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<br />-:-.", <br />, <br /> <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from the <br />Colorado Water Conservation Board ("Lender") to Bravo Ditch Company ("Owner") in the amou'nt of <br />$39,098.50 ("Loan") pursuant to Contract Encumbrance Number C153730, ("Loan Contract"), <br />Owner hereby assigns to the Lender Certificate of Deposit No. in the amount of <br />$2,330.20 ("Collateral") issued by ("Bank"). Owner warrants that said <br />Certificate of Deposit Account has been established as a special deposit with the funds deposited <br />therein to be used solely to secure repayment of the Loan to Lender. <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, direct or <br />indirect, absolute and contingent, express and implied, indebtedness, liabilities, obligations and <br />covenants (cumulatively "Obligations") by Lender pursuant to the Loan Contract described above <br />and any amendments thereto. This Assignment is made solely to secure performance of the <br />Obligations and is made subject to the following terms, 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 security <br />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 the <br />Certificate of Deposit in the event of a default under the Obligations. The Lender shall apply such <br />monies first to costs associated with collection, including reasonable attorney's fees, next to <br />outstanding interest, and then to the principal sum of the Loan. In the event that Owner <br />possesses or receives possession of any instruments or other remittances with respect to the <br />Certificate of Deposit following the giving of such notification, Owner shall hold such instruments <br />and other remittances in trust for Lender apart from Owner's other property, endorse the <br />instruments and other remittances to Lender, and immediately provide Lender with possession of <br />the instruments and other remittances. <br /> <br />3. The Owner shall be in default under this Assignment upon the occurrence of any of the following <br />events or conditions: (a) failure or omission to make any payment under the Loan Contract when <br />due; (b) default in the payment or performance of any obligation, covenant, agreement or liability <br />contained or referred to in the Loan Contract; (c) the making of any levy, seizure, or attachment <br />on the Collateral; (d) the Owner becoming insolvent or unable to pay debts as they mature. The <br />Lender shall give the Owner written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BORROWER shall be considered in <br />default for purposes of this Assignment. <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 Deposit. <br />This power of attomey 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 Assignment <br />must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a <br />waiver on any other occasion. <br /> <br />6. The rights and remedies of the Lender stated in this Assignment are in addition to any other <br />rights the Lender may have under the Loan Contract or any law. <br /> <br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and <br /> <br />Attachment B to Loan Contract C153730 Amendment No.1 <br />