Laserfiche WebLink
<br />.~ <br /> <br />ASSIGNMENT OF DEPOSIT ACCOUNT AS SECURITY <br /> <br />In consideration of and as security for a loan ("Loan") from the Colorado Water Conservation <br />Board ("Secured Party") to the Columbine Ranches Property Owners' Association ("Debtor") <br />pursuant to Contract Encumbrance Number C150010, ("Loan Contract"), Debtor hereby assigns, <br />transfers and grants to Secured Party a secu~w. 9"1terest In the. funds con~ined in Deposit Account ::57'""t"etJ'b41 <br />No. .Ifo;2 CJ 3' 2?:'fC'Accounf') at Jst ~ T.. &.lIk tJY S"7ra ;'-<,,~arrk"), hereinafter referred <br />to as the Collateral. Debtor warrants that the Account has been established as a special deposit <br />with the funds deposited therein to be used solely for repayment of the Loan to Secured Party. <br /> <br />The Collateral secures the payment and performance of all of Debtor's present and future, direct <br />or indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations and <br />covenants (cumulatively "0 gations") under the Loan Contract described above and any <br />amendments thereto. This A ign nt is made solely to secure performance of the Obiigations <br />and is made subject to the fo; n9 terms, covenants and conditions: <br /> <br />1. This Assignment is effective upon sig 9 an will remain in full force and effect until Secured <br />Party specifically terminates the secu . ty inter t in the Collateral in writing. Secured Party is <br />not required to release this Assignmen f e Loa~is 'd in full. <br /> <br />2. Neither the Debtor nor anyone else (except Secure arty) has any right to withdraw any <br />funds from the Account until the Secured Party re ses this A ent in writing, except <br />that, at Debtor's request, the Bank shall allow transfers of fu fr the Account to the <br />Secured Party. <br /> <br />3. Debtor shall be in default under the Loan Contract for purposes of this Assignment upon the <br />occurrence of any of the following events or conditions: (a) failure or omission to make any <br />payment under the Loan Contract when due; (b) default in the payment or performance of any <br />obligation, covenant, agreement or liability contained or referred to in the Loan Contract; (c) <br />the making of any levy, seizure, or attachment on the Collateral; (d) the Debtor becoming <br />insolvent or unable to pay debts as they mature. Secured Party shall give the Debtor written <br />notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of <br />such notice before Debtor shall be considered in default for purposes of this Assignment. <br /> <br />4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3 <br />above, Secured Party shall be entitled to notify the Bank to pay Secured Party the funds <br />contained in the Account. Secured Party shall appiy such moneys first to costs associated <br />with collection, including, but not limited to, reasonable attorney's fees, next to late charges, if <br />any, then to outstanding interest,.and then to the principal sum of the Loan. <br /> <br />5. Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the Collateral or any <br />interest therein as long as this Assignment is in effect. <br /> <br />6. The modification or waiver of any of Debtor's obligations or Secured Party's rights under this <br />Assignment must be contained in a writing signed by Secured Party. A waiver on one <br />occasion shall not constitute a waiver on any other occasion. <br /> <br />7. The rights and remedies of the Secured Party stated in this Assignment are in addition to any <br />other rights the Secured Party may have under the Loan Contract or any law. <br /> <br /> <br />Appendix E to Loan Contract C15001 0 <br />