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<br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB <br />to secure the prompt payment of all amounts that may become due hereunder. <br />Said security interests are evidenced by a Security Agreement and Deed of Trust <br />("Security Instruments") of even date and amount and cover certain revenues, real <br />property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT and <br />Security Instruments grant additional rights to the CWCB, including the right to <br />accelerate the maturity of this Note in certain events. <br /> <br />9. If any annual payment is not paid when due or any default under the LOAN <br />CONTRACT or the Security Instruments securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, <br />and any outstanding late charges immediately due and payable, and the <br />indebtedness shall bear interest at the rate of 7% per annum from the date of <br />default. The CWCB shall give the BORROWER written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before <br />the BORROWER shall be considered in default for purposes of this Promissory <br />Note. <br /> <br />10. The BORROWER and any co-signer or guarantor hereby agree that if this Note or <br />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 of <br />any bankruptcy or similar proceedings, costs of collection shall include all costs <br />and attorney fees incurred in connection with such proceedings, including the fees <br />of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />\"::;:>' ,,.~., <br />. _:_-..,_~-..i .. ~ <br /> <br />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br />East Fork Mutual Irrigation Company, a <br /> <br />::lo~;n7jj;:on <br /> <br />Kent hitmer, President <br /> <br />"-.:1, <br /> <br /> <br />. ..-' .'.. '., (>~~:i Jc;Sj j':J: j <br />'. ,J ( SE~~L~' <br />, ../::J~~[::';\~:.::../" <br /> <br />::efit ~tL/ <br /> <br />Mike Ritschard, SecretarylTreasurer <br /> <br />Page 2 of 2 <br />