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<br />Instruments grant additional rights to the CWCB, including the right to accelerate the <br />maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or <br />the Security Instruments securing this Note occurs, the CWCB may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding late <br />charges immediately due and payable, and the indebtedness shall bear interest at the <br />rate of 7% per annum from the date of default. The CWCB shall give the BORROWER <br />written 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 for <br />purposes of this Promissory Note. <br /> <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 <br />of collection, including reasonable attorney fees. In the event of any bankruptcy or <br />similar proceedings, costs of collection shall include all costs and attorney fees incurred <br />in connection with such proceedings, including the fees of counsel for attendance at <br />meetings of creditors' committees or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Arkansas Groundwater Users <br />Association, a Colorado nonprofit <br />corporation . /l <br /> <br /> <br />;;)~ I11.V~ <br /> <br />Thomas M. Dines, Vice-President <br /> <br />(S EAL) <br /> <br />Attest: <br /> <br />w~ <br /> <br /> <br />Page 2 of 2 <br />