
have thi same effect as an EvEnt of Default, end Lender mey exerciss any or all of its available ramedies for an Event of Defaull as
provided bolow unless Grantor either (1) peys lhe tax before it b€comes delinqu€nt, or (2) contests the tax 6s provijod above in lhe
iaxes and Liens sedion and deposils with Lender cesh or e sufficient @rporale surety bond or other s€curity Eatbfactory to Lander.
SECURITY AGREEilENT; FINANCING STATEfTENTS. The lollowing provisions releting to this Dsed of Trusl 8s a securrty agreement are
a parl ot this Doed of Trust:
Securlty Agreomgnt This instrument shall con6titule a Security Agrooment to the oxtent 8ny of the Proporty constilut6 fixlures, and
Lender ihati have all of the righb of a secured parly under the Unifom Commorclal Codo as amonded trom tima to time.
Socurity lnterBt. Upon requesl by Lender, Grenlor shall take whatever action is rcquosted by Lender to Perfecl and conlinue Lendefs
security inter€st in the Rents and Personel Propcrly. ln addilion to recotding this Deed ol Trust in the raal ploPerty rocords, Lendrr may,
at anyiime and wilhout further authorization frorn Grantor, file execuled counterparts, copics oI r8ploductions ofthis Deed of Trusl es I
linaniing statement. Grantor shall reimburse Lcndsr br all expenses in@r€d in perGctlng oI onlinuing this sBcurity intBrest. Upon
default,-Grantor shall not removo, sev6r or detach the Personal Property from the ProPerty. Upon default, Grantot shall assemble any
personal Proporty not affixed to the Property in a mannor and at a place reasonably convoni€nl to Grantot and Lender and make it
avaitable to Lender within three (3) dsys after recBipt of witten demand from Lender to thc extcnt permitt€d by aPPlicable law-
AddrBsE. The mailing eddress.s of Gmntor (d6blor) and Lender (secuEd party) from which information conceming th€ security
intersst grantad by thi3 Ooed of Trusl may b€ obtained (each as required by the Unifom Cmmercial Code) 8re 8s ststed on the first
page of this Oeed of Trust.
I mil lllil illlll il llllll lll lllllll lll lllllllll ll_ll-ss17sa o5/o5/2aoi r23,4P B77sG ?2ol n nLsDoRF
4 of 9 R 46.00 D O.gO I3ARFIELD COUNTY C0
FURTHER ASSURANCES; ATTORNEY{I-FACT. The following provisaons relating to further assuranoes and attorney-in-facl are a Pa]t o[
this Deed ol Trust:
Furthsr Asauranco3, At any time, and from time to lime, upon request of Lender, Grantor will mek6. 6)(ecute and deliver' or will caus€
to be meda, executad or o"iir"r"j, to Lender or ro Lendcr'E oeiijnee, ano wh6n_requested by Lender, cause to b€
'iled, 'ecorded'
reliled, or rerecorded, as the case may be, at such thes ana in-su'crr otnces "na
placos as Lendcr may deem approPriale. any and all
such mortgages, deeds of trNi;;rity;".ds. socurity "gr""."nt", ,inancing'statements, continuation statements' instruments ol
further assurance, certificates, and olher documenb "".ay, ln the sob opiriion of Lender, be neccssary or desirablo in order to
effectuate,comptete,porfgcl,;;il;r;: oipi*r" 1t1 Bono-wb/s"nocrantoraootllationsunderthcNot€,thisDeedofrrust'andthe
Related Oocuments, and (z) the liens and securfty interests-cL"td UV thls O€€d, of T]ust as first and ptior licns on the ProPerty'
whethe, now owned or hereafter Ecquired by Grantor. unru"s prot Liiia uy law or Lender ag_rees to the contrary in wtiting. Granlor shall
reimbu6e Lender for all costs
"nJ"ip_-'un""i
in"urlcd in @nneciion with th; matters refered to in this Paraglaph'
Attoflreyjn-Fact. ll Grantor fails to do 8ny of lhe things Ef.red to in the preceding ParagtaPh, Lcnder may do so for and in the name
of Grantor and al Grantois.*p"nr". ror'"r"tr purpoics, cr"ntor hereby'inevocaSf appoints Lendc] as Grantor's allorney-in-fecl for
rhe ourpose of making, "r""rting, d;ffu"iing, filirig, iecoroing, "na
aoing att other tnings as may b€ neoes$ry or dssirable' in LendB/s
tol"'opi'tion, io ""co;phh
lhe mltters refened to in the P'eceding paragraph'
FULL PERFORMANCE. Upon the full perlomanc€ of all the obligations undol the- Note and. this Deed of Trust' Trustee may' upon
production ofdocuments and r""a
"a
.qri"J ,nder ipplicable r"*,l"j""t"irit De€d of Trust, and such r6base shall constitule a relaase of
the tien for all such additional sums and expenditures made pursuant to thi6 oeed ol Trust, Lender agrees to coopcrate wilh.Gtantor in
obtalning such relaase and reteasing the other collaleral securiniine lndcblednBs6. Any release lees required by law shall bB paid by
Grantor. if Permifted by sppllcabh law.
EVENTS OF OEFAULT. Each of the following, at Lende/s option, shall constitute an Event of Dofault under this De€d of Trust:
PaymentDefault'BorrowBrfailstomakeanypaymentwhenduBunde.lhelndebtedneso.
Otlr€r Defaulb. Borower or Grantor fails to omply with or to pcr{orm any olhet term, oblEation, covenant or @ndition contained. in this
Deed of Trust or in any ol ttre n.irtla oo*."n13'oi to comply'witt, or to perfotm any term,tbll3alion. @venant or condition contained in
any other agleement between LendeI and Borrower or Grantor'
Gompllance Default, Faiture to comply with any other term, obligation, myanant or condition containod in this Deed of Trust. lhe Note
or in any of the Related Documents.
oefault on other paymenE. Failure of Grantor wilhin the time required by this oeed..of Trust to make any payment fo, taxes or
iniri"n*. or any othei payrnont nec€ssary to prevent ,iling of or to etfect dischargo of any lien.
Detault in Fayor of Thlrd parti6. Should Bonower or any Granlor default under any loan, exlension of c.edit, seority agleement'
purchas€ or sates agrement]oi
"nv
otir"i "gr""ment,
in fav;r ot any other creditor or person thst may materialty efrec1 any of Granto/s
property or Bonowers or "ni'oi-tir. "uiriti
io repay the lndebtedness or perform theil IssPective obligations under this Deed of rrust
or any of the Related Oocuments
Falae statlm6nt3. Any warranty, represntation or statement mads or furnished to Lender by Borrow€l o, Grantor or on Borowe/s ol
Grantois bchar undef thb Deed of irust or tho Related Document8 is false or misle8ding in eny material rssp€cl, elther no$ or at the
time made or fumished or becomes false or misleading at any time thsEaller'
Doi6c-$ve collat.Elization. This oeed of Trust o, any of th6 Related oocuments ceases to be in full force and effect (including tailurc
-iany
coitaterat oocument to cr€ate a valid and perfuded sgculity interest or licn) at any time and for any reason.
lnsolvoncy. The dissolution or termination of the Trust, tho insolvencl ot Botrower or Grantof, the aPpointrn€nt of a receivet fo' any part
of Borro,,rrr,s or Grantor8 "p"rty ,^i "*Bnment
foi the b€nefit oi creditoo, any type of creditor workout, or the comm€ncamonl o'
ani proceeaing under any bankruptcy or insolvency laws by or ageinst Borrower or Grentor.
cEdltor or Forfcitui. proc.sdlngs. commencemcnt ot f,orEclosure or forfollure procaedings, whether by judicial ptoceeding. sBlt-
help, epossession - "ny oih"i."ihod, Ly any creditor of_Borrower or Grantor or by any governmental agoncy against 8ny property
securing the lndebtedness. This includes i gainishmcnt of any of Borowe/s or Grintors a@unts, including daposit a@ounls. wilh
Lender. However, ttis er"ni'oi O"t"utt "n"If
not appty it ttrere ts a good falth disPute by-BorMr oI Grentor as to thc validity or
reison"oteness ofthe claim which is the basis of ttre cieoitor or forfeiture proceedlng and il Bonower or Grantot gives Lcnder written
noii* oftn" creditor or forfeiturc proceeding and deposits with Lendcr monies or a sulety bond for the creditor or forfoiturc proceeding,
in an amount detemined by Lender, in its sole discreiion. as baing an adequale reseNe oI bond for the dispute.
Breach of Other Agr€€m€nt. Any breach by Bo.ro\.,/€r or Grantor under the lerms ol any othcr Sgre€menl b€tween BorrowBr or
Grantor and Lender that is not remeli.d within iny graca period provided therein, lncJuding without limilation any agreemenl conceming
any indebtedness ot other obligation of Borrouer or Grantor to Lender, whether existing now or lstar.
Eycr:{a Arigcung Guarantor. Any of the prBcedlng events occurs wilh rospecl to any Guaranlor of 8ny of the lndebtednes$ ol any
Guamntor dies or becomes inc,ompltent, or revokes or disputes the validity ol, or liability under, any Guaranty of lhs lndebledness
Adverso Change. A material adverse change occurs in Borrower's or Grantois financial condition, or Lender believes tho PEsp€ct of
payment or p€rfomance of the lndebtedness is impsired'
lnsecurity. Lender in good faith balieves itsBlf insecurc'
RIGHTS AND REMEDIES ON DEFAULT. lf an Event of D€fault occuE under this Oeed of Trust. at any time thereafter' TrusteG or Lender
may exercisB any one or more of the following rights and remedies:
Elgcflon of Romcdios. Eleciion by Lender to pursue any rgtnedy shall not exclude Pursuit of any othBr remady, and an election lo make
expenditurcs or to take aclion to p€dorm an obltgation of Grantor unaer this DEd of Trust, afiet GrEntois failure to perlom, shall not
atfbct Lende/s tight to dedare a default and exercise its remedics.
AccelcEto Indobladres. Lender shall heve the right at its option without nolice lo Bonoirer or Grantor to declare the entir6
indebtedness immediataly due and payeble, including any prepaym€nt penalty which Borrower would be requiled to Pay.
For6cl6ure. Lender shall have the right to caus€ ell or any part of lhB Real Property, and Personal Proporty, if Lendor decides lo
proeed against it as il it were raal prcperty, lo be sold by the Trustec according to the laws of the State of Colorado as respccls
ioreclosure-s against real property. Tne irusieo shalt give notico in accordan@ with the laws of Colorsdo. The Trust€a shall apply th€
pioc.uOs of th6 sarc in the foilowing order: (a) to all cGts and exp€nses of the sale, including but not limited to Truste€'s feos. altorneys'
iees, and the cost of tiile evidencei (b) lo all surns s€cured by this Do€d of Trustl and (c) the excess, if any, to lh€ pe6on or Persons
legally entitbd to the 6xcess.
UCG Remedls. Wrth respect to all or any part oF the Personal Property, Lender shall heve all the rEhts and rGmedies of a secured
party under the Unifom commerciel Codc.
Collect Rents. Lender shall have the right, wllhout notice to Borrower or Granlor lo lakB possessbn of and menage the Propsrly and
*iEa tt" Rents, including amounts pait dua and unpaid. end apply the net ptoceeds, over and above Lendeis costa, against the
lndobtedness. ln furtherance ol this right, Lender may raquire any lenant or otho, usel of thc ProPerty to maks payments of rent or usE
fe€s direclly to Lender. lf the Rents ere coltected by Londer, then Grantor inevocably dssignates Lendor as Grantofs attorn8y-in-lacl to
andorse injtrumenls received in payment ther€of in the nsme ot Grantor and lo nagotiete th€ same and cotlgct the Proceeds. Paytnents
by tonants o, other usgE to Lender in response to Lendcls demand shall satbty the obligation3 for whbh the Paylnents ara made.
urhather or not any proper grounds tor the demand exisled. Lender may exercise itg righls under this subparagraph eilhcr in peBon, by
agont, or through a rec€iver.
Appolnt Re6lv€.. Lender shall have thB right to have a reeiver appointed to take posssion ol all or any patt ol the ProPilty, with
the'porv€r to protect and preserve the Property, to operatc the Property prBceding foroclo3uro or sale, end to colled the Rents frm lho
eroierty and apply the proceeds, over and above the cost of the receiverchip, against the lndebtedness. The receiver may sery€
LLllUltlll[!l!u,tJ,u!lll!]ui[ttl,lilt!ltl,J,lil.l-t!l;';;t i-ia-oo-o o.oo GnRFTELD couNrY c0
without bond if Permitted by l8w. Landsr's tight to the aPPointrnent ol e rcceiver shsll 6;isl whethet or not tha apParent value of th€
prop€rry exceeds tne rnocurileJiil ,riii"nti"i ,.,jJ"r eipilv."riiv iender shatt-not disqualifv a pe6on lrom scrvins as a
re*iver. Recciver may be appointed by a court ot competentiuiiiiiiiiit''p"^ ex Parts aPplicatioir ani without noti@' notic€ being
expresslY waived.
Tcnancy at sufforance. t, Granlor rcmains in possession of the prop€ny afier tho-Paoperty. is sots as provided above or Lender
otheruise becomos entitco lo posssslon of thc Propetty 'p"'"i"f""n-"iO"ntor'
O'"niot sttatt be"omea tcnant at suffsrancs of
Lender or the purchaser of rnJ Efiilii ll.-li]i" ;i:i:];g!ai_i;tfi'"itt'"i til pai'a rcasonaute rentar lor th3 use of the Proportv' or
E) vicate ttre property imT rediately uPon the demand ol Lenoer'
other RemGdi6. Trustee or Londer 6hall have any other right or rcmedy proviled in this Dsed of rrust or the Nota or by law'
sale of the P'oporty. ln exBrclsirE its rights 8nd.remedi8s, Lendef shall be free to designat€ on of before it liles e noli- of election and
demand with rhe Trustee, *,aittr"irustie se1 a1 or
"ny
prrt oiiiJ'i.e"o-f"e"flr"r;rrepa11elv, in one salc or by separatc sales'
Lender sha, be enti.ed to bid at any pubtic sats on
"tt
o,
"ny.portion'oiin,j
piip.tty. .ygon."1v iale of the Property' whalher mado
under a pow€r of sate grantej i" tniS 6"eo ot Trust or puor"nit'iroiiri;;;e'rg1, lf ihe holJeI of the Note i3 a purchaset at such
sato. it shatt be entitted to use and apPly all, or any portron ot,.tna't'ni-e;A;;6;;t in s€ltlemBnt ot pavment ol all' or any porllon of'
the purchase price ot the pr.p'"-rtv"p,jro'lr"o,.ino, in sucrr;;-, iilG;;t Trust, the Hote' ind any documents evidencing
ernenditures sccured by th." Deet of Trusl shall o" p,"t"nt[-tb'i't'"iioon *nOJiri"g the sab in oider ttrat the amounl of
ffJ.Iffi.re; ;;J -'epprto rn"v ut credited thereon as havins been paid
Attomeys, Fs€s; ErPsnros. lf Lendoilorecloses or inslilutes 8ny suit ot aclion .to enfo.@-any of lhe tems of this Deed of Trust'
Lander shall be enti,ed to ,ecover such sum as the couil .ry "Ji'rit" i"""9nable as attomeJs'fBes al trial aM uPon any apPeal
Whather or not any court ,iilil"i"-r"fr"J, and to the e*oni nof pr;niOited by law' ell lca6onable emonse3 Lender lncu6 that in
Lende/s opinion ar. necessary at any rms for the.proteclion ,i'i!',IiJiJIi'ii,iL Lniit""-ini ol its rishis shall become a part of the
tndebtednoss payable on ounia"a
",iO
shall bear interest at fi"'l;i;;" ft; the dale of the ExDcnditure until repsid Exp€nses
co*red by this paragraph lnciuoe, wlttout limitation, no*"""ii"bi}lo "ny
ti16it" undar
-applicable
law' L€nde/s attorncys' f6€s
whether or not there iE a raEuit. including atlorneys, t*s ani .ip'"n""" for'bankruptc, Proceedings (including effotts to modify or
vecate any auromatic u., .Til;;i, lio""r( 1liJ "nv
,ntr"ip"i5J pr"iiuJgment "otdaion
services' the cosl of s€c'ching leco'ds'
obtaining tige reports (includingtoreclos_ure r3ports). "r*"vo75'-[-pJ,iri"ri "pi;.sa fees,.litle insu]ance, and
'ees
fof th€ Trustee' to
the edent permitted by appEaLle law. Grantoi also will pay any c-Jurt cosS, ln'iOdition to all other sums provided by law'
RlghB ot Trusto6. To the extent Pefmitted by applicable law, Tlustee shall have all of the rights end duties of Lender as set fodh in thls
seclion.
NoTlcEs'Anynotice'equiredtobegivenunderthisDeedolTrust.includingwhhoutlimitationsnynoticeofdofaultandanynotbeofsa|e
she, b€ given in triting. ano snarr be c'ttecG when actuarty deriv".'d,'Jt'"i iar.rrv reccrveo uy teGtacsimile (unl'ss othBMise required by
law), when deposired *,,tn . n"ooii,v'rioe-nir"i o*,"i"tgtit.*rri.;, ;;, if ;;tlilihen deposiied- in the unlted stales mail' as lirst class'
c€rtified or registeEd mait postEge PtePaid, directad to the
"Oot""r?"d "ib*'"""iih" b€gi"ti'tg of this D'aed of Trust' All coples of notic€s of
forcctosure from ths holder of anfte; *nich ta= priority ovcr td o;; oi Ti';t sl'"il be &nl to Lenders address' as shown ncar thc
beeinnins of this Deed "t
,.". o'.rlirtffi ;ld;i E "o'J"iiirii"i.ir unJor tnis Deed of rrust bY sivins rormel written notice to lhe
orher Darties. specfytng tn"r,n" puiJ".'ofth; nofio;is ro change ti-; i'ri.7t Joil"i. ior.notlca.purpoiei, Grinlor agrees to k6ep Lender
infomed at au rimes or cmntors cir[iira;-.;.-i;;;td-dt:;;.,G;li;,"qri,"o uv law, il tirere ls more lhan one G]antor' anv notics
girJ" ii iJ"o"it" any Grantor is decmed to be notice given lo sll GEntorE'
iltscELLA,{EOUS PROVtS|ONS. The following miscellanaous provisions are a paft of this Deed of Trust:
Arnondments. This Dged of TI6t, togeth€l with any .Related DocumanB' constitutes th€ entire understandlng and agreemant of the
oartieE as to the mattes i;";ffi iii" ii..o d Trult. tto ircr"ii", "i
.i ;mendmont lo this DEad of Trust shall bs elfec'ive unles
5ilfi";;,",^;;;;-"fi;ilili;;;;'i;o'!"tL' "o'et't
to b€ charsed or bound bv the ahe'ation oI amendment'
AnnualRsPorts.tfthePropertyis-usedlorpurPoT.lolh-eJ.thanGranto/sresidencs,GrantorshallfumishtoLender,uPonrequest,a
cenitied *aternent of not operating income r€celved..fro-,tt" iiop"'iv-J''tns Gt"ntoit Pievil:s rucel year in such form and deteil as
Lender shatt Equt.. "Net operating incomc" shall ,""n air JJ'ioipis from the Propefty hss ell cash expenditures made in
@nneclion with the operation of the Prcperty'
caotion Headlngs. caPtion headings in this Deed of Trust are for @nvenience purposes only and ars not to b€ used to intElpEt or
ttefine lhe provisions of this Deed of Trust
llerger. There shal be no msrger of the interest or estate crealed by this Deed of Trust with any olher interBst or estate in tha Plopsr0
,i "iv
,i." n"ro uy or ror tna ueieltiot Lender in any capacity, without lhe written consent of Landar.
