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<br />5. The modification or waiver of any of Owner's obligations or Lender's rights under this <br />Assignment must be contained in a writing signed by Lender. A waiver on one <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 any <br />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 ~ A.r(D day of !J () J 1997. <br /> <br />The Wood Lake Mutual Water and <br />Irrigation Company, a Colorado <br />nonprofit corporation <br /> <br />B~~ <br /> <br />ATTEST: (SE.AL), <br /> <br />By (fult;,' ~JJJ <br />Corpora e Secretary <br /> <br />ACKNOWLEDGMENT BY THE BANK <br /> <br />By its officer's signature, The E Arc> ti ("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 The Wood Lake Mutual Water <br />& Irrigation Company ("Debtor") is in default under its Loan Contract with the CWCB and <br />that the CWCB is exercising its right under the Assignment to withdraw funds contained in <br />the Certificate of Deposit, the Bank shall pay such funds directly to the CWCB until advised <br />otherwise. The Bank acknowledges that the Certificate of Deposit account is a special <br />deposit and that the funds deposited therein are to be used solely to secure Debtor's loan <br />from Secured Party, and waives any right of setoff it may have in and to the Certificate of <br />Deposit Account. <br /> <br />Bank <br /> <br />ATTEST: <br /> <br />By ~da _f1/J?fr .) <br /> <br />BY~'~ <br />~me~tle <br />Date 1/ </ 17 <br />/ <br />