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<br />Date: <br /> <br />Borrower: <br /> <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br /> <br />PROMISSORY NOTE <br /> <br />November 1, 2004 <br /> <br />Lower South Platte Water Conservancy District, acting by and <br />through the Lower South Platte Recharge Project Water Activity <br />Enterprise <br /> <br />$56,787.30 <br /> <br />3.0% per annum <br />10 years <br />C150067, dated November 1, 2004 <br /> <br />Loan Payment: $6,657.20 <br /> <br />Payment Initiation Date*: February 1, 2004 <br /> <br />Maturity Date*: February 1,2014 <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />su bstantially 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, pursuant <br />to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated October 1, <br />2001, in the principalamount of $100,000. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />and payable one year from Payment Initiation Date (the date the CWCB determines that <br />the project is substantially complete), and annually thereafter. All principal, interest, and <br />late charges, if any, then remaining unpaid shall be due and payable on or before the <br />Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />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 if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />6. 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 />7. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br /> <br />Appendix A to Loan Contract C150067 Amendment No.1 <br />