In a large saucepan, melt the butter over medium heat. Add the flour and whisk until golden, about 1 minute. Whisk in the milk and continue to cook until slightly thickened about 5-6 minutes. In 1/4 cup increments, add the cheddar cheese to the milk. Make sure each batch is completely melted before adding the next. Once the entire cup of cheese has been added and melted, stir in the green chiles, tomatoes, chipotle pepper and hot sauce. Season with salt and black pepper if necessary. Keep warm on the stove while you prepare your other ingredients