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<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 wri.~..' .. signed bY... Lender. A waiver on one <br />occasion shall not constitute a waiver on a.r)le"'~~ion. <br /> <br />6. The rights and remedies of the Len stated~~ignment are in addition to any <br />other rights the Lender may have u"". e ~9ntra~t or any law. <br /> <br />7. This Ass~gnment shall be binding up^on Owrfe~ InJ#gessors, assigns, trustees, <br />and receIvers. .1.,,,.,, <br /> <br />8. This Assignment shall be construed in accordance with the laws of the State of <br />Colorado. <br /> <br />9. The Owner and Lender specifically request the Bank to honor and accept this <br />Assignment and its terms. <br /> <br />Executed this day of <br /> <br />Town of Lyons <br /> <br />SEAL <br /> <br />By <br /> <br />Nicholas Angelo, Mayor <br /> <br />Attest: <br /> <br />By <br /> <br />Teresa Andrews, Town Clerk <br /> <br />ACKNOWLEDGMENT BY PIONEER BANK OF LYONS <br /> <br />By its officer's signature below, the Pioneer Bank of Lyons ("Bank") acknowledges that it <br />has received a copy of the foregoing Assignment, and agrees that, upon notice from the <br />Colorado Water Conservation Board ("CWCB") that the Town of Lyons is in default under <br />its Loan Contract with the CWCB and that the CWCB is exercising its right under the <br />Assignment to withdraw funds contained in the Certificate of Deposit, the Bank shall pay <br />such funds directly to the CWCB until advised otherwise. The Bank acknowledges that <br />the Certificate of Deposit Account is a special deposit and that the funds deposited <br />therein are to be used solely to secure Owner's Loan from Lender, and waives any right <br />of setoff it may have in and to the Account. <br /> <br />Pioneer Bank of Lyons <br />By <br />Printed Name & Title <br />Date <br /> <br />President <br /> <br />Attest: <br />By <br /> <br />Corporate Secretary <br />