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<br />.'.' <br /> <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 occasion <br />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 l.oan Contract/Promissory Note or any law. <br /> <br />7. This Assignment shall be binding upon Owner and its successors, assigns, trustees, and <br />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 /0>'<-- day of December 1996. <br /> <br />MANCOS WATER CONSERVANCY DISTRICT <br />WATER ACTIVITY ENTERPRISE <br /> <br />By;t/~ k-c~/ <br />Thomas K. Colbert, President <br /> <br />ATTEST: <br />B~~ A .I) /'CI2#,/a~_d. <br />Noland Alexander, Secretary <br /> <br />ACKNOWLEDGEMENT BY MANCOS VALLEY BANK <br /> <br />Mancos Valley Bank(nBankn) has received a copy of the foregoing Assignment, and agrees <br />that, upon notice from the Colorado Water Conservation Board (nCWCBn) that the Mancos <br />Water Conservancy District or the Mancos Water Conservancy District Water Activity <br />Enterprise is in default under its Loan Contract/Promissory Note 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. <br /> <br />Mancos Valley Bank <br /> <br />B~.L~ <br /> <br />! . President <br /> <br />Date: /,:),-/1- 'fer <br />