term, provision or covenant to any other circumstances or situation shall not be affected thereby, and each term, provision or covenant herein shall be valid and enforceable to the full extent permitted by law. Section 16. Construction. This Agreement shall be construed in accordance with the laws of the State of Kansas. Section 17. Counterparts. This Agreement may be executed in separate counterparts, each of which so executed and delivered shall be an original, but all of which together shall constitute but one and the same instrument. If the foregoing correctly sets forth the arrangement among the Company, the MHC, the Bank and the Agent, please indicate acceptance thereof in the space provided below for that purpose, whereupon this letter and the Agent's acceptance shall constitute a binding agreement. Section 18. Entire Agreement. This Agreement, including schedules and exhibits hereto, which are integral parts hereof and incorporated as though set forth in full, constitutes the entire agreement between the parties pertaining to the subject matter hereof superseding any and all prior or contemporaneous oral or prior written agreements, proposals, letters of intent and understandings, and cannot be modified, changed, waived or terminated except by a writing which expressly states that it is an amendment, modification or waiver, refers to this Agreement and is signed by the party 39 to be charged. No course of conduct or dealing shall be construed to modify, amend or otherwise affect any of the provisions hereof. Very truly yours, ALAMOGORDO FINANCIAL ALAMOGORDO FEDERAL SAVINGS AND CORPORATION LOAN ASSOCIATION By Its Authorized By Its Authorized Representative: Representative: - ---------------------------- --------------------------------- Miles Ledgerwood Miles Ledgerwood Chairman Chairman AF MUTUAL HOLDING COMPANY By Its Authorized Representative: - ---------------------------- Miles Ledgerwood Chairman Accepted as of the date first above written Charles Webb & Company, a Division Keefe, Bruyette &