PROJC02521

• Contract/PO #: C150129
• Contractor Name: South Side Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Project Completion Letter

hereunder. Said security interests a~e evidenced by a Security Ag'reement and
Deed of Trust ("Security Instruments") of even date and amount and cover
certain revenues, real property, water rights and/or accounts of the BoRROwER.
The LoAN CoNT~cT and Security Instruments grant additional rights to the
CWCB, including the right to accelerate the maturity of this Note in certain
events.
9. If a~y annual payment is not paid when due or ~ny default unde~ the LoAN
ContTwqc~ or the Security Instruments securing this Note occurs, the CWCB
may declare the entire outstanding principal batance of the Note, af! aocrued
interest, and any outstanding late charges immediately due and payable, and
the indebtedness shall bear inte~est 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 defau~ 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 attomey fees incurred in connection with such proc:eedings, including
the fees of counsel for attendance at meetings of creditors' cammittees or other
committees.
11. This Note shall be govemed in all respects by the laws of the State of
Colorado.
BORROWER: SoUth Side Ditch
Company
(SEAL)
i
Attest:. ~-___~~; ~ ~
~ - ~ ~ ,_
~ , . ~, ~ _ ~ \
By , , ,,,,.
~. = Jon T. Stephens, Secretary ~
; .
,~ ~
gy ~~C .f tccl~~ ~ ~
` Gale emhardt, President
\ \~
Appendix A to Loan Contract C150129