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<br />and cover certain revenues, real property, water rights and/or accounts of the <br />BORROWER. The LOAN CONTRACT and Security Agreement grant additional rights to <br />the CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Security Agreement securing this Note occurs, the CWCB may declare the <br />entire outstanding principal . balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall <br />give the BORROWER written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BORROWER shall be <br />considered in default for purposes of this Promissory Note. <br /> <br />9. The BORROWER and any co-signer or guarantor hereby agree that if this Note or <br />interest thereon is not paid when due or if suit is brought, then it shall pay all <br />reasonable costs of collection, including reasonable attorney fees. In the event of any <br />bankruptcy or similar proceedings, costs of collection shall include all costs and <br />attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Town of Akron, Colorado, <br />acting by and through its water enterprise <br /> <br />(SEAL) <br /> <br />B~ 4~. <br />John A. Horn, President <br /> <br />Attest: <br /> <br />By /J J'Y) rv A r1' .. '") ~11'" '" IY'} <br />Annette Bowin, Secretary <br />