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8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br /> Security Agreement or Deed of Trust securing this Note occurs, the CWCB may declare the <br /> entire outstanding principal balance of the Note, all accrued interest, and any outstanding late <br /> charges immediately due and payable, and the indebtedness shall bear interest at the rate of <br /> 7% per annum from the date of default. The CWCB shall give the BORROWER written notice <br /> of any alleged default and an opportunity to cure within thirty (30) days of receipt of such <br /> notice before the BORROWER shall be considered in default for purposes of this Promissory <br /> Note. <br /> 9. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest <br /> thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of <br /> collection, including reasonable attorney fees. In the event of any bankruptcy or similar <br /> proceedings, costs of collection shall include all costs and attorney fees incurred in connection <br /> with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br /> committees or other committees. <br /> 10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: Kern Reservoir and Ditch <br /> )/,,erh Company, a Colorado nonprofit corporation <br /> ( SEAL ) i ¢�-J0 r <br /> un--d <br /> By � II, A `afiJ'�_ <br /> Cowe W. Wane Miller, President <br /> Attest: <br /> dot <br /> (-%(//' <br /> Julie Chester, Corporate Secretary <br />