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<br />PROMISSORY NOTE <br /> <br />Date: August 1, 2003 <br /> <br />Borrower: Upper Platte and Beaver Canal Company <br /> <br />Principal Amount: $ 68,175 <br /> <br />Interest Rate: 2.25% per annum <br /> <br />Term of Repayment: 10 years <br /> <br />Loan Contract No.: C150144, dated August 1, 2003 <br /> <br />Loan Payment: $7,689.30 <br /> <br />Payment Initiation Date*: <br /> <br />Maturity Date*: <br /> <br />* These two fields are filled in after the project has been substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br />the LOAN CONTRACT and this Promissory Note. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the CWCB determines that the project is substantially <br />complete (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 />. 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may 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 />5. 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 />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement and Deed of Trust of even date and amount and cover <br />certain revenues and real property of the BORROWER. The LOAN CONTRACT, Security <br />Agreement and Deed of Trust grant additional rights to the CWCB, including the right to <br />accelerate the maturity of this Note in certain events. <br /> <br />Appendix 2 to Loan Contract C150144 <br />