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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 CERTIFICATE OF DEPOSIT <br /> <br />" <br /> <br />In consideration of and, ca~ liecurity for reimbursement for monies owing under a loan from <br />- the -Colorado Water Conservation Board ("Lender") to the Sterling, Irriga~ion, Company <br />("Owner")' in the amount of $318,583 ("Loan") pursuant to Contract Encumbrance Number <br />C150024, ("Loan Contract"), Owner hereby assigns to the Lender Certificate of Deposit <br />No. 760-708-202-14300 the amount of $17,868,56 ("Collateral") issued by Key Bank, NA, <br />Sterling, Colorado ("Bank"). Owner warrants that said Certificate of Deposit Account has <br />been established as a special deposit with the funds deposited therein to be used solely to <br />secure repayment of the Loan to Lender. <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, <br />direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities, <br />obligations and covenants (cumulatively "Obligations") by Lender pursuant to the Loan <br />Contract described above and any amendments thereto. This Assignment is made solely <br />to secure performance of the Obligations and is made SUbject to the following terms, <br />covenants and conditions; , . <br /> <br />1, Owner shall deliver the original Certificate of Deposit to Lender upon the execution of _ <br />this Assignment. This Assignment shall continue until Lender specifically terminates, . <br />the security 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 <br />under the Certificate of Deposit in the event of a default under the Obligations. The <br />Lender shall apply such monies first to costs associated with collection, including <br />reasonable attorney's fees, next to outstanding interest, and then to the principal sum of <br />the Loan. In the event that Owner possesses or receives possession of any <br />instruments or other remittances with respect to the Certificate of Deposit following the <br />giving of such notification, Owner shall hold such instruments and other remittances in <br />trust for Lender apart from Owner's other property, endorse the instruments and other <br />remittances to Lender, and immediately provide Lender with possession of the <br />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 <br />Loan Contract when due; (b) default in the payment or performance of any obligation, <br />covenant, agreement or liability contained or referred to in the Loan Contract; (c) the <br />making of any levy, seizure, or attachment on the Collateral; (d) the Owner becoming <br />insolvent or unable to pay debts as they mature. The Lender shall give the Gwner <br />written notice of any alleged default and an opportunity to cure within thirty (30) days <br />of receipt of such notice before the BORROWER shall be considered in default for <br />purposes of this 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 /> <br />Appendix 6 to Loan Contract C150024 <br />
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