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0 <br /> <br />hereunder. Said security interests are evidenced by a Security Agreement and <br />Deed of Trust ("Security Instruments") of even date and amount and cover <br />certain revenues, real property, water rights and/or accounts of the BORROWER. <br />The Loarv CONTFL4CT and Security Instruments grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain <br />events. <br />9. If any annual payment i~ not paid when due or any default under the LoaN <br />CONTRACT 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 ifs ' rought, then it shall pay all <br />reasonable costs of collection, includi ttorney fees. In the event <br />of any bankruptcy or similar proceedi s collection shall include all <br />costs and attorney fees incurred in connection c roceedings, including <br />the fees of counsel for attendant tir~ i mmittees or other <br />committees. ~ 1 <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br />BORROWER: The Consolidated <br />Mutual Water Company, a <br />Colorado nonprofit corporation <br />(SEAS) <br />By G%I/ <br />Walter S. Welton, President <br />ee S. Allen, Secretary <br />Appendix A to Loan Contract C150011 Amendment No. 3 <br />