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<br />Date: <br /> <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br /> <br />PROMISSORY NOTE <br /> <br />October 30, 2006 <br />GREELEY & LOVELAND IRRIG. CO. <br /> <br />$2,600,899.08 <br />3.0% per annum <br />30 years <br />C150161, dated October 30,2006 <br /> <br />Loan Payment: $132,695.94 <br /> <br />Payment Initiation Date*: J .., It I J 7" 00 " <br />I <br />Maturity Date*: ;v..(1 t j 2 oJ" <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has <br />been substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term <br />of Repayment, pursuant to the lOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />February 18, 2005, in the principal amount of $2,844,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation Date, and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining <br />unpaid shall be due and payable on or before the Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annual payment within 15 calendar <br />days of the due date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to <br />accrued interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and <br />the BORROWER. The LOAN CONTRACT creates security interests in favor of the <br /> <br />Appendix A to Loan Contract C150161 <br />