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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 --.!.i- day of .//.h//.€""/#b'('.-e. 1997. <br /> <br />Smith Irrigation Ditch, <br />a Colorado nonprofit corporation <br /> <br />By .d~;h ~~resident <br /> <br />A~ <br />B -JWJ-- <br />Julie Davidson. Secretary <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />COLORADO COMMUNITY FIRST <br />By its officer's signature, the NA'T'TONAT. RANK ("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 may have in and to the Certificate of Deposit Account. <br /> <br />Bank <br /> <br /> <br />Whatle <br /> <br />B <br /> <br />Name/Title <br />Date 11/4/97 <br /> <br />