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the BoRROwER. The LoAN CoNTRacT creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may become due <br />hereunder. Said security interests are evidenced by a Security Agreement, <br />Deed of Trust, and/or Assignment(s) ("Security Instruments") of even date and <br />amount and cover certain revenues, real property, water rights and/or accounts <br />of the BORROWER. The LOAN CONTRACT and Security Instruments grant <br />additional rights to the CWCB, including the right to accelerate the maturity of <br />this Note in certain events. <br />9. If any annual payment is not paid when due or any default under the LoArv <br />CorvT~cT or the Security Instruments securing this Note occurs, the CWCB <br />may declare the entire outstanding principal balance of the Note, all accrued <br />interest, and any outstanding late charges immediately due and payable, and <br />the indebtedness shall bear interest at the rate of 7% per annum from the date <br />of default. The CWCB shall give the BoRROwER written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BoRROwER shall be considered in default for purposes of <br />this Promissory Note. <br />10. The BoRROwER and any co-signer or guarantor hereby agree that if this Note <br />or 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 <br />of any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attorney fees incurred in connection with such proceedings, including <br />the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br />BoRROwER: Pinewood Springs <br />Water District <br />(SEAL) <br />By ~' <br />Mark Upton, President <br />Attest: ~ <br />By <br />na McCoy, Treasurer <br />Appendix B to Loan Contract C150180 <br />