GovemingLa\.Y.ThisDoedofTruttwillbogovomed-byfedersllawaPpllcabletoLend€rsnd,toth3extEntnotp.smptedby
federal law, the law3 ot th; lt t";i Coloradi wrthout ra'g-aiJio n= "ii'nrct" ot law provlsions' Thls Deed of Trust hat be€n
accePted by Lond6r ln the State ol Colorado'
Joint and several Liabiltty. All obligations ol Borrower and Grantor under lhis Deed of rrust shall be iolnl and s€vetsl' and all
references to Grantor snatt inean eacn-ana every Grantor, "nJ "rr '"ii*n""" to Bofiomr shall mean each snd cv6ry Boroq€r' This
merns that each Borrower and Granlor signing oelo_w is mpois-ior"ioi rri ourig"tio* in this Deed ol rrust' where any one or moE of
the parties is a corporauon,
-pa-niuot
ip, ri,irn"i ri"uitity cornpany or similar entit!. it is. not necessary fo' Lende] lo inquire into thc pov'ers
ol any of the omcers. direaJrs, partners. members. o-r ottrer aglnB ;aing or purporting lo acl on the entiVs behalf, and any obligations
made or seated in ,eriance ;Jo[-d;-;ilres"Jlri,cis" of euih powers strall be guaranto€d under this oeed of Trust'
No Waiv6. by LCnder. Lcnder shall not b6 de€mcd to have waived any rights under this De€d of Trust unless such waiver is giwn in
writing Bnd signrd by r-"na"ii-r.ro J"r"y oi omission on thc part JGndlr ii exercising any right shall oporato a8 e waiver of such right
or any other nghr. a wa,ei Uy'i";;i ;i ; il"ri"ton ot ttriirie"Joiirust shall not PrBi;ddG or constitute a waiver ot Lende/s right
otheMise to deman<l stricl comptiance with that provision o,
"ny
oitr"r Provision of thii oeed.of Trust No prior waiver by Lendcr' nor
any course of dBaling oet*en leniei rnd Granior, shatt constiute a waiver of any oI Lender's rights or ol any of Granto/s obligations
as ro any tuture transadrorisl wh";;; ihi consent of r-enJii is requirco undeithie D€ed of rrust, the g]anting of such consent by
Lender in any instenca ar,"tinoi
"onriitrt"
con[nuing consenito subsequent instances whoro such consont h required and in all cases
"rcft
ion""ni may be granted oI withheld in the soh discretion of Lender'
soverability. lf acourtotcompetentjurisdictionfinds.anyp,ovisionofthisDecdofTrustlobeillegal,invalid,orunenlorcesbl€sstoany
p€rson or circum.tane, t]i n'.,ai"g'iliir-"rr maxe. the,bifending provision ill€gal, invalid, or uncnfor@able as to any othet pe'son or
circumstanc.. lf feasibts, t]tl l'#,r'arg p.;ision shatl ue con=iieiao modifled-so that it b€comes legal, valid and enforcaalle r the
offending provision cannot bL- so .oom-,rii, it shall be consuered dlleted from this oeed ot Trust. Unlsss otheMise requircd by law' lhe
ilegatity, invaldity, o, ,n.niolJrlirity'oriny provision of rhis beed of Trust shall not affect the legality, vatdity ot enforceability of any
olh-r provision of this Deed of Trusl'
suc66sors .nd Aaalgns. Subrect to any ltmilations siated in thls Deed of Tru8t on transer of Granto/s interast, this Decd ol Trust
shail be binding upon ano inure t tn-.e L"nur,t of ttte psrtles, lheir succ€ssor8 and assigns. lf ownsrshiP of thc Propefty becomBs vested
in a person other than orrii"i,'i""J-, *ithout noii@ to Grantor, may deal wth Grantor's succesers wilh ]efelence to this Dsd of
Trust and the tndebtedne; ii'*v oiibrui"once or extenstn withoui releasing Glantor rrom the obligations of this ooed of Trust ot
liability under the lndebtedness.
Time ls of th€ Egsence. -|-me is of the essence in the performance of this Deed of Trust,
Waiyor of Horne3toad Exsnpuon. Grantor hereby releases and waives all rilhts and benelits of th6 homestoed exemPllon laws of the
State ot Colorado 8s to all lndebtednesc secured by thls Osed of Trust
DEFlNtTloNS. The toltofling capitalized words snd terms shall have the following m6anings-wh6n used in thb oeed of Trust unless
specifically stated to thc contrary, all raferen@s to dollar amounts shall mean amounE in laMul money of lhc Unlted Statcs ot Amdce'
words and terms used in the siniula|'
"trril
in"trO" the plural, and the plurat shall incJude the gingular, es the context may requito. wolds and
,,!iluli[[!u;ui.]lllill!!lll[Hl!''['.lIL'l!'
termsnototherwisedelinedinthisDe€dofTrustshallhavethemeaningsattributedtosucht€rmsintheUni'ormcommerclalcod6:*'::#T';l*"ilH::y.Hl:H::.l::::-#,:ilr:i":"'.1#"J^"0
*.,,"*"," sienins,he Nore and e,,,heir
suc@sgors and assigns
oeco or rruar ,1" y"lg:.',L#"il,l#iJ#n;;[ffif$]ffi,??:3"ffii"J'h'#:'' "n:.t'**'and inc{udes without rimitation
allassignmentandsecunlyrnrer€srPI""*'-'--.'---,,.1:-u-r^rr.,,<tintheseclionlilt.d"Oefault"'
oefault'Thewo]d,o","*',""""*eDefaullsetforthinthisDeedofTru3tinthesedionliltGd.
'rrffiiJ$il"trifri#f'fl#$ilffit.q1$Hgqtry {'
the Rosour@ cg":"*l-tl1ir",ll.ffi:*''
^, r-.-. i^ rha eve6.. or d.faunt"iri"-ti-"'Oopt"O Pursuant thereto'
:H$..:r"ff #*.r5#lt'"'"t "'
o"'"'n' mean a:v:f the events or dcfault s€t lodh ln this Decd of rrust in the evens or d
onjlg;:*Tt5f ;HSii"s H:l$,"'fffflli"'j"kA.""?i"J:'t"iJlB'**"#:Yf#o1''
Erizabsth Macsrssor rrrevocebre rrust
Guar.ntor' The word "Guarantoi' means any guaEnfor' "'"'''
o' "oo"odation
parly ol any or all of the lndebt8dness'
GlEranty'Theword"o'"..t'limeansthBguarentyftomGuarantortoLender'lncludingwithoutlimitationaguarantyofallorpartof
ths Note. - --- --.a,i^r. rhrr b.@uso ol th6ir quantity, @nc€ntratlon orphysiEl'
:ffi f i?:ii"&!::i":rH].'"rE:H;',*t},{'*?[f;#i#',i.frE*t!,f#ffi +f HJ##ffi
tr'-t:$'"'*ffi Eq.:#1i:triry,Eil.J,[l#,,'.iu".,."P€troleum and P€troleum I
lHlXli[#;ll"X,ffS:[H[[XTi]T;#:ll:L:XH:*:'f}1:#"ff1'::'g':ffi:''
strudures' mobir€ homes anixed on
rffitrHi$f#l*ffiil:mtrfii#;;1ft ;;i:- dPecificallv' wihout limitetion' lndebtedr
Collateralization provlslon ol this Deed of Trust'
Lender. The word "Lendc/' means Weststar Bank' its suc@ssors and assign6'
Note. The word,,Nolo. rneans rhc promissory note detsdilay 3,2006, in the o{ginal princioal amount of $2'5{xt'000'00
i,L e;;; ," *.d"i;jif?IT"Iji*"J:":.ffX*iSiii.H#i#E#lffiillll.T[f-ifuHi'i*?l'33ill"J'
substitutions tor the Pror
Pe6ont| P,oP€rty. rn",,o,a.,.PeEonal P,oPert/,mean all equiPment' f{,,"::11:'h"r articles ol Personal Prop€rty now or
Hr;si1;i1r,:H+ffi $:#[."*.;j1tf,fl]i,Hr;tfrt;fiffil#ig,*f ,,*,"il]'"rtr"ir""i,:*
ff r'1
limltation all insuEne Pl
ProPorty' The word "Ptopsrfy'me6ns colleciively the Real Proporty and the PeMnal PIop€rty'
Rg.lProP€rty.tnewords"RealProPeMm€enthe]""tprop"o,int","stsandlights.asfurtherddcribcdinthbDeedofT]Ust.
ffi,.*,::["{ii:]::t*i*t'"*""'*:fiffi;;t,;tg'i#i"#*'i:}*T;ffn1flis#ffiTillx"""#irmrrl
xrtl,,:tl"J:,:1il:l:"il".l'.'ffTl,::","",., revenues, incom6, issues, rovanies, profits, and othef benefits derived
ftotn the ProPerty
Tru6te€. The word 'Trustee" means the Public Trustee of Garfield County' Colorado'
!111u,,'dr',:-!'l#&l].'Iu'il]ii!If".JJ[''ilrf
FLl!!r
EACHGRANToRAcKNowLEDGEsHAVINGREADALLTHEPRovIsIoNsoFTHISDEEooFTRUST,ANDEACHGRANToR
rcnEes ro lTs rERils'
EASTBANK, LLC, A COLORADO LIiJT|TEO LTABILITY COMPANY
GRANTOR:
OUNRENE
ComPanY
Robert
ELIZABETH
Steven
FLORA
of Eastbsnk' LLC, A Colorado Llmltsd Llablllty
Pr6ld€nt ol Dunrene ttantg€m€nt lnc'
TRUST OATEO DECEIiBER 27,2OOO
frGtae of Elizabath lilacg'€gor Irrevocablo Tru8t dated
rNC.,
By:
By:
,200{,
.i:::'l'
By:
27
TRUST DATED DECEUBER 27' 2OOO
of Florr facgrsgor lrrevocable Trud datod O€combel
LIABILITY COMPANY ACKN OWLEDGMENT
)
STATE OF A.a )ss
l
COUNTY OF
STATE OF
COUNTY OF
ii""(1.[tfuhl" "* '"'the state
Epios Sepr 21, 2006
commlgsion
a o
TRUST ACKNOWLEDGMENT
the State My
:W R$tdtneet-loJLlr,.la) Sf'f6,&, CO Ptl t/
Notary Publlc in and for
cr ,atoaD---
STATE OF COLORADO
M. LIPSCOMB
STATE OF o
TRUST AGKNOWLEDGMENT
D
lss
commi3sion
)
)
)
[LuuJir',[I[:ht]]#il]!i$luHl!''J.]l''H'
COUNTY OF rrEfrl)
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2. s 87 DEGREES 57r31r w 3r[2'00 EEETI
3. s 85 DEGREES 23r31'I W 3{2'00 FEET;
4. S 66 DEGREES O8t31r W 517'00 FEET',
5. s 48 DEGREES 53131' W 332'00 rEET',
6. S 59 DEGREES 55r31tr W 353'00 EEBT;
1. N 79 DEGREES 51t21i I{ 181'97 FEBT;
8. N 72 DEGREES 0{ro8n w 39{'82 FBET;
9. N 58 DEGREES 38t29tr W 198'91 rEET',
10. N 33 DEGREES 42t291 H {'15"13 FEET,
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TEENCE N 08 DECREES {5t{3n E726'25 EEET ALONG SArD WESTERLy LINE TO IHE
CENIERLIN Otr SIID RMR, TEENCE N 37 DEGnEES 5111'1" E 155'85 FEET ALC'NG SAID
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TIIBICENoIDEGREES55I52nE6S.TTFEETAI.oNGSAIDCENIERT,INEToTHENoRTIIEBI.Y
I,INE OE SAID SOUTE HAI'E OF SAID SECTION 35;
rHENcEsSgDBGREBSS,[I2IiE16S2.30PEETALoNGSAIDNoRTEERLYLINEToTHE
SOUTHWBS?ERLY RIGIXT OE WAY I'INE OF AgE ROARING FORI( R'AIT'ROAD HOI'DING
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581. tt8 FEETr
TIIENCEsSSDEGBEESo3tosiES24.|4,EETAI.oNGSAIDSoIITHWESTERT,YLINEmTEE
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IEENCEs{6DEGREES55'22trE30{.SoFEEIALoNGSAIDsoIxf,EwEsTERLYI,INE,
TIIENCEs5lDEGREESo2llgilE].ll.g3EEETAI,oNGSAIDsounil(,ESTER,I,YI,INEI
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TEENCEs5TDEGREESo2'l5,Ego.,llEEETAr,oNGsArDsoIxmwEsfERtJYI.INETorHE
POINT OF BEGINNING.
COI'NTY OR GARFIELD
STtrTE OE COLOEADO
rorm ExHIBIIA 01117/O3 G1r268533
lL'}ulullfl !U4'',!li'ilIJJ!Jl}+[|l!l'''llt''H'
BECORDATION REOUESTED BY:
W33tstlr Brnk
f3tAgl111" srBEEr surrE 101
ASPEN, CO 81611
WHEN RECORDED MAIL TO:
wsststar Bank
Admirirtiltion Centol
PO 8ox 121O
GYPsum,CO 81637
t
=
*.'*Hl[.tPJ';t E3'T'?; Lrmhcd ua,rltY
:nftj: jm':l},',TslrsJm::ilj*;ff;
ili.'J""Iir" it"t oated occc"rbar 27 ' 2ooo
iiiili'o"t'"t avenue Suhe w'6
DEED OF TRUST
THlsDEEDoFTRUSTisdatedseptember15,Soj'6,amongEastbank,!L^c^,AColoradoLimitedLiabllity
companY; Elizabeth **n'"nti -il;9;{u111t*t ott"J ot"-embor 27 ' 20oo; and Flora Macsresor
lrrevocable Trust Dated o"""-u", 27, zxxo.-t."r-ri*""" is zto f"tt ourant Avenue Suita W-6' Aspen'
co81611(..G]anto].);ff;#;i."*-*t'."""00,"i-l-adiiubrrrce.4ooEASTMAINSTREETSUiTE
1O1, ASPEN, CO 81611 i'"*'"A tt O"lo* "orntti--'-"-ti
lt-"nOt'" and sometimes as "Beneficiary"); and
the pubtic Trustoe "f c.'fi:;it:;;';;;;;"d' i;eferred to below as "rrustee'l'
coNvEyANcEANog^oll:-l"j,i,"ftffi?T',fi',:'.1ll;::l'l',*lll,'i!tt!Yiifii1[f#t"'J'"I'#;;":i']"f"'T':I"'il;
b.ncfit ot Lcndlr s BonorrcErY Ell.or Grad-or's.right'^:t'*::1i;;T;;i;;;;", all easements' riohls ot wav' End appunenances;
ilff$iT::?$f,:"Jlll,*:rt.::ll":,"*:tflilSilllfi+'ii'iiiilt'"ii"igutonasn*r"u5:1;:[:'#',ff;,'i'i1'*i:lf
orofirs rstaring ro the reat o.*"ljY'ii""'l]ii.i ,iiitr-out timiution all minor8l6, oil, 948' geothsrmar '
'#ff;ili;;ri"J'' c imiid countv' stato or cororado :
See Exhibit A, which is attachod to this Deed of Trust and made a part of this Deed ol Trust as if fully
set forth herein'
TheRealPropertyorit3addressiscommonlyknownas3g2ScountyRoadl54.GlenwoodSprings.Go
81601.
cBoss-coLLArERALrzArroN' rn addition ro ths Note' "': ?:'ir?: Il',"^'a3;:::ffli :: :t'i:i:H""tj::jj#'J{ffi:#'":"-r'#
s:i;,"fr1"?*ii:".x,:',?:rr6i;;,o::aiil"T"':'n:l;il;i'i""ine' *h"'n"' '"r"'"a
Nore, wherher votunr6ry - orn;r;;":';;;ther d-ue or *, or"l?,il.i t"i-Jit!"r' o"t"'-in"d.or indetermined' sbsolute or continsent'
tiduidaled or untiquidEr6d, *"#J'iilrr"*- o, bi"..o, -"v u"Iiiii" i"ai'ia'Jtv ot jointlv with.orhets' whether oblisated as
o;arantor, sursty, accommo";iffi ;;;;r-;,herwise, and *nJ,'i""7t""L'"" 'plt ti'"tt mo"unts ma' be ot herealter mav b.come
;arred by ony stalule o, ,,*n,lio1,"Il^j i,nein", tnu ourie"tio^Io.,";;"-,Jnl.oun." maY be or hereatler m8y b€come olherwlse
unenlolcBEble.
GrantorpresenllyassignstoLender(alsoknownas^BeneliciaryinthisDe€dolTrust}lllofGranlo].s'ight,title,andintelestlnandto
a, oresenr and tuture'"r""" oi'iii'p-r-".,j-unO ,tt n"n,"-t'"J iil""il#i.",'"i" "aJnl"' Grantor srails to Lendet B Unitorm
ffi h:+[ti#[tliu*u*u,-.**Ei'3'r]:s,"Bii.iiiiil'ldE#;[lYi#i]":L"JI"
:::r":::;::J:"'i::'fl::TJilo**,,=,:1"#?:il"13:I,,:it, i:t':t1f":ii :,j ItHli:;1i:.5l,iiii:"::x
r.oueat and not at the '"0'"";;;;;;;;"iui at"nt- n"t th"Li';;;;; ilii' and authorltv to "ni"t
into this Deed ot rrust and to
hvoothecare rhe prop€rry; (.i;;;;;;";;' oi this De.ed-or ri;ltH';;i ;8;;ii"t with' or-resurt in ;":?1""*Tl.fl-:!ili:J.;J"#"t "'
lffi,J:","1il;;;"";1ffi{,"H:,f,:fi:i,:jll,:1"*::"^'"':l*,1;i:i"Jffi';:,1i"Ji,"f:,}!}i*};;.,,-,"-*;n,orma,ion
abou, Borrowcr's
rinancirt condirion;and (e).L?illri"-"-il'al"o"p'"""nt"ti#'ti"d'*to'sboutBorrow€r(incluJinswithoutlimitationthe
:fll.Hl$ilJffi:":::., yaiy6-L6rrisi,:B^oj:"1".?,:"i.'i::[',BI#a?1"""1,TI":T,:s'ii;.i"1.',#:i:!i![!i!iLfl'*1"
"infrl"* *ii"tt maY p(event Lende' lrom bringing any'actror
.rhe'wise entitled to " "'"'-'rili-'ii"iultv]u"io'J
o';n* tJ^???:ii#;;;;;;;'";"tpr"ii"n ot anv loreclosure action' 6irher
i:ru*;;:ffi;:[::1:::,'r-" ,-,1.,*:"^":::1',."'#g:,iT:,'JJ,'t*"H':Hi';i,:,flfl:il,"J"iI,?;1,]',"'ii,""""
tndebrodness secured by ,n,"'El"iJiI"J"" i, u"oo."..0,-l"",""JriJ,-t*"' t^o o'untot "t'"i'"i'i"tlv
petlorm 8ll their rospeclive
obligations under the rtrote' rif,-JeeJ ol Trust' and the Rslated Documsnts
)n End
PossEssIoNANDMAINTENANcEoFTHEPSoPERTY-.-.BoJrowelandGranto,agraethatBorrower'sandGranlor.gposs9ssl(
lI"-Jii,i"'iilp"r,y snarr oe toverned by rh€ ,ollowing provisions:
PossessionlndUsg'UntiltheoccurrenceofanEvento(Detsult,GIsntormay-(1}]emsininpossessionandcontroloflh€
Property; tzt 's"' opt'sie oimtn'gu tt'" Property; "ni- ts) ioriu"r the Flents lrom the Proparly'
DutYtoMaintrln.Granto'shallmaintainthsProp€rtYintenantableconditionandpromptlYp€r(ormsllr€pairs,replacements,and
maintenance necesssrY to ples€rye il8 vElue'
compliamgwidtEnvllonm.ntllLaw3.G7antol,9p111:n."sndwarrsntstoLenderthot:{1)DulinglheperiodofGrsntor's
owne,ship or rne prope;v,1;L-*1i"".u,"n no '"u,-n-"'u?L'lfmft::ti"*#:ml*lt'"t':f;'1,'i';"T$[1"#"'f:'
,-"ru"t" ti '"t Hazatdous Substanco by any person-on'.
re.son ro uerieve trrat*rere ha' been, exc€pr as p*rio"ilri?i'"1t";;;';;J""ii."-y]"agli LJ Lender in w'ilin'' lE) .nv breEch
or violalion ot unv rn,i,o],i,"nt"it-"*", lui ,ny ,"",g-"i!,ltion, m.n,tact,.e, =to,"g", t.eotm6nt, dispossl, Telease oI
thrsatensd r€tease ot any Hazardous subslsnce -, ,rix;:'f;""Jl;;"riJt iL" i;top""v uv 'nv
piioio*n"rs o( occupants ot the
r^! i.'r
:.'.'&vo''
r rsE
lL'$u;:[UUI}?'"''l"J.lll!Jl'"'''''l'#l!iH[r
DEED OF TRUST
(Continued)Page 2
Loan No: 64968
Lr,[u
',l[',l!lIu,{l
t I t Jil I l!,['
r,ul|l^il[L[! I
L'.i"ts-i'41'.oo-D s.oo cnnrleuD couNTY co
DEED OF TRUST
(Continued)Pago 3
Loan No: 64968
condemnation.
lMPoslTloiloFTAXES,FEESAflDCHARGESBYGoVERNMENTALAUTHoRITIES.Thefollowingprovisions]6lstingto
;H;#:;l;,-,;;;'i";; ""d charses are I pan or this DEed oI rrust:
CurrentTaxes,F'osandcha]gos.UponrsquestPYL:ililGrsnrorshollexeculesuchdocumBntsinadditiontothisDeedot
Trust and take wh.tevar "tri"iu"ii* i. requested uv L"no"rfo.pir"i"li uno'"-"J"r" L""der's tien on the R€El Property' Gr,ntor
sha, reimburse Lender tor "iiiui"., "" aurirribed below. an"il;'";'ni''ii';'-pl'i"lt1*"to in recordins' p€rt.cting or continuing
thi6 Daed ot Trusr, including wirhout limitErion 8ll lBxEs, ,"#;;.;;;";;;!'utp"' "^o othst charges ior recording or '6glsterins
this Oeed of Trust.
