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secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust ("Security <br />Instruments") of even date and amount and cover certain revenues, real property, <br />water rights and/or accounts of the BoRROwER. The LoaN CoNrFtacr and Security <br />Instruments grant additional rights to the CWCB, including the right to accelerate the <br />maturity of this Note in certain events. <br />9. If any annual payment is not paid when due or any default under the LoaN CoNTwacT <br />or the Security Instruments securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall <br />give the BoRROwER written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BoRROwER shall be <br />considered in default for purposes of this Promissory Note. <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 any <br />bankruptcy or similar proceedings, costs of collection shall include all costs and <br />attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br />(S~At~ <br />Att~st: <br />gy o~~~'~~ ~..2~ <br />Sheryl Br e, Secretary-Treasurer <br />BoRROwER: Carpenter and Mitchell Ditch <br />Company, Inc. <br />~ <br />By <br />Eldon Simmons, President <br />Appendix A to Loan Contract C150201 <br />