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7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, <br /> and receivers. <br /> 8. This Assignment shall be construed in accordance with the laws of the State of <br /> Colorado. <br /> 9. The Owner and Lender specifically request the Bank to honor and accept this <br /> Assignment and its terms. <br /> Executed this 7 day of //G 4,t 1997. <br /> Smith Irrigation Ditch, <br /> a Colorado� nonprofit corporation <br /> By %I/.Cfd} le, <br /> Keith Pankey, resident <br /> ATT ST: / <br /> Julie Davidson, Secretary <br /> ACKNOWLEDGMENT BY BANK <br /> COLORADO COMMUNITY FIRST <br /> By its officer's signature, the NATTONAL BANK ("Bank") acknowledges that it has <br /> received a copy of the foregoing Assignment, and agrees that, upon notice from the <br /> Colorado Water Conservation Board ("Secured Party") that Smith Irrigation Ditch ("Debtor") <br /> is in default under its Loan Contract with the CWCB and that the CWCB is exercising its <br /> right under the Assignment to withdraw funds contained in the Certificate of Deposit, the <br /> Bank shall pay such funds directly to the CWCB until advised otherwise. The Bank <br /> acknowledges that the Certificate of Deposit account is a special deposit and that the funds <br /> deposited therein are to be used solely to secure Debtor's loan from Secured Party, and <br /> waives any right of setoff it mhN.) and to the Certificate of Deposit Account. <br /> Bank <br /> s 4(111 l <br /> B 111 - 4 <br /> i t ill t 44 i Name/Title 4nya L. Whatley, Vice resident <br /> Date 11/4/97 <br /> T: <br /> Byl t 4 4 0 <br />