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Date: <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />PR�MISSORY �110TE <br />July 10, 2004 <br />Ground Water � Management Subdistrict of the �Central <br />Colorado Water Conservancy District <br />$4,513,200 <br />2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150160, dated July 10, 2004 <br />Loan Payment: °"'-�;� �.� .� �/S' � � D• a,�' <br />_ , <br />Payment Initiation Date*: -� u. �t. � ,, � aa ,�` . <br />Maturity Date*: ..,�u k � /� 2 v3S'' <br />* Payment Initiation Date and Mat�rity Date felds are fil{ed in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED the BORROVVER promise� to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term �f� Repayment, pursuant to <br />the Lo�►v CoNT�CT and fhis promissory note. <br />2. Principal and fnterest shall be payable in equal Loan Payments, with the first payment due and <br />paya6le one year from Payment Initiation Date (the date the CWCB determines that the <br />project is substantially eomplete), and annually thereafter. Al! principal, interest, and late <br />charges, if any; then remaining unpaid shall be due and payable on or before the Maturity <br />Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a�late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive tfie annual payment within 15 calendar days of th'e due date. <br />5. 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 c�ue date of any subsequent payments or change <br />the amount of such payments. <br />6. 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 />7. This Note is issued pursuant to the Lo,�,iv CoNTRacT between the CWCB and the BoRROwER. <br />The Lo,4rv CotvTw�cT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said securiiy interests are <br />evidenced by a Security Agreement ("Security Instruments") of even date and amount and <br />cover certain revenues of the BORROwER The LOAN CONTRACT and Security Instruments <br />grant additional rights to the CWCB. <br />Appendix 2 to Loan Contract C150160 <br />