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` � � <br />penalty. Any p�rtial prepayment shali not postpone the due date of anx <br />subsequent payments or change the amount of such payments. <br />8. AII payments received shali be applied first to late charges, if any, next to <br />accrued interest and then to reduce the prinapal amount. <br />9. This Note is issued pursuant to the Loa�t� Cotv�cT between the CVIPCB and <br />the BoRRavvER. The LoaN CoN�zacT creates security interests in favor af the <br />CWCB to secure tt�e prompt paymerrt of all amounts that may become due <br />hereunder. Said �rity irrterests are evidenced by a Security AgrBement{s), <br />Deed(s) of Trust, and/or Assignment(s) ("Security Instruments") of even date <br />and amourrt and cover certain revenu�s, neal property, water rights and/or <br />accounts of the BoRROVr�a. The LoaN CoN�tacT and Security Instruments <br />grant additional rights to the CWCB, induding the right to acxelerate the <br />maturity of this Note in certain events. <br />10. If any annual payment is not paid when due or any default under the loan► <br />CoNr�cT or the Searrity Instruments seaaring this Note oc:curs, the CWCB <br />may declar� the entir�e outstanding prinapal balance of the Note, ai! acaved <br />interest, and any outst�anding late char�ges immediately due and payable, and <br />the indebtedness shall bear irrterest at the rate of 7°!o per annum from the date <br />of default The CWCB shall give the Bot�ROwER written notice of any alleged <br />defa�ult and an opportunity to cure within thirty (30) days of receipt of such <br />notice befor� the BoFtROwER shall be considered in default for purposes of <br />this Promissory Note. <br />11. The Ba2ROVUER and any co-signer or guarantor hereby agree that if this Note or <br />interest thereon is not paid when due or 'rF suit is brought, then it shall pay all <br />reasonable costs of t�ollection, induding reasonabie attomey fees. In tt�e event <br />of any bankruptcy or similar proc�edings, costs of colledion sh�A indude all <br />costs and attomey fees incurred in cannection with such proc�edings, including <br />the fees of c:ounse! for attemdance at meetings of cxeditors' committees or other <br />oomrr�ittees. <br />12. This Note shall be govemed in all respe�cts by #he laws of the State of <br />Colorado. <br />BoaROwER: Summit Reservoir <br />and Irrigation Company, a <br />Colorado profit corpor 'on <br />B �--.-�--- � <br />Norman Bu�er, Jr., President <br />/k#test: <br />By <br />�av�� ��- .S d+�:�a.-op� ,�ec.�c �-r -Treo�r�..�c� <br />(�;���+��-��� : <br />�: � , <br />Appendix A to Loan Contract C153770 Amendment No. 2 <br />f'age 2 of 2 <br />