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<br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, <br />and receivers. <br /> <br />8. This Assignment shall be construed in accordance with the laws of the State of <br />Colorado. <br /> <br />9. The Owner and Lender specifically request the Bank to honor and accept this <br />Assignment and its terms. <br /> <br />Executed this .Ji- day of--.J Am. q 1--. <br /> <br />S'EA L <br /> <br /> <br />By, <br /> <br />ATTEST: <br /> <br />By <br />homas Russell, Corporate Secretary <br /> <br /> <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />The Mesa National Bank, Rifle, Colorado ("Bank") has received a copy of the foregoing <br />Assignment, and agrees that, upon notice from the Colorado Water Conservation Board <br />("Secured Party") that Chipperfield Lane Ditch, Inc. ("Debtor") is in default under its Loan <br />Contract with the CWCB and that the CWCB is exercising its right under the Assignment <br />to withdraw funds contained in the Certificate of Deposit. the Bank shall pay such funds <br />directly to the CWCB until advised otherwise. The Bank acknowledges that the Certificate <br />of Deposit account is a special deposit and that the funds deposited therein are to be used <br />solely to secure Debtor's loan from Secured Party, and waives any right of setoff it may <br />have in and to the Certificate of Deposit Account. <br /> <br />Mesa National Bank, Rifle, Colorado <br /> <br />BYWdd;!tL ~ <br />Name/Title~.sE . &4J/JE ~ <br />Date / /;1( H 'f' <br />, I <br /> <br />ATTEST: <br /> <br />By d~ UM~. <br />