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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 <br />from the Colorado Water Conservation Board ("Lender") in the amount of $51,700 ("Loan") <br />pursuant to Contract Encumbrance Number C153730, ("Loan Contract/Promissory Note"), <br />the Bravo Ditch Company ("Owner") hereby assigns to the Lender the following Certificate <br />of Deposit ("Collateral"): Certificate of Deposit N046137900in the amount of $3,081.23 <br />issued by Norwest Bank Colorado, N.A. (SE) ("Bank") and maturing on 11/4/2001 <br />P.O. Box 1592 <br />Sferling, CO 807.51 <br />The Col ateral secures tne 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/Promissory Note described above and any amendments thereto. This <br />Assignment is made solely to secure performance of the Obligations and is made subject to <br />the following terms, covenants and conditions: <br /> <br />1. Owner shall deliver the original Certificate of Deposit, endorsed in pencil, to Lender upon <br />the ex-ecution of this Assignment. This Assignment shall continue until Lender specifically <br />terminates 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 under <br />the Certificate of Deposit in the event of a default under the Obligations up to $3,081.23. <br />The 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 the <br />Loan. In 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 Lender, <br />and immediately provide Lender with possession of the instruments and other 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 Loan <br />Contract/Promissory Note when due; (b) default in the payment or performance of any <br />obligation, covenant, agreement or liability contained or referred to in the Loan <br />Contract/Promissory Note; (c) the making of any levy, seizure, or attachment on the <br />Collateral; (d) the Owner becoming 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 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/Promissory Note or any law. <br /> <br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees; and <br />receivers. <br /> <br />APPENDIX B to Contract #C153730 <br />