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<br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to
<br />secure the prompt payment of all amounts that may become due hereunder. Said
<br />security interests are evidenced by a Security Agreement and Deed of Trust ("Security
<br />Instruments") of even date and amount and cover certain revenues, real property,
<br />water rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security
<br />Instruments grant additional rights to the CWCB, including the right to accelerate the
<br />maturity of this Note in certain events.
<br />
<br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT
<br />or the Security Instruments securing this Note occurs, the CWCB may declare the
<br />entire outstanding principal balance of the Note, all accrued interest, and any
<br />outstanding late charges immediately due and payable, and the indebtedness shall
<br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall
<br />give the BORROWER written notice of any alleged default and an opportunity to cure
<br />within thirty (30) days of receipt of such notice before the BORROWER shall be
<br />considered in default for purposes of 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 of any
<br />bankruptcy or similar proceedings, costs of collection shall include all costs and
<br />attorney fees incurred in connection with such proceedings, including the fees of
<br />counsel for attendance at meetings of creditors' committees or other committees.
<br />
<br />11~..Tm~ !'Jo~ shall be governed in all respects by the laws of the State of Colorado.
<br />...... t\~ dtS.e Itj
<br />.i',;,<,~~.O<>.4~,~.,O.~J~~ "I BORROWER: The Lake Henry Reservoir
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<br />
<br />..~! f '," ('()",I~':;;.'~-;' · ),.~: Robert M Robler, President
<br />t .., II f'i r~ ,., V \J .....
<br />Attest'" t'" . ~. - '
<br />\ l \ \.. \. " '
<br />
<br />,,~,.
<br />
<br />By
<br />Allen L. Ringle, Corporate ecretary
<br />
<br />
<br />Q~~
<br />
<br />APPENDIX A to LOAN CONTACT NO. C150098 AMENDMENT NO.1
<br />Page 2 of2
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