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8. This Note may be prepaid, in whole or in part, at any time without penalty of any kind. 9. It is the intention of Payee and Maker to conform strictly with applicable usury laws now in force. No provision of this Note or the security documents securing this Note, or in any other document evidencing, securing or pertaining to the indebtedness evidenced hereby shall require the payment, or permit the collec- tion of interest in excess of the maximum amount permitted by applicable law. If at any time the interest received or con- tracted for exceeds the maximum lawful rate, the Payee shall refund the æBount of the excess, or shall credit the amount of the excess against œTIounts owing under the loan and such excess shall not be considered the payment of interest. Determination of the rate of interest shall be made by amortizing, prorating, allocating and spreading in equal parts during the full contracted period of the life of the loan all interest at any time contracted for, charged or received from Maker in connection with the loan. 10. All notices permitted hereunder shall be given to the addressee at the following address: if to Payee, S.E.M. CORPORATION, P.O. Box 1229, San Marcos, Texas 78667; if to Maker, ELIM WATER COMPANY, INC., P.O. Box 1229, San Marcos, Texas 78667. All notices given hereunder shall be in writing and shall be considered properly given if mailed by first-class United States mail, postage prepaid, registered or certified with return receipt requested, or by delivering same in person to the addressee, or by prepaid telegram. Any notice shall be effective upon receipt at the address of addressee. Either party may change its address for purposes of receiving notice hereunder upon not less than ten (10) days notice given in the manner prescribed herein. 11. All amounts payable under this Note are payable in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of such payment. Maker agrees to perform and comply with the covenants, conditions, provisions and agreements contained in this Note and in every other instrument evidencing or securing payment of the indebtedness evidenced by this Note. 12. This Note shall be governed by and construed under the applicable laws of the State of Texas and the laws of the United States of America. ELIM WATER COMPANY, INC. By: Name: Title: ATTEST: Secretary 2.