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CONTRACT and SECURITY INSTRUMENT grant additional rights to the CWCB. <br /> 8. The CWCB shall give the BORROWER written notice of any alleged default and an opportunity <br /> to cure 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 /> 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 attorney 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 /> 11. This Note is issued pursuant to and under the authority of §11-57-210, C.R.S. and §31-35- <br /> 413, C.R.S., and pursuant to such statutes, the foregoing recital shall be conclusive <br /> evidence of the validity and the regularity of the issuance of this Note after its delivery for <br /> value, shall conclusively impart full compliance with all of the provisions of Title 31, Article <br /> 35, Part 4, C.R.S., and this Note containing such recital shall be incontestable for any cause <br /> whatsoever after its delivery for value. <br /> 12. This Note, including the interest hereon, does not constitute a debt or indebtedness of the <br /> authority within the meaning of any constitutional or statutory provision or limitation, and <br /> shall not be considered or held to be a general obligation of the BORROWER. This Note shall <br /> not constitute a debt or an indebtedness of the contracting governmental entities which <br /> organized the authority or of any cooperating parties, within the meaning of any <br /> constitutional or statutory provision or limitation. <br /> `� WA DEBTOR: <br /> :,a ' Lake Durango Water Authority, <br /> '�GoR.POR�r� GZ, a Water Authority pursuant to C.R.S. §29-1- <br /> -L' Q?' 204.2 <br /> SEAL <br /> By' � � <br /> '}„^ , Signature <br /> (SEAL) Name: Ward Holmes <br /> Title: President <br /> Date: June 4, 2014 <br /> Attest: <br /> By: AL/ <br /> Signature \ <br /> Name: Rot ega th ��US7C� <br /> Title: Secretaw A5,5 s crei� <br /> Date: June 4, 2014 l <br /> Page 2 of 2 <br />