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<br />f"" <br />'" <br /> <br />RECEIVED <br />FEB 1 3 1997 <br /> <br />ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> <br />Colorado Water <br />Conservation Soard <br /> <br />In consideration of and as security for reimbursement for monies owing under a loan from <br />the Colorado Water Conservation Board ("lender") to DeWeese-Dye Ditch and Reservoir <br />Company in the amount of $17,450 ("loan") pursuant to Contract Encumbrance Number <br />C153749, ("loan ContracVPromissory Note"), DeWeese-Dye Ditch and Reservoir Company <br />("Owner") hereby assigns to the lender the following Certificate of Deposit and all principal and <br />other proceeds therefrom (cumulatively "Collateral"): Certificate of Deposit No.;(,10 -.:l~ 716-in the <br />amount of $~J071.86 issued by the First National Bank of Canon City ("Bank") and maturing on _ <br />(Q- 6'- 'llt'. <br /> <br />The Collateral secures the payment and performance of all of Owner's present and future, <br />direct or indirect, absolute' ahd contingent, express and implied, indebtedness, Iiabtlities, <br />obligations and covenants (cumulatively "Obligations") by lender pursuant to the loan <br />ContracVPromissory Note described above and any amendments thereto. This Assignment is <br />made 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 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 <br />such monies first to costs associated with collection, including reasonable attorney's fees, next <br />to 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 <br />instruments and other remittances in trust for Lender apart from Owner's other property, <br />endorse the instruments and other remittances to Lender, and immediately provide Lender <br />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) failllre or omission to make any payment under the loan <br />ContracVPromissory 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 />ContracVPromissory Note; (c) the making of any levy, seizure, or attachment on the Collateral; <br />(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 Deposit. <br />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 shall <br />not constitute a waiver on any other occasion. <br /> <br />Appendix C to Contract #C153749 <br />