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<br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCS may <br />declare the entire outstanding principa-l 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 defau.lt and an opportunity to cure within thirty (30) <br />days of receipt of such notice before the BORROWER shall be considered in default for <br />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 shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Surface Creek Ditch & Reservoir <br />Company, a Colorado nonprofit corporation <br /> <br />(SEAL) <br /> <br />By F~~,9~ <br />Ellis B. Fritchman, President <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />Chuck Richards, Corporate Secretary <br /> <br />Page 2 of 2 <br />