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<br />occurs, the STATE may declare the entire outstanding principal balance of the <br />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 <br />annum from the date of default. The STATE shall give the BORROWER written <br />notice of any alleged default and an opportunity to cure within thirty (30) days <br />of receipt of such notice before the BORROWER shall be considered in default <br />for purposes of this Promissory Note. <br /> <br />10. The BORROWER, any guarantor, and any other person who is now or may <br />hereafter become primarily or secondarily liable for the payment of this Note or <br />any portion thereof hereby agree that if this Note or interest thereon is not paid <br />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 <br />or similar proceedings, costs of collection shall include all costs and attorney <br />fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />11. This Note shall be governed in all respects by the laws of the State of <br />Colorado. <br /> <br />BORROWER: <br />Company, <br />corporation <br /> <br />The Tunnel Water <br />a Colorado nonprofit <br /> <br />CORPORATE <br />SEAL <br /> <br />BY~~~ <br /> <br />Fred Walker, President <br /> <br />::es:o~o /iiilA~ <br /> <br />Dana- M. ParKer, orporate Secretary <br /> <br />Page 2 of 2 <br />