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accounts of the BORROWER. The LOAN CONTRACT and SECURITY INSTRUMENTS grant additional <br /> rights to the CWCB, including the right to accelerate the maturity of this PROMISSORY NOTE in <br /> 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 Note occurs, the CWCB may declare the entire <br /> outstanding principal balance of the Note, all accrued interest, and any outstanding late charges <br /> immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br /> annum from the date of default. The CWCB shall give the BORROWER written notice of any <br /> alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br /> before the BORROWER shall be considered in default for purposes of this PROMISSORY 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: Fort Lyon Canal Company, a <br /> mutual ditch company and nonprofit <br /> corporation <br /> (SEAL) ' / <br /> By l� IA lG <br /> Signature <br /> Attest: <br /> NAME: Josh Weimer <br /> TITLE: President <br /> B DATE: October 14 , 2015 <br /> Y ,g/A6/(/Z <br /> Signature <br /> NAME: Dale Mauch <br /> TITLE: Secretary <br /> DATE: October 14 , 2015 <br /> Appendix 3 <br /> Page 2 of 2 <br />