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<br />Amendment to Provision #11 <br />Provision #11. Adopted by amendment January 9, 1982, at the regular meeting of <br />the stockholders. See page 130, of the Company Meeting Minutes <br />book. <br /> <br />Each share of the capital stock which shall have been issued shall be <br />subject to an annual pro rata assessment for the purpose of providing funds for the <br />following: <br />1. The operation and maintenance of the Company for the ensuing <br />year. <br />2. Capital improvements including water rights. <br />3. Retirement of debts and obligations. <br />4. Other lawful activities. <br />The amount of such assessment to be determined by a vote of the stockholders at <br />the annual stockholders' meeting; and the stockholders shall have the power, at a <br />special meeting called for that purpose, to levy any special assessment necessary <br />to meet the Company's obligations. Also, the stockholders at the annual meeting <br />may levy charges for the use of facilities of the Company. <br /> <br />All assessments and other charges that are not paid by the time designated <br />at the annual meeting of stockholders shall be delinquent and draw interest at the <br />rate of (1 ~) one and one-half percent per month or portion thereof until paid. <br />Stockholders who shall become in arrears in the paYment of any assessment or <br />charge shall not receive or be entitled to receive any water or to vote at any <br />stockholders' meeting until all such arrears shall have been fully paid. The Board <br />is empowered to rent the water issued to any share of stock that is delinquent and <br />to apply the funds received to the account, remitting to the stockholder any funds <br />in excess of that owed to the Company. The Board also has the authority to <br />declare that the delinquent share of stock be forfeited and sold as herein provided. <br /> <br />At any time after such default, the Secretary-Treasurer may make demand <br />for paYment thereof by written notice either served or delivered in person or by <br />mailing the same to the last known address of the stockholder so in default, at <br />least thirty (30) days prior to the time when such forfeiture is to take place. After <br />the Board has ordered forfeiture of the stock, notice shall be published in a local <br />newspaper, at least once a week for not less than two weeks prior to the date of <br />sale, stating that said stock will be sold at a public auction to the highest bidder. <br />All proceeds over and above the amount due on the stock sold, including interests <br />and costs and expenses of forfeitures, notice and sale chargeable against such <br />stock shall be paid to the delinquent stockholder. <br /> <br />The remedy of the Company by forfeiture and sale of stock shall not be <br />obligatory or exclusive, for at any time after default suit may be brought and <br />maintained by and in the name of the Company against any stockholder for the <br />amount of any assessment or charge past due and unpaid together with interest <br />thereon. The fact that any such suit has been brought or judgment obtained, which <br /> <br />Loveland Lake and Ditch Company 26 of 47 <br />Inlet Structure Upgrade Feasibility Study <br />February 1,2008 <br />