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<br />659317 07/28/2003 11:15A B947 P373 ASN <br />2 0' 16 R 81.00D 0.00 N 0.00 LOlan County CO <br /> <br />purposes of this Assignment. <br /> <br />3. This Assignment shall not take effect and the Assignor shall retain the sole right to use <br />the property subject to the Easements as long as there shall exist no default by the <br />Assignor in the payment of the debt in accordance with the terms of the Promissory Note <br />or in the performance of any obligation, covenant or agreement contained in the Loan <br />Contract or the Promissory Note. <br /> <br />4. Upon or at any time after default in the repayment of the Loan or in the performance of <br />any obligation, covenant or agreement contained in the Loan Contract or Promissory <br />Note, the Assignee, without in any way waiving such default, may notify in writing the <br />Owners of the property subject to the Easements, and exercise all rights conveyed to <br />Assignor under the Easement. <br /> <br />5. Assignor agrees that in the event that this Assignment becomes effective, Assignor shall <br />continue' to be responsible for complying with provisions #8 (Cost and Liability) and #9 <br />(Indemnification) of the Easements, and shall notify Owner in writing of Assignor's <br />continuing obligation under those provisions. In no event shall Assignee be responsible . <br />for compliance with said provisions of the Easements. <br /> <br />6. The rights -and remedies of the Assignee stated in this Assignment are in addition to any <br />other rights the Assignee may have under the Loan Contract, Promissory Note or any law. <br /> <br />7. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br /> <br />8. Assignor shall record this Assignment with the Logan County Clerk and Recorder. <br /> <br />Dated thJ$,.,. day of July 2003. <br />f:-~""..l'.1:;;- <br /> <br /> <br />The Low Line Ditch Company, a Colorado nonprofit <br />corporation <br /> <br />By L9-dt ~ <br />Donald Schell, President <br /> <br />Byj~~'> ~,.~ ~ .. <br /> <br />Steven J. Kaise , Corporate Secretary <br />