Hi fostexlaw,
You can use 'Remove watermark' option in Acrobat to accomplish this.
The "Remove Watermark" feature only removes watermarks that were created by Acrobat. If the watermark is not an Acrobat one, you can just delete the object by
selecting the object and deleting it.
Alternatively you could try to save the file as a Word document, check to see if you can then grab and delete just the watermark, then convert the file back to PDF.
Regards,
Rave