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<br />PROMISSORY NOTE <br /> <br />Date: April 1, 2004 <br /> <br />Borrower: Mildred Rothe <br /> <br />Principal Amount: $383,254 <br /> <br />Interest Rate: 2.5% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150146, dated September 1, 2003, amended April 1, 2004 <br /> <br />Loan Payment: $18,310.97 <br /> <br />Payment Initiation Date*: ,j A-/U.(. #H-" I J Z 006 <br />f . <br />Maturity Date*: ../ tIe.......Il,..., I. 'l.. P 35 <br />f <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCS"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />September 1,2003, in the principal amount of$357,017. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation Date (the date the CWCS <br />determines that the project is substantially complete), and annually thereafter. All <br />principal, 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 />5. The eWCB may impose a late charge in the amount of 5% of the annual payment if <br />the eWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent <br />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 accrued <br />interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCS and the <br />. BORROWER. The LOAN CONTRACT creates security interests in favor of the CWeB to <br /> <br />Appendix A to Loan Contract C150146 Amendment No.1 <br />