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payment of all amounts that may become due hereunder. Said security interests are evidenced <br /> by a Security Agreement ("Security Instruments") of even date and amount and cover certain <br /> revenues, real property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT <br /> and Security Instruments grant additional rights to the CWCB, including the right to accelerate <br /> the maturity of this Note in certain events. <br /> g. 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%n per annum from the <br /> date of default. The CWCB shall give the BORROWER written notice of any alleged default and <br /> an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER <br /> shall be considered in default for purposes of this Promissory Note. <br /> 10. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest thereon <br /> is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, <br /> including reasonable attorney fees. In the event of any bankruptcy or similar proceedings,costs <br /> of collection shall include all costs and attorney fees incurred in connection with such <br /> proceedings,including the fees of counsel for attendance at meetings of creditors'committees or <br /> other committees. <br /> n, This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER:Oligarchy Irrigation Company <br /> (S E A L) <br /> By <br /> Si ature <br /> Attes . <br /> Name_f _&DA---� <br /> By <br /> nn Signa <br /> Name e x ti E0 n Title . <br /> Title '� Date _ <br /> Date ` `E <br /> Appendix A <br /> Page x of i <br />