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7. If any annual payment is not paid when due or any default under the Contract or the Security <br /> Instruments securing this Promissory Note occurs, the CWCB may declare the entire outstanding <br /> principal balance of the Note, all accrued interest,and any outstanding late charges immediately due <br /> and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the date of <br /> default.The CWCB shall give the Borrower written notice of any alleged default and an opportunity <br /> to cure within sixty (60) days of receipt of such notice before the Borrower shall be considered in <br /> 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 the <br /> event of any bankruptcy or similar proceedings,costs of collection shall include all costs and attorney <br /> fees incurred in connection with such proceedings, including the fees of counsel for attendance at <br /> meetings of creditors'committees or other committees. <br /> 9. This Promissory Note is authorized pursuant to and in accordance with the Constitution of the State <br /> of Colorado and all other laws of the State thereunto enabling. Specifically, but not by way of <br /> limitation,the Contract and this Promissory Note are authorized pursuant to and under the authority <br /> of Title 31, Article 35; Title 37, Article 45.1; and Title 11, Article 57, Part 2, C.R.S., and in full <br /> conformity therewith. Pursuant to Section 11-57-210, C.R.S., and Section 31-35-413, C.R.S., this <br /> recital shall be conclusive evidence of the validity and the regularity of the issuance of this <br /> Promissory Note and the Promissory Note shall be incontestable for any cause whatsoever after its <br /> delivery for value. <br /> Borrower:Trinchera Irrigation Company <br /> (SEAL) <br /> Signature <br /> Attest: <br /> Name: —77,14/1,, f:J 'r <br /> nn <br /> Title: NJ('f=,;(J Eii <br /> By: a.. Date: - /3' <br /> Signature <br /> Name: <br /> Title: 7e s u;e— <br /> Date: y/7/C <br /> Page 2 of 2 <br /> Contract Numbcr.Cr2018-3122 <br />