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{ <br /> INSTRUMENTS grant additional rights to the CWCB,including the right to accelerate the maturity <br /> of this PROMISSORY NOTE in certain events. <br /> 7. 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_(30) days of receipt of such notice before the BORROWER shall <br /> be considered in default for purposes of this PROMISSORY NOTE. <br /> 8. 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 /> 9. This PROMISSORY NOTE is authorized pursuant to and in accordance with the Constitution of <br /> the State of Colorado and all other laws of the State thereunto enabling. Specifically,but not by <br /> ,vay of limitation, the LOAN CONTRACT and this PROMISSORY NOTE are authorized pursuant to <br /> and under the authority of Title 31,Article 35; Title 37,Article 45.1; and Title u,Article 57, Part <br /> 2, C.R.S., and in full conformity therewith. Pursuant to Section 11-57-210, C.R.S., and Section 31- <br /> 35-413, C.R.S., this recital shall be conclusive evidence of the validity and the regularity of the <br /> issuance of this PROMISSORY NOTE and the PROMISSORY NOTE shall be incontestable for any <br /> cause whatsoever after its delivery for value. <br /> BORROWER: Chilcott Ditch Company, a mutual <br /> ditch company and Colorado nonprofit <br /> corporation <br /> (SEAL) <br /> BY: <br /> ature <br /> Attest: l <br /> NAME: W.`i`AyL6p- <br /> TITLE: i K�S���•[1 <br /> ` DATE: <br /> BY: <br /> nature <br /> NAME: ��C S f A SffAPFEJ; <br /> TITLE: L)fL�IL <br /> DATE: <br /> Appendix 3 <br /> Page 2 of 2 <br />