Laserfiche WebLink
<br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from <br />the Colorado Water Conservation Board ("Lender") to The Consolidated Extension Canal <br />Company ("Owner") in the amount of $300,000 ("Loan") pursuant to Contract Encumbrance <br />Number C153747, ("Loan Contract/Promissory Note"), Owner hereby assigns to the Lender the <br />following Certificate of Deposit and all principal, Qnterest and other proceedS] therefrom <br />(cumulath(ely"Collateral"): Certificate of Deposit No. 2J-} i ~5 in the amount of <br />$16,826.29 issued by the First National Bank of Las Animas("Bank") and maturing on~. u~ <br />z. I. I !1cr'1 . <br />/ <br /> <br /> <br />The Collateral secures theipaymentand performance of all of Owner's present and future, <br />direct or indirect, absolute and. contingent, express and imp!" indebtedness, liabilities, <br />obligations and covenants (cuml.llatively"! "Obligations") by rsuant to the Loan <br />Contract/Promissory Note descnbedabove..and any amend This Assignment is <br />made solely to secure performance of the Obligations an 1ect to the following <br />terms, covenants and conditions: ", <br /> <br /> <br /> <br />" . on the execution of this <br />lIy terminates the security <br /> <br />'. .: ~ < ... <br /> <br />1. Owner shall deliver the original Certifi2ate' of Deposit to l <br />Assignment. This Assignment shall continUE} uoti! Lender spe <br />interest in the Collateral in a writing signed by Len <br /> <br />2. Lender shall be entitled to notify the Bank to end' any monies owing Owner under the <br />Certificate of Deposit in the event of a defa the igations. The Lender shall apply <br />such monies first to costs associated w' n,including reasonable attorney's fees, <br />next to outstanding interest, and then to th . sum of the Loan. In the event that <br />Owner possesses or receives possession of struments or other remittances with <br />respect to the Certificate of Deposit following the gi g of such notification, Owner shall hold <br />such instruments and. other remittances in trust for Lende~ 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 />3. 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/Promissory Note when due; (b) default in the payment or performance of any <br />obligation, covenant, agreement or liability contained or referred to in the Loan <br />Contract/Promissory Note; (c) the making of any levy, seizure, or attachment on the <br />Collateral; (d) the Owner becoming insolvent or unable to pay debts as they mature. <br /> <br />4. 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 <br />Deposit. This power of attorney is coupled with an interest and is irrevocable. <br /> <br />5. 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 #C153747 <br />