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

Deposit. This power of attomey is coupled with an interest and is irrevocable.

5. The modification or waiver of any of Owner's obligations or Lender's rights under this
Assignment must be ,contained in a writing signed by Lender. A waiver on one
occasicmshatl not constitute a waiver...9n any other occasion.

6. The rights and remedies of the Lender stated in this Assignment are in addition to any
other rights the Lender may have under the Loan Contract or any law.

7. This Assignment shall be binding upon Owner and its successors, assigns, trustees,
and receivers.

8. This Assignment shall be construed in accordance with the li3wS of the State of
Colorado.

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9. The Owner and Lender specifically request the Bank to honor and accept this
A~~ignrTlent and its terms. '
Exi&:teo.:thifUDaYOf 0 c +vk.-.1999.

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Attest: ' ,,'

By ~G~
Katherine Seetch, Corporate Secretary

DEBTOR: The Sterling Irrigation Company,
a Colorado nonprofit corporation

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By ~d fi~

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, upon notice from the Colorado Water
Conservation Board ("CWCB") that the Owner is in default under its Loan Contract with the CWCB and that the
CWCB is exerCising its right under the Assignment to withdraw funds contained in the Certificate of Deposit,
the Bank shall pay such funds directly to the CWCB until advised otherwise by the CWCB and the Owner. The
Bank acknowledges that the Certificate of Deposit Account is a special deposit and that the funds deposited
therein are to be used solely to secure Owner's Loan from the CWCB, and waives any right of setoff it may
have in and to the Account.

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Key Bank, N.A., Sterling, Colorado

BY(\ >ffil~ <;;, Ulfl~ J'rbissnt

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Ej Ccmmissionexpires November 2.7, 2COQ