Irxgs.rhetollowingshallconstitute!axe8towhlchthissectionapplies:(llaspecilictaxuponthistypeofD€edolTrustor
uoonailoranyparrot,h";;$i;;";l."ur"aovtti"oeJ'oiiilc (2i aspecilictaxonBorrowef whichBorroweri6
aurhorized or required r" dJ;;i;;.;;;v."^i, ." ,n" rnoil"in"."--.J"'-'"0 uiittit 'vp"
ot Daed ol rrust; (31 I tax on this
type ot Deed of rrust chsr;;;;t "s;il.r',h" [enoer or tt'" ioio]-itn" ruore; ind tci a specific tax on 8ll ot Env portion ol the
lnd€btedness o, on p"vtt'it'of principal and interest made bY Borrower'
subsoquontTlxos.ltanytaxtowhichthissectionappligsisenoctedsubsequenttothe.dateo,thisDeedo'Trust,thisevent
shal hav€ rhe same "rt"", uT"i ir"ni'oi oJ"rrr, ,.i -r-"na", ,"v "-'-"iit"-J"v
tt 6ll ot. il8 svoilabla remedies lor an Evenl of
Deiautt Es provided b6low ,]ir"., 6i"n,o, either irl. p"v" it" i.*'u"ioi" it u"t'o,'" delinquent' or (2) contests the tax as
orovided above in rn, rrr"-"'"l;uIu;;;;;;;.a d"po;it6';ii; G;lii"r"t ,r a suflicient corporate sutotY bond or other
securitY satistactorY to Lander'
SECUBITYAGREEMETT:FINANC|NGsTATEMEltTs.ThetollowingProvisionsrelatingtothisoeodofTrustasasgcurityagrsemant
are E parl ot this Deed of Trust:
security Agrecmont. This lnstrument shall constitute a seculity Ag'Eement to the extent onY ol the Prop€ny constilulos tixtu(os'
snd L€nd€r shal| hsve a[ ol rhe rights ot o secured party uiJil it"-unito- comm€rci8l codo 8s amsnded from lime lo tlme'
securitylntQ,gst.Upon]equo6tbyLender,-G]antorshalltskewhatevoractlonisrequest€d.byLende]top€rfectandconlinue
Lender,s security int"r"rt rl-rt-u ninrs and personar prop"riil i;;;;i,t";i, rocording this Deed ol rrust in the real properlv
records, Lender -"r, u. "., i,i.';;;;il.ri trntrrr _"utt oii."itn io. o*",or, tile-executed counterpsns' copies or
,eproductions of rhis Deeo Liirust Es a linancing .r"t"-"ii. ti"nioi "tt"tt
tei-6u'se Londer
'or
6ll exDonses incurred in
perlscting or continuing ,niJ a""-riitv i"i"i""l. ui"" delault, Grantor 6hall not remov6'.s€ver or detach the Pergon8l Property
from lho Propertv' 'pt^ i"r"'ii'6lenor snart assemble ""vi""'^"i'pi"perty not attixed lo the Proo€rtY in a mannsr and ot a
orace reasonabtv conveniont to Grantor 6nd Lender ""a tJrL Ii'"t-iiiti"i61ilta"' *ithin ttt'"" l3) dsvs slter rscelpl ol written
i;;;;;;i;^dcr to the extent permlttsd bv opplicable law'
Addr*rcr. Th€ m6iting sddresses of Grantor {dobtor}.snd Lendgr (sscured p8rty} lrom wiich infotmation concerning the s€curity
interest srsnted uv ttris oe]e-i1-iiir", ."v Le obtained ("";';;;i;i;; bvGe unitott commsrclal code) are as stated on the
,irst Page ot this Deed ot I rusl'
LHUI',lIl,II!t Iu,ll tI!;tL! ![!.["T!lillllu
I
i"Li'is-i' Ei'os o o'00 cRRFTELD couNrY c0
OEED OF TRUST
(Continued)Page 4
Loan No: 64968
FURTHER ASSURANCES; ATTORNEYIN.FACT. The foltOwing provisions relating to lurther assurances End stlorney-in-Iact ate a pstt
ol this Deed oI Trusr:
Funhel Ascurances. Al Eny time, Bnd lrom time to time, upon request ot Londer, Grantol will make, execute and deliver' or will
causs to be mad€, executed or'J"lJ"i"J, a Lender or to U"na"tl-O""ignee' and when requested bY Lender' case to bo filed'
rcco.ded,refited, or r"r""oroJi,-"-. ,i"-a|""."v 0", at suchiimes and-in such ot{ices End places as Lsnder msY deom
spproprists, ony 8nd alt .r"[-i.ortg;gl., deeds of.trusr, se"uiity Je"os, securitv agrooments, financing stalomenta' continuslion
star.m€nts, inatruments of t ittrer-"""sri"nc€, c.rtificates, aiJttn", documentj aJ mav, in the sole opinion ol Lendet' be
necessary or desir6bte in oroii'iJ"ir"-"irule. compteta, p",r""lt,-"oi'i"'"' oip'ut"-u ill Bo"o*et'" 6nd Gr'ntor's obligations
under the Note, this o""o oiirrrr, "na ir'" ir"l"teO oo"r-"nii, unJ (ii' rrts titns 6nd seclritv interest' creatsd bY this De€d ol
Trust ss first and prior ri"n" on ir," erop.rty, whether no* "*iLJ "i hereatter €cquir€d by Grantor, unless prohibited by law or
LBnder sgrees to the controry in writing. Grantor sholl ,"imt'i"" lona"i
'or
atl costs and expenses incurrsd ln conneclion with
the matters relerred to in this paragtsph'
Attorn.y-in.Fact- lf Grantor fails to do any of the things rererred to in th€ preceding paragraph. Lender maY do so fol and in !h€
name of G.Entor and at Grantor's exp€nse. fo, "u"ft
prrpoies,-Ciantor trereU'y lrre-vocab\ appoints L€nder as Grantor's
attorney-in-f6ct tor trre purpos-e otiii-urinl-, "ri"rring.
deiivo;i;;, tiling, recording' snd doing 8ll other things as mav be n€cessatv
or desirabte, in L€nder,s "o6rpinlon, to iccompttsrrlne matter-s referred to in the preceding paragtaph'
FULL PERFOBMANCE. Upon the tull performsnce ot all lhe obligations under the Note End this Deed of Trust' TrustBe mEY' upon
production o, documents ".d t;";;;;;;i;J,rnoor appti.caute r"-, tul"""" rhis oeed ol rrust, and such release shall constitute a
rele'se ol the lien tor att sucn edJirionallrms ana expendirures made pu.6uant to this Deed ol rrust. Londer agre€s lo coop€rate
with Grantor in obtaining au"tt r"l"""" ,Jiei"asing th" ott"' coit'tel"'i s"*lngihe lndebtednass' AnY release teos required bY l8w
snatt Ue paiO by Grantor. il p€rmitt€d by applicable law'
EVENTS OF DEFAULT. Each ot th8 lollowing, Bt L€nder's option' shEll constitute 8n Event ot Detault under this Deed of Trust:
Paymlnt Ooftult' Borrower lail8 to m8ks any PsYment when due urder the lndebtodffiss'
ottrgi Drhult3. Borrower or Grantor tails to comply with or to perlorm 6ny other term. obligation, covenanl or condition
contained in this oeed .r rii"r ,i i" ""v oi tn" nit"t"o Docr-Jnt= or ro comply with or to portorm anv t.rm, obligstion'
cov€nant or condition "o*,i*Ji" tttv Lther agreement between Lender and Bo'rower or Grantor'
CompliancoDg'Eult'Fsiluretocomplywithsnyothe]te.m,obligation,covaoantorconditioncontainedinthieDeedofTrust,the
Note or in any of the BelEtsd Documents'
Dolruh on ofhor Plymonts. Failure o, GIsntOr within th€ time Iequired by this.o€6d of Truet to make any psyment tor t6xes or
insurance, or anv other p";;;;;;;";;;t io ptt'"nt rilins ol o' to eftect discharge of anv lien'
D€lsuh in Favor ol Thi.d Plrtios, should Borrow€t or 8ny Grsntor detault undor EnY losn' oxtension ol credit' security agtaemanl'
purchos6 o, "ate" agr"e-elni - "ni "in"i "grement,.
in l;;r oi any orner crediroi or person that maY moteriolly sftect any of
crantor,s prop€rty or eoro*"i;. ;i'un; c.ritor'" "oliity toiipJv itti rno"ur"an"." or pertorm th€ir respocllve obligations undsr
this O€ed of Trust or anY of the Related Documenls'
Fabr stataments. Any warranty, Iepra6entation or ststement mEdE or lurnished to Lender by Bolrower oI Gronto' or on
Borrower,s or Grantor,s mnari.iio"i this oeed ot Trust o, ite Felsted Documents is tslse ot mislsading in any m8terial tospecl'
either now or at rhe time i"Ju o, rrr.iitr"O or becomes tslso or misle8ding st any time theresrt€r.
D6f.qtive colllteralizltion. This Deed of Trwt or anY of tho Related Documents ceases to be in tull force and eff6ct (including
failure of Eny collsieral aocr-LiiJ "re"t€
a valid Bnd pe,fected securiry inte'sst or lien) st anY rime and tor anv reason'
lroolvency. The dissolution or termination ot the Taust, the insolvency ot Eorrowel ot Grsntol' the Eppointmont ot s recoiver fof
any part o, Borrow€r's "r;r;;;;;;;;p;rty, any assignmeni io, ttoOenetit of creditors' anv tvp€ ol creditol wo'kout' o' the
commencementofsnyproceedingunderanybankruptcyorinsolvencylawsbYo]againstBor'owelorGlantor.
crcditor or Fortohuro procoedingr. Commencement ol foreclosure or lorleiture proceedings, whether by iudici0l ptoceeding'
setf-hetp, repossession ., ;;;';i;;.;;'ah"d, uy any creditoi oi Bo*o*", o. Grsntor or bv anv sovernmental agency sgainst any
properry securing ,n" fnO"iiJOnla". fnis tnctuOes i g"rnisn;eJot-sny ot Borower's br Grantor's accounts' including deposit
accounts, with Lender. However, this Ev€nt of Default =ttati not applv i' there is e-good lsith dispute bY Borrower or Grantor Es
ro the vatidity or r"""on.uLn"ss of ths claim which is the
-Ju"i" or-in6 croditor or fJrteirure proceoding and it Borrow€r or Grontor
gives Lendar written notic; oi ihe creditor o. tortsiture pto"""Jlng and deposits with Lender monies or a sutety bond
'or
the
creditor or lo.teiture procesding, in an amount a"r"r.in"a i'v Gn-o-.ln it" soru discrotion, 8s being an adequsto reserve or bond
tor the dispute.
Breach of othsr Agraoment. Any bresch by Borrower or Granlor under the terms of any other agr€€ment betwgen Borrower o7
Grantor and L€nder that i8 not remedi€d within 8ny grace period providad therein, including without limitatlon Eny sgreement
c.ncerning any indebteOness Or other obligation oi BorrOwet ot dtentOt to Lendor, wh.thor sxisting now or later'
EvontsAflocdngGu6]!nlol'AnYo'theprecedinggventsoccurswithrospecttoanygua'anto],endorser,surety,or
accommodstionpartYolonyofth€lndebtednessoTanyguarontor,endo'ser,surew.o'accommodationp8rtydi€sorbecomes
incompetent, o, rovokes rr'llipr,"1 itri r"tidity ot, or lia6ttity unaer. 6ny Guarantv ot the lndebtednsss'
Adversc changc. A material adverco changa occurs in Bolrower's or Grenlor's linsncial condition' or Lender believes ths
prospecl of payment or pertormance of th6 lndebtedmss is imDaired'
tNecurity. Lender in good faith believes itsell insecure'
RIGHTS AND REMEOIES ON DEFAULT. ll An Event ol Dofault ocCurs under this Doed o, Trust' at any time thoresh€r' Trustee or
Lender may €xercise any one or more of the toltowing rights and remBdies:
El€ctlon ol Romdlos, Election by Lender to pursue any rem€dy shall not exclude pursuil of sny othe' remedy, and 8n election lo
mskG expsnditure. o, ,o iri" u",ion1o p"rroi- an obligation oi G(antot undsr this oeed ol Ttust, afler Grantor's lailurg to
peitorm,'snatt not aatect Lender,s righr io declare a defaulr End ex€rcise lts remedies.
Accalelate lndobtodnoss. Lend€r shall have th€ right at its option withoul notice lo- Borrower or Glantol to declale the entire
lndebtsdness immediatety Jue and payeUle, including 8ny pr6payment Penalty which Bo(rowsr would be raquired to pay'
Foroclosur.. L€hdet shall havo the right ro csus6 all or any psn of the neal Propsrty,. snd Potsonal Prop€rty, it Lender decid€s to
p.oceed against it as it it-wJrJraat pfupurav, ro b6 sold by the Trusteo sccotding to the lawe of the St8te ol Colorado 8s resPect8
foreclosures againsr r€at ;;il.,)" itr" irrit"" shalt giw notice in accordance *ith the la*" ot colorado The Trustoe shall
apply the proce€ds or tt Jsoia in'tne lollowing order: -(a) to oll costs and 8xp€nse8 of the sal6, lncluding but not limitod to
Trustee's t"es, ettorn"y.i iJ"", "nJrna "oat
-of titt, evidenc€; (bl to all sums secured by this Deed of Trust; and (c) tho Bxce8s'
if 8ny, to the person or persons lsgslly entilled to the €xcsss'
UCC Fom.dles. \Mth respect to all or ony parl of the Psrsonal Propony, Lende, shall hove oll the rights End r€medies ot a
secured pany under th6 Unifo.m Comm€rcial Code'
coll.ct RsnB, Lender shall hove th8 right, without notice to Borrowor or Grantor to take poss€ssion ot ond manage the Prop€ty
snd collsct ths Rents, -"r"oi^g "-r""-t" past due and unpald, 6nd 6pply rhe net procseds, ovel and 6bove Lender's cosls'
against the Indebtedness. tn t-rnr,.r"^c" ot thls tight, L€nd€r may requi.e any tenont or other usel o' the PropottY to make
IIilil ililrlllllllllll llllllllll t[] lllill lillllll
707995
^9/28/2OOG
o3zoBP 818{7 P691 tl ALSDORF
5 of 10 R 51.60 D O.OO GRRFIELD COUNTY c0
DEED OF TRUST
(Continued)Pago 5
Loan No: 64968
to sll othsr sums provided by law'
lhts and duties of Lender as set lorth
RighB ol Trustco. To the exrent p€rmitted by applicable law' Trustee shsll have 8ll ot the rl!
in this section.
NoTlcEs' Any notice required to be giv6n under this D€€d of T,ust. including withour limit.ation onY notics o, delault snd any notice
ot sate shal be gtv€n in wriring. lJ siall be eflective *tten "ctul-try Juli*t"i' when sctu,lly received bv telelacsimlle (unl€ss
orhorwis€ roquir6d by r"*t, *nui'a-"ioiii;;ith; n6tion6lly -"IgLil"i;Iiilg';i-"ou'lui, o1-lt mailed' wh€n deposited in the unirod
stares msil, os first cl8ss, certifled or registered mail postsge pr"p""iJl Ot".taOio ths addresses shown neoi th€ b€ginning of this
DeBd ot Trust. Att copies ,t ^*i"-"" ot;*"losura lrom tnJ noroJii-r' "'nv-rr"^
*il"itt* priorlty over this Deed ot Trust shall b€ sent
ro Lsnder,s address, as .no*n nl; ri"'i"gi"^t.J"r this Deed ririr.i' 'lir'r"tif mav cttange. irs addrets tor ootices under this
D6ed or rrusr by giving tor-rr -iiri* notiE" ro it" orher peniee, ;"lil;;'d;i'h. prrpost-ot-rn" notice is to change tha pany's
addross. For norics purposss, G;il;;; ;;;;r-tu"p 1"no", irr6#eJ ui ail times of Grantor's currant sddt€ss' unless otherwise
provided o, required by law, ir rie-re is m'o. ttr"n oni Arrntor, "iv-noti", liven by Lenaer to anY Grantor is deemed to be notice given
to all Grantors.
MISCELLANEOUS pRovlsloNs. The lollowing mtsceflanoous provisions ars E p8rt of rhis oeed of rrust:
Amendmonts. This Deed ol Trust, together with sny Related oocumenls, constltutes tho entire understanding and agreomont of
rh€ parties ss to the ."a".. ""-,?n-tiln
ini" ot"a oi rrr"t. -u-o-"rtti'tioti or o' amendment to this ooed ol Trust shall be
€lteclive unless given in writing and signad by th€ psnY - priti"i iought to be charged or bound bY the alteralion or
amendment.
AnnualFoporB.ltthoF'operryisusedfol.purpogesorhe].lhanGrantor'sresidence,Granto'shallfurnishtoLender,upon
request, E certi,ed staremJnl Jt net operating inco." ,"""ir"I tloriiin" irop"rtv during.Grantor's p'evious flscal vBEr in such
lorm 8od detsil ss Lende, shalt require. .Net op€rating i^"#"-"'"-iijf-.uun utt "i"t, rec-eipts from the Property loss all cash
"ip."aiirr"" *aOe in connection with the oporstion ol the Prooorty'
caprlonHcadings.caPtionheEdingsinthlsDeedolTrustareforconveniencepurposesonlY6ndo'enottobeusedtointerp]ot
oi betine tne provisions of lhis Deed ol Trust'
Morg6?. There shall bs no mergsr ot tha interest or estate cleated bY this D6ed ot Trust with any othsl interesl or eslsle in ths
proportv at 8ny ttme h6ld b;;;";riil;;;.iit or render in "ny crpo"ity, without lh6 wrltl€n cons€nt oI Lender'
GovemingLaw.ThisDogdotTrultwillbegovcrnodbyfcds;allrwapplicablotoLcndo].!nd,tothg€xlcntnotFoomPtedbY
ledcrat hw, rhe lawa ol the stare ol cotorado wftrrout ,egai; io nr "#ni.u ot law provls'onc' This Deed ot rrust hls b'en
rcccpled by Lsdsr in tha Stlto of Colorrdo'
Joint cnd scveral Linbilfty. All obligations of Borrower and Grsntor under this oeed ot Trust shall b€ iolnt and sevoral' snd all
references to Grantor snatl mem eich and every crunto', "ii-"ii Lferences to Borower shall mean aach and €very Bortowor'
This merns that each Gr.ntor sisning below is responsibt"j;; ;ii ;lb;ti;;s in this oeod of Trust' Where anv one o' more ol the
partiBs i5 I corpotslion, p"rr."ia-t ip,ji.it"d llsbility "o-pary o, "i.ita-r
€ntity, it.is not necessary tor Lender to inqui'e into th6
powers of any of the ofr,"",., aiiulior", psttnert, msmb€r".'oi ort'"' agsnls acting or purponini to sct on tha enlitY's behall' and
any obligsrions maoe or cr;JiJi^ *ri"iri" rponit" p'ot"s-lJ "t"i"fti'f sucn p6*ete s'hall bJ guaranteed under this Deed ot
Trust,
Now'ivg]byLcndoi.Lendor6hallnotbedeemedtohavewaivedEny]ightsunderthisoeedotTrustunlgss3uchwsivsris
given in wriring ""0 "ign"i";; i"-.j;r.'N;;;i"Y;, omission on ine pan 6t Lender in exerc-ising onv right shall operats as a
waiver ot such righl or 8ny other right. A walver. by Lendor of ' pt'i"lon ol this Doed ol Trust shsll not p'eiudico or constrtute a
waivor of Lender,s right oinl*i"" io o"-end strict complia*" ,Jitt ,n"t provision or anY oth€r provision ol this Doed ol rrust'
No prior w.iver uv r-".a"r,'n1i'a-ri Joui"" oia*Ing b"t;;;;l;il;;;nabttntot, shall consritute a waivEr ot anY ol Lender's
righrs or ol "ny ot Grantoi's'lu6gitL^; ai to any t,irure rr"it."rir"". whenever the consent of Lender is required undot this
Ds6d ot Trust. the gr'nting ot such consent bY Lender In "iv in"iun"" shall not constitute continuing consent to subsequent
jnstEnces wher6 such conienr is required and i. arr cos"" ;r'"h lon"rii -uv bo grant.d or withheld ln tho sole discretion o'
L6nder.
s6vorrbility, It a court ot compotent jurisdiclion tinds any provision ol this Deed of Trust to be illegsl, invalid' or unenforceBble as
!,LUUl|,[f [1!!u.{lt!!t!1il!!l!.llt]Jltl![.r.[r,rilri-"i-io-i sr.so o o.oo GnRFIELD couNTY co
DEED OF TRUST
(Continued)Page 6
Loan No: 64968
Commercial Code:
Bcneficiary. The word "BeneficiarY" me8ns Weststar Bank' end its successors and assigns'
Bor'owo].Thewo.d..Eollowor.me6nsRobortDuncaoMacaregorandinctudesEllco{igners6ndco.makerssigningtheNote
and all their successors and assigns'
ogedolT]Gt.Thewords.DesdotTrust'meanthisDeedofTrustamongGTanto],Lend6',andT]Uslee,sndincludeswithout
limitalion all assignmenr urU-.'u"-r.ity i"i"ie"i piorision" relsting to the Perional Prop€rty and Bents'
Defruh.Theword.,Defsult.meanstheDglsultset(orthinthisDeedofTrustinthesectiontitled'DetEUlt".
