LPPD000519

• Contract/PO #: C150170
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Project Completion Letter

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hereunder. Said security interests are evidenced by Security Agreements, and
Deed of Trust ("Security Instruments") of even date and amount and cover
certain revenues, real property, water rights' and/or accounts of the BORROWER.
The LOAN CONTRACT and Security Instruments grant additional rights to the
CWCB, including the right to accelerate the maturity of this Note in certain
events.

9. 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 CWCB
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 CWCB 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.

10. 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, including reasonable attorney fees. In the event
of. any bankruptcy or similar proceedings, costs of collection shall include all
costs and attorney fees incurred in connection with such proceedings, including
the fees of counsel for attendance at meetings of creditors' committees or other
committees.

11. This Note shall be governed in all respects by the laws of the State of
Colorado.

BORROWER: The North Poudre
Irrigation Company, a Colorado
nonprofit corporation

By

. 'V

(SEAL)

Attest:

By AiL&/Yv.,JJ. (i j 1.I..JJ./d
Sharon Seaworth, Corporate Secretary

Appendix A to Loan Contract C150170