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hereunder. Said security interests are evidenced by Security Agreements, and <br />Deed of Trust ("Security Instruments") of even date and amount and cover <br />certain revenues, real property, water rights and/or accounts of the BoRROwER. <br />The LoAtv Co►vTRa,cT and Security Instruments grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain <br />events. <br />9. If any annual payment is not paid when due or any default under the LoAN <br />CoNT�cT or the Security Instruments securing this Note occurs, the CWCB <br />may declare the entire outstanding principal balance of the Note, atl accrued <br />interest, and any outstanding late charges immediately due and payable, and <br />the indebtedness shall bear interest at the rate of 7% per annum from the date <br />of default. The CWCB shall give the Bot�ROwER written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BoRROw�R shall be considered in default for purposes of <br />this Promissory Note. <br />10. The BoRROwER and any co-signer or guarantor hereby agree that if this Note <br />or 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 <br />of� any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attorney fees incurred in connection with such proceedings, including <br />the fees of counsei for attendance at meetings of creditors' committees or other <br />committees. <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br />(SEAL) <br />Attest: <br />By ,''�1��--�(.�'�c� ��� ��'� <br />Sharon Seaworth, Corporate Secretary <br />BORROWER: The North Poudre <br />Irrigation Company, a Colorado <br />nonprofit corporation <br />`€� / � � ..� . <br />gy C���Z,. - � <br />ary Simpson, � resident <br />...�;�_ �� � � � r.�� � �_ . .� 1 ���� 1 <br />