EnviromentalLam.Thewords,Envi7onmentalLaws.meananyandsllstote,.'f6d8]6lEndlocalststutes,regulationsarrd
ordinancos retating to rn, #i',i",i." "iir^"n rreartn o-r,r,.-".-ritLi."ni' inctuatng-witnout limltation the compreheneive
Environmental Response, i;;;;;;;t-k'"' and Lisbilhv Atrtl=iU;6:';;;'i'"iJ"J' a=z u's'c'-section s6ol' et seq l'cERcLA")'
rhe suoo,fund l."no-"n,Jl,lo-'R;;ff;"]t;; eci or rgdo,-p"ui.-L- ii;-99-4b9 ('sARA"l rhe Hazsrdous M8t€ri6ls
Trsnspodstion acr. +s u.s]cr".';eiiri'ilor, "i ""q., ,h, R'"";;; Eon""r"",i"n und R""ou"tv Act' 42 U's'c' section 6901' et
seq.,orothgrapplicabl€.t"[.o.-t'oi'"llaws,rules.or'egulationssdoptedpursuEntthereto.
Eyant ol Dotauh. The words 'Event ol Def6ult" mean sny ol the Events ol delsult sel fonh in this Deed ol Trust in the evEnts ot
d€tault section of this Oeed ot Trust'
G]antq'Theword"Grantol"mean6Eastbank,LLc,AcoloradoLimitodLiabllitycompanyjElizabethMacgrogorll,evocablBT]Ust
Dated oecember 2,, zooo]'tno?io'u ri''"g*;tiitii'ocablo Trust Doted December 27' zooo'
Guaraf,ty.ThEword.GusrantY,,maanstheguaranly.lrcm,gu6ronto],gndorsef,suretY,oroccommodationpsrtytoLender,il"iriiiti *i ni,* limitation E guarantv of all or pan of the NotE'
Huardoul Substrncos, 166 sqrds 'Hazardous Substances" mean materials that' bgcauEe ol thei' quantltY' concentration or
physicar, chemicst or inrsciLus-cheracteristics, -"y "rr""-or'po'"-.
;;;il or porentiet hazard to human health or the
environmenr when rmproperty usod, rrs8lod, sroreo, oi*r.."'i I;, ;;;;;;, -t;ufsctured, transoon6d or oth6mlse hsndled'
The words .Hazardous subsiancss" are used in 1rei, ,.erv'lIoIaLl;.;;.;;;Ji";trd. wittrour timitation onv 6nd 8ll hazardous o'
roxic 'ubstances, -".rri",I'o'i*-u'"-r" i" i",*J W o, ti"tla-'u-n-i'iinlin'i-nt"nt"r Lawg Tha lerm "Hazardous subst'ncas'
otso incrudes, *ittout timiiaiionl ;;;;;;J #rroleumLy-products or anv lraction thereol aod asbestos'
lmp.ovomantg.Thewo'd.lmprovemsnts,.meansol|existingand'utu'6improvements,bulldings,structures,mobilehomes
atfixed on the ReEl property, lacilities, additionE, ,"placemen-ts and other construction on the Resl Plopsrty'
lnd€blrdnss.Theword',lndebtodngss"meansallprincip€l,inle]est.andoth6ramounts.costsandexp€ngespsYableunderthg
Note or Retatod oo"r.enrs,io!"ther wirh all ,"n"*"r" or.i'*iJnIr""ti "i, n1iirri""ions-oi',consolidations ol and substitutions tor
the Nots or aut"rea oo"u-irrt-.'iid any amounts "*p"^o.iii,Jr"i"ed'by
Lender to dischorge Grantor's obligations or expenses
incurred by Trustee or r"riiir'i" "iJri,L ci..rrorlt.o'urlg"ti;; il;; ittrs o""o ot rrust' tooether with inlerest on 6uch amounts
as orovided in this Deed oiil,i,. Sit"ln"ailv, withoui lim;iiir""t, i^a"llii""s includss ali amounts that mav b€ indirectlv
lI.i;; b, ,h"'et;ss'cottateratization provision of this Deed ot Trusl'
Lender. The word "Lendor" means Weststar Bank' ils successors ond essigns'
Nore. The word.Nore" means the promissory not€ daled sept€mbsr l5' 2006'.ln the
-original
Principal amountol
$24O,OOO.OO fro- eo'rr-o-*riro fonJ"r, rog"tne, *itn
"ff
i[newafs of, extonsions ot, modilicstions of' refinancing. ot'
consoridationsor,"no"ri"iiiriioi.loirn"prJ.i""o,y."t.;';;';;;;;;;ri .iiiiiircerobnruron' rHENorEcoNrAlNsA
VARIABLE IMEREST RATE.
P915ona|P.oportY'Thswolds"Pe6on6lP]opsrty.mesn6llequipmenl,fixtures,.andoth€rarticleso'person6lproportYnowor
hereafte, owned by G-";;;,';ri -no- o, n"iirrd, *,""nJ;i;ii*"i io rhe Real Propertv: too€ther with ell accessions' parts'
and additlons to, .l ,"pr""-"r-"nitoi,'-O.rf suUsritr,tions-ioi, ;;;?;h;t;;"nv; ata iog"iiter with Ell proc€eds lincluding
without rimitstion a, insuranc. proc.eds and r€funds ot pr"-.i*-rr Jro. any sile or other disposition oI th€ Propetty'
Propcrty' The word -Prop€tty' meano collectivelY the Beal PtopenY arld the Personal Prop€7ty'
RgllPioportY.Thewords"RealP'oP€rty"meantheroalproperty,intBlestsandrights,aslurtherdescribedinrhisDoedofTrust.
RolltodD*um€nts.Thewo,ds,RolatedDocuments.moansllpromisso]ynot6s,croditaqreoments,loonsgraement6,
environmental agr6ements, guaranlies, securltyagreemmt, -"iig;g"a, deaae oi.trust' seiuritY deeds' collatsral mongoges' 6nd
a, orh6r instrumen,", ugiI"i"nt" unJ oo"r.ent", *nett"i'"o* o7-ni*fter existing, ex€cutod in connection with th'
lndebtedness.
Rcnt3.Theword,,Beots.,meansallpresenlandtuturerents,]evenues,|ncoma,issues,'oYElties,profits,6ndothe'benefits
dorived lrom the ProPertY'
Truslas' The word 'Trustee' msan6 the Public Trustee ol GarJiold CountY' Colorado'
I Iilil illl llllll lll lllll lllllllllll lll lllllllll llll
taririi asnal2oo6 o3:oBP 81847 P693 l'l ALSDoRF
7 ol LO R 51.00 O O.OO GARFIELD COUNTY C0
Loan No: 64968
DEED OF TRUST
(Continued)Page 7
EACHGRANToRACKNoWLEDGESHAVINGREADALLTHEPRovIsIoNsoFTHISDEEooFTRUST.ANDEAGHGRANToRAGREES
TO ITS TERMS.
GRANTOA:
EASTBANK, LLC, A COLORADO LIMITED LIABILITY COMPATIY
DUNBENE . lNG., Manager ot Eartbank, LLG, A Colorado Limhed LlabUity
By:lnc.
ELIZABETH TRUST DATED OECEMBER 27, 2OOO
Trust Datod
TRUST DATED DECEMBEB 27 ' 2OOO
TrGt Drt.d
LTMITED LIABILITY CO MPANY ACKNOWLEDGMENT
STATE OF Lo otrA,oo'
COUTT'TY OF P rr la t!\)'
Nol8ry Public ln and fd tho Stato of-
)
)ss
l
R..Hing "t )i
My commkslon
TRUST ACK NOWLEDGMENT
1
STATE OF (b J
COUNTY OF ?',k-, J
Oeed Trust on b€hall ot rhe trusl.
n"sidir.c "t313 u). A,,\Ar^l Sii 4541^J, a)tl-(ol t
I
,ss
)
Notary Public and lor ttre Strt6 of--12D(r',}!4,-OjP-My commisrim )-
LLUUI tu!,lt!! !u.T
l [| HLr
I !H [U!.! I !r.|.l'll|'|-'!
I
i-"i-io-n Et.o0 D 6.oo GfiRFIELD couNrY c0
Loan No: 64968
STATE OF
COUNTY OF 0 11 tz-r,rJ'
DEED OF TRUST
(Continuedl
TRUST ACKNOWLED GMENT
l
)ss
I
Page 8
Trust on behrll ol the trust.
Ay.B6lding
Notlry Public ln and ,or lho Strro oI--!k2!lZZ./U)P-My commisckm
/V\lh^t 5 |YLZ-1.(btt
2'1,and me to
ol Trust to
executed the Deed
mlllllll illllll lllll llllll llllllll lllll llilllll lll
I T'I RLSDORF
?07995 09/28/29,06 03 :o8P 81847 P695
9of1O R 51.00 D O.OO GRRFIELD COUNTY CO
Our Order No: GTF250004
tEGAt DESCRIPTIOSI
APARCELoFLANDLoCATEDINTHE:o.I]THHALFoFSECTISj\35,ToWNSHIP6SoUTH'
RANGE 8e WEST oF fi;'6rH pnir.rcpar-#i$:iAli' LvrNc NoRTHiRLY AND EASTERLY oF
THE CENTERL'NE ON irrr iOANING FORdifiii;NN SOUTHW;.iNNI-V OF THE ROARING FORK
RATLR.AD H.LDTNG AffiHoRiii *rc*rr oi *"o" ii^e-nnro coionnoo srArE HrcHwAy 82
RrcHT OF WAy LlN",iiir.rc,ir'r-onE pmtrcuinnlv osscnIBED AS FOLLOWS:
BEGINNINGATAPoINToNTHESoUTHWESTERLYRIGHToFwAYLINEoFCoLoRADoSTATE
H'GHWA' rr, o *uuo* iNi cnp eou,urr"N iinzi' wnrNce*r-n sourHresr coRNER oF
'AID
SECTION 35, BEING N.i iiA IIICH O",.*JNA ilP BLANS SOUTH 37 DEGREES 33 MINUTES
int-tt*r'"t
t+tl3'JSfiJfflryryyr*,s6 sEcoNDs wESr. tt. -4zFEEr ro rHE
;EHT"T'+XB S5trt.'.^TRtYI-3"1?I,$T,x#i" SAID CENTERLINE OF THE ROARING FORK RIVER:
1. NORTH 72 DEGREES 23 MINUTES 29 S-ECONDS WEST' ?16'30 FEET:
z. sourH ,, ,r"*tii ii uniuins sl sECoNDS wESr' 342'00 FEEr;
3. sourH ,s orc*tii ii itii-l'iur* sl sEcoNDS wESr' 342'00 FEEr:
4. sourH uu onc*tii oi rtii-r'iurni 3l MINUTES wESr' 517'00 FEEr;
5. sourH o, orc*ril ii itiiiiurEs 3l SEC0NDS wESr' 332'00 FEEr:
6. sourH os upcnn;; ii it'iilurps 3l sECoNDS wESr' s63'00 FEEr:
z. NoRrH ,n ,."nBldsii uiNuies zl sECoNDS wESr' 181'e7 FEEr:
8. NoRrH zr rec*rii 6+ iiixurEs 0E sECoNDS wESr' 3e4'82 FEEr;
e. NoRTH ss oscnEil ii i"rixmes zs sECoNDS wEST' 1e8'el FEET:
r0. NoRTH ss rncR;;s qi rtarNurEs 2s SECoNDS wEsr' 445'43 FEET;
11. NoRrH zl ,ecniii io vriNurps, si;oi\ios wEsr, 284'67 FEEr ro rHE WESTERLY
i',ltt-?it^ilRrlrr'3lfJ"il;Es 45 *IITJJES 43 sEcoNDs EASr, 726'2sFEEr AL.NG
'AID
WESTERLYT-rr'rrro_rgecgurgnI.tNE-oFSAIDRIVER:
THENCE NORTH 37"ONiNCB.5I MINUTEi TI.i;COTDS EAST' 155'85 FEET ALONG SAID
?f,lff.ttlfJrH 42 DE.REE' 52 MTNUTES 3r
'EC.NDS
EAS', 3r5.G3 FEEr AL'NG
'AID
3fiXl'.*,l,fi'H 0 I DE G REE s 5 MIN urIJ :'- :l 9: TR:,H'* f : KT^'; tt3i3 ii''
.ENTERLTNB ro rn"e-r.r-onfHr*r" rr*r 6-r'-saio sourH HALF oF sAlD sEcrIoN 35:
THENCE SOUTH Eg ilBCREBS SA TUTNUTTJiTIBCONOS EAST' 1682'30 FEET ALONG SAID
NORTHERLV I-rruN fr"igi SOUTHWPST-E"NJV NiCiT OF WAY LINE OF THE ROARING FORK
MTNMII,:,II|,I";I1?HXTERLY RIGHT OF WAY LINE ALONG A NON'TANGENT CURVE TO
THE LEFT nnvrui n nquus op ,n.o.oo irei'-n ceutRAI:ANGLE OF 20 DEGREES 01
MTNUTE 23 sEcoNDS, AN ARC OrSlryir^ or osa.so FEEr' AND A LONG CHoRD oF sourH 46
DEGREES OZ r"flNUiei 24 SECONDS EIST' 681'48 FEET;
THENCE SOUTH S;^NBCNNBS OS NiTUUTNd Oi SBCOUOS EAST' 324'44 FEET ALONG SAID
SoUTHwESTBnI-rr-rNg io '*., SOU,,iNiT"STJru-V RIGHT OT WNY LINE OF COLORADO STATE
ff#,til"ti,iH 40 DEGREES 48 MTNUTES 40
'EC'NDS
EASr' 232'4r FEEr AL.NG
'AID
iflHTTHHI?1II.'J[3A,,,55 MINUTES 22 SECONDS EAST.304'80 FEET ALONG SAID
iflHIEI'38t?lilHHEnrm 0z MTNUTES re sECoNDS EASr, rrr'e3 FEEr ALoNG sAID
SOUTHWESTERLY LINE;
tffiililll lllllil lllllllll llffillllilllllll lll llll
707995 O9/28/2AOG O3:08P 81847 P696 lt ALSDORF
LO ol 10 R 51.oO D O.0O GRRFIELD COUNTY C0
Our Order No: GTF250004
LEGAT DESCRIPTION
THENCE SOUTH 54 DEGREES 30 MINUTES 40 SECONDS EAST' 186'78 FEET ALONG SAID
SOUTHWESTERLY LINE;
THENCE soUTH 55 DEGhEES 51 MINUTES 49 SECONDS EAST, 18l'61 FEET ALoNG SAID
SOUTHWESTERLY LINE;
THENCE SoUTH sz piicirres 02 MINUTES ls SECoNDS EAST, 90'41 FEET ALoNG SAID
SOUTHWESTEITLY LINE TO THE POINT OF BEGINNING'
COUNTY OF GARFIELD
STATE OF COLORADO
47
I illlt llill l]lr lllll lll llllltlull lll llurul'si'sdii ciiroZl'ibsi tz,o=e Bt23o P47 l'l fl-sDoRF
1 of 4 R 2O.OO O g-OO G0RFIELD COUNTY C0
EXHIBIT B TO CO-TENANCY AGREEMENT
RECORDING REQUESTED BY
nili"'ui[in-nEcoRDED RETURN ro:
B. JOSEPH KRABACHER"XNNSACHEN ],AW OFFICES P'C'
)bi-'lio*r' MrLL, surrE 2oL
ASPEN, co 8161'1
MEMORANDUM OE AGREEI4ENT
MEMoRAN DUM o F AGREEME'I'' -d?ttl oZ' rl;r#ffi#;# jj
? v, :J:i;|,:"i; .'"r :"", r-,1"'?l !, ?,'i fi; r "' ;; ; r i m i t "
J p
"r
t n e r s h i p
('cozy Point') =;:;i*;;-t"r"titi io correctivelv as "co-
Tenants" .
Co-Tenants have entered into that certain Co-Tenancy
Aqreement dated j3""r'"""" Jate tr.r."itn (the "Agreement") '
,r,i.n Sets f orth.-""ii.in- .o,".,u,,. I- I.,i- i""t'i"t i Jns imposed upon
the Co-Ten"nts t'itn-iespect to "tltii" real property located in
rhe county "t ctilitiil'il"t" or' Eoioraao' more particurarry
described i" '*niiil^i't[t""n"a
nli"i" and made'a part hereof
(the "Real "optii-vl)'-includingr.alnong
other things'
restrictions on iil' "t't' urance tititlt or of' their interests as
tenants-in-"orn*oi'-"nerein' r" toii""iion with such Agreement'
third Parties Ot"fing-"'ith one ot'-uff of the Co-Tenants rn
connection'i'tn lil"i'tti etop"ttv 3-t-tlv f,'oition''tnereof shall
be fulry proa"".Ii-in-reryinq upon any action taken or
instrument"*tt'ilo-"t-ili''triot'tnl"l"lTenantsbybothofthe
Co-TenanLs onIY'
NOTICE TO HOLDERS OE LIENS.RECORDED AGAINST_THE REAI
PRoPERTY AETER iii",iii"-o,_ *".o*iiiioll_or THIS MEMoRANDUM:
The Agreement referenced herein prohibit:.-t_I'r'r"t"rs (as
defined tnereini it;-;;at it u"t-oiiun'ce with such Asreement' and
states that any tl'"n ttt""f"'" "[]ir be nuII'and void'
Prohibited"tt'=?ll= utl"a"ri"ta^'[iit"i" to include' among other
18
fslu.- #' S" fr loun-
fil.
