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� <br />{ .. <br />8. This Note is issued pursuant to the LoArv CoNTRACT between the CWCB and the <br />BoRROwER. The LoAN CorvTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by Security Agreements, Deeds of Trust, and <br />Assignments ("Security Instruments") of even date and amount and cover certain <br />revenues, real property, water rights and/or accounts of the BoRROwER. The LoaN <br />CotvTRacr and Security Instruments grant additional rights to the CWCB, including the <br />right to accelerate the maturity of this Note in certain events. <br />9. If any annual payment is not paid when due or any default under the Loa►v CoNr�acr <br />or the Security Instruments securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7°/a per annum from the date of default. The CWCB shall <br />give the BoRROwER written notice of any alleged default and an opportunity to cure <br />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 />10. 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 />attomey fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br />11. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BoRROwER: Bull Creek Reservoir Canal <br />& Power Company <br />(SEAL) <br />By <br />Irvin Jo son, resident <br />Attest: <br />B ��� <br />y <br />John Groo, Secretary <br />Appendix B1 to Loan Contract C150240 <br />