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<br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />principal balance of the Note, all accrued interest, and any outstanding late charges <br />immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. The CWCB shall give the BORROWER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br />before the BORROWER shall be 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 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 event of any bankruptcy or similar <br />proceedings, costs of collection shall include all costs and attorney fees incurred in connection <br />with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br />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: The Lower Platte and Beaver <br />Canal Company, a Colorado nonprofit <br />corporation <br /> <br />~~;;\L::~t~1:~?~,0"':~~~~_~~ <br />,/.> ~,.~e. '.'t'fl.<*, ....,. <br />./:"'-~;\F. ,\_.:_,:>/.,,9"~ .; "; <br />""W ~~"_-' - .,.2-..." -.~". ,\. <br /> <br />.. ..I/~l~~~;~'c,#~'~):~;:':"~~~~i2",: <br />(: g'j i/ . . "~'4"'~': ..,' L y;') '.': <br />;,~ ! t f::.,:,~_~. ",' .t~~1,)fJ <br />I . .~. ""'~!li"a~.f'~-" "'/':;";""; <br />;i~"..,~ ..:,\~ ,. . ' -' ,~~.i.~~ .- ~.~-' . _.:~~;'~~f:~/) <br />, Iffitist. . ""/~~ ~j" <br />'iI, '. :.,......::>:~,;..."..:,,;,."-.. ....~:. ..,.,.>,. <br />, ".~...... ..".:,......!I1J"~~.-.~..\.l'l:.. ~l" '~"J...., / <br />By~~7f;?? iA1:.-1 <br /> <br />G. AlIyn~. Secretary <br /> <br /> <br />Page 2 of 2 <br />