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interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement ( "Security Instruments ") of <br />even date and amount and cover certain revenues, real property, water rights and /or <br />accounts of the BORROWER. The LOAN CONTRACT and Security Instruments grant <br />additional rights to the CWCB <br />9. The CWCB shall give the BORROWER written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the <br />BORROWER shall be considered in default for purposes of this Promissory Note. <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 attorney 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 />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: <br />Pagosa Area Water & Sanitation District, <br />acting by and through its Water Activity <br />R AND Enterpris <br />Sto L�.7A <br />By Signature/Title <br />By JIJAII Date 3 - <br />S igfi ku6re7tiYd---' <br />Date <br />Appendix A to Amendment No. 1 <br />Loan Contract C150261 <br />Page 2 of 2 <br />