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<br />.-""\ <br />! <br /> <br />~~~". <br />"<~ <br /> <br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and <br />receivers. <br /> <br />8. This Assignment shall be construed in accordance with the laws of the State of Colorado. <br />9. The Owner and Lender specifically request the Bank to honor and accept this Assignment and <br />its terms. <br /> <br />Executed this <br /> <br />day of <br /> <br />1998. <br /> <br />Consolidated Extension Canal Company <br /> <br />SEAL <br /> <br />By <br /> <br />Donald R. Halffield, Jr., President <br /> <br />Attest: <br /> <br />By <br /> <br />Corporate Secretary <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />By its officer's signature below, the ("Bank") acknowledges <br />that it has received a copy of the foregoing Assignment, and agrees that, upon notice from the <br />Colorado Water Conservation Board ("CWCB") that Consolidated Extension Canal Company is in <br />default under its 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 such <br />funds directly to the CWCB untO advised otherwise. The Bank acknowledges that the Certificate of <br />Deposit Account is a special deposit and that the funds deposited therein are to be used solely to <br />secure Owner's Loan from Lender, and waives any right of setoff it may have in and to the <br />Account. <br /> <br />Bank: <br /> <br />By <br />Printed Name & Title <br /> <br />Date <br /> <br />President <br /> <br />Attest: <br /> <br />By <br /> <br />Corporate Secretary <br />