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PROMISSORY NOTE <br />Date: March 1, 2003 <br />Borrower: South Side Ditch Company <br />Principal Amount: $ 72,720 <br />Interest Rate: 3.1 % per annum <br />Term of Repayment: 30 years <br />Loan Contract No. : C150129, dated March 1, 2003 <br />Loan Payment: $3,758.24 <br />Payment Initiation Date*: <br />Maturiry Date*: <br />* These two fields are filled in after the project has been substantiall � <br />1. FOR VALUE RECEIVED the BORROWER promises t �e Colo o ter Conservation <br />Board ("CWCB"), the Principal Amount plus e Term o ment, pursuant to <br />the LoAN CotvTw4c'r and this PromissonrJiM�. <br />2. Principal and interest shalf ayabi n equa oan Pay�nts, with the first payment due and <br />payable one year f m date CW determines that the project ls substantially <br />complete (Paymen ''ati Date), an ually thereafter until all principal, interest, and late <br />charges, if any, have paid in full, with all such principal, interest, and late c�arges, <br />required to be paid on or fore the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a lafe 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 />5. This Note may be prepaid in whole or in, part at any time inrithout 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 />6. All payments received shall be applied first to late charges, if any, next to acc�ved interest and <br />then to reduce the principa! amount. <br />7. This Note is issued pursuant�to the LoAN CoNTw4cT between the CWCB and the BoRROw�. <br />The LoaN CowT'�4cT 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(s), Deed(s) of Trust, and/or Assignment(s) of even date <br />• and amount and oover certain revenues, real property, water rights and/or accounts of the <br />BORROWER. The LOAN CONTRACT Security Agreement, Deed of Trust, and/or Assignment <br />grant additional rights to the CWCB, including the right to accelerate the maturity of this Note <br />in certain events. <br />Appendix 2 to Loan Contract C150129 <br />