C153787 PIF

• Contract/PO #: C153787
• Contractor Name: Smith Irrigation Ditch
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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 Smith Irrigation Ditch ("Owner")
in the amount of $50,000 ("Loan") pursuant to Contract Encumbrance Number C153787,
("Loan Contract"), Owner hereby assigns to the Lender 0 Certificate of 41,4225000533
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in the amount of$3,518.05 ("Collateral") issued by the NATIONAL BANK ank ).
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.
2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner
under the Certificate of Deposit in the event of a default under the Obligations. The
Lender 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.
4. Owner hereby appoints Lender as its attorney-in-fact to,endorse Owner's name on all
instruments and other remittances paygble'to, Owner with respect to the Certificate of
Deposit. This power of attorney is coupled with:an antere'st and is irrevocable.
5. The modification or waiver of any of O*me''s ekiig do s pr 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.
Appendix 4 to Loan Contract C153787