LPPD000513

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Project Completion Letter

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PROMISSORY NOTE

Date: October 1, 2003
Borrower: The Windsor Reservoir & Canal Company
Principal Amount: $681,750
Interest Rate: 2.5% per annum
Term of Repayment: 30 years
Loan Contract No.: C150151, dated October 1,2003

Loan Payment:
Payment Initiation Date*:
Maturity Date*:

$32,572.41
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* These two fields are filled in after the project has been substantially completed.

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
the LOAN CONTRACT and this Promissory Note.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the date the CWCB determines that the project is substantially
complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late
charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date.

3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
Room 721, Denver, Colorado 80203.

4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the
CWCB does not receive the annual. payment Within 15 calendar days of the due date.

5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change
the amount of such payments.

6. All payments received shall be applied first to late charges,if any, next to accrued interest and
then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are
evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignmemt(s) of even date
and amount and cover certain revenues, real property, water rights and/or accounts of the
BORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
grant additional rights to the CWCB, including the right to accelerate the maturity of this Note
in certain events.

Appendix 2 to Loan Contract C150151