C150082 Contract

• Contract/PO #: C150082
• Contractor Name: Consolidated Home Supply Ditch and Reservoir Company, The
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

Date:

Borrower:

Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No.:
Loan Payment:
Payment Initiation Date:
Maturity Date:

PROMISSORY NOTE

July 1, 2004

The Consolidated Home Supply Ditch and Reservoir
Company

$533,806.33

3.50% per annum
30 years
C150082, dated February 1, 2002, Amended July 1, 2004
$29,023.76
March 1, 2004
March 1, 2034

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 and this promissory note.

2. This Promissory Note replaces and supersedes the Promissory Note dated February
1 , 2002, in the principal amount of $943,000.

3. Principal and interest shall be payable in equal Loan Payments, with the first payment
due and payable one year from Payment Initiation Date, and annually thereafter. All
principal, interest, and late charges, if any, then remaining unpaid shall be due and
payable on or before the Maturity Date.

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

5. 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.

6. 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.

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

8. 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 all amounts that may become due hereunder. Said

Appendix 1 to Loan Contract C150082 Amendment No.1