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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 day of 1/1,joi%%i2, 1997. <br /> Smith Irrigation Ditch, <br /> a Colorado nonprofit corporation <br /> By -%Irlt.72 l,,..,...- <br /> Keith Pankey,Jresident <br /> ATT ST: <br /> B4� r---dc----P�' M <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 /> 8i•. Bank <br /> .,.., -468)t B 'tee ../aI� .. CI <br /> Name/Title vnya L. Whatley, Vice :resident <br /> litt411" Date 11/4/97 <br /> T: <br /> � <br /> ByN .h °La,u� <br />