C150044 Paid in Full Contract

• Contract/PO #: C150044
• Contractor Name: Riverside Reservoir & Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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ASSIGNMENT OF CERTIFICATE OF DEPOSIT
In consideration of and as security for reimbursement for monies owing under a loan ("Loan")
from the Colorado Water Conservation Board ("Lender") to the Riverside Reservoir and Land
Company ("Owner") pursuant to Contract Encumbrance Number C150044, ("Loan Contract"),
Owner hereby assigns to the Lender Certificate of Deposit No. 27377 in the amount
of $23,421.19 ("Collateral") issued by Farmers State Bank of Fort Morgan ("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 s• i t• s-cure performance of
the Obligations and is made subject to the following terms, coven. . • n; A s:
1. Owner shall deliver the original Certificate of Deposit tc der upo • 7 ecution of this
Assignment. This Assignment shall continue until Len•, r ifi -rminates 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 • • '! -r under the
Certificate of Deposit in the event of a default under the Obligations. The Len•er shall apply
such monies first to costs associated with collection, including reasonable attorney's fees,
next to outstanding interest, and then to the principal sum of the Loan. In the event that
Owner possesses or receives possession of any instruments or other remittances with
respect to the Certificate 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. 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 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.
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.
5. The modification or waiver of any of Owner's obligations or Lender's rights 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.
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.
7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and
receivers.
Appendix 4 to Loan Contract C150044