Laserfiche WebLink
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 or <br /> the Security Instruments securing this Note occurs, the CWCB may declare the entire <br /> outstanding principal balance of the Note, all accrued interest, and any outstanding <br /> late charges immediately due and payable, and the indebtedness shall bear interest at <br /> the rate of 7% per annum from the date of default. The CWCB shall give the <br /> Borrower written notice of any alleged default and an opportunity to cure within thirty <br /> (30) days of receipt of such notice before the Borrower shall be considered in <br /> 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 <br /> thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs <br /> of collection, including reasonable attorney fees. In the event of any bankruptcy or <br /> similar proceedings, costs of collection shall include all costs and attorney fees <br /> incurred in connection with such proceedings, including the fees of counsel for <br /> 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 /> (S E A L) <br /> BY <br /> Attest: Signat <br /> L&L — Name John Schweizer Jr. <br /> By <br /> Signature Title President of the Board <br /> Name George Peter Hanzas <br /> Title Secretary Date March 16, 2017 <br /> Date March 16, 2017 <br /> Appendix A-2 to Amendment No. 4 <br /> Page 2 of 2 <br />