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8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The <br /> LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt payment of all <br /> amounts that may become due hereunder. Said security interests are evidenced by a Security <br /> Agreement ("Security Instruments") of even date and amount and cover certain revenues, real <br /> property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security <br /> Instruments grant 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 the Security <br /> Instruments securing this NOTE occurs, the CWCB may declare the entire outstanding principal <br /> balance of the NOTE, all accrued interest, and any outstanding late charges immediately due and <br /> payable, and the indebtedness shall bear interest at the rate of 7% per annum from the date of <br /> default. The CWCB shall give the BORROWER written notice of any alleged default and an <br /> opportunity to cure 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 interest thereon is <br /> not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, including <br /> reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection <br /> shall include all costs and attorney fees incurred in connection with such proceedings, including the <br /> fees of 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 Ditch and Reservoir Company, a Colorado <br /> nonprofit corporation <br /> Attest: <br /> By <br /> Signature/Title <br /> By p/Los. Date 7(61- /�J <br /> ignature/Title <br /> Date 1-3/- <br /> Appendix A to Amendment No.1 <br /> Page 2 of 2 <br />