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<br />7. 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 />8. This Assignment shall be binding upon Owner and .its successors, assigns, trustees, <br />and receivers. <br /> <br />9. This Assignment shall be construed in accordance with the laws of the State of <br />Colorado. <br /> <br />10. The Owner and Lender specifically request the <br />Assignment and its terms. <br /> <br />Executed this d-5 day of JZJyt/. <br /> <br />Bank to honor and accept this <br /> <br />1997. <br /> <br />SEAL <br /> <br />The Horse Creek Water Users Association, <br />a Colorado nonprofit corporation <br /> <br />By >>~~~~ <br /> <br />ATTEST-; ~ <br /> <br />BY~~4.u:u-t- . ~A-1-'76'/d ~ <br />Norman Summers, Secretary-Treasurer <br /> <br />ACKNOWLEDGMENT BY THE FIRST NATIONAL BANK OF LIMON <br /> <br />By its officer's signature below, the First National Bank of Limon ("Bank") acknowledges <br />that it has received a copy of the foregoing Assignment, and agrees that, upon notice from <br />the Colorado Water Conservation Board ("Secured Party") that the Horse Creek Water <br />Users Association ("Debtor") is in default under its Loan Contract with the CWCB and that <br />the CWCB is exercising its right under the Assignment to withdraw funds contained in the <br />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. The Bank also acknowledges that as long as the principal amount of the <br />Certificate of Deposit equals $35,691.46, the Debtor may withdraw all interest earned by <br />the Certificate of Deposit. <br /> <br /> <br />" <br /> <br />'-,.. <br /> <br />ATTEST: <br /> <br />By qat t: I J ~-f-"'-f <br />---l <br />