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<br />PROMISSORY NOTE <br /> <br />Date: November 1, 2004 <br /> <br />Borrower: The North Poudre Irrigation Company <br /> <br />Principal Amount: $623,777.90 <br /> <br />Interest Rate: 4.04% per annum <br /> <br />Term of Repayment: 20 years <br /> <br />Loan eontract No.: e150013, dated October 1, 2001, amended November 1, 2004 <br /> <br />Loan Payment: $46,061.39 <br /> <br />Payment Initiation Date*: May 1, 2004 <br /> <br />Maturity Date*: May 1, 2024 <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 eolorado Water eonservation <br />Board ("CWeB"), the Principal Amount plus Interest for the Term of Repayment, pursuant <br />to the LOAN eONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated October 1, <br />2001, in the principal amount of $1,107,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />and payable one year from Payment Initiation Date (the date the CWeB determines that <br />the project is substantially complete), and annually thereafter. All principal, interest, and <br />late charges, if any, then remaining unpaid shall be due and payable on or before the <br />M~~D*. - <br /> <br />4. Payments shall be made to the Colorado Water eonservation Board at 1313 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 the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN eONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br /> <br />Appendix A to Loan Contract C150013 Amendment No.1 <br />