C153719 Contract PIF - 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 Town of Johnstown acting by and through the Town of Johnstown Water Activity Enterprise ( "Owner ") in the amount of $1,948,932.60 ("Loan") pursuant to Contract Encumbrance Number C153719, as amended, ( "Loan Contract "), Owner hereby assigns to the Lender Certificate of Deposit No. 8500269 in the amount of $112,706.97 ( "Collateral ") issued by Union Colony Bank, Johnstown, Colorado ( "Bank "). Owner warrants that said Certificate of Deposit Account has been established as a special deposit with the funds deposited therein to be used solely to secure repayment of the Loan to Lender. 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 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. +� Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner under the Certificate of Deposit in the event QLa default under the Obligations. The Lender shall apply such monies first to costs assoqqMMLMith collection, including reasonable attorney's fees, next to outstanding interest, and te> e p ' ip I sum of the Loan. In the event that Owner possesses or receives p ;�T n ents or other remittances with respect to the Certificate of Deposit fo g ' of such notification, Owner shall hold such instruments and other r endorse the instruments with possession of the in: 3. The O'wr =r sha I be in Lender apart from Owner's other property, to Lender, and immediately provide Lender and other remittances. 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 Owner becoming insolvent or unable to pay debts as they mature. The Lender shall give the Owner written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER, shall be considered in default for purposes of this Assignment. 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. 5. The modification or waiver of any of Owner's obligations or Lender's rights ur Assignment must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion. 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. Exhibit C to Loan Contract C153719 Amendment No. 1