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<br />PROMISSORY NOTE <br /> <br />Date: July 1, 2004 <br /> <br />Borrower: Orchard City Irrigation District <br /> <br />Principal Amount: $93,122 <br /> <br />Interest Rate: 2.50% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150169, dated July 1, 2004 <br /> <br />Loan Payment: $4,449.15 <br /> <br />Payment Initiation Date*: p{ et. 'I / / 'Z-P {/ :;- <br /> <br />Maturity Date*: 111 ti Y .I J 1. p J.... r <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />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 Payment Initiation Date (the date the CWCB determines that the <br />project is substantially complete), and annually thereafter. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br />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 shallnot 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 ("Security Instruments") of even date and amount and <br />cover certain revenues of the BORROWER. The LOAN CONTRACT and Security Instruments <br />grant additional rights to the CWCB. <br /> <br />Appendix 2 to Loan Contract C150169 <br />