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BORROWER The Loatv CoNrwo,cT 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 a Security Agreement(s), Deed(s) of Trust; and/or <br />Assignment(s) of even date and amount and cover certain revenues, real property, <br />water rights and/or accounts of the BoRROwER. The Loaiv CONTRACT Security <br />Agreement; Deed of Trust, and/or Assignment grant additional rights to the CWCB, <br />including tfie right to accelerate the maturity of this Note in certain events. <br />9. If any annual payment is not pai'd when due or any default under the LoaN CoNTRacT or <br />the Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the <br />CWCB may d�clare the entire outstanding principal balance of the Note, all accrued <br />interest, and any outstanding late charges immediately due and payable, and the <br />indebtedness shall bear interest at the rate of 7% per annum from; the date of default. <br />The CWCB shall give the BoRROwER written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the <br />BoRROwER shall be 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 interest <br />thereon is not pafd 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 attomey fees incurred in <br />connection with such proceedings, including the fees of counsel for attendance at <br />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 />(SEAL) <br />Attest: <br />BORROWER Cedar Mesa Ditch and <br />Reservoir Company, a Colorado, nonprofit <br />corporation <br />By <br />Herschel G. Burges President <br />By % .� <br />Roberf E. Phillips, Corporat ecretary <br />