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8. If any annual payment is not paid when due or any default under the LOAN CONTRP,CT 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 />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 />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />.F <br />.- ~ , <br />r, 'r~ <br />,~ ~,r ~:z:.,~ ~ ~~, <br />y; ~ , ~-,~ ~~ ~~~) -,, <br />~' <br />'4 a ~ rA <br />By <br />G.~AIIyn W' d, Secretary <br />BORROWER: The Lower Platte and Beaver <br />Canal Company, a Colorado nonprofit <br />corporation <br />gy i~r <br />Robert Tuck, .President <br />Page 2 of 2 <br />