C150048 Paid in Full Contract

• Contract/PO #: C150048
• Contractor Name: Plumb and Dailey Ditch 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 from
the Colorado Water Conservation Board ("Lender") to Plumb anclefkiiilgiy Ditch. Company
("Owner") in the amount of up to $42,000 ("Loan") pursuant to .G'or�trtict>� brance
Number C150048, ("Loan Contract"), Owner hereby assigns to er#dr x cate of
Deposit No. CD # 31463 in the amount of $ - "Collater'd ued by
FIRST NATIONAL BANK Or LONCMONT ("Bank"). Owner warn,:0T4 t ificate of
Deposit Account has been established as a special deposit with the bkifl +de . :1 e i '' erein
to be used solely to secure repayment of the Loan to Lender. 'y
The Collateral secures the payment and performance of all of Owner's present :nd future,
direct or indirect, absolute and contingent, express and implied, indebtedness liabilities,
obligations and covenants (cumulatively "Obligations") by Lender pursuant t• the Loan
Contract described above and any amendments thereto. This Assignment is ma.e 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 exec tion of this
Assignment. This Assignment shall continue until Lender specifically ter hates 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 owing 0 ner under
the Certificate of Deposit in the event of a default under the Obligations. he Lender
shall apply such monies first to costs associated with collection, including easonable
attorney's fees, next to outstanding interest, and then to the principal sum of th- Loan. In
the event that Owner possesses or receives possession of any instrumen s or other
remittances with respect to the Certificate of Deposit following the givin• 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 re ttances 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 Contr. ct; (c) the
making of any levy, seizure, or attachment on the Collateral; (d) the Owne becoming
insolvent or unable to pay debts as they mature. The Lender shall give he Owner
written notice of any alleged default and an opportunity to cure within thirty ( 0) days of
receipt of such notice before the BORROWER shall be considered in default fo purposes
of this Assignment.
4. Owner hereby appoints Lender as its attorney-in-fact to endorse Owner's n:me on all
instruments and other remittances payable to Owner with respect to the C rtificate 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 he contained in a writing signed by Lender. A waiver on o ; occasion
shall not constitute a waiver on any other occasion.
Appendix 3 to Loan Contract C150048