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6. All payments received shall be applied first to late charges, if any, next to accrued <br /> interest and then to reduce the principal amount. <br /> 7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br /> BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br /> secure the prompt payment of all amounts that may become due hereunder. Said <br /> security interests are evidenced by a Security Agreement ("Security Instruments") of <br /> even date and amount and cover certain revenues, real property, water rights and/or <br /> accounts of the BORROWER. The LOAN CONTRACT and Security Instruments grant <br /> additional rights to the CWCB, including the right to accelerate the maturity of this <br /> Note in certain events. <br /> 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or <br /> the 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 <br /> rate of 7% per annum from the date of default. The CWCB shall give the BORROWER <br /> written notice of any alleged default and an opportunity to cure within thirty (30) days <br /> of receipt of such notice before the BORROWER shall be considered in default for <br /> 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 <br /> connection with such proceedings, including the fees of counsel for attendance at <br /> meetings of creditors'committees or other committees. <br /> io. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: BOXELDER BASIN REGIONAL <br /> STORMWATER AUTHORITY <br /> (SEAL) <br /> By }L2 h'14 <br /> Signature <br /> Attest: l <br /> Name �,'rY f 4"'`,` <br /> By Q L� <br /> Signature 11(Ye - <br /> 1 n <br /> Name �TAiL) . Title PI <br /> Title A)Tuv,2�i`/ AA-A)A-CeZ Date -.04.//6. <br /> Date <br /> Appendix A <br /> Page 2 of 2 <br />