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<br />" <br />.,(;:!I <br /> <br />. <br /> <br />"0 <br /> <br /> <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In Consideration of and as security for reimbursement for monies owing under a loan frOln <br />the Colorado Water Conservation Board ("Lender") in the amount of 5280,500.00 ("Loan") <br />pursuant to Contract Encumbrance Number C153721, ("Loan ContracilPromissory' Note"), ti1e <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 />Deposit 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 Col!ateral secured the payment and performance of all of Owner's present and il;iure, direct <br />or indirect, absolute and contingent, express and 'implied,indebtedness, liabiliiies. obiit;jations <br />and covenants (cumulatively "Ob!i~-;alions") by Lender pursuant to the Loan ConhKilP;omissory <br />Note described above and any amendments thereto. This Assignment is made solely to secure <br />psrfoi'mance of the Obligations and is made subject to the following terms, covenants and <br />conditions: <br /> <br />1. Owner shall deliver the original Certificate of Deposit to Lender upon the execution Of this <br />,lI.ssif:Jrlment. This Assignment shaH continue until Lender specifically terminates th,;) ~;3s'_Tity <br />interest in the Collateral in a writing signed by Lender. <br /> <br />2. Lender shall be entitled to notify the Bank to pay Lender any monies owing O'Nncr under <br />the Certificate of Deposit in the event of a default under the Obligations. The l.ender uha!1 apply <br />~'J.ch m"n'''s f'rst to ,,^ct!'; a'."r,do-' '\"th (;-ol'e-t'lon 'inrludin" re"so^ab'" "tt"-, rl'" ,'.- ,...,,~ "",vi <br />v . ' , v ,;__,. I .~ ...,I_'v.... ~;:.!..._.,d~~l... I . I l".; I, ... 't~ ..._, 1:_ n::; .;:"c ~V ;:;;y .;> ;t:;~...,: : ,::;.....,. <br />to C>l!tslCi(jding interest, and then to the principal sum of the l.oan. In the event that C)'.wner <br />possesses or r"calves possession of any instruments or other remiUances with respect (Cl tho <br />CertificEte of Deposit following the giving of such notification, Owner s[lsiI hoid sc;:::h instruments <br />and other remittances in trust for Lender apart from Owner's other property, endorse the <br />instrUI":-IBnts and ottter remHtanc8S i:O Lender, and in~lmediateiy provide,Lender \Ni1h F'o3E,essjcn <br />of the instrum8nts 3nd other remittances. <br /> <br />3. The owner sha!! be in defauit undei' this Assignment upon the occurrence of any of the <br />follov,/ing events or conditions: (a) 'failul"e or omission to mek9 any payn~ent unde;- trl6 Lo~r: <br />Contract/Promissory 1...018 ""hen due (b) default in the payment or pefforrn"nce of 2n;! <br />obii~:;atiori, covenant, agreement or iiabiiity contained or referred to in the; ~oan <br />ContracUPrornissory No~e: (c) the r:'!2~.jng of any levy, se~zure, or attachrriC::rrl on -:hc: CciL3teral: <br />(d) ths Owner becorrmg insolvent or unal)ie to pay debts as II-ley mature. <br /> <br />4. Owner hereby appoints Lmlder as its attorney..in-fact to endorse the Owners 1'2::1'1'" en Elii <br />instrurnents and othcr n::;mittan_~~?s p~yabie to O\vner with resp~;ct to tile Certifica~e 0':: D'2posit <br />This POWSf of attorney is coupl'"d with an interest and is irrevocabie. <br /> <br />APPENDIX 4 <br />303 Main. Lyons, Colorado 80540 . (303) 823-9800. FAX (303) 823-9700 <br />