C153769 Paid in Full Contract

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

, ASSIG MENT OF DEPOSIT ACCOUNT AS SECURITY
In consideration of -nd as security for a loan from the Colorado Water Conservation Board
("Secured Party") to The Agricultural Ditch and Reservoir Company ("Debtor") in the amount of
$300,000.00 ("Loan") pars ant to Contract Encumbrance Number C153769 ("Loan Contract"), Debtor
hereby assigns, transfers and gr��is to Secured Party a securW interelt i th f n ._�tarn d in
Deposit Account No. ,�/,� 60 7b 2- (the"Account")at the / ,r,. - is �, n/,
("Bank"), hereinafter referr=:d to as the Collateral. Debtor warrants that the Account has been established
as a special deposit with he funds deposited therein to be used solely for repayment of the Loan to
Secured Party.
The Collateral sec re. the payment and performance of all of Debtor's present and future, direct or
indirect, absolute and Iconli gent, express and implied, indebtedness, liabilities, obligations and covenants
(cumulatively"Obligations* under the Loan Contract described above and any amendments thereto. This
Assignment is made solel ',to secure performance of the Obligations and is made subject to the following
terms, covenants and con•itions:
1. This Assignments eff active,upon signing and will remain in full force and effect until Secured Party
specifically termin tes I e security interest in the Collateral in writing. Seeured Party is not required to
release this Assig me until the Loan is paid in full.
2. Neither the Debt no =nyohe else (except Secured Party) has any right to withdraw any funds from
the account listed abd le until the Secured Party releases this Assignment in writing, except that, at
Debtor's request,I the! ,.ank shall allow the transfer of the annual Loafl payment in the amount of
$20,075.08 to Secy,r=•I Party.
3. Debtor shall be in d, ault under the Loan Contract for purposes of this Assignment upon the
occurrence of any of a following events or conditions: (a) failure or omission to make any payment
under the Loan eont le
when due; (b) default in the payment'or performance of any obligation,
covenant, agree ent Jr liability contained or referred to in the Loan Contract; (c) the making of any
levy, seizure, oratta. ment on the Collateral; (d) the Debtor becoming insolvent or unable to pay
debts as they matu.ea Secured Party shall give the Debtor writt notice of any alleged default and
an opportunity tc cu : within thirty (30) days of receipt of s Cb!T • is b f re Debtor shall be
considered in default •r purposes of this Assignment. • .t ;, ;�
4,
4. Upon or at any time =fter a default under the Loan Cc P t describe aragraph 3 above,
Secured Party shall • . entitled to notify the Bank to pt ed unds contained in the
Account. Secured Pa shall apply such moneys first to cos as ' i _ d Nction, including,
but not limited to, re--onable attorney's fees, next to outstanding ?i er �$h o the principal
sum of the Loan.
5. Debtor shall not sell,; transfer, assign, give, or otherwise dispose of any of the Collateral or any
interest therein a$ Ion as this Assignment is in effect.
6. The modification or aiver of any of Debtor's obligations or Secured Party's rights under this
Assignment mus be •1,ntairhed in a writing signed by Secured Party. A waiver on one occasion shall
not constitute a aive on any other occasion.
7. The rights and rime. -s of the Secured Party stated in this Assignment are in addition to any other
r
A 0 perndix 8 to Loan Contract C153769
1
i
f