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�' � . � • <br />4. OWNER hel"eby appOlfltS LENDER aS ItS attOPtley-In-faCt t0 etld0l'Se OWNER'S name on all <br />instruments and other remittances payable to OwNER with respect to the Certificate of <br />Deposit. This power of attorney is coupled with an interest and is irrevocable. <br />5. The modification or waiver of any of OwtvER OBLIGATIONS or LENDER rights under this <br />Assignment must be contained in a writing signed by LEN�ER. A waiver on one occasion <br />shall not constitute a waiver on any other occasion. <br />6. The rights and remedies of the LEtv�ER stated in this Assignment are in addition to any <br />other rights the LENOER may have under the Loatv CoNTRacT and PROnnissoRY NoTE or any <br />law. <br />7. This Assignment shall be binding upon OwNER and its successors, assigns, trustees, and <br />receivers. <br />8. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br />9. The OwNER and LErvoER specifically request the BANK to honor and accept this Assignment <br />and its terms. <br />Executed on May 1, 2002. <br />Summit Reservoir and Irrigation Company, a <br />Colorado nonprofit corporation <br />(SEAL) <br />g � <br />ike Jo , resident <br />nttA�t• <br />, ......,.. r <br />g /�t,�-�-� �/ <br />David V. Sanford, Secret -Treasurer <br />ACKNOWLEDGMENT BY BANK <br />By �its officer's signature below, the BAtv�c acknowiedges that it has received a copy of the <br />foregoing Assignment, and agrees that, upon notice from the LEN�ER that the OwNER is in <br />default under its LOAN CONTRACT and PROMISSORY NOTE with the LENDER and that the LENDER is <br />exercising its right under the Assignment to withdraw funds contained in the Certificate of <br />Deposit, the BarvK shall pay such funds directly to the LEtv�ER until advised otherwise by the <br />LEN�ER and the OwNER. The BANK acknowledges that the Certificate of Deposit Account is a <br />special deposit and that the funds deposited therein are to be used solely to secure OwNER's <br />loan from the LEtv�ER, and waives any right of setoff it may have in and to count. <br />By e ' ent <br />Printed Name & Title Bonald K. Majors, Pres ident <br />Date Mav 6. 2002 <br />Attest: <br />By .r< < <br />