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<br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB
<br />to secure the prompt payment of all amounts that may become due hereunder.
<br />Said security interests are evidenced by a Security Agreement and Deed of Trust
<br />("Security Instruments") of even date and amount and cover certain revenues, real
<br />property, water rights and/or accounts of the BoRROWER. The LOAN CONTRACT and
<br />Security Instruments grant additional rights to the CWCB, including the right to
<br />accelerate the 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
<br />CONTRACT or the Security Instruments securing this Note occurs, the CWCB may
<br />declare the entire outstanding principal balance of the Note, all accrued interest,
<br />and any outstanding late charges immediately due and payable, and the
<br />indebtedness shall bear interest at the rate of 7% per annum from the date of
<br />default. The CWCB shall give the BORROWER written notice of any alleged default
<br />and an opportunity to cure within thirty (30) days of receipt of such notice before
<br />the BORROWER shall be considered in default for purposes of this Promissory
<br />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
<br />any bankruptcy or similar proceedings, costs of collection shall include all costs
<br />and attorney fees incurred in connection with such proceedings, including the fees
<br />of counsel for attendance at meetings of creditors' committees or other
<br />committees.
<br />
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<br />11. This Note shall be governed in all respects by the laws of the State of Colorado.
<br />
<br />BORROWER: THE PINE RIVER-BAYFIELO
<br />DITCH COMPANY, A COLORADO NONPROFIT
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<br />Janet . nge, Corpor; e Secre
<br />
<br />Appendix A to Loan Contract C150154 Amendment No.1
<br />Page 2 of 2
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