C153770 Letter of Substaintial Completion

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. . penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 8. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. 9. This Note is issued pursuant to the LOAN CONTRACT between the CWCS and the BORROWER. The LOAN CoNTRACT creates security interests in favor of the CWCB to secure the prompt payment of all amounts that may become due hereunder. Said security interests are evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) ("Security Instruments") of even date and amount and cover certain revenues, real property, water rights and/or accounts of the BORROVVER. The LOAN CoNTRACT and Security Instruments grant additional rights to the CWCB, induding the right to accelerate the maturity of this Note in certain evef1ts. 10. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Instruments securing this Note occurs, the eWCB may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default The CWeB shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of this Promissory Note. 11. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, induding reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall in dude all costs and attorney fees incurred in connection with such proceedings, induding the fees of counsel for attendance at meetings of creditors' committees or other committees. 12. This Note shall be governed in all respects by the laws of the State of Colorado. ( pEA 1,.'), BORROWER: Summit Reservoir and Irrigation Company, a COlora. ~~profitCO~.ion By $,,- Norman Butler, Jr.. President Attest: By' Appendix A to Loan Contract C153770 Amendment No. 2 Page 2 of2