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<br />PROMISSORY NOTE <br /> <br />6 years <br /> <br />No. C153756, dated September 18, 1997, and amended April 1, <br />2004 <br /> <br />Loan Payment: $9,153.98 <br /> <br />Payment Initiation Date: July 1, 2004 <br /> <br />Maturity Date: July 1, 2009 <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water ConseNation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant <br />to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated September 18, <br />1997 (Appendix C to Loan Contract C153756) in the principal amount of $65,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />on Payment Initiation Date, and annually thereafter until all principal, interest, and late <br />charges, if any, have been paid in full, with all such principal, interest, and late charges, <br />required to be paid on or before the Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water ConseNation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />Term of Repayment: <br />Loan Contract: <br /> <br />5. The CWCBmay impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br />the prompt payment of all amounts that may become due hereunder. Said security <br />interests are evidenced by a Security Agreement and Deed of Trust of even date and <br />amount and cover certain revenues, real property and/or water rights of the BORROWER. The <br />LOAN CONTRACT, Security Agreement and Deed of Trust grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />Appendix A to Loan Contract C153756 Amendment No.' 1 <br /> <br />Gw.:.t <br />~,t4 <br />