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� '. • • ASSIGNMENT OF CERTIFICATE OF DEPOSIT OwNER: Summit Reservoir and P.O. Box 127 Dolores, CO, 81323 Irrigation Company LENDER Colorado Water Conservation Board COLLATERAL: C21�IfICat@ Of DepOSlt NO. I�07�# ,$2,727.56 BANK: NaYTI@ The Dolores State Bank Address BoX 848 Dolores Colorado 81323 Phone Number (9�0) s82-�boo Contact, Title Donald K. Maiors, President LOAN CONTRACT: PROMISSORY NOTE C153770 dated August 14, 1997, as amended dated May 1, 2002 $300,000, dated May 1, 2002 pursuant to LoaN CoNTRacT In consideration of and as security for repayment of a loan from the LErv�ER to the OwNER pUPSUatlt t0 the PROMISSORY NOTE alld LOAN CONTRACT, OWNER hel"eby aSSIgIIS t0 the LENDER COLLATERAL ISSUed by the BANK OwNER warrants that said Certificate of Deposit Account has been established as a special deposit with the funds deposited therein to be used solely to secure repayment of the loan. The Co��a,TERa,� secures the payment and performance of all of OwtvER's obligations and covenants (cumulativelv " OBLIGATIONS " ) pUt"SUallt t0 the LOAN CONTRACT alld thG' PROMISSORY NoTE described above and any amendments thereto. This Assignment is made to secure performance of the OBLIGATIONS and is made subject to the following terms, covenants and conditions: 1. Ow►vER shall deliver the original Certificate of Deposit to LEtv�ER 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 OB�i�aT�otvs. The LENaER 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, OwrvER shall hold such instruments and other remittances in trust for LEtv�ER apart from OwrvER's other property, endorse the instruments and other remittances to LENDER and immediately provide LEN�ER with possession of the instruments and other remittances. 3. The OwNER shall be in default under this Assignment upon any of the following events or conditions: (a) failure or omission to make any payment under the PROMissoRY NoTE when due; (b) default in the payment or performance of any obligation, covenant, agreement or Ilablllty COtlta�tled Itl the LOAN CONTRACT OI' PROMISSORY NOTE (c) the making of any levy, seizure, or attachment on the Co��aTERa�; (d) the OwNER becoming insolvent or unable to pay debts as they mature. The LEN�ER shall give the OwNER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BoRROwER shall be considered in default for purposes of this Assignment. Appendix 3 to Contract C153770 Amendment No. 1