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<br />PROMISSORY NOTE <br /> <br />Date: August 8, 2005 <br />Borrower: Stromberger Land & Cattle Co. LLC <br />Principal Amount: $473,000 <br />Interest Rate: 2.5% per annum <br />20 years <br /> <br />Term of Repayment: <br />Loan Contract No.: <br /> <br />C150123, dated May 1, 2003 <br /> <br />$30,341.59 <br /> <br />;1141./ I J 2tJIPfo <br />/ <br />Maturity Date*: m q I J I Z b A. fa <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 />May 1,2003, in the principal amount of $414,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from the date the CWCB determines that <br />the project is substantially complete, and annually thereafter. All principal, <br />interest, and late charges, if any, then remaining unpaid shall be due and <br />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 />Loan Payment: <br />Payment Initiation Date*: <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 /> <br />Appendix B to Loan Contract 150123 Amendment No.1 <br />Page 1 of 2 <br />