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<br />i <br />i <br /> <br /> <br />,.1/it'..,., <br />~"cc,. <br /> <br /> <br />ASSI~MENT OF DEPOSIT ACCOUNT AS SECURITY <br /> <br />RECEIVED <br />DEe 1 5 1997 <br /> <br />Colorado Watef <br />Conservation Beare' <br /> <br />In consideration of and as security for a loan from the Colorado Water Conservation <br />Board ("Secured Party") to the River Oaks On The Roaring Fork Property Owners Association, <br />Inc. ("Debtor") in the amount of $16,000 ("Loan") pursuant to Contract Encumbrance <br />Number C153767, ("Loan Contract"), Debtor hereby assigns, transfers and grants to <br />Secured Party a security interest in the funds contained in Deposit Account No. S05lJ7 ~/.d,~j <br />(the "Account") at the Alpine Bank in Basalt, Colorado ("Bank"), hereinafter referred to as the <br />Collateral. Debtor warrants that the Account has been established as a special deposit with <br />the funds deposited therein to be used solely for repayment of the Loan to Secured Party. <br /> <br />The Collateral secures the payment and performance of all of Debtor's present and <br />future, direct or indirect, absolute and contingent, express and implied, indebtedness, <br />liabilities, obligations and covenants (cumulatively "Obligations") under the Loan Contract <br />described above and any amendments thereto. This Assignment is made solely to secure <br />performance of the Obligations and is made subject to the following terms, covenants and <br />conditions: <br /> <br />1. This Assignment is effective upon signing and will remain in full force and effect until <br />Secured Party specifically terminates the security interest in the Collateral in writing. <br />Secured Party is not. requ." ir:d to release t~ssignment until the Loan is paid in fun. <br /> <br />2. Neither the Debtor nor anyone else (~~Ye~ur. Rarty) has any right to withdraw any <br />funds from the account listedab~' ~h e .. Ct Party releases this Assignment in <br />writing, except that, at Debtor' s r~ st, .. .. .... shalll'elease the af!nual boan payment <br />in the amount of $2,046.99 to Secured . <br /> <br />3. Debtor shall be in default under t~ ontract for purposes of this Assignment upon <br />the occurrence of any of the fo~).;g. events or conditions: (a) failure or omission to <br />make any payment under the Loan Contract when due; (b) default in the payment or <br />performance of any obligation, covenant, agreement or liability contained or referred to in <br />the loan Contract; (c) the making of any levy, seizure, or attachment on the Collateral; (d) <br />the Debtor becoming insolvent or unable to pay debts as they mature. Secured Party shall <br />give the Debtor written notice of any alleged default and an opportunity to cure within <br />thirty (30) days of receipt of such notice before Debtor shall be considered in default for <br />purposes of this Assignment. <br /> <br />4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3 <br />above, Secured Party shall be entitled to notify the Bank to pay Secured Party the funds <br />contained in the Account. Secured Party shall apply such moneys first to costs <br />associated with collection, including, but not limited to, reasonable attorney's fees, next <br />to outstanding interest, and then to the principal sum of the Loan. <br /> <br />5. Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the Collateral or <br />any interest therein as long as this Assignment is in effect. <br /> <br />6. The modification or waiver of any of Debtor's obligations or Secured Party's rights under <br />this Assignment must be contained in a writing signed by Secured Party. A waiver on <br />one occasion shall not constitute a waiver on any other occasion. <br /> <br />Appendix E to Loan Contract #C153767 <br /> <br />~ <br />