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<br />penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or change the amount of such payments. <br /> <br />8. All payments received shall be applied first to late charges, if any, next to <br />accrued interest and then to reduce the principal amount. <br /> <br />9. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and <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(s), <br />Deed(s) of Trust, and/or Assignment(s) ("Security Instruments") of even date <br />and amount and cover certain revenues, real property, water rights and/or <br />accounts of the BORROWER. The LOAN CoNTRACT and Security Instruments <br />grant additional rights to the CWCB, induding the right to accelerate the <br />maturity of this Note in certain evel1ts. <br /> <br />10. 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 eWCB 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 />11. 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 an <br />reasonable costs of collection, including reasonable attorney fees. In the event <br />of any bankruptcy or similar proceedings, costs of collection shall indude all <br />costs and attorney fees incurred in connection with such proceedings, induding <br />the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />12. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br /> <br /> <br />Attest: <br /> <br />BORROWER: Summit Reservoir <br />and Irrigation Company, a <br /> <br />CoI7JZfWOOt~ <br />By p.-. <br />Norman Butler, Jr., President <br /> <br />By <br /> <br />Appendix A to Loan Contract C153770 Amendment No.2 <br />Page 2 of2 <br />