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certain events. <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Instruments securing this PROMISSORY NOTE occurs, the CWCB may declare the <br />entire outstanding principal balance of the PROMISSORY NOTE, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall bear <br />interest at the rate of 7% per annum from the date of default. The CWCB shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) <br />days of receipt of such notice before the BORROWER shall be considered in default for <br />purposes of this PROMISSORY NOTE. <br />9. The BORROWER and any co- signer or guarantor hereby agree that if this PROMISSORY NOTE or <br />interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs <br />of collection, including reasonable attomey 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 PROMISSORY NOTE shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: Sanchez Ditch and Reservoir Co. <br />(SEAL) A Colorado nonprofit <br />Signature <br />Attest: <br />NAME: <br />TITLE: <br />DATE: i <br />By <br />Signature <br />NAME: Q o , , Y <br />TITLE: A14 <br />DATE: Z — ;Z 0 1 pi_3 <br />Appendix 2 to Loan Contract C150342 <br />Page 2 of 2 <br />