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secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement ( "Security Instruments ") of <br />even date and amount and cover certain revenues, real property, water rights and /or <br />accounts of the BORROWER. The LOAN CONTRACT and Security Instruments grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this <br />Note in certain events. <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT <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% 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 />attorney 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: Farmers Pawnee Canal <br />Company <br />(SEAL) <br />By � <br />Steve Wagn , resident <br />Attest: <br />By <br />Larry Klob r anz, Secrets reasurer <br />C ISo2_7Z <br />Appendix B to Loan Contract e4527 - <br />