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CWCB to secure the prompt payment of all amounts that may become due <br />hereunder. Said security interests are evidenced by a Security Agreement, <br />and a Deed of Trust, ("Security Instruments") of even date and amount and <br />cover certain revenues, real property, water rights and/or accounts of the <br />BoRROwER. The LoArv CotvTFtacT and Security Instruments grant additional <br />rights to the CWCB including the right to accelerate the maturity of this Note <br />in certain events. <br />9. If any annual payment is not paid when due or any default under the LoArv <br />�oNrRacr 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 immediat nd payable, and <br />the indebtedness shall bear interest at the rate of 7 per nnum from the <br />date of default. The CWCB shall give th ORROWER ri n notice of any <br />alleged default and an opportunit to cure wi in thirty ( days of receipt of <br />such notice before the BoRRO ER II be co � ered in default for purposes <br />of this Promissory N e. _ <br />10. The BoRROw nd ny co-sig or guarantor hereby agree that if this Note <br />or interest thereo " not paid when due or if suit is brought, then it shall pay <br />all reasonable costs f collection, including reasonable attorney fees. In the <br />event of any bankruptcy or similar proceedings, costs of collection shall <br />include all costs and attorney fees incurred in connection with such <br />proceedings, including the fees of counsel for attendance at meetings of <br />creditors' committees or other committees. <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br />(SEAL) <br />BoRROWER: Beaver Reservoir <br />Company, a Colorado nonprofit <br />corporation <br />By <br />�� , <br />Tom Gillespie, President <br />Appendix A to Loan Contract C150190 <br />