PROJ01948 ‎(3)‎

• Contract/PO #: C153794
• Contractor Name: Colorado Water Protective and Development Association
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Contract Documents

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ASSIGNMENT OF CERTIFICATE OF DEPOSIT I
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In consideration of and as security for reimbursement for monies owing under a Joan
fl'Om the Colorado Water Conservation Board ("Lender") to Colorado Wat~r Protective &
Development Association ("Owner") in the amount of $60,000 ("Loan") pursJant to Contract
Encumbrance Number C153794, ("Loan Contract"), Owner hereby assign~ to the Lender
Certificate of Deposit No. in the amount of $7,397.46 ("Collateral")
issued by ("Bank"). I

The Collateral secures the payment and performance of all of Owners present and
future, direct or indirect, absolute and contingent, express and implied, I indebtedness,
.liabilities, obligations and covenants (cumulatively "Obligations") by Lender wursuanttothe
Loaf) Contract described above and any amendments thereto. This Assig~ment is made
solely to secure performance of the Obligations and is made subject to the following terms,
covenants and conditions: " I

1. Owner shall deliver the original Certificate of Deposit to Lender upon the execution of this
Assignment. This Assignment shall continue until Lender specifically Iterminates the
security interest in the Collateral in a writing signed by Lender.

2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner under
the Certificate of Deposit in the event of a default under the Obligation$. The Lender
shall apply such monies first to costs associated with collection,. including reasonable
attomey's fees, next to outstanding interest, and then to the principal sum bf the Loan. In
the event that Owner possesses or receives possession of any instrurhents or other'
remittances with respect to the Certificate of Deposit following the giving of such
notification, Owner shall hold such instrLiments and other remittances in trust for Lender
apart from Owner's other property, endorse the instruments and other Iremittances to
Lender, and immediately provide Lender with possession of the instruments and other
remittances. I

3. The Owner shall be in default under this Assignment upon the occurrence of any of the
following events or conditions: (a) failure or omission to make any pay~ent under the
Loan Contract when due; (b) default in the payment or perforrnance of any obligation,
covenant, agreement .or liability contained or referred to in'the Loan C~ntract; (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. J

4,. Owner hereby appoints Lender as its attorney-in-fact to endorse Owne IS name on all
instruments and other remittances payable to Owner with respect to the Certificate of
Deposit. This power of attomey is coupled with an interest and is 'irrevocable.

5" The modification or waiver of any of Owner's obligations or Lender's riJhts 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. . I

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. I ' .

7.. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and
receivers. I I

8. This Assignment shall be construed in accordance with the laws of the Sta~e of Colorado.

Appendix E to Loan Contract C153794