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<br />BORROWER. The LOAN CONTRACT and Security Agreement grant additional rights to <br />the CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Security Agreement securing this Note occurs, the CWCS 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 eWCB 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 /> <br />9. 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 /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Town bf Coal Creek, <br />Colorado, acting by and through its water <br />activity enterprise <br /> <br />(SEAL) <br /> <br />B <br /> <br /> <br />s, President <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />\JO\D <br /> <br />Page 2 of 2 <br />