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<br />PROMISSORY NOTE <br /> <br />Date: January 1 , 2004 <br />Borrower: Lower Arkansas Water Management Association <br />Principal Amount $2,272,500 <br />Interest Rate: 2.5% per annum <br /> <br />30 years <br />C150150, dated January 1,2004 <br />$108,574.69 <br />metre-I... I I l.oo~ <br />. <br /> <br />Maturity Date*: J11 'z.;-.t.-L J) 1.... 0 J ~ <br /> <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 Conservation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, <br />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 Payment Initiation Date (the date the CWCB <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 />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 the <br />CWCS does not receive the annual payment within 15 calendar days of the due 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 or <br />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, and Deed of Trust ("Security <br />Instruments") of even date and amount and cover certain revenues, real property, water <br /> <br />Term of Repayment: <br />Loan Contract No.: <br /> <br />Loan Payment: <br />Payment Initiation Date*: <br /> <br />Appendix 2 to Loan Contract C150150 <br />