C150024 Contract

• Contract/PO #: C150024
• Contractor Name: Sterling Irrigation Company
• Contract Type: Loan
• Water District: 64
• County: Logan
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Contract Documents

occasion shall not constitute a waiver on any other occasion.

7. The rights and remedies of the Secured Party stated in this Assignment are in addition to
any other rights the Secured Party may have under the Loan Contract or any law. _

8. This Assignment shall be binding upon Debtor and its successors, assigns, trustees, and
'.' receivers. ' .

9. This Assignment shall be construed in accordance with the laws of the State of Colorado.

10, The Debtor and Secured Party specifically request the Bank to honor and accept this
AJ~ign.rT1ent and its ter~
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A TrESJ.:.'
ByFC~ ~

Katherine Seetch, Corporate Secretary

1999.

DEBTOR: The Sterling Irrigation Company,
a Colorad onprofit corporation

~

By

Kenneth Gareis, President

ACKNOWLEDGMENT By BANK

By its officer's signature below, the Key Bank, N.A., Sterling, Colorado ("Bank") acknowledges
that it has received a copy of the foregoing Assignment and agrees that neither the Debtor nor
anyone else (except Secured Party) has any right to withdraw any funds from the above-
described Account listed above until the Secured Party releases this agreement in writing, except
that, at the Debtor's request, the Bank shall allow transfers of funds from the Account to Secured
Party. The Bank further agrees that, upon notice from Secured Party that the Debtor is in default
under its Loan Contract with Secured Party and that Secured Party is exercising its right under the
Assignment to withdraw funds contained in the Account, the Bank shall pay such funds directly to
Secured Party until advised otherwise by both Secured Party and the Debtor. The Bank
acknowledges that the Account is a special deposit and that the funds deposited therein are to be
used solely for Debtor's repayment to the Secured Party of the Loan, and waives any right of
setoff it may have in and to the Account.

Key Bank, N.A., Sterling, Colorado

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