PROJC01825 ‎(2)‎

• Contract/PO #: C150234
• Contractor Name: Headgate 396 Lateral Corporation
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

CWCB, including the right to accelerate the maturity of this Note in certain
events.

9. If any annual payment is not paid when due or any default under the LOAN
CONTRACT or the Security Instruments securing this Note occurs, the CWCB
may declare the entire outstanding principal balance of the Note, all accrued
interest, and any outstanding late charges immediately due and payable, and
the indebtedness shall bear interest at the rate of 7% per annum from the date
of default. The CWCB shall give the BORROWER written notice of any alleged
default and an opportunity to cure within thirty (30) days of receipt of such
notice before the BORROWER shall be considered in default for purposes of
this Promissory Note.

10. The BORROWER and any co-signer or guarantor hereby agree that if this Note
or interest thereon is not paid when due or if suit is brought, then it shall pay all
reasonable costs of collection, including reasonable attorney fees. In the event
of any bankruptcy or similar proceedings, costs of collection shall include all
costs and attorney fees incurred in connection with such proceedings, including
the fees of counsel for attendance at meetings of creditors' committees or other
committees.

11. This Note shall be governed in all respects by the laws of the State of
Colorado.

(SEAL)

BORROWER: Headgate 396 Lateral
Corp~on
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DaVid Snapp,

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David McDonald, Secretary

Appendix A to Loan Contract C150234 Amendment No.1
Page 2 of 2