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principal balance of the Note, all accrued interest, and any outstanding late charges <br />immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. The CWCB shall give the BoRROwER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br />before the BoRROwER shall be considered in default for purposes of this Promissory 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 No#e shall be governed in all respects by the laws of the State of Colorada <br />BoRROwER: The Grand Mesa Reservoir <br />Company, a Colorado nonprofit corporation <br />(SEAL) <br />Attest: <br />By �� `� <br />Rod J. Bonnell, ecretary/Treasurer <br />Page 2 of 2 <br />� � � <br />, ��,- <br />: :� , . �i/��� <br />l- ,, . -� . - <br />