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PROMISSORY NOTE <br />Date: February 1, 2004 <br />Borrower: Orphan Wells of Wiggins, L.L.0 <br />Principal Amount: $1,048,077.00 <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No. <br />Loan Payment: <br />Payment Initiation Date`: <br />Maturity Date": <br />2.5% per annum <br />30 years <br />C150159, dated February 1, 2004 <br />$50,074.65 <br />1v9&re 4- <br />/'I R rCsti I z �7 <br />Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br />Board ( "CWCB "), the Principal Amount plus Interest for the Term of Repayment, <br />pursuant to the LOAN CONTRACT and this promissory note. <br />2. 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 />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, 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 <br />CWCB 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. <br />Any partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments. <br />6. 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 />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 />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by: a Security Agreement and Deed of Trust ( "Security <br />Instruments ") of even date and amount and cover certain revenues, real property, water <br />Appendix 2 to Loan Contract C150159 <br />