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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 /> 8. 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(30) days of receipt of such notice before the BORROWER <br /> shall be considered in default for purposes of this Promissory Note. <br /> 9. 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 /> io. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER:Highland Ditch Company <br /> (SEAL) ri <br /> By 1/IAA /3--1-44-Aa <br /> Signature <br /> Attest: g ►/ <br /> Name1)LYS t N. <br /> B4._gOnxiM) <br /> Signature Title Pre s I d 4(JV l <br /> NameF( . Date / /1.5/i 7 <br /> Title l�Ul - 5t0V-(\-C-- <br /> Date g11S'fl <br /> Appendix A <br /> Page 2 of 2 <br />