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<br />principal balance of the Note, all accrued interest, and any outstanding late charges immediately <br />due and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the <br />date of default. The CWCB shall give the BORROWER written notice of any alleged default and <br />an opportunity to cure within thirty (3D) days of receipt of such notice before the BORROWER <br />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 thereon <br />is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, <br />including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs <br />of collection shall include all costs and attorney fees incurred in connection with such <br />proceedings, including the fees of counsel for attendance at meetings of creditors' committees <br />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: Lower Arkansas Water <br />Management Association, a Colorado <br />nonprofit corporation <br /> <br />By <br /> <br /> <br />~ <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />Appendix 2 to Loan Contract C150258 <br />Page 2 of 2 <br />