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security interests are evidenced by a Security Agreement and Deed of Trust of even <br />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: Grand River Ditch Company <br />(SEAL) m <br />By��� "! <br />Alvin Hansen, President <br />Attest: <br />Scut Fields, Secretary <br />Appendix A to Loan Contract C150311 Amendment No. 1 <br />