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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: Las Animas Consolidated Canal <br /> Company, a nonprofit corporation <br /> (S E A L) <br /> By <br /> ianature <br /> Attest: <br /> NAME: ciC L <br /> ft�C-R L <br /> D j <br /> TITLE: \ tLIE.s t Dc f- <br /> DATE: (oI ( i <br /> By <br /> tStAl\' <br /> • Signature 1 <br /> NAME: \/ L c (I t (k <br /> TITLE: Se-6:( 44v y /7(496/ 1✓•er <br /> DATE: 0-26l1 S� <br /> Appendix 2 <br /> Page 2 of 2 <br />