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The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement of even date and amount and cover certain revenues of <br />the BORROWER. The LOAN CONTRACT and Security Agreement grant additional rights to the <br />CWCB. <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement securing this Note occurs, the CWCB may declare the entire outstanding <br />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 />10. The BORROWER hereby agrees that if this Note or interest thereon is not paid when due or if <br />suit is brought, then it shall pay all reasonable costs of collection, including reasonable <br />attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall <br />include all costs and attorney fees incurred in connection with such proceedings, including the <br />fees of counsel for attendance at meetings of creditors' committees or other committees. <br />11. This Note shall be governed in all respects by the of the State of Colorado. <br />B R: Water and Sanitation <br />y and thr ugh its Water <br />ity t ` rise a its Sanitary Sewer <br />ivi'i prise <br />(SEAL) <br />Douglas Neves, President <br />Attest: <br />By <br />She and t, Secretary <br />