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<br />-=3 -~ <br />Promissory Note <br /> <br />Date August..2-, 2000 Date of Completion -J tl h U,,'" v /. ;J. Ctl Z <br />f <br />1. For Value Received, the Ute Water Activity Enterprise ("BORROWER") promises to pay the State of Coiorado <br />Water Conservation Board ("STATE"), the principal sum of$17,000,QOO plus interest at the rate of 4.90% percent <br />per annum for a term of thirty (30) years, pursuant to Loan Contract No. C150026, as amended ("LOAN <br />CONTRACT"). <br /> <br />2. The first payment of $1,093,300.42 shail be due one year from the date that the State determines that the project is <br />substantiaily complete, and annuaily thereafter until the entire principal sum, ail accrued interest, and ail late <br />charges, if any, shail have been paid in full. <br /> <br />3. Payments shail be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. if the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a <br />late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shail <br />not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />6. Ail payments received shail be applied first to late charges, if any, next to accrued interest and then to reduCe the <br />principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of ail amounts that may become due <br />hereunder. The security interests, evidenced by a Security Agreement, cover certain revenues and accounts of the <br />BORROWER. The LOAN CONTRACT and the Security Agreement grant additional rights to the STATE, including the <br />right to accelerate the maturity of this Note in certain events. . <br /> <br />8. If any annual payment is not paid when due or any defauit under the LOAN CONTRACT or the Security Agreement <br />securing this Note occurs, the STATE may declare the entire outstanding principal balance -of the Note, ail accrued <br />interest, and any outstanding late charges immediately due and payable, and the indebtedness shaill)ear interest <br />at the rate of 7% per annum from the date of default. The STATE shail give the BORRO\NER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER <br />shall be considered in default for purposes of this Promissory Note. . <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily <br />liable for the. payment of this Note or 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 ail reasonable .costs of collection, including reasonable attorney fees. <br />In the event of any bankruptcy or similar proceedings, costs of coilection shail include ali costs and attorney fees <br />. - - lnc-u-rreiifTn connectIOn with sueY proceeoini;is, TnCluamg 1116 Tees-of counsellor tilienaance 8.tm-eetlngsOfCredffors' <br />committees or other committees. . <br /> <br />1 O. This Note shall be governed in ail respects by the laws of the State of Colorado.. . <br />8 <br /> <br />By <br /> <br /> <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br />Attachment 2 to Contract C150026 Amendment No.1 <br />