LHIIUIll'lLll! q!!;L!ll!]tl!IIIL[l lU,lIl.r_F
I I
2 oJ 4 R m.g0 D O.O0 GARFIELD Cd'{TY Ct
things, a grant of a Iien or encumbrance (including one as
collateral "."*rrr_iy1
aqainst the Real Property'
NOT]CE TO PURCHASERS OF THE REAL PROPERTY AFTER THE DATE OF
NECONOETiON OE THIS MEMORANDUM:
The Agreement referenced herein provides tha! 'any purchaser
or transferee of'In"-n"tf eroperty-ttit" titf" subject to the
;:#-;;;-.otta:-ti""s of the Asreement'
A copy of the Agreement is on fite with the firms of:
Krabacher Law Offices' ^P'C'201 North MiIl' Suite 201'
AsPen, Colorado 81511
Thomas J' Hartert
802 grand Avenue' Suite 303
Glenwood SPrings Co 81601
IN WITNESS WHEREOF' the- Par:ties hereto have executed this
Memorandu^ or eql';I#;;' or,--ir," d";;"t;;-;ear rirst above written'
EASTBANK
A Color imited liabilitY comPanyI
By:
MAMM PROPERTIES, INC.,
A Colora co tion
B bsePh Kr Xt res dent
By:
srArE or llolr^ro*t t
.;;"r, **6*{;@\SS
19
lulryu'JHt!r:|;F[il:!]l$'''}[lll''l$'ltFn
Acknowredged before me tnis ]ffi
bv Robert Duncao * &S
Elrl"ti.l" -r-imitea liability companv -
r'Macgregor' President of Dunrene
rday of
o f EAST
Management, Inc'' as
ree ProPe
2000
r
2000
, Inc.,
oii
Witness mY hand and of
l,ty .o^*:-s=ion exPires :
STATE OF COLORADO )
GARFIELD )
ficial seal:
No ary c
in
dl
I
$2-2fi1
Viitness mY hand and official seal:
My commission exPires:
N
SS
il trvL.
r/rYcoMMlgSlON E@tRE8
COUNTY OE EfitKON )
Acknowledged before me this -[(a"y "r-
bv B. Joseph xttu"-tiltl President-tE uamm c
l' corot.ao corPoration'
s
NiARY L. GqRMTHAEL
MY@MMISSION EOIBEI'ta-N1
20
Order Nunber: 00030479
EXHIBIT A
LEGAL DESCRIPTION
A parc.l of tand Tocated in the South Ha-lf of SecEloa 35' Tolrr,rt,hlP 6 South'
RaJose 89 wesl of tr"';;; i'i'"ip't aeridiZn-' 7-yl'g rlo'ct"r7y 'and
castatly of
the canEetline of che Roaring l"n::-"-::!'L 'Lu'i*"3lc:.7y
of :.lr,a Roarins Fotk
Rairroad Hordi,,g e*n.,rtty ight-of -w_ay ;;; "nd coTot,.ao state Higbwav 82
right'of -way |iaa '"|-"-i"'t"-"7arty
dascribcd ag tollows:
Beginnlng at a Polnc on cba sottEhwdsteily right-of'w1t ]l71-of cotoiado scaLe
HighwayS2,arebar";;;;'fouadln'pt'1""-'-'*a"ocath€'touthaastcotnetof
saJd sactio a ss' a"ifil "-1't)" 'rt-r''--Itp"'""" s'37"33'42d E' 2075'6s
f6ec i
thenca S'3i'25'55e vl' 337'42 fcet co Che cetterliae of C]aa Roarlag Fork Rlver;
tbenca the for.owing rl coirsas aronE tr{a- "".r"rline
of che Roatlnq Fork
Rivet;'--- r--'N.72"23'29" w. 776-30 feeci
i. S.At"Sl,3t, w. 342.0o faeci
1. ".ts',''37u
w' 342'oo faaE'
o. ".er"ra,3;-d
vI. 577-0o teeti
S-. t.Ot"S,'3Za W' 332'0O teaEi
7. t-et'ss'31' w' 363'oo fcet;
i. *.rt"t,'z1a s1' 787'97 faaE;
8. N,72"04'O8r W' 394'82 faat'-r.
". 58"38'29' W' 798'97 feat;
'ri' n
:rto"'or1o"'r1o"l,'
o'o'uo'0""'-Z:.i''1
?-' itest'ertv llaa or said s.,cEioa 35;
thatce N.08"45'43''g" 1zs'zs feet along sllZ-*..t.""y Tinc Eo the ceatatlio'a
ff":,1:.:1"111'''.o' E' lss'85 raaE aToas eald caatetTlae;
Tiizx',""',:;":;,1:,::;.;J-:;:; ,:z::",1::-; ':1loo """7i2"'1"!1""'..o
.n' to"he'r7v Tize
;.#l:; llo17','. ",: 11i1.',2"2::,-ii;:, said norchartv rlae to .-h'
souc;aw€E;erly rlgnc:of -*"' "'"
ot the-no";ng rorl Railroad' Holding
Alrchcrtlcy; t -.J-Lr-^€--rv llne aTong a rloo-caDgca? c[tvo co
thance aroDg said souchvestarry rig_h'-_of-way rrna arong z n
the rert having " ;;;;;-;; 7s-60'oo '-""7'- "
""'t'"r 1y'1::t 20"07'23"' an arc
distanca of 684'';;;;-' "od " r'.,os-*"'o "i "'
45co2'24'- E' 687'48 reeet
rhonca s,s60o3'o'' i-i'n'44 feeE ^lo-l,ii^ll
southrvcstcrTy Tiaa to tha
souEhwescer ty rign'Zt-7" 1'^" of coToiado stata Hlghway 82;
rhcnc. s.4o'48'40'7'. )t'''o' tae- 'lon; sald southwesLatly 77aei
rhance s.46'55'22'i'.1i0'80 tcaE aTonls said souEhwasEarTy Tlna;
tbance s.5t.02,tgt
-r'. 11r.93 fecE aloig said southwesEsl.ly 77ne;
tbcnca s.54o30'4on '" 'it'78
feat aTonl aaid sovtbwcstcrTy Tine;
thczce s.ss'st'49';'- 1;;'67 tcet aTotiq said south{cst'i7y Tinc'
theaca s.57.02,75'i. go.47 f,,€t ^,oniu "-^1i"llii*",."'ly
tlo" co t,ha Poinc
ot baglnnlog'
!ll+Ill['l#IJll!l:l#.'#!il![''l#ll[|lulF'r
l!,lJil[["#JIiillH{liII![|[[|',.ll'1,'It'''$'
E
-EE
EEe
il-HgzEA
H
CozyPoint,L.P.,aColoradolimitedpartnership-,whoseaddressiscz,oB.Joseph
Krabacher, Esq., Krabacrre. & Sanders, p.6., ioi N. tttitt str-".t, suite 201, Aspen, colorado'
g16ll; for One Hondred Seventy ffrorl"rrd-Dollars ($170'000'00) and other good and
valuable consideration, the receipt *a'tomti"o"y oi which are hereby acknowledged"
herebybargains,sellsandconveystotheFloraMacgregorlrrevocableTrustdated
December ZI,ZOOO,'-inose addres, i. Zo i*"" f'f' Marolt' Marolt & Replinger' CPA's' 230
s,Millstreet,Aspen,coloradoSt6llarundividedsixandone-halfpercent(6'50/o)tenant-
in-common interest iri *Ji" the followingi"ut propttty in Garfield County, Colorado:
SeeExhibit..A,,attachedheretoandincorporatedbyreferenoeherein
Togetherwithandequalundividedinterestinandtohereditamentsincludingwater
rights and interests, and af its appurtenances and warrants the title against all persons'
subject to taxes fo, ZOO+ *a tfr#it"r,-*J subject to the matters of record as of the date
GENERAL WARRANTY DEED
SBt-Lpn
Cozy Point, L.P., a Colorado limited partnership'
hereof.
B
Darlene Friedland as President of
Point Ventures, Inc., general partnerCozy
Date:I 2044
STATE OF c cl
COTJNTY OF e.
foregoing General WarrantY Deed was acknowledged before me this -19-daY of
LL 2004 by Darlene Friedland as President of Cozy Point Venhres'
Inc., a corporation, the general partner of Cozy Point, L.P., a Colorado limited
partnershiP
Witness mY hand and offrcial seal
My Commission ExPires:
My Commission EPires
.!213/2007
l
:
Recording requested bY:
Thomas J. Hanert, Esq.
Balcomh & Green, P.C.
PO Drawer 790
Glenwood Springs, CO 81602
(970)945-6466
1)
s( noe
\o.
rlllil ililrl]il|lil lllillllliltlllltiltil[ lil lt]
?76.i0 lccb,
342.O0 teati
342.0O fceti
517-O0 faaC;
3i2.OO fcaEt
363. OO tact,.
787.97 faeL;
394.82 faatt
798.91 feaE;
692372 o2/L5/2O@6 @2251? 81772 ?5OE il ALSDORF
2 oi ? R 11.00 D ll.OO GRRFIELD C0UNTY C0
EXHIBIT A
LEGAL DESCRIPTION
A parcel of .Iand loca0ad In tJrc,SoutD flatt of Soctlon 35, Townehlp 6 Souch.R.rtgc 89 Wast of tha 6Eh ErtaclpaT ltortdtan, Lylag norEhcrly aad caccarly oftha centarltna ol tia .Roerl,ng ?ork Rlvcr .nd southrgsEctly of EItc ]?oarlng For&.Rallroad Holdtng Authority rlEht-of-vay llnc and Colorado Statr lltghway 82rtght-of-way liao mora pertlcularty d,atcrlbod ag follove:
Baglnnlng ac a lrcJat oa Ehc gout.hwasEarty rtghE-ot-vay llne of Col,orado statctllEhway 82, a rqbar aad. eap fouad la placa, vheacc the southgasE coraar ofgzld scction 35, be,lE,E a 3 7,/4r alr.ual,aura cap bcara g.37.33,42. E. 2ols.6sfaaE;
tltanca s-33o25t560 w. ji7.42 lcaE to tlrc ccnterllna of Eba Roarlag Fort Rlvcr;thcnca Eha Eollowlng ll courses along gaJd oaatctTinc of Ehe Roaring ForkRivqr;
N.72023'2ga w.
s.87.57'37r w.
s.85.23'37a w.
9.6600a,37r w.
99.ir8'53,3la N.
s.69c55.37d w.
N.79"57'2Jr N.
N.72cA4'09, w.
N.58.39'2gn w,
f.
2.
3.
4.
5,
6.
7.
8.
9
70. N-33o42'29d W, 445.43 teet;
11. rr.24o30'30u w. 2a4.67 fcet to thc rrcatarry llna of seJd sacllon 35;tlraacs N'08'45'{ia E. 726.25 faat, aroag.eaid wo.glorly llna to thc ccalarriarof gaLd rtvcrt
thoncc N.37o57,X,4o E. ISS.OS tcc| elong sald c,,ntcrllaa;tlranca N.42c52'37N E. 37s.63 fecc aTong sal,d cantrrrlnt;thcnca N'07o55'52r E- 68.77 faet along,sald ccaterlJna to Ehc norcherty llnaof saLd ^South Half of caJd Sectjoa 35;tbcnca 9.89c54'27n E. t6g2.3o fcet aroagr aald northarly llnc Eo Ehas.uth,e.scetTy righc-of-way rlnc of ths Roarlag pork Ralrroad HoTdrngAuthorlty;
thaace alolf,g cald gouthwesterly righl-of-way rrne along a non-EeDgcDt curra toEho TatE havlng a radl.us of 1960.00 Cc/et, a central aagla of 20cll,2jd, an arcdistanca of 684.96 fa.t, and a Long Chord of S. 46002,21( E. 68l.49 taet;thgnce s-s6"0J'osd E. 324-4r fect arong aard soutrv.rcarry Trno Eo thoeouthrestarry rrgh'ot-way rlnc of cororado gtato Eltghway 92;thcrrc. s-40'18'4oj E. 232.41 feat aroag card ^gouti*"rt.rty rrnaithancs s'46"55',22r E, 304.g0 fcaE aronE gald goutlrwcsErlrry 7r.na;thaacc s.57c02'79n E- 177.93 fc,t arong car.d sout,,wcatcrry 7:rnc;thcaca 5.54"iO'40" E. 106.?g faaE along cal.d .routiwaaEerly liac;tlraaca s'55c51'49a E. 797-61 tcet arong said eout&rasterry ,inc,tlrsaca s. szo02'rso E. go,4r faet arongr cajd .eoutiwesterry r1na to che ,olntof baginnlng.
-ET
EHEEEE
3sa
5E==frtF (-t(J
Llul lllil lllflllll!!llllllllt ililttill]ltil] ffit5s2373 02/ 15/2005 02: 55p ittiz-isoi-r nr_soonc"7 of 2 R ll.OO D t?.OO GRRFTELD COuNry CO
GENERAL WARRANTY DEED
Cozy Point, L.P., a Colorado Tryteg partnership, whose address is %, B. JosephKrabacher, Esq., Krabacher & sanders, P.C., 20i N. Mill'st.."t, Suite 201, Aspen, colorado,81611; for one Hundred seventy Thotsand Dollars 1$tzo,ooo.o0) and othe:: good andvaluable consideration, tl" receipt and sufficien"y oi *t ich are hereby acknowleclged,hereby bargains,.sells and "onu.y. to the Elizabetl Macgregor lrrevocable T,rust datedDecember 27,2000, whose address is c/o steven tvt. uaroltlMlrolt & n"prirg"., cpA,s, 230S' Mill Street, Aspen, Colorado 81611 an undivided six and one-half perc ent (6.5%)tenant-in-common interest in and to the following real prop".ty in
-Carfield
couotv, Coio.uao,
see Exhibit "A" attached hereto and incorporated by reference herein
Together with and equal undivided interest in and to hereditaments including waterrights and interests,^and all its appurtenances and warrants the title against all persons,subject to taxes for 2004 and thereafter, and subject to the matters of record as of the datehereof.
Selren:
Cory Point, L.p., a Colorado limited partnership,
By:
Darlene Friedland as President of
Cozy
Date:
Point V entures,fnc., general partner.5ul 2004
STATE OF o
COLTNTY OF e-n'
General Warranty Deed was acknowledged before me this /r7 day of2004 by Darlene Friedland as President of Cozy Point Ventures,Inc., a corporation, the general partner of Cozy Point, LP, a Colorado limitedpartnership.
Witness my hand and official seal My
My Commission Expires:
Commission Epkes
02t13t2007
Public
Recording requested by:
Thomas I. Hartert, Esq.
Balcomb & Green, p.C.
PO Drawer 790
Gtenwood Springs, CIO 91602
(970) 945-6466
'+r
^oY\)F\'
I ffilt illt llillil llillll lllllll lllll ullllu_Llll
a;,nCis szttstzsoa o2:55P sL712 P508 1'l ALSDoRF
2 of 2 R 11.00 D l7.OS GfiRFIELD COUNTY c0
EXHIBIT A
LEGAL DESCRIPTION
.l perccl of Tand Jocated Ia tha SouGh Half of gact.lon 35, To*rr,ahlp 6 South,
Rrngc 09 WasE ot Ehc 6Eh Prlnclpal Mcrtdtan, lytng aortharly and 6aaterly of
tlre centarTTnc ol Elrr Roarlng Fork RJvcr and souEhwesEcrly of thc Roarlng Eotk
RelJroad HoTdlng Auchorlty rtght-of-vay llna aad Colondo State lllghway 82
rtghc-ot-vay IJnc nora prrtl,cularly d,azcrtbed as ColTows:
Begtnnlng at a poJ.nt on tha aouchweatrrly rlght-ot-wey Tlaa of CoTorado Scetr
Hlghway 82, a re.bar aad oep fouad tn placc, whonsc the louEhrasE corner of
eal,d SecETon 35, belng a 3 7/4tr llutttlrr"ot cap baart 5.37033'42r E. 2075.65
f,eeE;
Ehc,nce s.33c25'56h tr. 33?.42 faat, to tlra ccntcrlino of thc Eoarlrrgr Fork Rlveri
Ehance Eha tollowl.ng 77 courrst aToag seld ceaEarlJno of Eha Roartng Fork
Rivar;
7. N.72c2i'29" W.776.30 f,ccEt
2. 5,87"57'3lr W. 342,O0 fseEt
3. 5.85'23'3lr W. 342.00 lccbi
4. 5.66o08'i7r W. 5t7.OO faee;,
5. S.48oSi'37u W. 332.00 tceEt
6. 5,69o55'37t W. 363,00 fcc|t
7, N.79'57,27n W. 787.97 fcet;
8. N.72"04'08r W- 394.82 tect,
9. N.58o38,29u 9t, 798.97 faai;
f0. 1r.33"42'29u W, 445.4j tactl
r1. l{.24030'30n H. 284.67 fc6t co tha wcst,arly ltne of sald secElon 35,.
Ehanco N,08c45'43d E. 726.25 faat aloag sald r*agterly Tlnc to the <iencer1lnaof sald rlvert
thcnca N.i7'57'74il E. 755.85 foaE aTong.gaJd centcrlln.t
thance N,42.52,37il E. 375.63 lacE along gald cenEcrllno;
thance rr.OIo55'52u E. 60,77 taaE aTonE aald centetTlna to Ehc northarly l!.neol saLd South HaTt of sald Scctlon 3St
thanca s,g9o54'27u E. 76e2.30 lce| aloag sajd Dortherty ll.ne Eo thogout&wastetly tighc-of-vtay lTna ol tha Roerjng Fork Ra{rroad Hold,lngAuLhorlty;
thanca along saJd gouthwcacarly rlghl-ot-way llnc along a r:on-tang/ant curve toEha TafE havtng a radl,u., of L96O.OO tea?, a cen:ra! aogle oC 20"01,2jt, an .rcdlstaaca of 684,96 fasE, rr:d e r,ong chord of s. 46e02,24r E. 6gl.4g faec;thenca s.56"oj'osd E. 321.44 fcat along.sajd soutrrwacEcrry JJna to thasoutlrr{,erterly rtgh'ot-way Tina of colorado scata HLghway g2;
Ehancc s,4oo48'40a E, 232.4r feaE rrong aald southvcaEorly rlnc ;thence s.16'55'22o E. 301.a0 fcct aloag.rard soutiwcaEatly lLnc;thaace 5,51"02,79, E, l7l.9i faat along sald soutrrwesicrly llnc;tJ:eaca s.54"io'40d E. la6.7g fcet along eajd southwaatarly i!.ne;thanca.9.55o5t'49u E, lal.6l taeE along sajd .routlrwasterly linc,thence s-57o02'75i E. 90,41 teet arong said gouthwc rrtatly rine to E1e poJntof begtnal.ng.
IHilr llilr llllllllr ililil lll lllffillll lllll llllllll
697251 OI|OI|?WAG 12:31P 81796 P1S2 l'l f,LSD0RF
1 of 3 R 16.00 D 125.00 GRRFIELD coUNTY C0 -o'ct
WARRANTYDEED
THISDEED, lade on thlc day of tlav 03, 2006 , bctrBen
cozY PoD[:r, L.P., r COIO&IDO IJIICIIED PARTTTEBSEIP
of th€counry of DIBtrIN rnd statr "f .@!!!!M_. of th" 6rrnton(B)t lnd
Ef,SEBr}IK, ELC, !, @LORADO I.DiITBD GIl8tt.I|rC COMDTNT
nhore lagal, rddlels lr
of the
WITNESS. That th. cFEhtor(s), for 6nd ln cm3l&rltim sf tha rm of ($1r150,000.O0 t
** Om Milllon l\vo Eundred Fifty ltoumrrd lod 00/l0o *.r IIOI,LAES
sold md cuvryed, rd by
and rslgnc for!v!F, atl
thBe
thr
Countv of
SEE EIEIBIT NI.tr ATjIACEED IIEREEO }!ID U}DE A ETTI EEREOE
rlso knom Es stret nraber 3925 COm|Er ROAD 154 GT,ENINOOD APRDICS CO 81501
TCTOBIUER rlth EIL .rd EinluLsr rnd h.rdltd.ntr and rFprrtlnmcs th!ruto brtorulry, or ln anlryttc rEFrrtrlnlnguld tic ravaraicr ond rrverslcu, rcmlndar -d r€n fidGrE. Fsrtr, lrGuri 6nd prdlts thinoi; *rd rtt'tfic utite. righititlc lntBrct, clrflt rnd dErrnd rhrtso.\r8r of thc er.ntor(rr, rlthlr lh Lar or cqulty, of, lir and to th! lhovtr birglinedpr!nir6, xlti thG hlP.dltM.ntr rnd appurtlnt1catjTOEAYEANDTOEOIJI the rlid prlnlat5 r6ovt brgtrlnrd a1d dsEcribtd rftl| tPurtanrncla, srto thG cr.nta!(r).hir hclrr and usignt forGver. ThE cr!itor(B). fot. himrolf, hlr halre rnd FFoott[ liprcscntrtlirr. doa cov:nant. iiant.b6r!El,l. md rgrE to rnd rlth thr crontr.(r), his h.lB rnd acigne, thrt'rt thc tfii ol the cnaul,trq rnd dal,iviryof filtc-Pr6aDts. ha ls crtl s.ft d of th! pr.ltlirG &o\rG cahwyld, hls good. rln.. FrfEt, abootutiand fdefuribtqctate of lnh.rltrtc.. ln t6{, ln fea.sitrpte, Ed hcr gpod rlght, futt poHer ld taifirt arOirtty to grgnt, blrgEtr.rsll ard cnrvey the ElF in [Btrur rnd foir B rfor..rld, ard thrt the irn arr frs and clcr fisr.tt toinrr inO ittr.rq!!!!i, bTlllil, rrtrr, lienr, talE, rsaiu.ntr. lnEubrrrlc$ md rertrlEttoD3 ol rhlt!il.r kind or nstum Bsv.r.Ell! 4EllIE 'lAs rlD Mryt&$ rat E Etr looa ,o ,Erlcffi rrrnt E nDirrclt r0 ms t:E N sE r@ oa@r .1, Ittt6tlD.EIm JrE miranuE '''tE, tE lI, EEiI r.s !E elD o, @A.rE'I,j,t, lr) DrrDttIIr.E,,$aDPittD oF tllttEa cstI.t,, lEt ,twlilrtfro lErEOtD ot !D -aE .t6rt, la) Hwt xiDE La:Ea@E o, tuctg lr,nttgr,,,wl'€ar&, 15, llratir r.art,@wt o, @ctD doErtEzE . lat co-a,,i,,FIt,MB !|ltD tllriurrt| ,;t. ,Ooa, lrtPtoDEf, E[oEm r4lE anE rrErrlrry ,a. ,ooot lc) ilt oM ,rr[ cl!.irr ct'/t',lrr Ex:ro/E,,:Jr aap@E!,Mrcraz E IIaIni:r Bcn I]r rr@.I fr ffi*l flgnt oa Dtf,tDil DtloEfi/'. !tE. u EIf wat,,,rt o Dwwrm.
