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<br />PROMISSORY NOTE <br /> <br />Date: <br /> <br />March 1, 2003 <br />Surface Creek Ditch & ReseNoir Company <br />$265,000 <br /> <br />Borrower: <br /> <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No. : <br /> <br />2.8% per annum <br />30 years <br />C150125, dated March 1, 2003 <br /> <br />Loan Payment: $13,172.93 <br /> <br />Payment Initiation Date*: -A LA. J I..d f /) 2. 0(7-;1 <br /> <br />Maturity Date*: Au", ~~ I- /: 2 D 37" <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 ConseNation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br />the LOAN CONTRACT. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the CWCB determines that the project is substantially <br />complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late <br />charges, if any, have been paid in full, with all such principal, interest, and late charges, <br />required to be paid on or before the Maturity Date. . <br /> <br />3. Payments shall be made to the Colorado Water ConseNationBoardat 1313 Sherman Street, <br />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 />CWCB 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. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br /> <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 /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWeB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date <br />and amount and cover certain revenues, real property, water rights and/or accounts of the <br />BORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment <br />grant additional rights to the CWCB, including the right to accelerate the maturity of this Note <br />in certain events. <br /> <br />Appendix 2 to Loan Contract C150125 <br />