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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 and Deed of Trust ("Security <br />Instruments") of even date and amount and cover certain revenues, real property, <br />water rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security <br />Instruments grant additional rights to the CWCB:, including the right to accelerate the <br />maturity of this Note in certain events. <br /> <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Security Instruments 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 />10. 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 />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />12. <br /> <br />(S E A L) <br /> <br />BORROWER: The Lake Meredith <br />Reservoir :Company, . a Colorado <br />nonprofit corporation <br /> <br /> <br />By L01:hi~reSldent <br /> <br />Attest: <br /> <br />By <br />. Scott Campbell, Corpo~ <br /> <br /> <br />Page 2 of 2 <br />