C153769 Paid in Full Contract

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

04/26/00 10:54 $`303 866 4474 CCB IJ002
ASSfG MENT OF DEPOSIT ACCOUNT AS SECURITY
In consideration of •nd as security for a loan from the Colorado Water Conservation Board
("Secured Party") to Agricultural Ditch and Reservoir Company ("Debtor) in the amount of
$300,000.00 ("Loan") pu = ant to Contract Encumbrance Number C153769 ("Loan Contract"), Debtor
hereby assigns, transfers and grants to Secured Party a secun,�' interest in the funds contained in
Deposit Account No.J Ly 44(10-411 y (the"Account")at the TA S AN& oF' LAteEwOoD
("Bank"), hereinafter re :+ to as the Collateral. Debtor warrants that the Account has been established
as a special deposit With ' e funds deposited therein to be used solely for repayment of the Loan to 7
Secured Party.
The Collateral secu = the payment and performance of all of Debtors present and future, direct or
indirect,absolute and con gent,express and implied, indebtedness,liabilities, obligations and covenants
(cumulatively"Ob .1 under the Loan Contract described above and any amendments thereto. This
Assignment is made sol- !Ito secure performance of the Obligations and is made,subject to the following
terms,covenants and •• •i ,• s:
1. This Assignment Is eI lye;upon signing and will remain in full force and a�ect until Secured party
specifically tem latesi! security interest in the Collateral in writing. Secured Party is not required to
release this Assign 1 until the Loan is paid in full.
2. Neither the Debtor •1-mione else(except Secured Party)has any right to Withdraw any funds from
the account listed a•• e until the Secured Party releases this Assignment in writing, except that, at
Debtor's request! the 1 -nk shall allow the transfer of the annual Loan payment in the amount of
$20.075.08 to -.:-F = Party.
3. Debtor shall be in . 1, -ult under the Loan Contract for purposes of this Assignment upon the
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orrence of ah, mf following events or conditions: (a)failure or omission to make any payment
Loan under the • .1'. when due; (b) default in the payment or performance of any obligation,
covenant, agre�ement, r liability contained or referred to in the Loan Contract; (c)the making of any
levy. seizure, or - r • -nt 1 on the Collateral; (d) the Debtor becoming insolvent or unable to pay
debts as they e.Il Secured Party shall give the Debtor written notice of any alleged default and
are opportunity : ij within thirty (30) days of receipt of such notice before Debtor. shall be
considered in de ult :I purposes of this Assignment.
4. Upon or at any time er al default under the Loan Contract as described in Paragraph 3 above,
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Secured Party shag ., entitled to notify the Bank to pay Secured Party the'funds contained in the
Account. Secured P P.7 shall apply such moneys first to costs associated with collection, including,
tut nc 'imlted to,re... nstice attorney's fees, next to outstanding interest. and then to the principal
sum of the Loan. I
5. Debtor shad not sell, -nsff r, assign, give, or otherwise dispose of any Of the Collateral or any
interest therein a Ion as this Assignment is in effect.
6. The nodi or -� - i of any of Debtor's obligations or Secured Party's rights under this
Assignment mm be .:!, tamed in a writing signed by Secured Party. A waiver on one occasion shall
not constitute a 8.14/-1•n any other occasion. '
nd
7. The rights and '• of the Secured Party stated in this Assignment are,in addition to any other
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• ' ipetidix 8 to Loan Contract Cl 5376$
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