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8. If any annual payment is not paid when due or any default under the LOAN CoNTw4cT or the <br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall bear <br />interest at the rate of 7% per annum from the date of default. The CWCB shall give the <br />BORROWER written notice of any alleged default and an o unity to cure within thirty (30) <br />days of receipt of such notice before the BORROWE hall considered in default for <br />purposes of this Promissory Note. <br />9. The BORROWER and any co-signer or guars hereby a ee that if this Note or interest <br />thereon is not paid when due or if suit is brou ,then it shall pay all reasonable costs of <br />collection, including reasonable attorney fees. I e event of any bankruptcy or similar <br />proceedings, costs of collection sh a all cos s and attorney fees incurred in connection <br />with such proceedings, including a fees f counsel for attendance at meetings of creditors' <br />committees or other committees. <br />...,. <br />10: This ~1gte; shall ,be go ern din all respects by the laws of the State of Colorado. <br />f ~ r BORROWER: Kenosha Trout Club, a Colorado <br />',• nonprofit corporation <br />(SEAL) a ~ /\ <br />:` ,t 6. ~ By / . <br />~' r '?~~ Do/n Weaver, Preside <br />,Aftest ~ ~ ~ <br />`, ~f~ ~~~ <br />By ~: / <br />Jan Pribyl, Corpor ecretary <br />,~-' <br />Page 2 of 2 <br />