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<br />,. it' <br /> <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from the <br />Colorado Water Conservation Board ("Lender") to Upper Yampa Water Conservancy District <br />("Owner") in the amount of $2,000,000 ("Loan") pursuant to Contract Encumbrance Number <br />C153778, ("Loan Contract"), Owner hereby assigns to the Lender the following: Certificate of <br />Deposit No. &YCfIP~'oo/ in the amount of $150,000 ("Collateral") issued by Norwest Bank <br />("Bank"). <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, <br />direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities, <br />obligations and covenants (cumulatively "Obligations") by Lender pursuant to 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. The Owner shall receive the interest on the Certificate of Deposit. <br /> <br />2. Owner shall deliver the original Certificat~~sit to Lender upon the execution of this <br />Assignment. This Assignment shall ~ lrM-en91r specifically terminates the security <br />interest in the Collateral in a writing sigT ~d<< ~ <br /> <br />3. Lender shall be entitled to. notify the ~ ~a~~er any monies from the Certificate of <br />Deposit owed by Owner in the eve'\..,\~ ~ult under the Obligations. The Lender shall <br />apply such monies first to costs assldlated with collection, including reasonable attorney's <br />fees, next to outstanding interest, and then to the principal sum of the Loan. In the event that <br />Owner possesses or receives possession of any instruments or other remittances with respect <br />to the Certificate of Deposit following the giving of such notification, Owner shall hold such <br />instruments and other remittances in trust 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 />4. 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 when due; (b) default in the payment or performance of any obligation, covenant, <br />agreement or liability contained or referred to in the Loan Contract; (c) the making of any levy, <br />seizure, or attachment on the Collateral; (d) the Owner becoming insolvent or unable to pay <br />debts as they mature. <br /> <br />5. Owner hereby appoints Lender as its attorney-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 />6. 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 #C153778 <br />