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<br />Date: <br /> <br />Borrower: <br /> <br />Principal Amount: <br />Interest Rate: <br /> <br />PROMISSORY NOTE <br /> <br />September 1 , 2005 <br /> <br />Kenneth Guenzi, David Guenzi, and John Guenzi, jointly <br />and severally <br /> <br />$352,000 <br /> <br />2.5% per annum <br /> <br />30 years <br /> <br />C150174, dated October 29,2004, amended September <br />1,2005 ? <br />73 ~. f' f1 . ",-" e. ,or" <br />$16,817.68'" (.A _.Ie; ....."c-- <br /> <br />-I a tt.1.\.-&t.-V'<; I, Z OOf... <br />I <br />Maturity Date*: -I an l./.i/l.i" t; I. Zo~ (, <br />I I <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 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 />October 29,2004 in the principal amount of $334,739.00. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation Date (the date the <br />CWCS determines that the project is substantially complete), and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining unpaid <br />shall be due and payable on or before the Maturity Date. <br /> <br />Term of Repayment: <br />Loan Contract No.: <br /> <br />Loan Payment: <br />Payment Initiation 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 CWCB may impose a late charge in the amount of 5% of the annual payment <br />if the CWCB does not receive the annual payment within 15 calendar days of the <br />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 accrued <br /> <br />Appendix A to Loan Contract C150174 Amendment No. 1 <br />Page 1 of 2 <br />