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<br />,.1 <br />- " . <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 sig"ned 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 and PROMISSORY NOTE or any <br />law. <br /> <br />7. This Assignment shall be binding upon OWNER and its successors, assigns, trustees, and <br />receivers. <br /> <br />8. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br /> <br />9. The OWNER and LENDER specifically request the BANK to honor and accept this Assignment <br />and its terms. <br /> <br />Executed on May 1 , 2002. <br /> <br />Summit Reservoir and Irrigation Company, a <br />Colorado nonprofit corporation <br /> <br />(SEAL) <br /> <br />By <br /> <br /> <br />Attest: <br /> <br />r <br /> <br />By ~ tJ <br />David V. Sanford, Secreta <br /> <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />By 'its officer's signature below, the BANKacknowledges that it has received a copy of the <br />foregoing Assignment, and agrees that, upon notice from the LENDER that the OWNER is in <br />default under its LOAN CONTRACT and PROMISSORY NOTE with the LENDER and that the LENDER is <br />exercising its right under the Assignment to withdraw funds contained in the Certificate of <br />Deposit, the BANK shall pay such funds directly to the LENDER until advised otherwise by the <br />LENDER and the OWNER. The BANK acknowledges that the Certificate of Deposit Account is a <br />special deposit and that the funds deposited therein are to be used solely to secure OWNER'S <br />loan from the LENDER, and waives any right of setoff it may have in and to ccount. <br /> <br />By <br />Printed Name & Title <br />Date May 6. 2002 <br /> <br /> <br />Attest: <br /> <br />BY<~7~ J~< <br />