LPPD000425 ‎(2)‎

• Contract/PO #: C150136
• Contractor Name: Stieb Brothers, Inc.
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE

Date: May 1, 2003

Borrower: Stieb Bros., Inc.

Principal Amount: $153,015

Interest Rate: 2.50% per annum

Term of Repayment: 20 years

Loan Contract No. : C150136 dated May 1, 2003

Loan Payment: $9,815.47

Payment Initiation Date *: r-./ ~ '" 1.A..ec.I-",! / ) Z- tJ 0 f

Maturity Date*: ,.J A. M. 1.\..4",/ J I 1.. (:) "J.-S

* These two fields are filled in after the project has been substantially completed

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
the LOAN CONTRACT.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due
an,d payable one year from the date the CWCB determines that the project is substantially
complete (Payment Initiation Date), and annually thereafter until all principal, interest, and
late charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date. .

3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman
Street, Room 721, Denver, Colorado 80203.

4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the
CWCB does not receive the annual payment within 15 calendar days of the due date.

5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change
the amount of such payments.

6. All payments received shall be applied first to late charges, if any, next to accrued interest
and then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the
BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure
the prompt payment of aU amounts that may become due hereunder. Said security interests
are evidenced by a Deed of Trust of even date and amount and cover certain real property,
of the BORROWER. The LOAN CONTRACT and Deed of Trust grant additional rights to the
CWCB, including the right to accelerate the maturity of this Note in certain events.

8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
Deed of Trust securing this Note occurs, the CWCB may declare the entire outstanding
principal balance of the Note, all accrued interest, and any outstanding late charges

Appendix 2 to Loan Con~tract C150136