C153795 Contract

• 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

()
ASSIGNMENT OF CERTIFICATE OF DEPOSIT

In consideration of and as security for reimbursement for monies owing under a
loan from the Colorado Water Conservation Board ("Lender") to The Farmers Independent
Ditch Company, Inc. ("Owner") in the amount of $37,585.96 ("Loan") pursuant to
Contract Encumbrance Number C153795, as amended, ("Loan Contract"), Owner hereby
assigns to the Lender the Certificate of Deposit No. in
the amount of $2,108.11 ("ColI.ateral") issued by the Weld County Bank, Evans Colorado
("Bank").

The Collateral secures the payment and performance of all of Owner's present and
future, direct or indirect, absolute and contingent, express and implied, indebtedness,
liabilities, obligations and covenants (cumulatively "Obligations") by Lender pursuant to
the Loan Contract described above and any amendments thereto. This Assignment is
made solely to secure performance of the Obligations and is made subject to the
following terms, covenants and conditions:

1, Owner shall deliver the original Certificate of Deposit to Lender upon the execution of
this Assignment. This Assignment shall continue until Lender specifically terminates
the security interest in the Collateral in a writing signed by Lender.

2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner
under the Certificate of Deposit in the event of a default under the Obligations, The
Lender shall apply such monies first to costs associated with collection, including
reasonable attorney's fees, next to outstanding interest, and then to the principal sum
of the Loan. In the event that Owner possesses or receives possession of any
instruments or other remittances with respect to the Certificate of Deposit following
the giving of such notification, Owner shall hold such instruments and other
remittances in trust for Lender apart from Owner's other property, endorse the
instruments and other remittances to Lender, and immediately provide Lender with
possession of the instruments and other remittances.

3. The Owner shall be in default under 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 on the Collateral; (d) the
Owner becoming insolvent or unable to pay debts as they mature.

4. Owner hereby appoints Lender as its attorney-in-fact to endorse Owner's name on all
instruments and other remittances payable to Owner with respect to the Certificate of
Deposit. This power of attorney is coupled with an interest and is irrevocable.

5. The modification or waiver of any of Owner's obligations or Lender's rights under this
Assignment must be contained in a writing signed by Lender. A waiver on one
occasion shall not constitute a waiver on any other occasion.

6, The rights and remedies of the Lender stated in this Assignment are in addition to any

Exhibit D to loan Contract C153795 Amendment No.1