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��,: , <br />Date: <br />PROMISSORY NOTE <br />November 1, 2002 <br />Borrower: Bill Porter <br />Principal Amount: $1,000,000 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 20 years <br />Loan Contract No. : 50116, ted N mber 1, 02 <br />Loan Payment: 4,147.13 <br />Payrnerrt lnitiation Date*: ��+ :.� � l• .� / 2 c d S/ <br />a <br />Maturity Date*: .���, �,��„ z o �, `' <br />� <br />� <br />These two fields are filled in after the project has been substantially completed. <br />1. FOR VALUE RECEIVED the BoRROwER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the Loarv <br />CONTRACT. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the CWCB determines that the project is substantially complete <br />(Payment Initiation Date), and annually thereafter until all principal, interest, and late charges, if <br />any, have been paid in full, with all such principal, interest, and late charges, required to be paid <br />on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount <br />of such payments. <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 />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 evidenced <br />by a Security Agreement, and/or Deed of Trust of even date and amount and cover certain <br />revenues, and/or real properly of the BoRROwER. The Loarv CotvT�cT, Security Agreement, <br />and/or Deed of Trust grant additional rights to the CWCB, including the right to accelerate the <br />maturity of this Note in certain events. <br />� <br />If any annual payment is not paid when due or any default under the Loarv CoNT�a,CT or the Security <br />Appendix 2 to Loan Contract C150116 <br />