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C153795 Contract
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C153795 Contract
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Last modified
5/8/2015 2:49:25 PM
Creation date
10/6/2006 12:19:19 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153795
Contractor Name
Farmers Independent Ditch Company
Contract Type
Loan
Water District
2
County
Weld
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
Supplemental fields
Water Division
1
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<br />,,~ <br /> <br />ASSIGNMENT OF DEPOSIT ACCOUNT AS SECURITY <br /> <br />In consideration of and as security for a loan from the Colorado Water Conservation <br />Board ("Secured Party") to The Farmers Independent Ditch Company ("Debtor") in the <br />amount of $37,585.96 ("Loan") pursuant to Contract Encumbrance Number C153795, as <br />amended ("Loan Contract"), Debtor hereby assigns, transfers and grants to Secured Party <br />a security interest in the funds contained in Deposit Account No. (the <br />"Account") at the Weld County Bank, Evans, Colorado ("Bank"), hereinafter referred to as <br />the Collateral. Debtor warrants that the Account has been established as a special deposit <br />with the funds deposited therein to be used solely for repayment of the Loan to Secured <br />Party. <br /> <br />The Collateral secures the payment and performance of all of Debtor's present and <br />future, direct or indirect, absolute and contingent, express and implied, indebtedness, <br />liabilities, obligations and covenants (cumulatively "Obligations") under the Loan Contract <br />described above and any amendments thereto. This Assignment is made solely to secure <br />performance of the Obligations and is made subject to the following terms, covenants and <br />conditions: <br /> <br />1. This Assignment is effective upon signing and will remain in full force and effect until <br />Secured Party specifically terminates the security interest in the Collateral in writing. <br />Secured Party is not required to release this Assignment until the Loan is paid in full. <br /> <br />2. Neither the Debtor nor anyone else (except Secured Party) has any right to withdraw <br />any funds from the account listed above until the Secured Party releases this <br />Assignment in writing, except that, at Debtor's request, the Bank shall allow the <br />transfer of the annual Loan payment to Secured Party. <br /> <br />3. Debtor shall be in default under the Loan Contract for purposes of this Assignment <br />upon the occurrence of any of the following events or conditions: (a) failure or omission <br />to make any payment under the Loan Contract when due; (b) default in the payment or <br />performance of any obligation, covenant, agreement or liability contained or referred to <br />in the Loan Contract; (c) the making of any levy, seizure, or attachment on the <br />Collateral; (d) the Debtor becoming insolvent or unable to pay debts as they mature, <br />Secured Party shall give the Debtor written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before Debtor shall <br />be considered in default for purposes of this Assignment. <br /> <br />4. Upon or at any time after a default under the Loan Contract as described in Paragraph 3 <br />above, Secured Party shall be entitled to notify the Bank to pay Secured Party the <br />funds contained in the Account. Secured Party shall apply such moneys first to costs <br />associated with collection, including, but not limited to, reasonable attorney's fees, <br />next to outstanding interest, and then to the principal sum of the Loan. <br /> <br />5, Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the Collateral <br />or any interest therein as long as this Assignment is in effect. <br /> <br />6. The modification or waiver of any of Debtor's obligations or Secured Party's rights <br />under this Assignment must be contained in a writing signed by Secured Party. A <br />waiver on one occasion shall not constitute a waiver on any other occasion. <br /> <br />Exhibit C to loan Contract C 1 53795 Amendment No. 1 <br />
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