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01 <br /> 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br /> Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may <br /> declare the entire outstanding principal balance of the Note, all accrued interest, and any <br /> outstanding late charges immediately due and payable, and the indebtedness shall bear <br /> interest at the rate of 7% per annum from the date of default. The CWCB shall give the <br /> BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) <br /> days of receipt of such notice before the BORROWER shall be considered in default for <br /> 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 Ogilvy Irrigating and Land <br /> Company, a Colorado nonprofit corporation <br /> ( CORPORATE <br /> SEAL ) , ,� � <br /> By i�� _j I9.614G <br /> Jack Holman, President <br /> Attest: <br /> sr.robo ..A111, <br /> .1115"oyce Amun• on, Corporate Secretary <br /> gr <br /> riAD, <br /> Page 2 of 2 <br />