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8. If any annual payment is not paid when due or any default under the LoaN CoNTw�cT or the <br />Security Agreement or Deed of Trust securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any outstanding late <br />charges immediately due and payable, and the indebtedness shall bear interest at the rate of <br />7% per annum from the date of default. The CWCB shall give the BoRROwER written notice <br />of any alleged 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 this Promissory <br />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 />(SEAL) <br />Attest: <br />!; ` <br />, , , � ,--'''�.. <br />By � <br />i ; � �` ` �� i <br />Valerie A. Moody, Corporat Se etary <br />� <br />BoRROwER: Owl Creek Reservoir Company, <br />