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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 /> (SEAL) <br /> BY: / <br /> Signature <br /> Attest: r <br /> AME: V©S 2rnia <br /> TITLE: fiede,t <br /> DATE: -raft y I P17 <br /> Signature <br /> NAME: c K/h /4-/6 ert5 0 <br /> TITLE: Sege`Qr <br /> DATE: _c/ 7 /Z 0 1 7 <br /> Appendix 3 <br /> Page 2ofa <br />