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<br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement or Deed of Trust securing this Note occurs, the CWCS may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any outstanding <br />late charges immediately due and payable, and the indebtedness shall bear interest at the <br />rate of 7% per annum from the date of default. The CWCB shall give the BORROWER <br />written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BORROWER shall be considered in default for purposes of <br />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 meetings <br />of creditors' committees or other committees. <br /> <br />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Lower Arkansas Water <br />Management Association, a Colorado <br />,i})~_~ ~." <. nonprofit corporation <br /> <br />....~ '.-v <br /> <br />. . :_e 0 R ~ OcR ATE <br />~ ~ ;' t,,' I;) "_ ',:,"1; <br />~,;.., SEAt;-P.: <br />~: ,<:J) ;._~ ..:'< f <br />c-Att.es~;.... .!, '- " <br />".-, JJ ;_~ 'J, ;~ <br />"" ,""1 t" \, ' <br /> <br />By <br /> <br /> <br />By <br /> <br /> <br />Page 2 of 2 <br />