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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 Loaty <br />CONTRACT or the Security Instruments securing this Note occurs, the CWCB <br />may declare the entire outstanding principal balance of the Note, all 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 BORROWER written notice of any alleged <br />default and an opportunity to cure within thirty {30) days of receipt of such <br />notice before the BORROWER 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 attomey 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 counsel 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 />Richard D. Haines, Secretary-Treasurer <br />BORROWER: Lake Arrowhead <br />Water Association <br />r <br />Leslie Lieser, President <br />Vr^ <br />li3 <br />Appendix A to Loan Contract C150~9~-Amendment No. 1 <br />Page 2 of 2 <br />