PROJ01960 ‎(2)‎

• Contract/PO #: C150249
• Contractor Name: Black Dike Pipeline Company
• Contract Type: Loan
• Water District: 0
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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As soon as practical after an assessment levy, the Treasurer of the Association shall
deliver a Notice in writing to each Member in person or by mail, fax or e-mail at the
Member's latest address in the records of the Treasurer within thirty (30) days of the date
of the Notice, and informing members that a late fee and interest will accrue after the
thirty days until the assessment is paid in full.

The association has a first lien upon the interest in the Pipeline of each Member to secure
the payment of any assessments levied by the Association, together with interest,
penalties and costs of collection. Liens shall be enforced pursuant to Colorado statutes.

If any Member fails to pay the full assessment due within thirty (30) days after the due
date, The Member will be considered in arrears and The Member's diversion devices in
the Pipeline may be closed by the Association and the Member shall not receive any
Pipeline water until the assessment and any additional applicable charges are fuIly paid,
Furthermore, any members in arrears will not be allowed to vote at Association meetings,
and the votes of The Member will not be considered viable, The member's votes not
being considered viable means the votes do not count toward the total viable votes on the
ditch.

The Directors may assess a late charge of ten percent (110%) on the unpaid balance for
payments overdue more than 30 days. Additionally, The Member shall pay interest of
two percent per month on any unpaid balance.

If a Member is in arrears ninety (120) days in payment of assessments, the Directors may
seek a judgment against that Member through the courts.

Article IX: Waiver of Notice

Whenever any notice is required to be given to any member under these by-laws or under
the provisions of law, a waiver thereof in writing, signed by the person or persons entitled
to such notice, whether before or after the time stated therein, shaH be deemed equivalent
to the giving of such notice,

Article X: Fiscal Year

The fiscal year of the Association shall be the calendar year.

Article XI: Amendment and Suspension of By-Laws

Section 1: These By-Laws may be amended as a major issue at any Duly Organized
Members' Meetings by consensus or failing that, the approval of two~thirds the total
viable votes on the ditch, provided notice of the proposed changes was mailed to the
Members and no action is taken for at least ten days from the time of such notice.

Section 2: The operation of the By-Laws may, by resolution duly entered on the
minutes, may be temporarily suspended as a major issue at any Duly Recognized