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<br />'-J <br /> <br />.~ <br /> <br />PROMISSORY NOTE <br /> <br />Principal Amount: $200,000 Interest Rate: 3 ~% <br />Term: 30 Years Loan Payment: $11,217 .52 <br />Loan Contract: #C153770 Date: A",'J ''7 ,1997 <br /> <br />1. fOR VALUE RECEIVED, the ("BORROWER") promises to pay the State of Colorado Water <br />Conservation Board ("STATE"), the principal sum of $200,000 with annual payments of $11,217.52 <br />based on the interest rate of 3% percent per the outstanding principal balance for a term of <br />30 years, or until paid in full, pursuant to Lo 153770 ("LOAN CONTRACT"). <br /> <br />2. The first installment shall be d the ate the STATE determines that the PROJECT <br />described in the LOAN CONTRACT s been sub lally completed, and annually thereafter until the <br />entire principal sum and any accrue terest shall have been paid in full. <br /> <br />3. I be ap . a first to accrued interest and then to the retirement of the <br />made payable to the Colorado Water Conservation Board and mailed to <br />721, Denver, Colorado 80203. <br /> <br />4. may be prepaid in whole or in part at any time without premium or penalty, with prepayments <br />rst to any accrued interest and then to reduce the principal amount. Any partial prepayment <br />ostpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. 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 <br />which may become due hereunder. The security interests, evidenced by a Security Agreement, an <br />Assignment of Certificate of Deposit, and an Assignment of Deposit Account as Security cover certain <br />revenues and accounts of the BORROWER. The LOAN CONTRACT, Security Agreement, Assignment of <br />Certificate of Deposit and Assignment of Deposit Account as Security grant additional rights to the <br />STATE, including the right to accelerate the maturity of this Note in certain eve <br /> <br />6. If any payment of principal or interest is not paid promptly when due any d ult under the LOAN <br />CONTRACT or the Security Agreement or Assignment securing this Note 0 rs, th STATE may declare <br />the entire outstanding principal balance of the Note, and X al , ., C.,crued i.nt.,.",' ",'.'."" t.,' "",m, ediately due and <br />payable, without notice or demand-; and the indebtedness bear int~r at the rate of 15% per <br />annum from the date of default. <., ... <br /> <br />....i~ \,. ';.. ,,~ <br /> <br />7. The BORROWER. any guarantor, and any other p ho is nbW ay her.tter"'become primarily or <br />secondarily liable for the payment of this Not r any ion th~r~of hereby'agree that if this Note or <br />interest thereon is not paid when due or sis:::b:J:~~ t, then\tt,,,~hall pay all reasonable costs of <br />collection including reasonable attor y fees!, the e' nt of anY'l5ankruptcy or similar proceedings, <br />costs of collection shall include all sand ctttorn ee$ incurred in connection with such proceedings <br />including the fees of counsel f ance a~of creditors' committees or other committees. <br /> <br />8. This Note shall be governe cts by the laws of the State of Colorado. <br /> <br />BORROWER' mit Reserv . and Irrigation Company <br /> <br /> <br /> <br />By <br /> <br /> <br />Attest: <br /> <br />By jM J J.d::~ <br /> <br />David V. Sanford, Se retary-Treasurer <br /> <br />Appendix B to Loan Contract #C153770 <br />