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8. If any annual payment is not paid when due or any default under the Lo,4N CotvT�CT or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />principal balance of the Note, all accrued interest, and any outstanding late charges <br />immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. The CWCB shall give the BoRROwER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br />before the BoRROwER shall be considered in default for purposes of this Promissory Note. <br />9. 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 connection <br />with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br />committees or other committees. <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />,� <br />� �,E � �i �i � � `''" ��, ' <br />� ��� � f '����''�,�. <br />� : �, � A�L �'�,. <br />r , e ,� ... y �r �--� '. <br />' r.� � ' r ,(� ��. , ;, <br />� .��`;�,� �,�. p'v���=.` <br />,� .° . <br />_:, � � i � Fl p�� �°.:,, n�: <br />Attest � - <br />BORROWER: TI12 North Poudre Irrigation <br />Company, a Colorado nonprofit corporation <br />� � <br />By <br />Gary Simpso President <br />By <br />Sharon Seaworth, Corporate Secretary <br />Page 2 of 2 <br />