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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, including the right to accelerate the maturity of this <br /> Note in certain events. <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 /> 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 /> Montezuma Valley Irrigation Company, <br /> a Colorado nonprofit corporation <br /> VIRGINIA L. MARTIN <br /> (S E A L) NOTARY PUBLIC <br /> STATE OF COLORADO <br /> My Commission Expires://-l3-2015 By /` � �-�.... /-.r'"e S'4,� <br /> SiOa ure/Tit <br /> Attest: <br /> 7 <br /> By - , ///„ 4 otrtiti Date /1 <br /> ignature itle <br /> Date eN <br /> Appendix A to Amendment No. 1 <br /> Loan Contract C150333 <br /> Page 2 of 2 <br />