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<br />interest in the following: All of the Box Springs Water Rights obtained by the BORROWER <br />pursuant to its September 30, 1997 Water Rights Purchase Agreement, as amended, with the <br />Box Springs Sellers, more particularly described as 2 c.f.s. out of the 60 cubic feet of water <br />per second of time decreed to Box Springs Canal No.1, with an appropriation date of October <br />24,1899, and an adjudication date of August 30,1922, as adjudicated in the District Court for <br />the County of Bent and the State of Colorado. To convey a security interest in said water <br />rights to the STATE, the BORROWER shall execute a deed of trust in the form attached as <br />Appendix 3 and incorporated herein, and shall record the deed of trust contemporaneously <br />with the deed by which the BORROWER acquires that portion of the water rights to be <br />purchased using proceeds of this loan, and deliver the original recorded deed of trust to the <br />STATE. <br /> <br />8. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of the property provided as security for this <br />loan, so long as any of the principal, all accrued interest, and late charges, if any, on this loan <br />remain unpaid, without the prior written concurrence of the STATE. In the event of any such <br />sale, transfer or encumbrance without the STATE'S written concurrence, the STATE may at any <br />time thereafter declare all outstanding principal and interest on this loan immediately due and <br />payable. <br /> <br />9. Remedies For Default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance of any covenant or agreement contained herein, the <br />STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />b. exercise its rights under the promissory note and deed of trust; <br /> <br />c. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by the STATE at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATE to ensure compliance with provisions of this contract <br />and the laws and regulations under which this contract is executed. The STATE'S exercise of <br />any or all of the remedies described herein shall not relieve the BORROWER of any of its duties <br />and obligations under this contract. <br /> <br />10.ln Event Of A Conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />11. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement To Loan Money. The STATE agrees to loan the BORROWER up to $90,000 at an <br />interest rate of 4.1 % per annum for a term of thirty years. <br /> <br />Rodney J. Preisser <br /> <br />Page 4 of9 <br /> <br />Loan Contract <br />