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<br />:;"'....\ <br /> <br />other rights the Lender may have under the Loan Contract or any law. <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 ? J:! day of November 1997. <br /> <br />The Weldon Valley Ditch Company, <br />a Colorado nonprofit corporation <br /> <br />By /:lJ/J B~ <br /> <br />,/ Gerald ugh, President <br /> <br />SEAL <br /> <br />ATTEST: <br /> <br />By ~/)_o~I_L~r <br /> <br />Corporate ecretary <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />By its officer's signature below, the Independent Bank of Kersey, Wiggins Branch, <br />Wiggins, Colorado ("Bank") acknowledges that it has received a copy of the foregoing <br />Assignment, and agrees that, upon notice from the Colorado Water Conservation Board <br />("Secured Party") that The Weldon Valley Ditch Company ("Debtor") is in default under its <br />Loan Contract with the CWCB and that the CWCB is exercising its right under the <br />Assignment to withdraw funds contained in the Certificate of Deposit, the Bank shall pay <br />such funds directly to the CWCB until advised otherwise. The Bank acknowledges that <br />the Certificate of Deposit account is a special deposit and that the funds deposited therein <br />are to be used solely to secure Debtor's loan from Secured Party, and waives any right of <br />setoff it may have in and to the Certificate of Deposit Account. <br /> <br />Indepe, dent 0 Kerse ,~Wi9; <br /> <br /> <br /> <br />B <br /> <br />l1.. <br />