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8. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br />9. The Owner and Lender specifically request the Bank to honor and accept this Assignment and <br />its terms. <br />Executed this day of <br />(SEAL) <br />Attest: <br />By <br />Diana Seele, Town Clerk <br />(SEAL) <br />Attest: <br />By <br />1999. <br />Town of Johnstown Water Activity Enterprise <br />M <br />Kyle W. Cox, Mayor <br />Town of Johnstown <br />Kyle W. Cox, Mayor <br />ACKNOWLEDGMENT BY BANK <br />By its officer's signature below, THE FIRST NATIONAL BANK OF JOHNSTOWN ( "Bank ") has received a <br />copy of the foregoing Assignment, and agrees that, upon notice from the Colorado Water <br />Conservation Board ( "Secured Party") that The Town of Johnstown, acting by and through the <br />Town of Johnstown Water Activity Enterprise ( "Debtor") is in default under its Loan Contract with <br />the CWCB and that the CWCB is exercising its right under the Assignment to withdraw funds <br />contained in the Certificate of Deposit, the Bank shall pay such funds directly to the CWCB until <br />advised otherwise by the CWCB and the Owner. The Bank acknowledges that the Certificate of <br />Deposit account is a special deposit and that the funds deposited therein are to be used solely to <br />secure Debtor's loan from the CWCB, and waives any right of setoff it may have in and to the <br />Account. <br />First National Bank of Johnstown <br />By President <br />Print Name/Title <br />Date <br />Attest <br />By <br />