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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 <br />loan from the Colorado Water Conservation Board ("Lender") to Chipperfield Lane Ditch, <br />Inc. ("Owner") in the amount of $41,011.94 ("Loan") pursuant to Contract Encumbrance <br />Number C153785, as amended, ("Loan Contract"), Owner hereby assigns to the Lender <br />Certificate of Deposit No. 3 i ':}(l7 in the amount of $2,300.00 ("Collateral") <br />issued by the Mesa National Bank, Rifle, Colorado ("Bank"). <br />The .Collateral secures the payment and performance of all of Owner's present and <br />future, direct or indirect, absolute and contingent, express and implied, indebtedness, <br />liabilities, obligations and covenants (cumulatively "Obligations") by Lender pu.rsuant to <br />,'- _, ""1. <br />the Loan Contract described above and any amendments thereto. This As'signment:'js <br />made solely to secure performance of the Obligations and is made subjectKbtJ:iEj'f~'llo,^"in'g"',. <br />terms, covenants and conditions: ! . f". '. <br />. .:'-~ 1 ~ . <br />1. Owner shall deliver the original Certificate of Deposit to Lender upon 1:h~li. execution 9f <br />this Assignment. This Assignment shall continue until Lender specifiiialiy, terminates <br />the security interest in the Collateral in a writing signed by Lender. ""0, ", ';".,. . . <br />'/:/1j. -. . , '",\> <br />2. Lender shall be entitled to notify the Bank to pay Lender any monies owil'ig' O~ner <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 <br />of 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 <br />the giving of such notification, Owner shall hold such instruments and other <br />remittances in trust for Lender apart from Owner's other property, endorse the <br />instruments and other remittances to Lender, and immediately provide Lender with <br />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 <br />Loan Contract when due;. (b) default in the payment Dr 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. <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 />5. The modification or waiver of any of Owner's obligations or Lender's rights under this <br />Assignment must be contained in a writing signed by Lender. A waiver on one <br />occasion shall not constitute a waiver on any other occasion. <br /> <br />6. The rights and remedies of the Lender stated in this Assignment are in addition to any <br />other rights the Lender may have under the Loan Contract or any law. <br /> <br />Attachment D to Loan Contract C153785 Amendment 1 <br />