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<br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, <br />the Security Agreement or Deed of Trust securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, and <br />any outstanding late charges immediately due and payable, and the indebtedness <br />shall bear interest at the rate of 7% per annum from the date of default. The CWCB <br />shall give the BORROWER written notice of any alleged default and an opportunity to <br />cure 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: The Spring Dale Ditch <br />Company, a Colorado nonprofit <br />corporation <br /> <br />CORPORATE <br />SEAL <br /> <br />B~~~ <br />Leon Fri , President <br /> <br />Attest: <br /> <br />~~. <br /> <br />. Deb Baney, Corporate S retary <br /> <br />