§ 36-7-503 — Recording of contract; foreclosure of lien

The contract for the water right upon which the aforesaid lien
is founded, whether heretofore or hereafter executed, shall be
recorded in the office of the county clerk of the county where
said land is situate; and upon the default of any of the
deferred payments secured by any lien under the provisions of
this article, the person, company of persons, association or
incorporated company holding or owning said lien, may, within
ten (10) years after the last maturing deferred payment secured
by such lien shall have become due, foreclose the same according
to the terms and conditions of the contract granting and selling
to the settler the water right.