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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 of <br />7% per annum from the date of default. The CWCB shall give the BORROWER written notice <br />of any alleged default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BORROWER shall be considered in default for purposes of this PROMISSORY <br />NOTE. <br />9. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest <br />thereon is not paid when due or if suit is brought, then it 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 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 Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: Sterling Irrigation Company, a <br />Colorado nonprofit corporation <br />(SEAL) <br />Signature <br />Attest: <br />NAME: Gene Manuello <br />TITLE: President <br />DATE: 7 <br />By c 1%u�r ci %:�rz�tl <br />Signature <br />NAME: <br />Katherine Seetch <br />TITLE: <br />Secretary -Treasurer <br />DATE: <br />C? (%/ (o /)4 / - <br />70 roll - W i <br />Appendix 2 <br />Page 2 of 2 <br />