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CM0001184 <br />Collateral encumbered by the Security Documents for repayment <br />of amounts due hereunder, and shall not look to the Company or <br />any officer, director or shareholder thereof for,any amounts <br />determined to be owed, including any deficiencies between the <br />amounts owed and the value of the Collateral. <br />If the Company fails to pay any amount due.under this <br />Note and Payee has to take any action to collect the amount <br />due or to exercise its rights under the Security Documents, <br />including without limitation retaining attorneys for <br />collection of this Note, or if any suit or proceeding is <br />brought for the recovery of all or any part of or for <br />protection of the indebtedness or to foreclose the Security <br />Documents, then Payee may recover from the Collateral all <br />reasonable costs and expenses of any such action to collect, <br />suit or proceeding, or any appeal of any such suit or <br />proceeding, incurred by Payee, including reasonable,fees of <br />Payees attorneys. <br />The Company waives presentment, notice of dishonor, <br />notice.of acceleration and protest, and assents to any <br />extension of time with respect to any payment due under this <br />Note', to any substitution or release of collateral and to the <br />addition or release of any party. No waiver of any payment or <br />other right under this Note shall operate as a waiver of any <br />other payment or right. <br />If any provision in this Note shall be held invalid, <br />illegal or unenforceable in any jurisdiction, the validity, <br />legality or enforceability of any defective provisions shall <br />not be in any way affected or impaired in any other <br />jurisdiction. <br />No delay or failure of the holder of this Note in the <br />T exercise of any right or remedy provided for hereunder shall <br />be deemed a waiver of such right by.the holder hereof, and no <br />exercise of any right or remedy shall be deemed a waiver of <br />any other right or remedy that the holder may have. <br />All notices to the Company given hereunder shall be <br />in writing, shall be given either by hand delivery.or by <br />certified mail, return receipt requested, and, if.mailed, <br />shall be deemed received one day after having been deposited <br />-: in the United States mail, postage prepaid, addressed as <br />follows: <br />Clinton Ditch & Reservoir Company <br />P.O. Box 68 <br />Breckenridge, CO 80424 <br />Attention: President <br />E-3 <br />