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<br />---') <br />.' , <br /> <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 its <br />terms. <br /> <br />Executed this <br /> <br />day of <br /> <br />1998. <br /> <br />Bravo Ditch Company, a Colorado nonprofit <br />Corporation <br /> <br />SEAL <br /> <br />By <br /> <br />Kenneth A. Freeman, President <br /> <br />Attest: <br /> <br />By <br /> <br />Robert L. Dickinson, Corporate Secretary <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, and agrees that, upon notice from the Colorado <br />Water Conservation Board ("CWCB") that the Bravo Ditch Company is in default under its Loan <br />Contract with the CWCB and that the CWCB is exercising its right under the Assignment to withdraw <br />funds contained in the Certificate of Deposit, the Bank shall pay such funds directly to the CWCB <br />until advised 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 Owner's Loan from <br />Lender, and waives any right of setoff it may have in and to the Account. <br /> <br />Bank <br /> <br />By <br /> <br />Printed Name & Title <br /> <br />Date <br /> <br />President <br /> <br />Attest: <br /> <br />By <br /> <br />Corporate Secretary <br />