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<br />8. If any annual payment is not paid when due or any default under the LOAN eONTRACT or the <br />Security Instruments securing this Note occurs, the eWeB 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 BORRowERshall 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 shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Fulton Irrigating Ditch <br />Company, a Colorado mutual ditch <br />company nonprofit corporation <br /> <br /> <br />',' ~\ ~;'::',l~?;~~\ <br />. \ j ,CS~~,A-l:~ : <br />\.. { ~ " ~ , } 't '" J ~; <br />i ~"'~ -.. <br />{If /~..;.J <br />. _,~' ~_ _" ~ . ~ // A.~ .:: <br />\Atte"'stC~' f '-ie- //' ~'l <br /> <br />,. (', " ..-.,~ (\ ..~. <br />'" ,) I (' n" V ..,./ <br /> <br /> <br /> <br />B7~~ .c... <br /> <br />Brice Steele, eorporate Secretary <br /> <br />By ~p'd .-&J, ~~ <br />Cecil W. King; Presi nt <br /> <br />Page 2 of 2 <br />