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<br />by Deed(s) of Trust and Security Agreement ("Security Instruments") of even date and amount <br />and cover certain real property and water rights of the BORROWER. The LOAN CONTRACT and <br />Security 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 or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />principal balance of the Note, all accrued interest, and any outstanding late charges <br />immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. The CWCB shall give the BORROWER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br />before the BORROWER shall be 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 interest <br />thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of <br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar <br />proceedings, costs of collection shall include all costs and attorney fees incurred in connection <br />with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br />committees or other committees. <br /> <br />11. This Note shall be governed in all iespects by the laws of the State of Colorado. <br /> <br />BORROWER: Kenneth Guenzi, David Guenzi, <br />and John Guenzi, jointly and severally <br /> <br /> <br />~:P~l <br /> <br />Kenneth Guenzi~ a Coldrado individual <br /> <br />~~ <br /> <br />David Guenzi, <br /> <br /> <br />Coun~of o(~ <br />State of Colorado <br /> <br /> <br />. I, a Colorado individual <br /> <br />) <br />) SS <br />) <br /> <br />Kenneth Guenzi, D~i Guenzi and John Guenzi a nowledged the foregoing instrument before <br />me this date of _ N. I , 2004. Witne hQ.rld;af:id:~'0ffi ial seal. <br />I -..,......\ \.,... ~ . tJ /' '>'~" <br /> <br /> <br />Notary Public <br /> <br />My commission expires <br /> <br />'~/1-o ? <br /> <br />" ,J , ~ c'\," ~ I'~l~)" \~"\ .. <br />-. , l' "" , '". . J <br /> <br />.' ~,:' \~-o~~- j~j ", , <br /> <br />.. t,:,'. _ ,..." ,..;I'!!lo <br /> <br />\ ,~~.~,~:.' s L\'~... ~ <br />Page 2 of 2 ',,'" -...'" <br />J""?!~ :~ <br />