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<br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCS to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust ("Security <br />Instruments") of even date and amount and cover certain revenues, real property, <br />water rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security <br />Instruments grant additional rights to the CWCB, including the right to accelerate the <br />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 CONTRACT <br />or the Security Instruments securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall <br />give the BORROWER written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BORROWER shall be <br />considered in default for purposes of this Promissory 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 attomey fees. In the event of any <br />bankruptcy or similar proceedings, costs of collection shall include all costs and <br />attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br /> <br /> <br />11",..This Not;eshall be governed in all respects by the laws of the State of Colorado. <br />~~'\J,.{,..~'il HESp>,:\!i <br />,~';'~,<;;~>o~n.:,:::,\,>~tl'> BORROWER: The Lake Henry Reservoir <br />-" -, 0 -. n ,c .. '" ;J , C <br />"1: /, ?>lt~:"::~,,<,'\;;~~~ o. <br />,., ~i {$ iAJ,t. k ';"- r <br />-:" .~ :". , . ""/:. r '-~ Jt< <br />0" .. ~ <br /> <br />'<~::' (',~Eql: ~:'" ~:::~~i' <br />""ll'~fl\l<) .~. <br />Atlest;'" ~ . ~> ,,'~ <br />. \ ~ '. \.. "10 ... <br /> <br />By &tu 1ll ,r12M.. <br /> <br />Robert t!1. Robler, President <br /> <br />.;:: <br /> <br />By O~ d Q,-~ <br /> <br />Allen L. Ringle, Corporate ecretary <br /> <br />APPENDIX A to LOAN CONTACT NO. C150098 AMENDMENT NO.1 <br />Page 2 of 2 <br />