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<br />(') <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan <br />from the Colorado Water Conservation Board ("Lender") to The Durkee Ditch Company, Inc. <br />("Owner") in the amount of $95,000 ("Loan") pursuant to Contract Encumbrance Number <br />C153790, as amended, ("Loan Contract"), Owner hereby assigns to the Lender the <br />Certificate of Deposit No. 9978604 the amount of $3,365.00 and Certificate of Deposit No. _ <br />/.f:"'?!J?J7r)sg1n the amount of $1963.32 ("Collateral") issued by the Community First National <br />Bank of Delta, Colorado ("Bank"). <br /> <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 pursuant to the <br />Loan Contract described above and any amendments thereto. This Assignment is made <br />solely 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 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 />attomey'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 />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 attomey-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 occasion <br />shall not constitute a waiver on any other occasion. <br /> <br />Exhibit 0 to Loan Contract C153790 Amendment No.1 <br />