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<br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from the <br />Colorado Water Conservation Board ("Lender") to The Western Mutual Ditch Company <br />("Owner") in the amount of $100,000 ("Loan") pursuant to Contract Encumbrance Number <br />C153857, ("Loan Contract"), Owner hereby assigns to the Lender Certificate of Deposit No._ <br />0200094660 in the amount of $7,196.21 ("Collateral") issued by The Ea ton Bank - Wes t <br />("Bank"). Debtor warrants that said Certificate of Deposit Account has been established as a <br />special deposit with the funds deposited therein to be used solely to secure repayment of the <br />Loan to Secured Party, <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, direct <br />or indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations <br />and covenants (cumulatively "Obligations") by Lender pursuant to the Loan Contract described <br />above and any amendments thereto, This Assignment is made solely to secure performance of <br />the Obligations and is made subject to the following terms, covenants and conditions: <br /> <br />1, Owner shall deliver the original Certificate of Deposit to Lender upon the execution of this <br />Assignment. This Assignment shall continue until Lender specifically terminates the security <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 Owner under the <br />Certificate of Deposit in the event of a default under the Obligations. The Lender shall apply <br />such monies first to costs associated with collection, including reasonable attorney's fees, <br />next to late charges, if any, next to outstanding interest, and then to the prinCipal sum of the <br />Loan, In the event that Owner possesses or receives possession of any instruments or other <br />remittances with respect to the Certificate of Deposit following the giving of such notification, <br />Owner shall hold such instruments and other remittances in trust for Lender apart from <br />Owner's other property, endorse the instruments and other remittances to Lender, and <br />immediately provide Lender with possession of the instruments and other remittances. <br /> <br />3. The Owner shall be in default under this Assignment upon the occurrence of any of the <br />following events or conditions: (a) failure or omission to make any payment under the Loan <br />Contract when due; (b) default in the payment or performance of any obligation, covenant, <br />agreement or liability contained or referred to in the Loan Contract; (c) the making of any <br />levy, seizure, or attachment on the Collateral; (d) the Owner becoming insolvent or unable to <br />pay debts as they mature, The STATE shall give the BORROWER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BORROWER shall be considered in default for purposes of this <br />assignment. <br /> <br />4. Owner hereby appoints Lender as its attorney-in-fact to endorse Owner's name on all <br />instruments and other remittances payable to Owner with respect to the Certificate of <br />Deposit. This power of attorney is coupled with an interest and is irrevocable, <br /> <br />Appendix 4 to loan Contract C153857 <br />