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ASSIGNMENT OF CERTIFICATE OF DEPOSIT In consideration of and as security for reimbursement for monies owing under a loan from the Colorado Water Conservation Board ("Lender") to River Oaks On The Roaring Fork Property Owners Association, Inc. ("Owner") in the amount of $16,000 ("Loan") pursuant to Contract Encumbrance Number C153767, ("Loan Contract"), Owner hereby assigns to the Lender the following Certificate of Deposit ("Collateral"): Certificate of Deposit No. S-8-t? ~S :5 " in the amount of $2,046.99 issued by the Alpine Bank in Basalt, Colorado ("Bank"). The Collateral secures the payment and performance of all of Owner's present and future, direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations and covenants (cumulatively "Obligations") by Lender pursuant to the Loan Contract described above and any amendments thereto. This Assignment is made solely to secure performance of the Obligations and is made subject to the following terms, covenants and conditions: 1. Owner shall deliver the original Certificate of Deposit to Lender upon the execution of this Assignment. This Assignment shall continue until Lender specifically terminates the security interest in the Collateral in a writing signed by Lender. 2. Lender shall be entitled to notify the ay Lender any monies owing Owner under the Certificate of Deposit in the t ~ult der the Obligations. The Lender shall apply such monies first to costs alate . c ion, including reasonable attorney's fees, next to outstanding interest, and ~. ... principal sum of the Loan. In the event that Owner possesses or receiv~sSlSion of any instruments or other remittances with respect to the Certificate of Def\.~f'~lIowing the giving of such notification, Owner shall hold such instruments and other remittances in trust for Lender apart from Owner's other property, endorse the instruments and other remittances to Lender, and immediately provide Lender with possession of the instruments and other remittances. 3. The Owner shall be in default under this Assignment upon the occurrence of any of the following events or conditions: (a) failure or omission to make any payment under the Loan Contract when due; (b) default in the payment or performance of any obligation, covenant, agreement or liability contained or referred to in the Loan Contract; (c) the making of any levy, seizure, or attachment on the Collateral; (d) the Owner becoming insolvent or unable to pay debts as they mature. 4. Owner hereby appoints Lender as its attorney-in-fact to endorse Owner's name on all instruments and other remittances payable to Owner with respect to the Certificate of Deposit. This power of attorney is coupled with an interest and is irrevocable. 5. The modification or waiver of any of Owner's obligations or Lender's rights under this Assignment must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion. Appendix C to Loan Contract #C153767