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C150024 Contract
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C150024 Contract
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Last modified
8/1/2013 11:07:10 AM
Creation date
10/6/2006 12:04:47 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150024
Contractor Name
Sterling Irrigation Company
Contract Type
Loan
Water District
64
County
Logan
Bill Number
SB 99-173
Loan Projects - Doc Type
Contract Documents
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<br />ASSIGNMENT OF DEPOSIT ACCOUNT AS SECURITY <br /> <br />In consideration of and as security for a loan ("Loan") from the Colorado' Water <br />Conservation Board ("Secured Party") to the Sterling Irrigation Company ("Debtor") pursuant <br />to Contract E:ncurri~rance Number C150024, ("Loan Contract"), Debtor hereby assigns, <br />transfers and grants to Secured PartY a security interest in the funds contained in Deposit <br />Account No. 760707001896 ("Account") at Key Bank, NA, Sterling, Colorado ("Bank"), <br />hereinafter referred to as the Collateral. Debtor warrants that the Account has been <br />established as a special deposit with the funds deposited therein to be used solely for <br />repayment of the Loan to Secured Party. <br /> <br />The Collateral secures the payment and performance of all of Debtor's present and <br />future, direct or indirect, absolute and contingent, express and implied, indebtedn'ess, <br />, <br />liabilities, obligations and covenants (cumulatively "Obligations") under the Loan Contract, <br />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~ . co~enants and <br />conditions: <br /> <br />1. This Assignment is effective upon signing and will remain in full force and effect until <br />Secured Party specifically terminates the security interest in the Collateral in writing. <br />Secured Party is not required to release this Assignment until the Loan is paid in full. <br /> <br />2. Neither the Debtor nor anyone else (except Secured Party) has any right to withdraw any <br />funds from the Account until the Secured Party releases this Assignment in writing, except <br />that, at Debtor's request, the Bank shall allow transfers of funds from the Account to the <br />Secured Party. <br /> <br />3. Debtor shall be in default under the Loan Contract for purposes of this Assignment upon <br />the occurrence of any of the following events or conditions: (a) failure or omission to make <br />any payment under the Loan Contract when due; (b) default in the payment or <br />performance of any obligation, covenant, agreement or liability contained or referred to in <br />the Loan Contract; (c) the making of any levy, seizure, or attachment on the Collateral; (d) <br />the Debtor becoming insolvent or unable to pay debts as they mature. Secured Party shall <br />give the Debtor written notice of any alleged default and an opportunity to cure within thirty <br />(30) days of receipt of such notice before Debtor shall be considered in default for <br />purposes of this Assignment. <br /> <br />4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3 <br />above, Secured Party shall be entitled to notify the Bank to pay Secured Party the funds <br />contained in the Account. Secured Party shall apply such moneys first to costs associated <br />with collection, including, but not limited to, reasonable attomey's fees, next to late <br />charges, if any, then to outstanding interest, and then to the principal sum of the Loan. <br /> <br />5. Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the Collateral or <br />any interest therein as long as this Assignment is in effect. <br /> <br />6, The modification or waiver of any of Debtor's obligations or Secured Party's rights under <br />this Assignment must be contained in a writing signed by Secured Party. A waiver on one <br /> <br />Appendix 5 to Loan Contract C150024 <br />
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