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• <br /> 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 (3o) 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 /> 10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER:Butte Irrigating and Milling <br /> Company <br /> (SEAL) <br /> By e:1?5 ,(\''l <br /> Signature <br /> Attest: I' <br /> • Name An Mt(11(4-e <br /> By G-Ayr,/ <br /> Signature Title '?r vt <br /> Name \ja_f\e, F. c5 Ir Date 7-16 ia I <br /> Tide c ee/'G/� //a5/4//er <br /> /cc5Date ec)//� <br /> Appendix A <br /> Page 2 of x <br />