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<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 su.itis 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 />I{''''''I <br />, ' '\..,' {; 'If!i: ,~... <br />" ~ or it ' <br />./..' .' ~ I., .-. ~ <br />,/'~ :'~ ~.,(i, .,~~f' <br />{:. "",,"C,\~~,P.b,R ATE <br />i~, ~ :' "I,P {.} " ~ c ~ . <br />-: :, ",.' -~... S;~ 1UJ <br />.Y ''-':' 'l'~ <br />". f9 · .' ,:'" 'iI <br />.' '..0 "'i\'.,.....y~ <br />{.,t Atte6h:" <br />:j .. . <br />"" r11)' ( " <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 Associ~tion, a Colorado <br />nonprofit corporation <br /> <br />By <br /> <br /> <br />By <br /> <br /> <br />Page 2 of 2 <br />