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("Security Instruments")of even date and amount and cover certain revenues, real property,water rights <br /> and/or accounts of the BORROWER. The LOAN CONTRACT and Security Instruments grant additional rights <br /> to the CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security <br /> Instruments securing this Note occurs, the CWCB may declare the entire outstanding principal balance <br /> of the Note,all accrued interest,and any outstanding late charges immediately due and payable, and the <br /> indebtedness shall bear interest at the rate of 7% per annum from the date of default The CWCB shall <br /> give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) <br /> days of receipt of such notice before the BORROWER shall be considered in default for purposes of this <br /> Promissory Note. <br /> 9. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest thereon is not <br /> paid when due or if suit is brought, then it shall pay all reasonable costs of collection, including <br /> reasonable attorney fees. In the event of any bankruptcy or similar proceedings,costs of collection shall <br /> include all costs and attorney fees incurred in connection with such proceedings, including the fees of <br /> counsel for attendance at 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: Big Elk Meadows Association <br /> (S E A L) <br /> By QNAL %.n ► <br /> Attest <br /> By 4� tet- <br /> gnature <br /> ` A) J-S2 Name qrl ()I\ <br /> �1J <br /> Signature 11 .10.1\ <br /> , 1� <br /> Name L 1�c`.510' LW' T5,,2n h 1,1a r t' l Titleqies;A.,--0 1T.,WTD <br /> Title St � 01 5 E/v 11 Qi.WA- Date (p"3 ) _ <br /> Date 0(9 ""3d — V 7 <br /> Appendix A <br /> Page 2 of 2 <br />