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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 <br />the Colorado Water Conservation Board ("Lender") to Plumb and Dailey Ditch Company <br />("Owner") in the amount of up to $42,000 ("Loan") pursuant to Contract Encurnbrance <br />Number C150048, ("Loan Contract"), Owner hereby assigns to the Lender Certificate of <br />Deposit No. r.n 1/ 114fi1 in the amount of $3022.41 ("Collateral") issued by <br />FIRET NI.TIOW'!' B.\NK OF LOllGllONT ("Bank"), Owner warrants that said Certificate of <br />Deposit Account has been established as a special deposit with the funds deposited therein <br />to be used solely to 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 to <br />secure performance of the Obligations and is made subject to the following terms, covenants <br />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 <br />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 under <br />the Certificate of Deposit in the event of a default under the Obligations. The Lender <br />shall apply such monies first to costs associated with collection, including reasonable <br />attorney's fees, next to outstanding interest, and then to the principal sum of the Loan. In <br />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 <br />notification, Owner shall hold such instruments and other remittances in trust for Lender <br />apart from Owner's other property, endorse the instruments and other remittances to <br />Lender, and immediately provide Lender with possession of the instruments and other <br />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 />rnaking 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 Owner <br />written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BORROWER shall be considered in default for purposes <br />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 rernittances 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 />5, The modification or waiver of any of Owner's obligations or Lender's rights under this <br />Assignment must he conti'linerl in i'l writinC) siC)nerl hy Lenrler. A wilivflr on onA m:r.ilsion <br />shall not constitute a waiver on any other occasion, <br /> <br />Appendix 3 to Loan Contract C150048 <br />