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<br />PROMISSORY NOTE <br /> <br />Date: December 15, 2003 <br /> <br />Borrower: The Lake Meredith Reservoir Company <br /> <br />Principal Amount: $1,471,500 <br /> <br />Interest Rate: 4% per annum <br /> <br />Term of Repayment: 30 ,years <br /> <br />Loan Contract No.: C150137, dated May1, 2003, amended December 15, 2003 <br /> <br />Loan Payment: $85,096.99 <br /> <br />Payment Initiation Date*: ""J2.-c.e.n..i, e.- / / 1 o~j/ <br /> <br />Maturity Date*: p-, c.eHLb....-. /, 7 o3~ <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 <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated May 1, <br />2003, in the principal amount of $1 ,000,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation Date (the date the CWCB <br />determines that the project is substantially complete), and annually thereafter. All <br />principal, interest, and late charges, if any, then remaining unpaid shall ,be due and <br />payable on or before the Maturity Date. . <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />5. 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 />6. 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 />7. 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 />8. 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 /> <br />Appendix A to Loan Contract C150137 Amendment No.1 <br />