LPPD000468

• Contract/PO #: C153747
• Contractor Name: Consolidated Extension Canal Company
• Contract Type: Loan
• Water District: 67
• County: Bent
• Loan Projects - Doc Type: Contract Documents

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 Consolidated Extension Canal Company
("Owner") in the amount of $229,430.90 ("Loan") pursuant to Contract Encumbrance Number
C153747, ("Loan Contract"), Owner hereby assigns to the Lender Certificate of Deposit No._
in the amount of $12,868.23 ("Collateral") issued by
("Bank"). Owner warrants that said Certificate of Deposit Account has been established as a
special deposit with the funds deposited therein to be used solely to secure repayment of the
Loan to Lender.

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 Certificatec"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 sig~edby

2. Lender shall be entitled to notify the Sa any monies owing Owner under the
Certificate of Deposit in the event of , Obligations. The Lender shall apply
such monies first to costs associated wi luding reasonable attorney's fees, next
to outstanding interest, and th to thep, h1 of the Loan. In the event that Owner
possesses' or. receives possess ny in ents or other remittances with respect to the
Certificate of, Deposi in .,~;!~tsucn'':7notification, Owner shall hold such
instruments" .and' anc in stf6?D.~nd~r apart from Owner's other property,
endorse the instrum d oth emittancesJd Lender; and immediately provide Lender
with possession of the ments and other remittances.~c ,;

3. The Ownetshall be in ult under this Assignmen{'~p()~jhe occurrence of any of the
following events,prcoh(jitions: (a) failure or omis~ionJ6~rftake any payment under the Loan
Contract when' due; . (b) default in the payment orperTormance 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. The Lender shall give the Owner written notice of any alleged default
and an opportunity to cure within thirty (30) days of receipt of such notice before the
BORROWER shall be considered in default for purposes of this Assignment.

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.

6. The rights and remedies of the Lender stated in this Assignment are in addition to any other
rights the Lender may have under the Loan Contract or any law.

Attachment C to Loan Contract C153747 Amendment No.1