LPPD000468

• Contract/PO #: C153747
• Contractor Name: Consolidated Extension Canal Company
• Contract Type: Loan
• Water District: 67
• County: Bent
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE

Date IYl () 2 "I ., , 1998

1. FOR" ALUli REcEIVED, the Consolidated Extension Canal Company ("BORROWER") promises to pay the State
of Colorado Water Conservation Board ("STATE"), the principal sum of Two Hundred Twenty Nine Thousand Four
Hundred Thirty Dollars and Ninety Cents ($229,430.90) plus interest at the rate of Three and Three-Quarters
percent (3.75%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C153747 ("LOAN
CONTRACT").

2. The first payment of $12,868.23 shall be due on March 10, 1998, and annuatly thereafter until the entire principal
sum, all accrued interest, and all late charges, if any, shall have been paid in full.

3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street,
Room 721, Denver, Colorado 80203.

7. This Note is issued pursuant to t
creates security interests in favor
hereunder. The security interests,
Deposit, cover certain revenues and
Assignment grant additional rights to
events.

he due date, the State may impose a

4. If the STATE does not receive the annual payment within 15 calen
late charge in the amount of 5% of the annual payment.

5. This Note may be prepaid in whole or in part at any ti
not postpone the due date of any subsequent p ments or

6. All payments received shall be applied first to I
principal amount.

nalty. Any partial prepayment shall
of such payments.

to accrued interest and then to reduce the

A ONT Toe een the STATE and the BORROWER. The LOAN CONTRACT
'," ':;.' ~'$S.,
STATE>~~;..'l'e'the prompt payment of all amounts that may become due
enc~~;"'y a SeeurityAgreement and an Assignment of Certificate of
nts;of the.~RSROWER: The LOAN CONTRACT, Security Agreement and
e STATE:,.~zW~!ng th~.ri~mto accelerate the maturity of this Note in certain

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8. If any annual payment is not paid when due or any'defaulfiJnder the LQAN CONTRACT or the Security Agreement or
Assignmen~ securing this Note occur~, the STATE'lJ1a~deqJ~jtbeenti;'e outstanding ~rincipal b.alance of the Note,
all accrued Interest, and any outstanding late charges 11T!I!:l~tately-due and payable, without notice or demand, and
the indebtedness shall bear interest at the rate: of 15o/clp~r annum from the date of default. The STATE shall give
the BORROWER written notice of any alleged defaulf'and anoppqrtu,p1ty to cure within thirty (30) days of receipt
of such notice before the BORROWER shall be considered ingefai:!W'[or purposes of this Promissory Note.
._'~~~~~:~:Y':""' "
9. The BORROWER, any guarantor, and any other person who" is now or may hereafter become primarily or
secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest
thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including
reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all
costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance
at meetings of creditors' committees or other committees.

10. This Note shall be governed in all respects by the laws of the State of Colorado.

BORROWER: Consolidated Extension Canal Company

(SEAL)

By

Attest: JJ. ''YVJ~'

By ~~ /lfJ,
orpara e Secretary "
Attachment A to Loan Contract C153747 Amendment No.1