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8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security instruments securing this Note occurs, the CWCB may declare the entire <br />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 <br />of 7% per annum from the date of default. The CWCB shall give the BORROWER written <br />notice of any allegegl default and an opportunity to cure within thirty (30) days of receipt of <br />such notice before the BORROWER shall be considered in default for purposes of this <br />Promissory Note, <br />9. The BORROWER and any cosigner or guarantor hereby agree that it this Note or interest <br />thereon is not paid when due or if suit is brought, then lt 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 casts and attorney fees incurred in <br />connection with such proceedings, including the fees of counsel for attendance at meetings <br />of creditors' committees or other committees. <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER. Farmers Pawnee Canal <br />Company, a Colorado nonprofit corporation <br />(SEAL) <br />By <br />Steve Wag sidsnt <br />Attest:: , �� ) <br />By— ��—�` - - -- <br />Sa lls, Secretary <br />Appendix 2 to Loan Contract C150272 <br />Page 2 of 2 <br />