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<br />Promissory Note <br /> <br />Date: April 1, 2001 Date of Substantial Completion <br /> <br />1. For Value Received, the Windsor Reservoir and Canal Company ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of $2,357,000 plus interest at the rate of 4.08 percent <br />per annum for a term of 30 years, pursuant to Loan Contract No. C153725 dated October 23,1996, and amended April 1, <br />2001 ("LOAN CONTRACT"). <br /> <br />2. The first payment of $137,632.63 shall be due one year from the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if <br />any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room <br />721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a late <br />charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not <br />postpone the due date of any subsequent payments 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 iftst and then to reduce the principal <br />amount. r A "-"1'\ <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE anmRRO~~~AN CONTRACT creates <br />security interests in favor of the STATE to secure the prompt payment of nt~~ become due hereunder. <br />The security interests, evidenced by a Security Agreement and a Deed of t ve rt n ~J"nu~real property and <br />water rights of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed 0 T ~ ignment of Deposit <br />Account as Security grant additional rights to the STATE, including the right to accelerate the maturity 0 is Note in certain <br />events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, the Security Agreement or Deed of <br />Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued <br />interest, and any outstanding late charges immediately due and payable, without notice or demand, and the indebtedness <br />shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written <br />notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the <br />BORROWER shall be considered in default for purposes of this Promissory Note. <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily liable <br />for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid when due <br />or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In the event of <br />any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection <br />with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: Windsor Reservoir and Canal Company <br /> <br />(SEAL) <br /> <br />By ~ rffltL.d~~' <br />Elmer R. Gustafs ,President <br /> <br /> <br />Attachment 2 to Contract C153725 Amendment No.1 <br />