Tha or.ntor(s) statl ard riLt gArRAfT AJb foiElGE OEraD thr lborr. b.fgEfned prtnfpce ln tlt! qJi.t ard perc[bteposexaim of the 6r.ntE.(s), hir helrs rnd erlgm, rgelnat atl rrd crcry pei"qr or pcrconr filfuil,y cirirntin'ttr. t*ot"or ity.Ptrt thcrFf. rh! stnDukr nulLer sh.tl lmtudr tha ptur.L, ard thc ptural th.'slnguler, md ihe ura oi any gondershetl be appticabtr to aLL gerdffE.
INfPrMESEWUEIXIOtr thr or.ntor(E) hEs o.!cut.d thle dacd u th. drte art forth rbm.
COZY POI}II, L.P,, A COI.C'RADO LIMITE' FARTNERSSIP
BY:
SIAIE oF ClOIlOnlDO
M.
Cd$tv of IITEXII
)
)ra.
)
Th!ifftFhmt
by
lly ccmiealon ExplFE
UitnrEs rry hand and offlcisL csl.
,/4t lo
Form 8a 0{/29104 tO.oPEll pAnRAIry EEm (phErosrlphis)
l,h!n nrcordrd f,rti.Fn tos EALOOTB A)D E[EEtl
P.o. DIA|GF 790 uEIuooD sPx
Escrqn# oU24E35Tlttef GXZ{85!3
,/9?
i s/,,3
$d,
baforr ne m
Illltilililmil ill illllllll llilllllll lllllllllllll
697251 O5/O5/2OOG 72:3lP 81?96 P193 ll RLSDORF
2 ot 3 R 16.00 D 125.00 GRRFIELD CoUNTY c0
EXEIBIT A
A 27% undivided interest as tenancy ln corunon to the followlng:
A PARCEL oE LAIID TTOCAIE III lEI EorXlE EILE Ot EECIION 35. FOIOTEEIP 5 EOulrE,
F.AlIcE E9 ISEST oE tEE 6TE PRITqCIPAL IIERxDIAII, ,.tTlIG lfC,RlBEREt AIID EISAEaIrI oE
IEE CENTEIINE OE EE nO.}Ell[G trORN B:ffEB ilID SOEIEI{!82::ERI.Y O, IEE ROAR:If,B rORf
nAxLnOrD E)LDING NIfsDRIff afGt Of WrY Ltl{E ll[D CIIEORIDO 8I.trT8 ElGE0f,Y 82
RtrG'ET OF IILY DI}IE I(ORE PIABIEUDINT.I DESCBISED IB TOLLOWSI
EBGIINIIINO AT A IOEII ol[ AE 8OUIETESTERLY BI@I o? llaI LINE o, CoI/ORIDO gfAfE
EICfiTgf,T 81, A nIEEB TND Cf,P BOI'BD ItI PI.ACE, ItEHqE TEE SOIIEEEAST COEI{EB OE SEID
sEcrroN 3E, rErNc t 17./li arrurE![nid cAP BEtRa s 37 DBGEEBS 33.1trn E zo?5.55
BEI.E,
}ICE S 33 DEGREET| 25I55I W T37.42 EtsET TO lEE EEtr]EB,I,INI OE TEE ROTEtrIC IORI,
RIVER,
tEENeE TgE FOLI'oIf,Iile 11 eoUtrslg tl0l{g 9AID CEN?EBLINE OF IEE EClif,BIllO ,ORX,
EIYERr
10. N 33 DIAREEE 42'29' lf {{5.t3 FEBrr
11. N Z{ DECIBTE9 30t30n W 38{.67 EIIET lO IEI IItgItBLY III{E OA gItrD SEqf,E0X 35,
$IErcB N 08 DEOEEEg {5I{3N E 726.25 EBE':T TIIOIIO SAID TfTSrlilJY I'IIIE TO IEE
cEll'llEEIrM oE 8rID RfvER, trBIICE rt 37 DETEEEE 5lr1&r E 155,85 FElr eLqf,O ELID
CEMERIIf,E;
ITENCE N d2 DEGIREES 52'31II E 315.63 EEII AIOIXGI EtrX,, qE}TER!trTE,
EEANGE N 01 DEG8EES 55r52r A -68,77 IEET llr0tlg SiID CEltl,lREn&IlE ErO IgE UORIEBLT
I,IUE OE B.LID SOTIIE EEIIT OE sAID 8ECltIOlf 35I
TEENCE S 89 DEGETES 5{'21tr E 1TE2.3O EEET AI.ONq 8II! f,OEEEN&Y LIIIE !O IE
SOUAffiEEEEIJT RIEET OI EAY T'trIIE OI EE NOIR,IrGI
'08f,,
RLIEBOTD EOT.DINO
luTlLrBrl]f I
TEENCE AIIOFO STAID AOIrIBIiA9TEPI.T BIGEE OF leAt TJIilE TIl€'fO T ![E'IT'I[II!C!!{.T gPEVE TO
trEE LE I BVMe.[ iaDrus oE 1960.00 ?EEE, I CucgIIJ AITOEE oF 20 DEonEES 01r23ir
AI{ lnre DIEIAI{CI Of 68{.96 nEtrf, lufD A r.olls CBonD Ot I {6 DEEREE8 02 12{o !
681.{8 !EEEI
TEENtrE 8 55 DE(AEES 03 IO5' E 32{.{' EEET }EOXC S.f,ID SOIXIEI{!8'TARr,Y IJINE Fo rE
souEEI0lslEBEy lr@t Or lq}r &rrfi or coloatDo grtlE Ermrtrr E2,gEEltcE s r0 Di{nEEB 48ta0r E 232.{1
'EET
r&OltG E}rD EOngriEBTrRrrt &rrlEl
XEEIICE I {6 DAGTEES 55.22r ! 30{.80 EEEI ALOIG 8IID SOfrEEltESrrlrY EnlE,
r,gEI{EE I 51 DBqEEEB O2r19i E 111.93 EEIA tr0rG 5.[ID SOmfrBErERrI &rUE,
TEIITCE S 5d DEGREES 3OI{OD E 186.78 EIIT.IIOIIE 8IID 8OI'!B!|BSIIEIrY l,:rtlE;
IEBIICE 8 55 DEOREIS 51II9I E 181.61 FEET AIOTO EI.ID EOI'EMEETTRIT !IIEr
TEEIICE g 5? DEONEIB O2!15tr I 90.{1 EEET AI.ONO gf,ID SOEIETEBITSDY IlIlCr I(, AE
FOIITE OE EE.CIMf,ilC.
Col[ll! OF G}ATIELD
SEA!B OE COIJOEADO
1. N 72 DECIiEEE Zltzgtt II 715.30 FEEII
2. S 87 DEGREE8 57r31t tf t{2.00 aEETr
3. S 85 DEGEEES 2713La W 3d2.00 EEE!;il. S 66 DIOnEEB 08r31r I( 517.00 lElll
5. I 48 DAOE!88.53,31tr tr 332.00 EEET;
6. S 69 DEGBEES 5$r31i F 363.00 r'EETr
7. N 79 DEGAEES 51r21tr W 181,97 FEET,
8. N 72 DleREEg 04108' W 39t1.82 FEEII,
9. N 58 DE(m,EES 381290 W 198.91 rEEtr
form ElollBt?^ 01t17ll,J 6H?4953r
r Lillr illl lllllll llt lllllll tll llllllt lll llllllIIl u'efrii{ dstss/zrloa t2r3LP 81796 P1e4 lt ALSDoRF
3 of 3 R 16.00 O l25.o@ GfiRFIELD coUNTY C0
EXEIBIT IBI Our Ordcr No. GW248533-5
RJGIIT OF PROPRIETOR OF A VEIN OR LODE TO EI(TRACT AND REMOVE HIS ORE
THBREFROM SHOULD THE SAME BB FOUND TO PENBTRATts OR INTERSBCT TTIE
PREMISES AS RBSERVED IN UNITED STATES PATENT RBCORDED Mav 20' 1899'
IN BOOK 12 AT PAGE 508, AND RECORDED JUNE I, 1899 IN BOOK 12 AT PAGE
5IO AND AT PAGE 5I1 AND AT PAGE 5I2.
RIGHT OF \[/AY FOR DMCHES OR CANALS CONSTRUCTED BY TIIE AUTHORITY OF THE
UNITED STATES AS RBSERVBD IN UNTTED STATBS PATENT RE@RDED May 20,
I899, IN BOOK 12 AT PAGE 508, AND AS RBMRDBD JUNE 1, 1899 IN BOOK 12
AT PAGE 510 AND AT PAGE 5II AND AT PAGB 512'
UTILITY EASEMENT AS GRANTED TO MOUNTAIN SAATES TELEPHONEAND TELEGRAPH
IN INSTRUMENT RECORDED August 29, 1929, IN BOOK 161 AT PAGE 261 AND
AS RECORDEDJI,JLY 13, 1931 IN BOOK 164 AT PAGE I52 AND AS RBCI]RDED
OCTOBER 29, 1964 IN BOOK 36I AT PAGE 477,
TBRMS, CONDITIONS AND PROVISIONS OF EASEMEI'IT FORWATER LINB RECORDED
Fcbnrary 15, 1985 IN BOOK 664 AT PAGE 356.
TERMS, CONDITIONS AND PROVI$ONS OF RESOLUTION NO 97-92 RECORDED
October0T, 1997 IN BOOK 1037ATPAGE381..
RIGHT OF WAY FOR THB DENVBR AND RIO GRANDE WESTBRN RAILWAY,
RIGI{T OF WAY FOR THE ROARING FORK RJVER.
ANY QLTESTION, DISPUTE OR ADVERSE CLAIMS AS TO ANY LrOSS OR GAIN OF
LAND AS A RESI.ILT OF ANY CHANGB IN THE RTVBR BBD I.OCATION BY NATT'RAL
OR OTHER TI{AN NATURAL CAUSES, ORALTERATION THROUGH ANY CAUSE'
NATURAL OR UNNATURAL, OF THE CENTER THR,EAD, BANK' CXIANNEL OR FLOW OF
WATERS IN THE R.OARING PORK RIVER R[VER LYINGWITHIN SUBIECT LAND; AND
ANY QUESTION AS TO THE I'CATION OF SUCH CENTER THREAD' BED, BANK OR
CHANNBLAS A LEGAL DESCRIPTION MONUMENT OR MARKER FOR PURPOSES OF
DESCRIBING OR LOCATING SIJBJECI LANDS.
TERMS, CONDMONS AND PROVISIONS OF MEMORANDUM OF AGREEMBNT RE@RDED
Fcbruary 02, 2001 IN BOOK 1230 AT PAGB 47.
ENCROACHMENT OF FENCE ON T}IE RAILROAD RIGHT OF WAY AS SHOWN ON
IMPROVEMENT SURVEY PLq,T DATED SBPTEMBER 17, 1999, PREPARM BYWHITE
SURVEYING.
ENCROACHMENT OF CONTRACTOR'S YARD ON TO AD'OINING PARCEL AS SHOWN ON
IMPROVEMENT SURVEY PLAT DATED SEPTEMBER I7 , 1999, PREPARM BY WHITE
SURVE'NNG.
il'#[l'dll[!ljLlll!!i$rru!!lr!t!l
I'[I,tl'IFr
Recording requested bY:
Thomas Hartert, Esq'
When recorded, mail Lo:
Thomas Hartert, Esq'
802 Grand Ave., Suite 303
Glenwood Springs, colorado 81601 DF |ZS'CO
GENER.B.I, WARRAIITY DEED
Mamm Creek Properties, Inc' ('selfer't) ' with an address of c/o
B. Joseph xr^ua"nJf,=';,;;': K;;;';h";L* orrl""t' 201 North Mill
street, suite zo,,"i=p?t=, 'cJoi"ao ireii' for Ten Dollars ($10'00)
and other good and' valuable toi=ia"""tio"' the receipt and
sufficiency of tnlttt att hereby acknowledged' -!e1eby bargains'
se1ls and conveys'-i; dastrank lr,c, a Colofad.o limit.ed liabilitv
company and whose 'aatE=" is 525 E' Cooper Av?nYe' Aspen CO 81511
all of Mamm Creek Properties' fnc''=-iigLtl. t-iffg and interest in
and to the folfowing'real propert-y -in iarfield County' Colorado'
consisting or , =i1'&'p"JJ"J"J-is1#) undiwided percenLase interest
in the following real ProPertY:
SEE "EXHIBIT A'I;
togeEher with ali ite appurtenances and warrante the tiEle agalnets
all persone, subject to i"xe= for 2000 and thereafter' and subJect
to the mattrers ""t-fottt' on "Exhibit 1t' attached hereto and made a
ParE hereof.
G
\I.-
\-aroaaa
SELI,ER:
MAMM CREEK PROPERTIES, INC
Co at ion
,Mli?.,':,
4(
a
Date: Febrlr"rY /E , 2ooo BY Krabacher,PresidenEB. J
STATE OF COI,ORADO
couNrY oF &rftal4 8S
Thelg, 20o'F?operti 0bYB
foregoing instrument
JosePh Kr
es, Tnc.,a Colorado
was acknowledged betore me Pebruary
: : l;::i l'
"
i,' =
t
" "ffif;3mffi# " "
-
My commi-ssion exPi
witness mY hanC and official seal
res
? 18 9\ j armar r.:n \?qvrI - i ailn11r'+r'
Notary Pub
j?,
l)t
lJ)
Fdrrsl"
llAf,fL
Page 1 of 3 I
Sce trlbla 4
LtlJllll'Jl,lJlilutr rHLlr tI lJlll llur I u.[l[F I
2 of 3 R 15.00 D 135.00 G0RFIELD COUNTY C0
A porcel of lond locoted in the south Holf of section 55, Township 6 south' Ronge 89 Wcst ol thc
6th principol Merldion, lying northerly..onO.eoste4y "i lnt .centerllni of the Roorlng Fork Rivcr ond
southwesterty of the Rooring Fork Rollrood H;i;i"i Authorlty right-of-woy llne ond Colorodo Stotc
d;i;;;-E iigt t-ot-*ov lirie more porticulorlv described os follows:
Beginningotopointonthesouthwesterlyrlght-of-woylineofColorodoStotoHiqhwoyE2.orcbor
ond coo found tn proce, whence the southeJJ';;";-;t soio-sectlon 35, bclng i I t1+" oluminum
coo beors S. 57' 5J' 42" E' 207165 fect;
in'5nl""i] sl'-is'-50"'il/. ssz.+z-i"tt to iirs ccnterllne of the Roodng Fork Rlvcr;
thence thc followlng f t'"oJl"""-olon! sold ccnterllnc of thc Roorlng Fork Rlvcr:-- 1. N. 72' ?3' 29" VJ- 716'30 feeh
i. s. 87'57' 31" w. J42.oo feeh
3. S. 85'25' 31" W. 342'00 foct;
4. S. 56'08' 51" W. 517'00 fcet;
5. S. 48'55' 31' W. 332.00 feet;
6. s. 69'55' 31" w. 563.00 foetl
7. N. 79'5l' 21" W. 161.97 fsoh
8. N, 72'04' 08" W. 594.82 feeh
9. N. 58'38' 29" W. 198.91 foet;
10. N. 35' 42' 29" W' 445'43 foch
11. N, 24.30'JO" ri;. ia+.oi io"t'to tho wcatody lino.of sold Scctlon 35;
rhence N. 08. 4b, 4J" E. 726.25 fcct olong'lofa ti"t"rfyltne to thc ccntorllnc of sold rivcr;
il;;" ii: 5t'si'r+" E. 1s5,6s feet olons sold canterline;
iliil;; i.i: ;;'52'ri" E. sts.es reet olons sold centerllne;
thence N. 01.55, 52" i,. oa.zz reet otong-"ilt"ini"irin" io tha northcrly llne of soid south Holf of
-fl1:"t=:'Trl?0, ,r" E. 16B2.Jo fcet orons gold northerry [no to the southwoatcrlv right-of-wov lin
;i-fi; nooiinq Fork Roitrood Holdlng Authorlty
thence olong soid r.rtnr"""iu.iv igf,t-ot--*oy''lhe olong o non-tonocnt curvc to thc left hovlnq o
rodius of 19oo.oo fcet..o contisl onglc of i6''iir: iJ;,"n oit at"tJn"" of 684'96 fect' ond o Long
ff.l"t"t{
suu16oa92iu?-r tart*10-1.li"o*,o,,.n
sord southwesterty ttnc to the southwerterlv rlsht-or-wo
iin. "f Colorodo Stote Hlghwoy 82-: rr ----^L...--r--r., rina.il;";; i:'-+o:-+at +o; e.'zizl+t faot otons sold southwcstcrly line;
|!r.h^. c 46. 55' ZZ" {- iO+AO feet olong sold southwestely line;
i';:::: ;.:;';i 1r" E' 'r11'e3 rcat olons soid southwcsterlv line;
;i;;; s: 54. 5b' +0" E. rao.7s fcct oton-s sold aouthwesterly llne;
i'#": ;: s6. 5i 49" ;, 1Bi.6i fcet olongl sold southwcsterlv llne'
rhenca s. s7. 02'1s, E. 90.41 fcet otong *j;.;d;.;tiiiy'rrn"'to th" polnt of beglnnlns'
Exhibit A t,o General Warranty Dced
LEAALDESCNMON
GOI]Nfi OF GARTIELD
STATE OF COLORADO
Page 2 of 3
Lullllll uuuil ilr illffi ilil ill ilil ilil []575677 02 / 0u zuel L2 t O3? ATri$- F+6 tt-nt_so'ohF3 of 3 R 13.00 D 135.e0 GARFIELD COtflTy co
The effect of inctusions in any general or specJ'fic watser
"orr""r.,r"rr"y, f ire prOte.tion, Loil conservation or other distrj-ct
or inclusitn in any water service or street improvement area'
RightofrheproprieEorofaveinor].odetoextractandremovenii o." thereirom, should Lhe same be found Eo penetrat-e or
j-ntersect the premises hereby granted, as reserved in United
states Patent recorded May 2b I L89g in Book L2 aE Page 508 as
Reception No. 21746.
RightofwayfcrditchesorcanalsconstructedbytheauthoriLyof"the UniEad states, as reserved in United staEes Patent
recorded May 20, 189b in Book l-2 at Page 508 as Reception No'
2L746.
Easements and rights of way as granted to Mountain StaLes
;;I;;[;;; ""a l.i"staph bv docufients recorded AugusE 29' 7e2e rn
Book 151 at Page ,d1;; Reception No, 10s22?' July 13' 1931 in
Book 154 at page L52 a6 Receition No. 110547 and october 29, L964
in Book 351- at Page a71 as Rlception No ' 22?425 ' (Specific
Iocation not described. )
Terms and condit.ions contained in the EasemenE for Water Line
recorded rebruary ii,-ises in Book 654 at page 3s6 as Reception
No. 359483 .
Terms and condrtlons conEai-ned in Resolution No' 97-92 recorded
o;;;";--;,-iset in Book 1037 ar page 381 as Receprion No. sL4786.
Right of way for the Denver and Rio Grande WesEern railway'
Right of way for the Roaring Fork River'
Any guestion, dispute or adverse claims as to any loss or gain of
land as a result'5i-r"v-"[ange in the river bed location by other
than naturrt ".,r="",-oi- aft"iaEion through accretion' refiction'
"r"Jf."-"i-avulsion'of
Ehe center threadl bank, channel or flow
of warers in rhe-R;r;i.; Fork River lying wichin subject-land;
and any question "= i" ihe locaric:t' of such center Lhread' bed
bank or channe] ,=-.-itg.1 description monumenL or marker for
;;6";;" oi de*criuing 6r locatlng subject Iands'
Easements and improvements. including' but not-limiLed to'
ditches, fences, -ucility lirres' and inderground pipes' as ghown
on the rmprovemen;-s;;;;y pr"'i claLed sepfember 1?' 1999 prepared
by White SurveYing'
.ranuary -f , 2ooo in soou liL-l aL Page Ut
Exhibits I tso General WarrantY Deed
EXCEPTIONS
Deed of Trust re
as Reception No.
