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8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, <br /> the Security Agreement or Deed of Trust securing this Note occurs, the CWCB may <br /> declare the entire outstanding principal balance of the Note, all accrued interest, and <br /> any outstanding late charges immediately due and payable, and the indebtedness <br /> shall bear interest at the rate of 7% per annum from the date of default. The CWCB <br /> shall give the BORROWER written notice of any alleged default and an opportunity to <br /> 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 Note or <br /> interest thereon is not paid when due or if suit is brought, then it shall pay all <br /> reasonable costs of collection, including reasonable attorney fees. In the event of any <br /> bankruptcy or similar proceedings, costs of collection shall include all costs and <br /> attorney fees incurred in connection with such proceedings, including the fees of <br /> counsel for attendance at meetings of creditors' committees or other committees. <br /> 10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: Upper Platte and Beaver <br /> Canal Company, a Colorado nonprofit <br /> corporation <br /> CORPORATE <br /> SEAL <br /> n <br /> By 4 \j:, '0L14, 1t-L <br /> Philip Mortensen, President <br /> Attest: <br /> By <br /> Larry' Johnso orporate Secretary 1°441b <br /> P4Jj <br /> i <br />