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<br />-3 <br /> <br />~ <br /> <br />. Promissory Note <br /> <br />Date~///L ,2000 Date of Substantial Completion .,j,"ht.J4r-X' /1 :<(u>2.. <br /> <br />1. For Value Received, the Ute Water Activity Enterprise ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of $10,137,500 plus interest at the rate of <br />4.936% percent per annum for a term of thirty (30) years, pursuant to Loan Contract No. C153670B ("LOAN <br />CONTRACT"). <br /> <br />2. The first payment of $654,655.68 shall be due on July 1 following the date tbat the State determines that the <br />project is substantially complete, and annually thereafter until the entire principal sum, all accrued interest, <br />and all late charges, if any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman' <br />Street, 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 <br />impose a 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 <br />prepayment shall notposlpone the due date of any subsequent payments or change the amount of such <br />payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to <br />reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that <br />may become due hereunder. The security interests, evidenced by a Security Agreement, cover certain <br />revenues and accounts of the BORROWER. The LOAN CONTRACT and the Security Agreement grant <br />additional rights to the STATE, including the 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 default under the LOAN CONTRACT or the Security <br />Agreement securing this Note occurs, the STATE may declare the entire outstanding principal balanCe of the <br />Note, all accrued interest, and any outstanding late charges immediately due and payable, and the <br />indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give <br />the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BORROWER shall be considered in default for purposes of this <br />Promissory Note. <br /> <br />9. . The BORROweR, any guarantor, and any other person who Is now or may hereafter become primarity or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />- . - - -. .. . -.- -ttrereorrlslTOtpald-wlrernlli" UI if ~uittrbrought, then it sI'!a11-paymr-reasonableCOSts-ofcollection;lncruding . <br />reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall <br />includealtcosjs 'and attomey fees incurred in connection with sUChprOeeedings, inctudin'g the fees of <br />counsel for'attendance at 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 />BORROWER: Ute Water Activity Enterprise <br /> <br />By . ,~~~ <br /> <br />, Robert Elsberry, pr~./ ~ <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br />~~~s~ <br /> <br />Attachment B to Contract C153670B Amendment No.3 <br />