Page 3 of 3
5
LOYAL E. LEAVENWORTH
SANDERN. KARP
JAMES S. NEU
KARL J. HANLON
MICHAEL J. SAWYER
JAMES F. FOSI'IAUCHT
ANNA S.ITENBERG
CASSIA R. FURMAN
IENNIPER M. SMITH
ROSALIE C. OLSON
T.DAMIEN ZUMBRENNEN
LEAVENWORTII & KARP, P.C'
ATTORNEYS AT LAW
EST. 1980
201 l4n{ STREET, SUITE 200
P. O. DRAWER2O3O
GLENWOOD SPRINCS, COLORADO 81602
TelePhone : (97 0) 9 45 -2261
Facsimile: (97 0) 945-7 336
lel@lklowfirm'com
April6,2009
DENVER OFFICE:*
7OO WASHTNGTON ST. STE 702
DENVER, COLORADO 80203
TelePhone: (303) 825-3995
* (P leas e d i r ect al I c orrespondence
to our Glenwood SPrings Olfice)
Kathy EastleY
Sent Via Email to keastlev@garfieldcounty'com
RE: East Bank Sketch Plan
Dear Ms. EastleY:
I represent the Thompson Glen Ditch company' Please note that the correct name of the
company is the Thompson Glen Ditch Company, ooitt't C'*O Thompson Ditch Company indicated
in the apptication and the referral fonn'
onbehalfofthecompany,Iwouldofferthefollowingcomrnents:
l.Althoughtheprocessisveryearlyon,intheeventtheproposalinvolvesthe
realignment or covering or ifrl Thompson Glen Ditch' the company will require a
Ditch Modification agr"ement with itre developer, similar lo.th: agreements that
were entered into regarai,g etp.n Glen and Rivir Bend' This is also a requirement
in the BYlaws
2. The Application indicates that the developer intends to use its shares in the
ThompsonGlenDitchforaugmentationpurposesforthenewproposeduses'I
would remind the developer that the Bylaws require the developer who pursues such
a water case to reimburse the company's costs to review and approve the proposed
change-
Iftheprojectmovesforward,thecompanywouldliketocontinuetoreceivereferalsfrom
Garfield CountY'
l \CtbnBIIlDhDcm Cbt Dil.h Co\flnlry0llgl''$?d
LEAVENWORTH & KARP, P.C
If you have any questions, please feel free to contact me'
Very trulY Yours,
ORTH & KARP .C
4.
PageZ
LEL:ers
cc: Board of Directors
Scott Russell
John Patrick w/ coPY of BYlaws
E.
t.€lhtiThmPs Gl6 srch coEl3ucl 012@9'r?d
L
BYLAWS
THOMPSON GLEN DITCH COMPANY
ARTICLE I.
ADOPTION OF BYLAWS
The following Bylaws were adopted on this 28 day of September ,2007, at
a meeting of the Boald of Directors of the Thompson Glen Ditch Company (heteinafter
"Cornpany'').
ARTICLE II.
OFFICES
The principal office of the Company is located at}Ol14u' Street, Suite 200, Glenwood
Springs, CO 81601. The Board of Directors (hereinafter sometimes referred to as "Board") may
.t urrg" the principal place of business at any time. The Cornpany may also have offices at other
pla"es *ithl1 the State of Colorado as the Board may from time to time approve' The registered
om"" of the Company may be, but need not be, identical with the principal place of business, and
the address of the registered office may be changed from time to time by the Board.
ARTICLE III.
COMPAI{Y'S MAILING ADDRESS
Payment of assessments and all correspondence to the Company shall be sent to
Tlrompson Glen Ditch Company, P.O. Box 2794, Glenwood Springs, CO 81602' The Board
*uy "ir*g" the Cornpany's mailing address at any time, and wilt notify the shareholders of the
change.
ARTICLE IV.
SIIAREHOLDERS
A. Shareholders. Each person who owns a share of capital stock in the Company
shall be a shareholder of the Company, as provided in the Articles of lncorporation'
B. Preemptive Rights. No shareholder of the Company shall have any preemptive
or sirnilar.right to ""q,rir" or subscribe for any additional unissued or treasury shares of stock, for
any bonds a1d warrants for the purchase of stock, or any other securities of any class.
OF
ARTICLE V.
MEETING OF SHAREHOLDERS
A. Annual Meeting. The annual meeting of the shaleholders of the Company shall
be held at the principal office oitlie Company on the third Saturday in February of each yeai^, at
two o,clock inthe afternoon or.as otherwise designated by the Board of Dilectors. [f for any
reason the annual rneeting should not be held on such day, it may be held at any other tirne upon
giving notice of such ro"J,ing as hereinafter provided. The annual meeting shall be for the
i"rpJr" of electing directors for the next enzuing year, the fixing of assessments on the stock of
i[,"-Corop*y, *d fo, the transaction of such other business as may properly come before such
meeting.
At each arinual meeting of the shareholders, the directors shal1 be elected for a term of
one year.by the shareholders oithe Cornpany. Any rnember of the Board shall cease to be such a
mernber when and at the time he ceases for any leason whatsoever to be a shareholder of the
Company.
In the event shareholders holding a rnajority of the stock fail to attend the annual meeting
or fail to make assessrnents by the first of April in any year, then the Board of Directors shall
have the power to make any such urs"rrrr"ris at any tegular or special meeting of such Board
held subsequent to the firsiday of April in any year and called for suchpurpose. Such action
shall have the same force and effect as though rnade by the shareholders'
B. Special Shareholder Meetings. Special meetings of the shareholders may be
called at any time by resolution of a rnajority of the Board, or shall be called by the Board upon a
written r-equest sigled and dated by shareholders representing at least one-third (1/3) of all votes
entitled to be cast on any issue proposed to be considered at the meeting, as provided in C'R'S' $
7-lZ7-lOZ,as the rro" -^y be^amended fi'om time to time. Such special meeting rnay be held at
flre principai office of the Company or such other place as the Board of Directors determines, at
the time and place stated in the noiice thereof, und th" boriness of such rneeting shall be limited
to that set out in such notice.
C. Notice of Shareholder Meetings. Notice of any shareholder meetings, annual or
special, shall specifu the time, piace and purpoie of the meeting and shall be delivered to all
shar.eholders, eitheipersonally, by frrst ciass mai1, by facsimile, or by electronic mail' Notice for
meetings stralt be deiivered rot l"r, than ten (10) and no mote than sixty (60) days prior to such
me"tin!. Such notice shall be deemed to be delivered when deposited in the United States mail,
postagJprepaid, addressed to the shareholder at his address on the stock transfer books ofthe
bo*i*y. Such uotice shall be signed by the President or Secretary, or have the name of the
President or Secretary printed thereon, stating the time and, in case of a special meeting, the
objects of said me"tinj. Notice shall also be published not less that ten (10) and no more than
thiff/ (30) days prior io su"h meeting in a newspaper of general circulation printed in Garfield
county. Any notice lequiled under ih" lu*t of the state of colorado, the Articles of
Incorporatior, o. the Bjlaws of this Company may be waived in writing by *y shaleholder
2
before, at, or after the tirne stated thereirr.
D. Quorum. At meetings of shareholders, twenty-five (25%) of the total shares
entitled to vote at such meeting, represented by the owner in person or by proxy, shall constitute
a quorum, as provided by C.R.S. 5 7-127-205, as the same may be amended fi'om time to tirne; at
any such meeting at which a quorum is present, the affirmative vote of a majority of the votes
cast at such meeting and entitled to vote on the subject rnatter shall be the act of the shareholders,
unless the vote of a greater proportion or number is required by these Bylaws, flre Articles of
Incolporation or the laws of Colorado. If a majority of the outstanding stock is not present at any
shareholders' meeting, the rninority present shall have no power to transact any business or take
any action except to adjourn; the minority present may adjoum the rneeting fi'om time to time
without fuither notice, and at such adjourned rneeting at which a quorum is present or
represented, any business may be transacted which migh.t have been transacted at the meeting as
originally noticed. The shareholders present at a duly organized meeting rnay continue to
transact business until adournment, r:.otwiflrstauding the withdrawal of enough shareholders to
leave less than a quomm.
E. Voting. Each shareholder of record shall liave the right to one (1) vote at any
shareholders' meeting for each share of stock issued by the Company and fully paid as to
assessments. Except as otherwise provided herein or in the Articles of lncorporation or laws of
Colorado, all acts and resolutions of the shareholders shall be deemed adopted upon a favorable
vote of a majority of the votes cast. Any shareholder may participate in person or by proxy
executed in writing by the shareholder or the shareholder's duly authorized attorney-in-fact.
Corporate stock records shall be closed to transfer ten (10) days before any shareholders' meeting
and shall remain closed until the day following the meeting. Arry shareholder may demand a
vote by ballot on any question, in which event all ballots shall be signed, the number of shares
voted written thereon, and the amount verified with the stock records of the Company before the
result is announced.
F. Election of Directors. Notwithstanding the foregoing, in the election of
directors, each shareholder shall have the right to vote that shareholder's number of shares by
seclet ballot for as many persons as there are directors to be elected. Cumulative voting of shares
of stock is not authorized for any purpose.
G. Action Without Meeting. Any action which might be taken at a meeting of the
shareholders may be taken without a meeting if the Company delivers a written ballot to every
member entitled to vote on the matter stating the proposed action and providing an opportunity to
vote for or against the proposed action, as provided by C.R.S. 5 7-127-L09, as the same may be
amended from time to time. Any action without a meeting will only be valid when the number of
votes cast by baliot equals or exceeds the quorum required to be present at a shareholder meeting.
AII written ballots must (a) indicate the number of responses needed to meet the quorum
requirements; (b) state the percentage of approvals necessary to approve each matter other than
election of directors; (c) state the time by which a ballot must be received by the Company in
order to be counted; and (d) be accompanied by written information sufficient to permit each
)
person castirg such ballot to reach an informed decision on the matter
ARTICLE VI.
SHARES
A. Private Ditch System. The Company's Ditch System is a private water system,
including the water rights described herein and the headgate and main line of the Glenwood
Ditch. Only shareholders of the Company in good standing shall be entitled to and shall receive
water fiom the Company's Ditch system, as set forlh herein and in the Articles of Incorporation.
B. Authorized Shares, Rights, Preferences and Obligations. The designations,
preferences, rights and obligations of the shares of stock which the Company is authorized to
issue, and the lirnitations thereof, are as follows:
There shall be one class of five dollar ($5.00) par value capital stock
issuable by tlie Company, namely Class I stock, which will represent an
undivided right in water rights granted under the following decrees and
priorities:
Glenwood Ditch as decrced in Case No. C.A. i338 for 32 cfs, with
an appropriation date of Novernber, 18, 1900, and an adjudication
date of December 5, 1908.
b. Glenwood Ditch as decreed in Case No. C.A. 3082 for 18 cfs, with
an appropriation date of November 18, 1901, and a adjudication
date of AugustZ1,1936.
There shall be a total of i500 shares of capital stock in accordance with the fulicles of
Incorporation. The initial distribution of shares shall be as shown on Exhibit A attached hereto.
C. Accounting and Othcr Obligations. All shares of the Company's stock shall be
subject to and shall obligate the holders thereof to comply with all accounting and reporling
requirements regarding the use of water from the Ditch, and any other obligations inrposed by the
Company pursuant to its authority under these Bylaws and its Articles of Incorporation. Failure
of a shareholder to comply with the provisions of such requirements or obligations may result in
suspension ofservice to such shareholder.
D. Joint or Co-Owners of Shares. A share of capital stock of the Company may be
issued to mot'e than one (1) individual either injoint tenancy or in tenancy in common. If a share
is issued to two (2) or more persons, any notice required to be served upon the shareholders
under flre Articles of Incorporation of the Cornpany of these Bylaws shall be deemed properly
served or service thereof waived if service is made upon, or waived by, one of said
persons/shaleholders. A shareholder shall be entitled to vote all the shares held byhim or her
4
1
a.
and others in joint tenancy or tenalcy in comrnon (in the absence of the other joint or co-tenant
shareholders frorn *V *""ting) as tliough he or she were the sole owner of said shares; however'
orrty orr" (1) vote shail be allowed for each share issued'
E. corporate, Association, or other Private or Public Entity owners of Shares'
A shar-e of capital stock of the company may be issued to a corporation, homeownels'
association, metropolitan district, "on*"ruun-ry
district or any other public or private entity
recognized under cri;;; law ('hereinurt"i-,irntity sharehorder"). Each Entity shareholder will
appoint, in writing, arir',gl. rep[esentative who stratt Ue authorized and entitled to attend annual
or special rneetings of tlie shareholders and to vote all of the Entity Shareholder's shares'
F. Ownership of Shares. Share ownership shalt be recorded by a book-entry system
whereby the secr-etary of trre cornpany shall maintain a list of shareholders in the company, their
addresses, and the ,rrtU., of sharis each shareholder owns. In order to effectuate a tra,sfer of
shares under the book-entry system, the tfansfelee shall provide the Secretary of the company a
recorded copy ofthe deed or stock assignment conveying the subject shares to the transferee'
Based on the information contained in the recorded deed or stock assigrunent' the Secretary will
then update the shareholder list, after which the Secretary shall send a confirming letter to the
transfJree enclosing a copy of the revised shareholder list'
1. In order to effectuate the change to a book-ently system adopted hereby,
within thiffy (30, days of adoption of these Bllaws, the Secretary of the Company shall
send a letteL to uit "*irrirg shareholders with a copy of the cuuent shareholder list of tlre
cornpany. The shareholders shall then have thirty (30) days to challenge the record of the
number of shares they own as stated on the initiai shareholder list. The only evidence that
shall be accepted by the Cornpany in a challenge to the initial shareholder list shall be
vaLid certificate(s) of stock irru.i bt ,h" Com[any in the total nurnber of shares claimed
by the shareholder. After expiratiori of said thirtyday period, certificates of stock in the
io*p*y shall be of no fiuther force and effect'
G. Restrictions on Shares. For each share of stock in the Company, tlre sharelrolder
is hereby restricted to the use and alienation thereof in accordance with the Articles of
Incorporation and these Bylaws. Shares of stock in the Cornpany shall be sold only to owners of
the land lying under and historically served from the company's Ditch system to be inigated
therefrom.
H. Transfer of Fewer than all the Shares lleld by any Shareholder. With respect
to any approved transfer offewer than all the shares heid by any shareholder, the transferees shall
designate a single *pi"r*"ive who shall be responsible for all communications with the
-ooip*y, incliding meeting notices and assessments, who shall be responsible for the payment
of all assessments made against the subject shares, and who shall hold the proxies for voting the
subject shares. In the case"of a subdivision of properfy subsequently ry1aggd by a homeownel's
association, the homeowners association shall be the entity responsible for the aIl
communications with the Company
5
I. Transfer Fee. A reasonable transfer fee shall be established frorn time to time by
the Boar-d of Directors and shall be char.ged for each single transfer of any shares of the capital
stock of the Coropurrf. ir*sf., fees shall be collected by ttre Secretary of the Company at the
tirne of transfer. Aoy tlansfer fee shall be paid by tlie transferee of the shares' If the transfer fee
differs between divisions, the transferee shall always pay the higher transfer fee'
J. Restrictions on changes. Effective upoll the date of approval of these Bylaws
and applicable to any application for change of water rightorfor approval o{a311 for
augmentatio, f,rled o, o, un", such effectiie date, no shLeholder shall seek judicial approval of a
change of water right or plan for augmentation of any water right adjudicated to the Glenwood
Ditclr (hereinafter ""lr*i. of wateriigSf') pu'suant to C'R'S' 537-92-302' as antended' except
under the following conditions:
1. The shareholder shalt comply with all conditions and requirements of a
change of water right specified in ttre Articles of Incorporation or these Bylaws'
Z- The shar-eholder shall provide written notice of the intended change of
water right to the Company at its principal place of business, and shall provide the
company with copies of any proposed water-court application at that address' Such
notice shall contain
^ "o*pi"i" description of the proposed chauge of water right
including without limitation, the cunJnt location of poiot of diversion and place of use'
theproposea*rangeofwaterright,arrd/ortlreplanforaugmentation.
3. The proposed change of water right shall not result in injury to the Ditch
SystemoranyofthewaterriglrtsassociatedwiththeSystem.
4.TheCompanyresefvestlrerighttofileastatementofoppositiontothe
application for the change oiwater riglrt in oi'der to monitor the water court proceedings'
protect trr. corop*v,s Jater rights, and r"view and approve the final decree'
5. The shareholder will pay reasonable costs incurted by the Company, up to
a total *u*i*r* fayment of $10,00b.60, fo.legal replesentation o[ counsel and/or
engineering "rr$ir *rrich the Compaly determines is necessary with respect to
participation in the water "ou,t fr*""dings and/or evaluations of the effect of the change
of water right on the Ditch Systlm, the Company or other shareholders' The said
maximum iayment of $t0,060.00 rfruff Ue aa3ustea five calendar years after the adoption
of these Bylaws, and shall be fuither adjusted evety five years thereafter' in accordance
with the Denver/Boutder/Greeley Cort"*"t Priceindex - All Urban Consumers ("CPI-
U,,) cumulative adjustment. Each adjusted maximum payment amount will be based on
the CPI-U cumulaiive a-djustment for the preceding five calendar years'
6.Theshareholderwillpayallactualcostsrelatingtoorarisingfrom
compliance with flre terms of any r"suliing water court decree for the change of water
6
right, and all costs relating to rnodifications of the Glenwood Ditch that are reasonably
necessary to ensure that other shateholders are not adversely impacted by the change of
water right. Such costs may include, without lirnitation, costs associated with installation
and rnaintenance of any measuring device(s) and/or- augmentation bypass structures
required to implernent flre water court decrlee, and costs associated with any rnodifications
of lateral tur.nouts and/or splitter boxes that are reasonably necessary to ensure that other
shar-eholders ale not adveriely impacted by the change of water right'
7. [n or.der to alleviate any irnpact to the Company or the Ditch System, the
shareholder will continue to pay any and uI of th" Company assessments associated with
the changed shares and will leave suffrcient water in the Ditch Systern to cover ditch
seepage and losses associated with the changed shates'
K. Restrictions on Ditch Modifications. No shareholder shall make any
rnodifications to flre rnain line of the Ditch or headgate, including, without limitation, the
installation of any ditch crossings (including, without lirnitation, utility ctossings, pedestlian
bridges, or driveways) culverts,-pumps,latei'als or other structures, without the prior written
consent of the Board. The shareholder shall provide wlitten notice of the intended modification
to the company at its principal place of business. Such notice shall include a cornplete
description of the current condiiion of the affected portion of the Ditch and detailed plans for all
proposed modifi cations'
The proposed modification must not result in injury to the Ditch systetn, the water rights
associated with the System, the Company, or other shareholders; the proposed-modifrcation must
not impair the ability of the Company to otherwise use, operate and maintain the Ditch' The
Company may condition consentto the modification upon the shareholder's compliance with
limitatio,s or cond.itions deerned reasonably necessaly by the Company to protect the Ditch
Systern, the water rights associated with the System, the Company, or other shaleholders'
The shar-eholder seeking approval of the proposed modification shall pay reasonable costs
incurred by the Compaly , up to a total rnaximum payment of $2,500'00' for legal and
engineering analysis *tiri, the Cop.pany determines is necessary to evaluate the effect of the
proposed modification on the Ditch System, the water rights associated with the System, the
company, or other sharelrolders. The said rnaximum payrnent of $2,500.00 shall be adjusted five
calendar year.s after the adoption of these Bylaws, and shall be filther adjusted every five years
thereafter, in accordanr" *ith the Denver/Bouider/Greeley Consumer Price Index - All Urban
Consumers ("CPI-U") cumulative adjustment. Each adjusted maximum payment amount will be
based on thecPI-u oumulative adjustment for the preceding five calendar years'
Any modification approved by the Board shall be performed at the shareholder's sole cost
and expense.
7
ARTICLE VII.
ASSESSMENTS
A. Purposes. The shareholder:s set assessments for purposes of keeping the
Company's propelty in good repair; constlucting, repairing, enlalging, maintaining- extending'
relocating, a1d imploviig the fiit"f, and other components of the Ditch Systern; adjudicating
water rights and augmeniation or exchange plans; obtuioit g well permits; acquiring additional
water, riater rights, change of water righidecrees, rights-of-way and water storage reservoirs;
paying obligattns or ind-ebtedn"s; puyiog legal and other costs of orgaruzittgand carryiflg out
the business of the Company; compensatiirg ooptoy"es, agents, officers, directors or other parties
engaged by the Company inifre furtherance of its purposes; creating such reserve or contingent
fund as the Boai.d of Directors may deem fiom tirne to time necessaly and proper for the hnancial
stability and welfare of the cornpany; and for any other purposes set out in its Arlicles of
Incorporation and these Bylaws; provided, however, that:
l. Assessments for ordinary repairs and maintenance of the ditch tluoughout
its entire 1ength shall be rnade against shares of stock without tegard to the individual
shareholder's position in the Ditch System;
2- Assessmelts for capital improvements shall be distributed among the
shareholders in the ulanner that best approximates the actual benefit received by the
shareholders; and
3. Assessments for administrative, engineering, legal and professional
Seffices, COrnpenSatiOn for the COmpany's employees and/or agents, and reserve and
contingent furrd, d""*ed necessaryty ir" Board of Directors shall be made against all
shares of outstanding stock without regard to the individual shareholder's position in the
Ditch System.
