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<br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement or Deed of Trust securing this Note occurs, the CWCB may declare the <br />entire 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 rate of <br />7% per annum from the date of default. The CWCB shall give the BORROWER written notice <br />of any alleged default and an opportunity to cure within thirty (30) days of receipt of such <br />notice before the BORROWER shall be considered in default for purposes of this Promissory <br />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 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 /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Kern Reservoir and Ditch <br />Company, a Colorado nonprofit corporation <br /> <br />(SEAL) <br /> <br /> <br />tv v/ ~h/- m#- <br />W. WaYne Miller, President <br /> <br /> <br />I~" <br />~Vc\'r <br /><vv-<>I <br />0>;~ <br />~ <br /> <br />By <br /> <br />Attest: <br /> <br />~u' /J qS}i <br /> <br />Julie Chester, Corporate Secretary ------- <br />