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8. If any annual payment is not paid when due or any default under the LoaN CoNT�,CT or the <br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shatl 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 default 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 />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 ev any bankruptcy or similar <br />proceedings, costs of collection shall include all c sts and a rne ees incurred in connection <br />with such proceedings, including the fees of co sel for att dan at meetings of creditors' <br />committees or other committees. <br />10. This Note shal e go erned in respe ts by the s of the State of Colorado. <br />BoRROwER: South Side Reservoir Company, <br />a Colorado nonprofit corporation <br />(SEAL) <br />By �/ G— �-� _.. <br />, Jon Stephens, Corporate Secretary <br />. � <br />By ��-..- �� �l ^ �r ��, <br />John Whiteside, President <br />Page2of2 <br />