If a mortgagee or lienholder of lands which are covered by a contract executed under the provisions of section 50-17-07 fails to object to such contract by serving a written notice of such objection upon the conservation commission within four weeks after the recorder has mailed the copy of the contract to the mortgagee or lienholder, the mortgagee or lienholder must be deemed conclusively to have assented to such agreement.
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