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7. All payments received shall be applied first to late charges, if any, next to accrued <br /> 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, 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: Pisgah Reservoir and Ditch <br /> Company, a Colorado nonprofit <br /> corporation <br /> (SEAL) / / <br /> Oir Signature itle' <br /> Attest: ID ate 2--,/3—/.5 <br /> By )721-pt-e_ <br /> Signature/Title gte,i_zfrAy <br /> Date .,- <br /> Appendix A to Amendment No. 1 <br /> Loan Contract C150341 <br /> Page 2 of 2 <br />