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<br />8. If any annual payment is not paid when due or any default under the Loarv CotvTRacT or <br />the Security Instruments securing this Note occurs, the CWCB may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding late <br />charges immediately due and payable, and the indebtedness shall bear interest at the <br />rate of 7% per annum from the date of default. The CWCB shall give the BoRROwER <br />written notice of any alleged default and an opportunity to cure within thirty (30) days <br />of receipt of such notice before the BoRROwER shaU 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 <br />of collection, including reasonable attorney fees n event of any bankruptcy or <br />similar proceedings, costs of collection shall inclu II ts and attorney fees incurred <br />in connection with such proceedings, in uding the of counsel for attendance at <br />meetings of creditors' committees or oth ommittee . <br />10. This Note shall be governed in all respects he laws of the State of Colorado. <br />BORROWER: Mancos Valley Beaver Ditch <br />Company, a Colorado nanprofit <br />v~ p C~ corporation <br />(SEAL) <br />Attes • ~ <br />~ <br />, ~ <br />By <br />S nkowski, Secretary-Treasurer <br />By ~~n ~rt ~- <br />Oran R. White, President <br />Page 2 of 2 <br />