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<br />occasion shall not constitute a waiver on any other occasion. <br /> <br />6. The rights and remedies of the Lender stated in this Assignment are in addition to <br />any other rights the Lender may have under the Loan Contract or any law. <br /> <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 Iff/; day of October 1997. <br /> <br />SEAL <br /> <br />Arkansas Groundwater Users Association, a <br />Colorado non-profit corporation <br /> <br />By <br /> <br />C.f,~ <br />C.R. Evans, President <br /> <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />By its officer's signature, the Colorado East Bank and Trust, La Junta, Colorado <br />("Bank") acknowledges that it has received a copy of the foregoing Assignment, and <br />agrees that, upon notice from the Colorado Water Conservation Board ("Secured <br />Party") that the Arkansas Groundwater Users Association ("Debtor") is in default under <br />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 <br />pay such funds directly to the CWCB until advised otherwise. The Bank acknowledges <br />that the Certificate of Deposit account is a special deposit and that the funds deposited <br />therein are to be used solely to secure Debtor's loan from Secured Party, and waives <br />any right of setoff it may have in and to the Certificate of Deposit Account. <br />Colorado East Bank and Trust <br /> <br />By t 1-../!ic- cJQ , <br />Printed NamelTitle j ,yt dq I'tllJOj (/Zk.v CZ",L) <br />Date /0 - t.f - 97 <br /> <br />ATTEST/ <br />By -{/!d~ <br /> <br />~d,- <br />