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<br />BORROWER: Orchard Mesa Irrigation <br />District acting by and through the <br />Mutual Mesa Lateral Enterprise <br /> <br /> <br />i <br /> <br />the BORROWER. The LOAN CONTRACT creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may become due <br />hereunder. Said security interests are evidenced by a Security Agreement <br />("Security Instruments") of even date and amount and cover certain revenues of <br />the BORROWER. The LOAN CONTRACT and Security Instruments grant additional <br />rights to the CWCB:, including the right to accelerate the maturity of this Note in <br />certain events. <br /> <br />9. If any annual payment is not paid when' due or any default under the LOAN <br />CONTRACT or the Security Instruments securing this Note occurs, the CWCB <br />may declare the entire outstanding principal balance of the Note, all accrued <br />interest, and any outstanding late charges immediately due and payable, and <br />the indebtedness shall bear interest at the rate of 7% per annum from the date <br />of default. The CWCB shall give the BORROWER written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BORROWER shall be considered in default for purposes of <br />this Promissory Note. <br /> <br />10. The BORROWER and any co-signer or guarantor hereby agree that if this Note or <br />interest thereon is not paid when due or if suit is brought, then it shall pay all <br />reasonable costs of collection, including reasonable attorney fees. In the event <br />of any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attorney fees incurred in connection with such proceedings, including <br />the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br /> <br />(SEAL) <br /> <br />BY~ L~A./ <br />L rrYFuller, President <br /> <br />By <br /> <br /> <br />Attest: <br /> <br />Appendix 1 to C153723 Amendment No.1 <br />Page 2 of 2 <br />