Laserfiche WebLink
<br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br />In consideration of and as security for reimbursement for monies owing under a loan from the <br />Colorado Water Conservation Board ("Lender") to the Silt Water Conservancy District Water <br />Activity Enterprise ("Owner") in the amount of up to $100,000.00 ("Loan") pursuant to Contract <br />Encumbrance Number C150030, ("Loan Contract"), Owner hereby assigns to the Lender <br />Certificate of Deposit No. o229oi62s2 in the amount of $5,783.01 ("Collateral") issued by <br />NORWEST BANK COLORADO. rt.A. ("Bank"). Owner warrants that said Certificate of <br />Deposit Account has been established as a special deposit with the funds deposited therein to be <br />used solely to secure repayment of the Loa~ to Lender. <br />The Collateral secures the payment and performance of all of Owner's present and future, direct <br />or indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations and <br />covenants (cumulatively "Obligations") by Lender pursuant to the Loan Contract described above <br />and any amendments thereto. This Assignment is made solely to secure performance of the <br />Obligations and is made subject to the following terms, covenants and conditions: <br />1. Owner shall deliver the original Certificate of Deposit to Lender upon the execution of this <br />Assignment. This Assignment shall continue until Lender specifically terminates the security <br />interest in the Collateral in a writing signed by Lender. <br />2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner under the <br />Certificate of Deposit in the event of a d f er the Obligations. The Lender shall apply <br />such monies first to costs associate ', including reasonable attorney's fees, next <br />to outstanding interest, and then to incipal su f the Loan. In the event that Owner <br />possesses or receives possession of n' t r ther remittances with respect to tF~e <br />Certificate of Deposit followin t gi notification, Owner shall hold such <br />instruments and other remittan in trust for Lender 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 />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 when due; (b) default in the payment or performance of any obligation, covenant, <br />agreement or liability contained or referred to in the Loan Contract; (c) the making of any levy, <br />seizure, or attachment on the Collateral; (d) the Owner becoming insolvent or unable to pay <br />debts as they mature. The Lender shall give the Owner written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the <br />BoRROwER shall be considered in default for purposes of this Assignment. <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 Deposit. <br />This power of attorney is coupled with an interest and is irrevocable. <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 />6. The rights and remedies of the Lender stated in this Assignment are in addition to any other <br />rights the Lender may have under the Loan Contract or any law. <br />Appendix E to Loan Contract C150030 <br />