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7. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br /> SECURrIY 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 sixty (6o) 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 /> way 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 ii, 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:Church Ditch Water Authority <br /> A Water Authority under Colorado Statute <br /> E L) <br /> I <br /> BY: C <br /> I / Signature <br /> AtiFi: <br /> U‘ I NAME: )CWAtta kWh) <br /> TITLE: P 00'L <br /> DATE: 9 31, ao)7 <br /> BY: <br /> - ture <br /> NAME: A/o}Aan Mo(oy <br /> TITLE: Cjtg'CA[ M�ng9�r <br /> DATE: 1- 1-2617 tJ <br /> Appendix 3 <br /> Page 2 of 2 <br />