PROJC02148

• Contract/PO #: C153788
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Weld
• Loan Projects - Doc Type: Contract Documents

,~
ASSIGNMENT OF DEPOSIT ACCOUNT SECURITY
In consideration of and as security for a loan from the Colorado Water Conservation Board
("Secured Party") to The Greeley and Loveland Irrigation Company ("Debtor") in the amount of
$23,400.00 ("Loan") pursuant to Contract Encumbrance Number C153788 ("Loan Contract"),
Debtor hereby assigns, transfers and grants to Secured Party a security interest in the funds
contained in Deposit Account No.1005728~ a "Account") at the First National Bank of Greeley
("Bank"), hereinafter referred to as the Co`flateral. Debtor warrants that the Account has been
established as a special deposit with the funds deposited therein to be used solely for repayment
of the Loan to Secured Party.
The Collateral secures the payment and performance of all of Debtor's present and future,
direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities,
obligations and covenants (cumulatively "Obligations") under 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 fol t venants and conditions:
1. This Assignment is effective upon si ain in full force and effect until Secured
Party specifically terminates th 'ty ' est in the Collateral in writing. Secured Party is
not required to release this Assii t u n i aid in full.
2. Neither the Debtor nor an one else exce t ecur has an ri ht to withdraw any
Y ( p rtY) Y 9
funds from the account listed above until the Secured Parry releases this Assignment in
writing, except that, at Debtor's request, the Bank -shall electronically transfer the annual Loan
payment in the amount of $2,778.31 to Secured Party.
3. Debtor shall be in default under the Loan Contract for purposes of this Assignment upon the
occurrence of any of the following events or conditions: (a) failure or omission to make any
payment under the Loan Contract when due; (b) default in the payment or performance 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 Debtor becoming
insolvent or unable to pay debts as they mature. Secured Party shall give the Debtor written
notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of
such notice before Debtor shall be considered in default for purposes of this Assignment.
4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3
above, Secured Party shall be entitled to notify the .Bank to pay Secured Party the funds
contained in the Account. Secured Party shall apply such moneys first to costs associated
with collection, including, but not limited to, reasonable attorney's fees, next to outstanding
interest, and then to the principal sum of the Loan.
5. Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the Collateral or any
interest therein as long as this Assignment is in effect.
6. The modification or waiver of any of Debtor's obligations or Secured Party's rights under this
Assignment must be contained in a writing signed by Secured Party. A waiver on one
occasion shall not constitute a waiver on any other occasion.
7. The rights and remedies of the Secured Parry stated in this Assignment are in addition to any
other rights the Secured Party may have under the Loan Contract or any law.
8. This Assignment shall be binding upon Debtor and its successors, assigns, trustees, and
receivers.
APPENDIX G TO LOAN CONTRACT #C153788