C153746 PIF Contract - Laserfiche WebLink

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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 the Mancos Water Conservancy District Water Activity Enterprise in the amount of $62,500 ( "Loan ") pursuant to Contract Encumbrance Number C153746, ( "Loan Contract /Promissory Note "), the Mancos Water Conservancy District Water Activity Enterprise ( "Owner ") hereby assigns to the Lender the following Certificate of Deposit and all principal, interest and other proceeds therefrom (cumulatively "Collateral"): Certificate of Deposit No. 17606 in the amount of $4,397.57 issued by Mancos Valley Bank( "Bank ") and maturing on 12 -11 -2001 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 /Promissory Note 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 Certificate 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 signed by Lender. 2. Lender ,shall be entitled to notify:t ay Lender any monies owing Owner under the Certificate of Deposit in the ault under the Obligations. The Lender shall apply such monies first to- cos ociat collection, including reasonable attorney's fees, .nextto. outstanding inters t e principal` sum of the Loan: In rp. - the -event that Owner possesses Lei ssion of any instruments or other remittances with respect to the a of Deposit following the giving of such notification, Owner shall hold such instruments and other remittances in trust for Lender apart from Owner's other property, endorse the instruments and other remittances to Lender, and immediately provide Lender with possession of the instruments and other remittances. 3. 1, 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 payment under the Loan. Contract /Promissory Note when due; (b) default in the payment or performance of any obligation,, covenant, agreement or liability contained or referred to in the Loan Contract /Promissory Note; (c) the making of any levy, seizure, or attachment on the Collateral; (d) the Owner or the Mancos Water Conservancy District becoming insolvent or unable to pay debts as they mature. 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. Appendix C to Contract #C 153746.