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The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br /> payment of all amounts that may become due hereunder. Said security interests are evidenced <br /> by a Security Agreement ("Security Instruments") of even date and amount and cover certain <br /> revenues, real property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT <br /> and Security Instruments grant additional rights to the CWCB, including the right to accelerate <br /> the maturity of this Note in certain events. <br /> 9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br /> Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br /> principal balance of the Note, all accrued interest, and any outstanding late charges immediately <br /> due and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the <br /> date of default. The CWCB shall give the BORROWER written notice of any alleged default and <br /> an opportunity to cure within thirty (3o) days of receipt of such notice before the BORROWER <br /> 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 interest thereon <br /> is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, <br /> including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs <br /> of collection shall include all costs and attorney fees incurred in connection with such <br /> proceedings, including the fees of counsel for attendance at meetings of creditors'committees or <br /> other committees. <br /> ii. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> '' <br /> ��� a <br /> 'e'•••* •qti,--- BORROWER:Pagosa Area Water&Sanitation <br /> - District,Acting By and Through its Water <br /> SEAL oz Activity Enterprise <br /> By <br /> Attest: 1/„./17&1;Z <br /> Name ( '/' . ) A <br /> By <br /> Signature Title f <br /> Name G 4..4(2 , <br /> Title c o arcDate / //G, <br /> Date , i, , <br /> Appendix 8-2 to Amendment No.2 <br /> Page 2of2 <br />