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<br />~~ ~, <br /> <br />659317 07/28/2003-11:15A 8947 P373 ASN <br />1 0' 16 R 81.00 D 0.00 N 0.00 LOlan County CO <br /> <br />CONDITIONAL ASSIGNMENT OF EASEMENTS <br /> <br />In consideration of and as security to assure repayment of monies owing under a loan <br />from the Colorado Water Conservation Board ("Assignee") in the amount of up to <br />$161,347.50 ("Loan"), made pursuant to Contract Number C150133 dated July 15, 2003 <br />(Loan Contract), and Promissory Note dated July 15, 2003 (Promissory Note), the Low Line <br />Ditch Company ("Assignor") hereby conditionally assigns and transfers to the Assignee, for <br />its use and benefit, all of the Assignor's right, title and interest in and to the following <br />easements, collectively referred to herein as "Easements": <br /> <br />A. An easement conveyed to Assignor by James E. Corbin and E. Rose Corbin <br />(Owners) recorded with the Logan County Clerk and Recorder on April 22, 2003 at <br />Book 945, Page 559, upon property and for uses as described in the easement <br />conveyance document attached hereto as Attachment 1 and incorporated herein. <br /> <br />B. An easement conveyed to Assignor by Dickinson Livestock Company (Owner) <br />recorded with the Logan County Clerk and Recorder on April 22, 2003 at Book 945, <br />Page 560, upon property and for uses as described in the easement conveyance <br />document attached hereto as Attachment 2 and incorporated herein. <br /> <br />C. An easement conveyed to Assignor by Steven J. Kaiser and Michelle N. Kaiser <br />(Owners) recorded with the Logan County Clerk and Recorder on April 22, 2003 at <br />Book 945, Page 561, upon property and for uses as described in the easement <br />conveyance document attached hereto as Attachment 3 and incorporated herein. <br /> <br />D. An easement conveyed to Assignor by Donald Schell and Kristie M. Schell, Richard <br />F. Schell and Judith K. Schell, and Jerome H. Schell and Rose Marie Schell (Owners) <br />recorded with the Logan County Clerk and Recorder on April 22, 2003 at Book 945, <br />Page 562, upon property and for uses as described in the easement conveyance <br />document attached hereto as Attachment 4 and incorporated herein. <br /> <br />The owners of the property subject to the Easements are collectively referred to herein as <br />"Owners." This Assignment is made to secure repayment of the Loan and is made subject <br />to the following terms, covenants and conditions: <br /> <br />1. This assignment shall take effect only if and when the Assignor is considered in default <br />under the terms of the Loan Agreement or Promissory Note, and in that. event the <br />Assignment will remain in full force and effect until the Assignee releases it in writing. In <br />the event the Assignment becomes effective, the Assignee shall release this Assignment <br />when the Loan is paid in full. <br /> <br />2. The Assignor shall be considered in default under the Loan Contract or Promissory Note <br />for purposes of this Assignment upon the occurrence of any of the following events or <br />conditi.ons:. (a) failure or omission to make any payment under the Promissory Note <br />when due; (b) default in the payment or performance of any obligation, covenant, or <br />agreement contained in the Loan Agreement or the Promissory Note; or (3) the Assignor <br />becoming insolvent or unable to pay debts as they mature. The Assignee shall give the <br />Assignor written notice of any alleged default and an opportunity to cure within'thirty (30) <br />days of receive of such notice before Assignor shall be considered in default for <br /> <br />Appendix Sa to Loan Contract C150133 <br />