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<br />11l-31-1997 <br />Loan No <br /> <br />PROMISSORY NOTE <br />(Continued) <br /> <br />Page 2 <br /> <br />controversies concerning the lawfulness or reasonableness of any act, Of exercise 01 any right or remedy, concerning any collateral, including any claim <br />to rescind, reform, or otherwise modify any agreement relating 10 the conaleral, shall also be arbitrated; provided however tha! no arbitrator shall have <br />the right or the power 10 enjoin or restrain any aclol either party. Judgment upon any award rendered by any arbitrator may be entered In any court <br />having Jurisdiction. Nothing In this arbilralion provision shall preclude ellher party Irom seeking equitable reUet from a court of competent jurisdiction. <br />The statute olllmilallons, estoppel, waiver. laches and similar doctrines which would otherwise be applicable in an action brought by a party shall be <br />applicable In any arbllration proceeding, and the commencement of an arbllral10n proceeding shall be deemed the commencement of any action for <br />Ihese purpose. The Federal Arbitration Act (TItle 9 of Ihe Unlled Slales Code) shall,apply to the construction, interpretallon, and enforcement of this <br />arbllrallon provision. <br /> <br />FINAL DRAW DATE. Aller MAY 1, 1998 ("Anal Draw Date~), disbursements hereunder will not be allowed. <br /> <br />GENERAL PROVISIONS. Lender may delay or forgo enforcing any of Its rights or remedies under this Note wtthoullosing them. Borrower and any <br />other pernon who signs, guaranlees or endorse!! this Note, 10 the extenl allowed by law, waive presenlment, demand for payment, prolest and nollce of <br />dishon()(. Upon any change In the terms of this Note, and unless otherwise expressly staled in writing, no party who signs thIs Note, whether as maker, <br />guarantor, accommodallon maker or endorser, shall be released from l1ablllty. All such parties agree lhatlsnder may renew or extend (repeatedly and <br />for any length of time) lhls Note, or release any party or guarantor or collateral; or unjustifiably Impair, fail to realize upon or perfect lender's securily <br />Inlerest In the collaleral; and take any other acllon deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree <br />that lender may modify this Note wllhoulthe consent of or notice to anyone other than the party with whom the modification Is made. <br /> <br />PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD AU. THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE <br />INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETED <br />COPY OF THE NOTE. <br /> <br />BORROWER: <br /> <br />FARMERS INDEPENDENT DITCH CO <br /> <br /> <br />By' ~1<E1i~~~R~' <br /> <br />VarlabIIAII.. Lln.ClfOr.llll. <br /> <br />LAseA PAD, AIg. u.s. PII. & T.M. Off., V.r. 3.23 (el 111117 OFI PrClSlfYletl, In<:. Allrlgl'll. rU'N.d. [00-020 3030L001.LN C1.CVLI <br /> <br />By: <br />R <br /> <br />