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<br />Date: <br /> <br />Borrower: <br />Principal Amount: <br />I nterest Rate: <br />Term of Repayment: <br />Loan Contract No. : <br />Loan Payment: <br /> <br />PROMISSORY NOTE <br /> <br />February 1, 2003 <br />Town of Akron, Colorado <br />$ 349,799 <br /> <br />3.75% per annum <br />30 years <br />C15011t, dated February 1,2003 <br />$19,619.39 <br /> <br />Payment Initiation Date*: 5tZP'le-F"~j,...~- /, 2-t7iLJ t <br />, / <br /> <br />Maturity Date*: ..5' td-j~/:e "7"'- """,y- i) Z {,/ 2~,7 <br />I <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 <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from the date the CWCB determines that the project is <br />substantially complete (Payment Initiation Date), and annually thereafter until all <br />principal, interest, and late charges, if any, have been paid in full, with all such <br />principal, interest, and late charges, 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 <br />Street, 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 <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br /> <br />7. 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 <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement of even date and amount <br /> <br />Appendix 2 to Loan Contract C15011e <br />