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<br />. <br />" <br /> <br />. <br /> <br /> <br />. <br /> <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In Consideration of and as security for reimbursement for monies owing under a loan from <br />the Colorado Water Conservation Board ("Lender") in the amount of $280,500.00 ("Loan"j <br />pursuant to Contract Encumbrance Number C153721, ("Loan ContracUPromissory Note"), tt1e <br />Town of Lyons ("Owner") hereby assigns to the Lender the following Certificate of Deposit and <br />all principal, interest and other proceeds therefrom (cumulatively "Collateral"): Certificate of <br />DepQsit No. 9007554 in the amount of $22,508.05 issued by Pioneer Bank of Lyons ("Bank") <br />and maturing on September 17, 1997. <br /> <br />The Collateral secured the payment and performance of all of Owner's present and fuluf6. direc~ <br />or indirect, absolute and contingent, express and implied, indebtedness, liabilities. obligations <br />and covenants (cumulatively "Obligations") by Lender pursuant to the Loan Cont:acUPiOmissory <br />Note described above and any amendments thereto. This Assignment is made solely to secure <br />performance of the Obligations and is made subject to the following terms, covenants and <br />conditions: <br /> <br />1. Owner shail deliver the original Certificate of Deposit to Lender upon the execution of this <br />Assifl~merl~. This Assignment shaH continuo until Lender specifically terminates the s<:'G'J[i!y <br />interest in the Collateral in a writing signed by Lender. <br /> <br />2. Lender sha!1 be entitled to notify the Bank to pay Lender any monies owing D',,;n,,,r under <br />the Certificate of Deposit in the event of a default under the Obligations. The Lender sha!l apply <br />such monies first to costs associated with collection. including reasonabie attcrnG/s fees next <br />to outstanding interest, and then to 1M principal sum of the l.oan. In the event that i)vmEif_ <br />possesses or mceives possession of any instruments or other remittances with respect ~n tho <br />Certificate of Deposit fol!owing the giving of such notification, Owner shall hold su'-::h 'nstruments <br />and other remittances in trust for Lender apart from Owner's other property, endorse the <br />instrurnents and other remittances (Q Lender, and immediately provide Lende:- with POS;:,8S.,'on <br />of the insin.lrnants 3nd other remittances. <br /> <br />3. The owner sha!! be in default under this Assignment upon the occurrence of any of the <br />following events or conditions: (a) fai!ute or omission to make any payment undw the Loan <br />ContracUProfllissory Note when due (b) default in the payment or performance Of en; <br />obligation, covenant. agreement or iiability contained or referred to in the Loan <br />Contract/Promissory No\e: (c; the making of any levy, seizure, or attachment on ;h,c conateral: <br />(d) the Owner becoming i"so!ver;; (); unaj)ie to pay debis as they mature. <br /> <br />4. Owner h8reby appoints Lender as its attorney..in-fact to endorse the Owners 118'f!f; on all <br />instfi"rnents and c.,ther remittances p."yabie to Owrwr with resp3ct to the Certific[,je 0." Deposit. <br />This power of attorney is coupled with an interest and is irrevocable. <br /> <br />APPENDIX 4 <br /> <br />':!:r"rl.t..;...-;;.-y ..~..... r....I.........:.rl.... Q(\,;t{) . ('l(yn Q")':I:_OQM ;-PA VTlr\'l\ Q')':I:_O'7()() <br />