B. Deterrnination of Assessments. The Cornpany sl'rall make annual assessments on
the capital stock thereof to be levied on a pro rata basis. The question of assessments shall be
submitted by the Board to the shareholders at the annual meeting, or at aspecl{ meeting called
for that puryose, at which a quonim is present. An assessment shall be made if a majority of
stock, represented at such meeting by the owner in person or by proxy, uo1"j in favor of making
the assessment. In the event any annual assesstnent shail prove to be insufficient to meet the
requirements of the Company for the year for which such annual assessment has been levied' the
Board, witSout a vote of-the ihareholders, may at any time levy a further assessment for the
p*por" of providing for any deficiency in revenue, which frrther assessment shall be paid as
determined by the B-oard an-d soliected in a like manner as the annual assessment; provided,
however, that the Board shall provide justification for any such further assessment at the time it
provides notice of the additional assessment to the shareholders.
C. Failure of Shareholders to Make Assessments. In the event shareholders
b.olding a majority of the stock shall fail to attend any meeting called for the pupose of making
8
assessments or shall fail to make assessments with ten (10) days of the date of any such meeting,
then the Board of Directors shall have the power to make any such assessrnents up to the amount
of $20.00 per shate at any regular or special meeting of such Board held subsequent thereto in
any year and called for such purpose. Such action shall liave the same force and effect as though
made by the slrareholders.
D. Payment of Assessments. All assessrnents shall be payable in money
E. Nofice of Assessments. Upon authorization of the amual assessments by the
shareholders or the Board as set forth herein, the Secretary of the Company shall notiff all of the
shareholders of such assessment no later than April I . AII notices of assessments shall state the
time and marlnel of payment, and the arnount due and shall be deposited in the United States Post
Office, postage prepaid, directed to tlie last known rnailiug addresses of the shareholders as
shown on the books of the Company. Notices of assessnrents are deemed received by the
shareholders tluee days after the notices are deposited in the U.S. mail.
F. Failure to Pay Assessments. In the event any shareholder fails, within thirty (30)
days after receipt of notice of an assessment, to pay any assessment on his stock, the Cornpany
shall have the following remedies:
1. The Company may withhold or tenninate the delivery of water to the
shareholder until such assessment is paid.
2. In addition thereto or in lieu thereof, the Cornpany may file a lien against
the delinquent shareholder's stock or arry nurnber of shares of said stock. The Cornpany
shall be entitled to recover fi'om a delinquent shar-eholder all its attorney's fees and other
costs incured to recover unpaid assessments, including, but without limitation, costs and
fees to file foreclosure upon a lien.
3. In addition thereto, or in lieu thereof, the Cornpany may commence a civil
action against such delinquent shaleholder to recover tire amount of any assessrnent
which may remain unpaid, together with costs and reasonable attomey's fees and interest
at the rate of 1.5% per rnonth (18% per annum).
4. In addition thereto, or in lieu thereof, the Company may declare a
forfeiture or sale of the delinquent shaleholder's stock or ary number of shales of said
stock. In the event the Board of Directors determines to pursue this remedy, written
uotice shall be given to the delinquent shaleholder demanding payrnent within ninety (90)
days of said notice. f[ the assessment has not been paid at the end of said ninery (90)
days, the Board of Directors may declare said stock forfeited and order the same sold at
an auction to other shareholders of the Company for cash and to the highest and best
bidder. The Secretary of the Company shall mail notice of the sale to the shareholders,
and/or shall publish a notice stating the time and place of the sale of such stock once a
week for two (2) weeks in a newspaper published at or near Glenwood Springs, Colorado.
9
Any proceeds derived from the sale of such stock exceeding the amount of the delinquent
assessment and the costs and expenses incident to and occasioned by the sale of the stock
shalt be paid over to the delinquent shareholder.
5. In addition thereto, or in lieu thereof, the Board of Directors shall have the
authority to dispose of any of the Company's stock forfeited by a shareholder at such
price and on ru"l, tenns arrd conditions as the Board shall deern advisable. However, the
^goald
shall provide to the shareholders of the Company the right of first refusa1
concer:ring any sale or other disposition of stock as provided for in this section.
6. Irr addition to all of the above listed remedies, the Company may take such
actions as are allowed under Colorado law.
G. Interest on Delinquent Assessments. Interest at the rate of one and one-half
percelt (1.5%) per month (18% per annum), with a minimum charge of $20.00, shall be charged
o., ,ry annual assessrnents or on any special or other assessment not paid in full within thirty
(30) days after said assessment is due and payable. Interest charges shall be collected in the same
;;; as prescribed in these Bylaws for ihe non-payment of assessments levied against the
stock of the Cornpany. The Board shall have discletion to waive interest charges upon request by
a shareholder.
ARTICLE VI[.
DIRECTORS
A. Directors. The Company shall have aBoard of Directors consisting of not less
than three, but 1o nole than five shaleholders. Directors shall not be required to be residents of
the State of Colorado, but mustbe shareholders of the Company to setve, except for the
Secretary. For purposes of this futicle, "shareholders" may include members, employees, agents
or otheriepresentatives of an Entity Shareholder (as defined in Article VI'E. hereof). Directors
shall serve a term of one (1) year until the next annual meeting of shareholders and until their
successors are elected and qualified.
B. Vacancies. Any vacancy of any office shall be frlled by election upon ballot
taken by the Board at theil nexi meeting after the vacancy exists. Any vacancy in the
membeiship of t5e Board shall be frlled by the remaining mernbers thereof, provided those so
remaini:rg constitute a quorum. In the event the such remaining members shall not constitute a
quorum, such vacan"y ,frdt be filled by the stockholders at a special meeting to be called and
held for that purpose.
C. power of the Directors. The Board of Directors shall have control and general
management of the affairs, properly, and business of the Company and, subject to these Bylaws'
may Jdopt such rules *a i"g"l"tions for that purpose and for the conduct of its meetings as the
Board may deern proper. Sulh powers shall include, but not be iimited to, the following:
1. Appoint and remove the ofEcers of the Company specified herein;
10
2. Call special meetings of the shareholders whenever such meeting is
necessary in the manner and form herein provided;
3. Appoint and remove at pleasure all employees and agents of the Company,
prescribe their duiies, fix their compensation and, when they deern it necessary, require
security for the faithful performance of their duties;
4. Make rules and regulations not inconsistent with the laws of the State of
Colorado, the A-rticles of Incorporation of flre Cornpany and these Bylaws for the
operation and adrninistration of the Ditch System, for the guidance of the off,tcers, and for'
the management of the affails of tlre Cornpany;
5. Make assessments on the issued stock of the Company necessaly to catry
out the objects and purposes of the Company as expressed in the Articles of Incorporation
and these Bylaws;
6. Pulsue remedies against delinquent shareholders;
nl.
Company;
Approve any and all bills, payrolls, and items of expense against the
8. Ilcur such indebtedness as they may deern necessaly for carrying out the
objects and purposes of the Cornpany and authorize certain officers to execute any
documents necessary to incur such indebtedness;
9. Determine what compensation, if any, shall be paid to directors and
officers of the Cornpany; and
10. Require shareholders to install and rnaintain diversion devices approved
by the Board to diitribute and measule diversions from the Ditch to the shareholders. All
devices shall be constructed and maintained at the shareholders' expense, and the Board
shali have the power to order the shareholders to discontinue any and all diversion of
water from the Ditch System untii acceptable means of distributing and measuring water
from the Ditch have been installed. All such rneasurement and distribution devices shall
remain under the absolute control of the Company.
D. Duties of Board of Directors. The duties of the Board of Directors shall include,
but not be limited to, the following:
i. Keep and maintain a complete record of all rneetings and acts, and present
full statements at the regular annual meetings of the shareholders showing in detail the
assets and iiabilities of the Company and the condition of its affairs in general;
1l
2. Supervise all the acts of the officers and ernployees, require the Secretary
and Treasurel to keep fuIl and accurate books of account and prescribe the fbrm and
mode of keeping such books; and
3. Cause to be issued to the persons entitled thereto certificates of stock, not
exceeding the aggregate of the authorized capital stock of the Company.
E. Ratification of Board of Directors. No contract by any officer or director of the
Conpany shall be valid as against the Cornpany without the previous authorization or subsequent
ratification of the Board of Directors.
F. Presumption of Assent. A director of the Company who is present at a meeting
of the Board of Directors at which action of any corporate matter is talcen shall be presumed to
have assented to the action taken unless his or her dissent shall be entered in the minutes of the
meeting or unless the director shall file a written dissent to such action with the person acting as
the Secretary of the meeting before the adjournment thereof or shall forward such dissent by
registered mail to the Secretary of the Cornpany immediately after the adjoutnment of the
meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
G. Removal of Directors. Any director rnay be removed from office in fte rnanner
provided by law.
ARTICLE IX.
MEETINGS OB'DIRECTORS
A. Annual Meeting. The annual meeting of the Board of Directors shall be held
imruediately after and at the same place where the amrual meeting of the shareholders has been
held. The meeting will be held for the purpose of electing officers, appointing committees, and
for the transaction of auy other business as may properly come before the Board. No notice shall
be required for the arurual rneeting of the Board of Dilectols.
B. Special Board Meetings. Special meetings of the Board rnay be held at any time
or place, upon call by the Presiden! or upon refusal of the President, by any two members of the
Board. If the President is absent frorn flre County or unable to act for any other reason, the Vice-
President shall have the same authority as the President to cail a special meeting.
C. Notice of Meetings. Except for the annual rneeting of flre Board of Directors,
notice of the time and place of any meeting of the Board of Directors shall be given to all Board
mernbers, if the President should call such a meeting, at least one day's notice shall be given to
each member of the Board. Such notice shall be delivered eiflrer personally, by first class mail,
by facsimile, or by electronic rnail. If such meeting is cailed by any two members of the Board,
at least three days' notice shall be given to each member of the Board. Notice may be given in
either instance by first class mail or personally. Neither the business to be transacted at nor the
purpose of any regular or special meeting need be specified in the notice or waiver of the
12
meeting, except as provided in these Bylaws or in the Articles of Incorporation.
D. Quorum. At all meetings of the Board of Directors, a majority of the Board shall
constitute a quorum for the tra:rsaction of business. In the event there is not a quonim at any
meeting, those directors present may adjourn the meeting to an agreed upon date upon giving
notice to the absent directot's of such adjournment.
E. Voting. The act of the majority of the directors present when there is a quorum
shall be the act of the directors.
F. Action Without Meeting. Any action which might be taken at a meeting of the
Boar.d of Directors may be taken without a meeting if a consent in writing, setting forth the action
taken, is signed by all of the directors entitled to vote.
ARTICLE X.
OF'FICERS AND DUTIES
A. Officers. The officers of the Company shall consist of aPresident, aVice
Presider:1, a Secretary, and a Treasurer. They shalt be elected by the Board of Dilectors at its
annual meeting, and shall hold office for one (l) year or until their successors are elected and
qualified. The officers shall be members of the Boald of Directors. The offices of Secretary and
Treasurer may be combined.
B. President. The Plesident shall, subject to the direction and supervision of the
Board of Directors, be the chief executive officer of the Company and shall have general and
active control of its affairs and business and general supervision of its offlrcers, agents aud
enployees. The President shall report to the Board of Directors any negligence or misconduct of
any offircers, agents, and ernployees. The President shali preside at all rneetings of the
shareholders and the Board. The President shall have the authority to sign all contracts and other
instruments on behalf of the Cornpany, except as the authority may be restricted by resolutions of
tfte Board adopted from time to time. The President shall be responsible for ensuring that all of
the Ditch System is in adequate condition to carry water and that water is rurrning in the Ditch
during the irrigation season, unless an emetgency exists.
C. Vice President. The Vice President shall perform the duties of the President in
case of his absence or inability to act and shall perfonn such other duties as the Board shall
direct.
D. Secretara. The Secretary shall act as secretary of all shareholders'and directors'
meetings and shall preserve the minutes thereof. The Secretary shall maintain the stock ledger
book oithe Company, which ledger shall indicate the shares issued and transferred, the date of
13
all transactions, and the names and addresses of all shareholders. The Secretary shall issue, sigu,
and seal all certificates of stock, which certificates must also be signed by the President. The
Secretary shali submit a full report of the activities of his/her office to the shareholders at theit
annual meeting. The Secretary shall give written notice of all shareholders' and ditectors'
meetings as requiled by law or by the Board.
E. Treasurer. The Treasurer shall have custody of and shall collect all monies due
the Company and shall keep all corporate funds in an account or accounts of the Company in
FDlC-insured banking institutions as the Board of Directors may from time to tirne designate.
After the appropriate authorization by the Board as set forth herein, any accorurts of the Cornpany
shall be withdrawn to pay the Company's debts by check only, signed by any two (2) of the
corporate officers. The Treasurer shall keep acculate accounts of all financial transactions of the
Cornpany, shall submit a coruplete financial statement and report of the Company for the past
year', and shall keep the books available and open to inspection by all directors or shareholders at
their annual meeting, and to the dilectors as they shall require. The Treasurer shall show in full
a1l receipts and disbursements to the date thereof, and such other information of the Tteasurer's
office as the directors may require. If required by the Board, flre Treasurer shall give bond for
faithful discharge of his or her duties in such surn and with such surety or sureties as the Boald
shall determine.
ARTICLE XI.
INDEMNTF'ICATION
The Company shall indemniff, and may advance expenses to, its cun'ent and former
officers and directors, to the full extent permitted by Colorado law. The Company may
indemnify and advance expenses to an employee, fiduciary, or agent to the full extent perrnitted
by Colorado law.
ARTICLE XII.
I.IMITATION OF LIABILITY
A. Breach of Fiduciary Duty. The personal liability of a director to the Company ot
its shareholders for monetary damages for breach of fiduciary duty as a director is limited to the
full extent provided by Colorado law, except that the foregoing shall not eliminate or limit such
director's liability to the Cornpany or to its shareholders for monetary damages for the following:
(a) any breach of such director's duty of loyalty to the Company or to its shareholders, (b) any of
such director's acts or omission not in good faith or which invoive intentional misconduct or a
knowing violation of law, (c) acts specified in C.R.S, $ 7-128-403 or 7-128-501, as those
sections now exist or hereafter rnay be amended (regarding a director's assent to a distribution
made in violation of CR5. $ 7-133-101 or participation in the makilg of any loan by the
Company to any director or officer of the Company), or (d) any transaction from which such
director derived an improper personal benefit. If the Colorado Revised Nonprofit Corporation
Act hereafter is amended to authorize the further eiimination or limitation of the liability of
directors, then the liability of a director of the Company , in addition to the limitation on personal
t4
liability provided herein, shall be further eliminated or limited to the fullest extent pennitted by
the Colorado Revised Nonprofit Corporation Act. Any lepeal or modification of flris Article
shall be prospective only and shall not adversely affect any right or protection ofa director ofthe
Company existing at the tirne of such repeal or modification.
B. Obligations of Company. The directors, ofhcers, employees, and shareholders
of the Cornpany shall not, as such, be personally liable for its acts, debts, liabilities, or
obligations.
ARTICLE XIII.
INSURANCE
A. General Liabitity Insurance. The Cornpany shall at all times maintain
comprehensive general liability insurance in such amounts deemed sufficient in the judgment of
the Board of Directors to protect the Cornpany and its officers, directors, employees, fiduciaries,
agents and shareholders florrr liability relating to the ownership and operation of the Ditch
System and associated water rights, appurtenances, and easements, and the diversion and storage
of water in connection therewith. The Corapany shall make evely effort to obtain said insur-ance
from a company rated at least A+ in Best's Insurance Guide. To the extent insuance is available,
it shall cover the Company and its officers, directors, employees, fiducialies, agents, and
sharehoiders all as additional named insureds.
B. Director and Other. The Cornpany shall purchase and maintain insurance on
behalf of a pe$on who is or was a director, officer, employee, fiduciary or agent of flre Company,
against liabilify assefted against or incurred by the person in that capacity or arising from the
person's status as a director, officer, employee, fiduciary, or agent, whether or not the Company
would have the power to indermriff the person against the same liability under Colorado law.
The Cornpany shall make every effort to obtain said insurance fi'om a company rated at least A+
in Best's Insurance Guide.
ARTICLE XIV.
SIJPERINTENDENTiDITCITWALKER
A superintendent/ditchwalker may be hired by the Board of Directors. Said
superintendent/ditchwalker shall direct and control all labor and business pertaining to the
administration and operation of the Ditch System including the right to adjust the dividing boxes
ofthe respective shareholders to the end that each shareholder shall have and receive his or her
just proportion of the water caried in the ditch, subject to the direction and control of the Board,
who shall have the direct management of the Ditch System. If any shareholder should disagree
with the supervisor in rnaking any such adjustment, then the matter shall be refemed to a civil
engineer with knowledge of hydraulic engineering who shall make a final and conclusive
decision on the matter, subject to recourse to the courts. The costs for the services of such
engineer shall be borne equally by the corporation and the complaining shareholder. The
15
superintendent/ditchwalker shall distribute the water frorn the Ditch to all persons entitled to
leceive the same accolding to the Bylaws and rules and regulations of the Company, as certified
to him ftom time to tirne by the Secretary of the Company. The superintendent/ditchwalker shall
discharge all such other duties as may be fi'om time to time prescribed by the Board, and shall
make correct teturns to the Boar:d of all persons hired and employed, with a statement of the
wages, at such stated periods as may be prescribed by the rules of the Company or requested by
the Board. The superintendent/ditchwalker rnay be a rnember of the Board.
ARTICLE XV.
COMPENSATION
The Secretary and the Superintendent{Ditchwalker may receive such compensation for
their services as the Board of Dilectors shall determine. No other officer or director shall receive
any salary for his or her services, as such officer or director.
ARTICLE XVI.
DELIVERY OX'WATER
A. Persons Entitled to Water. Each share of stoclc shall entitle the holder to receive
water fiom the Company under the Articles of Incorporation, Bylaws, and such rules and
regulations as the Board of Directors may prescribe.
B. Water May Be Leased. Water may be leased and deliver:ed to third persons for
use on lands normally irrigated by the Company's water upon written notice to the Board by the
holders of the stock. Such notice shall be given to the Company at its principal place of business
and shall include a cornplete description of where the leased water will be delivered and used.
Prior written consent of the Board is requfued befole flre leased water will be delivered to the
Iessee, which consent shall not be unreasonably withheld. If modifications to the Ditch structure
and/or changes to the adrninistration of the Ditch system are deemed necessary, in the discretion
of the Board of Directors, in order to accommodate such lease (hereinafter "modifications and/or
changes"), the lessee sliall: (1) suburit detailed plans for the proposed ditch modifications and/or
changes necessary to accommodate such lease to the Board and request approval for the
modifications and/or changes; (2) reimbulse the reasonable costs incuned by the Company, up to
a total maximum payment of $3,000.00, for legal and engineering analysis which the Company
detetmines is necessary to evaluate the effect of the proposed ditch modifications and/or changes
on the Ditch System, the water rights associated with the System, flre Company or other
shareholders; (3) Ieave a sufficient share of water in the Ditch Systern to cover ditch losses
associated with the lease modifications andlor changes; and (4) perform the ditch modifications
and/or changes at the lessee's sole cost and expense. The said maximum payment of $3,000.00
shall be adjusted every five years in accordance with the formula described in Article VI Section
J.5 hereof.
The Company may condition consent to the lease upon the lessee's cornpliance
with limitations or conditions deemed reasonably necessaty by the Company to protect the Ditch
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System, the water rights associated with the System, the Company, or.other shar.eholders
C. Shareholder Notice of Reduced Diyersions. Except in emelgency situations,
shareholders shall notify the Board or supelintendenVditchwalker 48 hours in advance before
ceasing or reducing diversions fi'orn the Ditch. In case of an emergency, the shareholder shall
provide the Board or superintendent/ditchwalker notice that helshe has ceased or reduced
diversions within twenty-four (24) hours of doilg so in ordel to prevent an adverse irnpact to tlte
Ditch System, to other shareholders, or to third parties. Such notice is essential for management
and administration of the Ditch systeur.
D. Operation of Ditch System. The Board of Directors may adopt such rules and
regulations as may be helpful or necessily to provide for and aid in the adrninistration of the
Ditch Systern and distribution of water to the shareholders,
E. Difch Repair and Maintenance. The Cornpany's obligation to rrpair and maintain the
Ditch System is lirnited to repair and maintenance of the rnain line of the Glenwood Ditch.
F. Lateral Repair and Maintenance. The repair and maintenance of all laterals and
headgates to laterals shall be the responsibilify of individual shareholders using those laterals.
ARTICLE XVII.
ASSETS
A. Ownership of Assets. The Ditch System and all water rights and appurtenances
thereto, and all other property and assets of the Company, including without limitation the
Glenwood Ditch and associated easements and appurtenances, shall constitute the assets of the
Company and not of the Shaleholders, and the Shaleholders shall have no right to partition of
such assets.
B. Objections to Use. No shareholdel shall object to another shareholder's use of
water fi'orn the Ditch or other water to which such other shareholder is entitled by virtue of its
ownership of comrnon stock in the Cornpany.
ARTICLE XIII.
AMENDMENT OF BYLAWS
These Bylaws rnay be amended upon an affirmative vote of two+hirds (2/3) of the entire
Board.
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