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<br />tile"f",UJi ~SS~~~T :t~:~SIT ACCOUNT AS SECURITY
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<br />RECEIVED
<br />DEe 1 5 1997
<br />
<br />COJonldo Water
<br />Conservation Board
<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. SOSlJ7 ~/.d,~1
<br />(the uAccount") 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 l;oap 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 wiU remain in foil force and effect until
<br />Secured Party specifically terminates the security interest in the Collateral in writing.
<br />Secured Party is not r~qllired to release thO ssignment until the Loan is paid in fuU.
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<br />2. Neither the Debtor nor ~~ybne else ( x . P.arty) has any right to withdraw any
<br />funds from the account listed. lib Party releases this As~lgnment in
<br />writing, exceptthat,nat Debtor' sr :t,shaJlurelease"~theaRnual-boan.payment
<br />in the amount of $2,046.99 to Secured
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<br />3. Debtor shall be in default under ontract for purposes of this Assignment upon
<br />the occurrence of any of the foil g events or conditions: (a) failure or omission to
<br />make any payment under the Loan Contract when due; (b) default in the paym~nt 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.
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<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.
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<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.
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<br />6. The modification or waiver of any pf 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.
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<br />Appendix E to Loan Contract #C153767
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