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8. This Note is issued purswant to the LoAN CokTRncT between the CWCB and <br />the BoRROwER. The LonN CoHTw-cr creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may be~ome due <br />hereunder. Said security interests are evidenced by a Security ~qreement and <br />Deed of Trust ("Securiiy instruments") of even date and amount and cover <br />certain revenues, real properly, water rights andlor accounts of the BoRROVUER. <br />The LoaN CoNT~cT and Securiiy instruments grant additional rights to the <br />CWCB, ir~cluding the right to accelerate the maturity of this No~ in certain <br />evenis. <br />9. If any annual payment is not paid when due or any default under the Lcuw <br />CoNTw-cT or the Security Instrumen~s securing this Note , tr~e CV1PCg <br />may declace the entire out~tanding prinapal balance of o, II accrued <br />interest, and any outstanding late charges immediatiely due d p able, and <br />the indebtedness shatl bear interest at the rate of 7 o per ann m the date <br />of de~au~. The CWCB shall give the BoRROUV~R 'tten notice of any alleged <br />default and an opportunity to cure within thirty (3 days of receipt of such <br />notice before the BoRROwER shafl be nsidered in fault for purposes of <br />this Promissory Note. <br />10. The BoRROwER and any co-signer or uara r hereby agree that if this Note or <br />interest thereon is not paid hen due ' uit is brought, then it shall pay att <br />reasonabl~ costs of cal! 'o , inGuding reasonable attomey fees. In the even# <br />of any bankruptcy or ' r roceedings, costs of collection shall include all <br />casts and attomey fees in in connedion with such proceedings, including <br />the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br />11. This Note shaN be govemed in all respecfs by the laws of the State of <br />Colorado. <br />BORROWER: Mancos Valley <br />(SEAL) <br />~y <br />Attest: G~9 olcott, President <br />BY v~P~M l~ ~ 2.c.J~ <br />Oran R. White, Secretary-Treasurer <br />Appendix B <br />Loan Con#ract C150185 Amendment No.1 <br />Page 2 of 2 <br />