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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 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 <br /> immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br /> annum from the date of default. The CWCB shall give the BORROWER written notice of any <br /> alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br /> before the BORROWER shall be considered in default for purposes of this Promissory 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: The Fulton Irrigating Ditch <br /> Company, a Colorado mutual ditch <br /> company nonprofit corporation <br /> By <br /> Cecil W. King, President <br /> ( SEAL ) <br /> Attest <br /> - <br /> Brice Steele, Corporate Secretary <br /> PAID <br /> N 1 <br /> Page 2 of 2 <br />