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7. The rights and remedies of the Secured Party stated in this Assignment are in addition to <br />any other rights the Secured Party may have under the Loan Contract or any law. <br />8. This Assignment shall be binding upon Debtor and its successors, assigns, trustees, and <br />receivers. <br />9. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br />10. The Debtor and Secured Party specifically request the Bank to honor and accept this <br />Assignment and its terms. <br />Executed this day of October 2000. <br />(S EAL) <br />The Excelsior Irrigating Company, a Colorado <br />mutual ditch company <br />By. <br />C. R. Evans, President <br />Attest: <br />By <br />Erin Evans, Secretary <br />ACKNOWLEDGMENT BY BANK <br />By its officer's signature below, the ("Bank") acknowledges <br />1. That it has received a copy of the foregoing Assignment; <br />2. That neither the Debtor nor anyone else (except Secured Party) has any right to withdraw any <br />funds from the Account listed above until the Secured Party releases this agreement in writing, <br />except that, at the Debtor's request, the Bank shall allow the transfer of the annual Loan payment <br />to Secured Party; <br />3. That upon notice from the Secured Party that the Debtor is in default under its Loan Contract with <br />Secured Party and that Secured Party is exercising its right under the Assignment to withdraw <br />funds contain in the Account, the Bank shall pay such funds directly to Secured Party until <br />advised otherwise by both Secured Party and Debtor; <br />4. That the Account is a special deposit and that the funds deposited therein are to be used solely <br />for Debtor's repayment to the Secured Party of the Loan; and <br />5. That it waives any right of setoff it may have in and to the Account. <br />Bank <br />By , President <br />Printed Name <br />Date <br />Attest: <br />By <br />