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C153796 Contract
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C153796 Contract
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Last modified
7/25/2013 10:34:02 AM
Creation date
10/6/2006 12:12:29 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153796
Contractor Name
Hawkeye Lateral Ditch Company
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
HB98-1189
Loan Projects - Doc Type
Contract Documents
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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 the <br />Colorado Water Conservation Board (Lender) to the Hawkeye Lateral Ditch Company <br />(Owner) in the amount of $154,112.75 (Loan) pursuant to Contract Encumbrance Number <br />C153796 as amended (Loan Contract), Owner hereby assigns to the Lender Certificate of <br />Deposit No. S ~ 4--1- in the amount of $8,643.82 ("Collateral") issued by Grand Valley <br />National Bank, Fruita, Colorado ("Bank"). . <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 temns, 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 shall <br />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 th <br />following events or conditions: (a) failure or omission to m <br />Loan Contract when due; (b) default in the payment or pe <br />covenant, agreement or liability contained or referred to i , <br />making of any levy, seizure, or attachment on the Collater 7. <br />insolvent or unable to pay debts as they mature. <br /> <br />4. Owner hereby appoints Lender as its attorney-in-fact to endorse 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 occasion <br />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 /> <br />Attachment 3 to loan Contract C153796 Amendment No.1 <br />
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