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<br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br />Loan Payment: <br />Payment Initiation Date*: <br />Maturity Date*: <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br /> <br />Date: <br /> <br />Borrower: <br /> <br />PROMISSORY NOTE <br /> <br />October 29,2004 <br /> <br />Kenneth Guenzi, David Guenzi, and John Guenzi, jointly and <br />severally <br /> <br />$334,739.00 <br /> <br />2.50% per annum <br /> <br />30 years <br /> <br />C150174, dated October 29,2004 <br />$15,993.04 <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br />CONTRACT and this promissory note. <br /> <br />2. Principal and interestshall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> <br />3. Kenneth Guenzi, David Guenzi and John Guenzi each hereby acknowledge and agree <br />that each of them is jointly and severally liable for all of the BORROWER'S obligations <br />under this Promissory Note. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />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 CWeB <br />- 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 the <br />amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br /> <br />Appendix 2 to Loan Contract C150174 <br />