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<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 /> <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 /> <br />10. This Note snail be governed in all respects by the laws of the State of Colorado. <br />:. '/;:;j.:!.;-;}~-:;:,~(. <br />"<\:;;iii;:"",~",,, BORROWER: The Terrace <br />\. '..:...../' /, Company, a Colorado <br />,;:,,>:',"">:;J>' ':.'~; corporation <br /> <br />,:; '5J(s.E~AL} ~;:'1 <br /> <br />. u : l>. :- <br />~ -'\. ~.:.,~..... .... ...--::." -' <br /> <br />l!"" .;;0..... .... a <br /> <br />'-f., I . :, ~.':>,;, ~.~~~:, <br /> <br />Irrigation <br />nonprofit <br /> <br />By <br /> <br /> <br />:~/;2/~ <br /> <br />ohn L. Riddick, SecretarylTreasurer <br /> <br />Page 2 of 2 <br />