C150191 Contract

• Contract/PO #: C150191
• Contractor Name: Buffalo Farms Water Development, LLC
• Contract Type: Loan
• Water District: 64
• County: Logan
• Loan Projects - Doc Type: Contract Documents

Loan Payment:

Payment Initiation Date*:

Maturity Date*:

* Payment Initiation Date and Maturity Date fields are filled in after the project has been
substantially completed.

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
the LOAN CONTRACT and this promissory note.

2. This Promissory Note replaces and supersedes the Promissory Note dated January 1.
2005, in the principal amount of $195,435.

3. Principal and interest shall be payable in equal Loan Payments, with the first payment due
and payable one year from Payment Initiation (the date the CWCB determines that the
project is substantially complete), and annually thereafter. All principal, interest, and late
charges, if any, then remaining unpaid shall be due and payable on or before the Maturity
Date.

Date:

Borrower:
Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No.:

PROMISSORY NOTE

January 6, 2006
Buffalo Farms Water Development, LLC
$277,245

2.25% per annum

20 years
C 150 191 , dated January 1, 2005
$17,367.20

4. Payments shall be made to the Colorado Water Conservation Board at 1580 Logan Street,
Suite 750, Denver, Colorado 80203.

5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the
CWCB does not receive the annual payment within 15 calendar days of the due date.

6. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change
the amount of such payments.

7. All payments received shall be applied first to late charges, if any, next to accrued interest
and then to reduce the principal amount.

Appendix B
Loan Contract C150191 Amendment No.1
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