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<br />'. :-:, ., <br /> <br />. .J, <br /> <br />PROMISSORY NOTE <br /> <br />Date: <br />Borrower: <br /> <br />October 1 , 2003 <br /> <br />Ground Water Management Subdistrict of the Central <br />Colorado Water Conservancy District. <br /> <br />$15,000,000 <br /> <br />2.75% per annum <br /> <br />Principal Amount: <br />Interest Rate: <br /> <br />Term of Repayment: 30 years <br />Loan Contract No.: C 150 117, dated October 1, 2003 <br />Loan Payment: $740,766.30 <br />Payment Initiation Date*: J u.. n ~. I.? to f) .5 <br />Maturity Date*: -Iu",-~ /, 1..o~5.5' <br />. <br /> <br />* These two fields are filled in after the project has 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. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from the date the CWCB determines that the project is <br />substantially complete (Payment Initiation Date), and annually thereafter until all <br />principal, interest, and late charges, if any, have been paid in full, with all such <br />prinCipal, interest, and late charges, required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br /> <br />5. 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 payments <br />or change the amount of such payments. <br /> <br />6, 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 />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement of even date and amount <br />and cover certain revenues, real property, water rights and/or accounts of the <br /> <br />Appendix 2 to Loan Contract C150117 <br />