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<br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement(s) and/or Deed(s) of Trust of <br />even date and amount and cover certain revenues, real property and/or water rights of <br />the BORROWER. The LOAN CONTRACT, Security Agreement and/or Deed of Trust grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this Note <br />in certain events. <br /> <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or <br />the Security Agreement or Deed of Trust securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall bear <br />interest at the rate of 7% per annum from the date of default. The CWCB shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within thirty <br />(30) days of receipt of such notice before the BORROWER shall be considered in default <br />for purposes of this Promissory Note. <br /> <br />10. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest <br />thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of <br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar <br />proceedings, costs of collection shall include all costs and attorney fees incurred in <br />connection with such proceedings, including the fees of counsel for attendance at <br />meetings of creditors' committees or other committees. <br /> <br />"11.,:Jhis Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />,,> r. ('ii" <br />,', , ('} J J! h <br />'..~,......... " i'.. j'~ <br />. , <br /> <br /> <br />BORROWER: Lower Arkansas Water <br />Management Association, a Colorado <br />nonprofit corporation <br /> <br /> <br />, :' ~:t -I; . . ~( <br />4 ~ 1_/~j (:,;.,. . <br />,: 1,'; :' (> Ii J : ~o Co" <br /> <br />: :~ ,-;:,.? /2~~ <br />." "~,~~ I ~~iCi~1i PO RAT E <br />Y., . . " .. ,~'.~ <j ;'. <br />., ::3' 'I' ," ' . SEAL <br /> <br />By <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />.L <br /> <br />Page 2 of 2 <br />