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<br />. <br /> <br />~PAID <br /> <br />RECEIVED <br />FEB 1 3 1997 <br /> <br />IN FULESIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from <br />the Colorado Water Conservation Board ("Lender") to DeWeese-Dye Ditch and Reservoir <br />Company in the amount of $17,450 ("Loan") pursuant to Contract Encumbrance Number <br />C153749, ("Loan Contract/Promissory Note"), DeWeese-Dye Ditch and Reservoir Company <br />("Owner") hereby assigns to the Lender the following Certificate of Deposit and all principal and <br />other proceeds therefrom (cumulatively "Collateral"): Certificate of Deposit No.:Z1D -~;1. 716--in the <br />amount of $_2J071.86 issued by the First National Bank of Canon City ("Bank") and maturing on _ <br />,52- 6"- 'Ill'. <br /> <br />Colorado Walar <br />Conservation Board <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, <br />direct or indirect, absolute.. ahdcol1tingent, express and implied, indebtedness, liabiftlies, <br />obligations and covenants (cumulatively "Obligations") by Lender pursuant to the Loan <br />ContractlPromissory Note described above and any amendments thereto. This Assignment is <br />made solely to secure performance of the Obligations and is made subject to the following terms, <br />covenants and conditions: <br /> <br />1. Owner shall deliver the original CertifiCate of Deposit to Lender upon the execution of this <br />Assignment. This Assignment shall continue until Lender specifically terminates the security <br />interest in the Collateral in a writing signed by Lender. <br /> <br />2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner under the <br />GertifiamnlfUepbsifirnheevenfofaae1aoll under the Obngations:unThe . Lender -shaUapply <br />such monies first to costs associated with collection, including reasonable attomey's fees, next <br />to outstanding interest, and then to the principal sum of the Loan. In the event that Owner <br />possesses or receives possession of any instruments'or other remittances with respect to the <br />Certificate of Deposit following the giving of such notification, Owner shall hold such <br />instruments and other remittances intrust for Lender apart' from Owner's other property, <br />endorse the instruments and other remittances to Lender, and immediately provide Lender <br />with possession of the instruments and other remittances. <br /> <br />3. The Owner shall be in default under this Assignment upon the occurrence of any of the <br />following events or conditions: (a) failure or omission to make any payment under the Loan <br />Contract/Promissory Note when due; (b) default in the payment or performance of any <br />obligation, covenant, agreement or liability contained or referred to in the Loan <br />Contract/Promissory Note; (c) the making of any levy, seizure, or attachment on the Collateral; <br />(d) the Owner becoming insolvent or unable to pay debts as they mature. <br /> <br />4. Owner hereby appoints Lender as its attomey-in-fact to endorse Owner's name on all <br />instruments and other remittances payable to Owner with respect to the Certificate of.Deposit. <br />This power of attorney is coupled with an interest and is irrevocable. <br /> <br />5. The modification or waiver of any of Owner's obligations or Lender's rights under this <br />Assignment must be contained in a writing signed by Lender. A waiver on one occasion shall <br />not constitute a waiver on any other occasion. <br /> <br />Appendix C to Contract #C 1 53749 <br />