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prompt payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by:SECURITY AGREEMENT and DEED OF TRUST("SECURITY INSTRUMENTS")of even date <br /> and amount herewith and cover certain revenues, property,and accounts of the BORROWER.The <br /> LOAN CONTRACT and SECURITY INSTRUMENTS grant additional rights to the CWCB,including the <br /> right to accelerate the maturity of this PROMISSORY NOTE in certain events. <br /> 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 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 thirty (3o) days of receipt of such notice before the BORROWER shall <br /> 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 thereon is <br /> not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, <br /> including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs <br /> of collection shall include all costs and attorney fees incurred in connection with such <br /> proceedings, including the fees of counsel for attendance at meetings of creditors' committees or <br /> other committees. <br /> io. This PROMISSORY NOTE shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER:The North Poudre Irrigation <br /> Company,a Colorado nonprofit corporation <br /> (S E A L) � fj <br /> BY: / 4A „ riAikSignature <br /> Attest: <br /> NAME: NF L5 /U ELSCIA/ <br /> TITLE: r/ i.Q..unt Alt <br /> DATE: 9//d/71 0/Go <br /> BY: <br /> Signature <br /> NAME: 5AlASMu1027K <br /> TITLE: <br /> 4.4juutd,Lif <br /> DATE: SPO/a.?d/G <br /> Appendix 3 <br /> Page 2 of 2 <br />