C150029 Contract

• Contract/PO #: C150029
• Contractor Name: Chilcott Ditch Company
• Contract Type: Loan
• Water District: 10
• County: El Paso
• Bill Number: EIA
• Loan Projects - Doc Type: Contract Documents

AMENDMENT TO ASSIGNMENT OF CERTIFICATE OF DEPOSIT
AS SECURITY
In consideration of and as security for a loan ("Loan") from the Colorado Water Conservation Board
("CWCB") to the Chillcott Ditch Company ("Borrower") pursuant to CWCB Loan Contract Number CT2015-
170 (C150029) ("Loan Contract"), Borrower hereby assigns, transfers and grants to CWCB a security
interest in the funds contained in Certificate of Deposit No. 100601, in the amount of$15.000.00 at Integrity
Bank & Trust ("Bank"), hereinafter referred to as the "Assignment". Borrower warrants that the Assignment
has been established with the funds deposited therein to be used solely to secure repayment of the Loan to
CWCB.
The Assignment secures the payment and performance of all of Borrower's present and future,
direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations and
covenants (cumulatively "Obligations") under the Loan Contract described above and this Amendment to
Assignment of Certificate of Deposit as Security. This Assignment is made solely to secure performance of
the Obligations and is made subject to the following terms, covenants and conditions:
1. This Assignment is effective upon signing and will remain in full force and effect until CWCB specifically
terminates the security interest in the Certificate of Deposit in writing. CWCB is not required to release
this Certificate of Deposit until the Loan is paid in full.
2. Neither the Borrower nor anyone else (except CWCB) has any right to withdraw any funds until the
CWCB releases this Assignment in writing.
3. Borrower shall be in default under the Loan Contract for purposes of this Assignment upon the
occurrence of any of the following events or conditions: (a) failure or omission to make any payment
under the Loan Contract when due; (b) default in the payment or performance of any obligation,
covenant, agreement or liability contained or referred to in the Loan Contract; (c)the making of any levy,
seizure, or attachment; (d) the Borrower becoming insolvent or unable to pay debts as they mature.
CWCB shall give the Borrower written notice of any alleged default and an opportunity to cure within
thirty (30) days of receipt of such notice before Borrower shall be considered in default for purposes of
this Assignment.
4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3 above, CWCB
shall be entitled to notify the Bank to pay CWCB the funds contained in the Certificate of Deposit.
CWCB shall apply such moneys first to costs associated with collection including, but not limited to, late
charges if any, outstanding interest, and the principal sum of the Loan.
5. Borrower shall not sell, transfer, assign, give, or otherwise dispose of Certificate of Deposit or any
interest therein as long as this Assignment is in effect.
6. The modification or waiver of any of Borrower's obligations or CWCB's rights under this Assignment
must be contained in a writing signed by CWCB. A waiver on one occasion shall not constitute a waiver
on any other occasion.
7. The rights and remedies of the CWCB stated in this Assignment are in addition to any other rights the
CWCB may have under the Loan Contract or any law.
8. This Assignment shall be binding upon Borrower and its successors, assigns, trustees, and receivers.
9. This Assignment shall be construed in accordance with the laws of the State of Colorado.
10. The Borrower and CWCB specifically request the Bank to honor and accept this Assignment and its
terms.
APPENDIX 4a