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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, which can be found in <br /> Paragraph A.14, Page 8 of the ORIGINAL CONTRACT and DEED ,F,, ,TRUST ("SECURITY <br /> in <br /> INSTRUMENTS") of even date and amount and cover certain res, real property, <br /> water rights and/or accounts of the BORROWER. The LOAN CONTACT and SECURITY <br /> INSTRUMENTS grant additional rights to the CWCB, includin• = right to accelerate the <br /> maturity of this NOTE in certain events. <br /> ' <br /> 9. If any annual payment is not paid when due or any default under thAN CONTRACT <br /> or the SECURITY INSTRUMENTS securing this NOTE occurs, the CWCB mai degr the <br /> entire outstanding principal balance of the NOTE, all accrued interest, an 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 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 /> (S E A L) Sanchez <br /> Ditch and Reservoir Company <br /> By 1 <br /> Signature/Title <br /> Attest: <br /> By <br /> ‘iatite <br /> os, Date -/3-/3 <br /> Date $-/3-0 <br /> Appendix B to Amendment No. 1 <br /> Loan Contract C153623 <br /> Page 2 of 2 <br />