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SECURITY INSTRUMENT grant additional rights to the CWCB, including the right to accelerate the <br /> maturity of this PROMISSORY NOTE in 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 outstanding <br /> principal balance of the Note, all accrued interest, and any outstanding late charges immediately <br /> due and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the <br /> date of default.The CWCB shall give the BORROWER written notice of any alleged default and an <br /> opportunity to cure within thirty(3o) days of receipt of such notice before the BORROWER shall <br /> be considered in default for purposes of this PROMISSORY NOTE. <br /> 9. The BORROWER hereby agrees that if this Note or interest thereon is not paid when due or if suit is <br /> brought,then it shall pay all reasonable costs of collection,including reasonable attorney fees. In <br /> the event of any 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 counsel for <br /> attendance at meetings of creditors'committees or other committees. <br /> 10. This PROMISSORY NOTE shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER:Grand Valley Water Users <br /> Association,a Colorado nonprofit <br /> corporation <br /> (S E A L) <br /> BY: " ?rw� <br /> Signature <br /> Attest: <br /> NAME: JC'�ej,21t C Le-todze( <br /> TITLE: Pr*S /T <br /> DATE: / 11/04.4 G24=4 <br /> BY: / e-TN +-OZ-- <br /> Signature <br /> NAME: JD if I O'I7-Sc` ti <br /> TITLE: Sec p"PtQ r <br /> DATE: //40/ZOic <br /> Appendix 3 <br /> Page 2 of 2 <br />