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<br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and <br />receivers. <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 its <br />terms. <br />Executed this Ii- day of 2000. <br /> <br />Pine River Canal Company <br /> <br />SEAL <br /> <br />By <br /> <br /> <br /> <br />Attest: <br /> <br /> <br />A! <br /> <br />on, Secretary <br /> <br /> <br />ACKNOWLEDGMENT BY BANK <br /> <br />By its officer's signature below, the ~ ~ ~ ~~ ("Bank") acknowledges that <br />it has received a copy of the foregoing Assignment, a agrees that, upon notice from the Colorado <br />Water Conservation Board ("CWCB") that the Owner is in default under its Loan Contract with the <br />CWCB and that the CWCB is exercising its right under the Assignment to withdraw funds contained <br />in the Certificate of Deposit, the Bank shall pay such funds directly to the CWCB until advised <br />otherwise by the CWCB and the Owner. The Bank acknowledges that the Certificate of Deposit <br />Account is a special deposit and that the funds deposited therein are to be used solely to secure <br />Owner's Loan from the CWCB, and waives any right of setoff it may have in and to the Account. <br /> <br />Bank: L.~ ~ d::.~ ~ ~ <br /> <br />B~~vv" ~ ,President <br />/j -.- r (), I - <br />Prfnted Name & Titla::t~.r "-,,..low,>V / "..S (e;. e..../ <br /> <br />Date I - , '1 -er-c:, <br /> <br />Attest: <br /> <br />By KtN-.>-.V ~ $. ~ <br />