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<br />.:-~\ <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 Pinon Mesa Ranches <br />Community Association ("Owner") in the amount of $206,000 ("Loan") pursuant to Contract <br />Encumbrance Number C1537774, ("L..?~ Contract"), Owner hereby assigns to the Lender <br />the Certificate of Deposit No. \ ~ ~ l!" in the amount of $11 ,554.05 ("Collateral") <br />issued by the "B......r ,,<;, ~)c.. i1 "l"\c. \ =("Bank"). <br /> <br />The Collateral secures the payment and performance of all of Owner's present and <br />future, direct or indirect, absolute and contingent, express and implied, indebtedness, <br />liabilities, obligations and covenants (cumulatively "Obligations") by Lender pursuant to the <br />Loan Contract described above and any amendments thereto. This Assignment is made <br />solely to secure performance of the Obligations and is made subject to the following terms, <br />covenants and conditions: <br /> <br />1. Owner shall deliver the original Certificate Of Deposit to Lender upon the execution of <br />this Assignment. This Assignment shall continue until Lender specifically terminates <br />the security interest in the Collateral in a writing signed by Lender. <br /> <br />2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner <br />under the Certificate of Deposit in the event of a default under the Obligations. The <br />Lender shall apply such monies first to costs associated with collection, including <br />reasonable attorney's fees, next to outstanding interest, and then to the principal sum of <br />the Loan. In the event that Owner possesses or receives possession of any <br />instruments or other remittances with respect to the Certificate of Deposit following the <br />giving of such notification, Owner shall hold such instruments and other remittances in <br />trust for Lender apart from Owner's other property, endorse the instruments and other <br />remittances to Lender, and immediately provide Lender with possession of the <br />instruments and other remittances. <br /> <br />3. The Owner shall be in default under this AS$ignment 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 attorney-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 <br />occasion shall not constitute a waiver on any other occasion. <br /> <br />Appendix D to Loan Contract #C153774 <br />