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<br />
<br />PROMISSORY NOTE
<br />
<br />Date:
<br />
<br />, August 1 , 2002
<br />John Peroulis and'Sons, a Colorado general partnership
<br />$ 250,000.00
<br />
<br />effective rate of 3.0% per annum based on 3.5% per annum on
<br />$100,000 and 2.75% per annum of $150,000 and CWCB practice to
<br />round a blended interest rate down to the nearest tenth of a percent
<br />
<br />Term of Repayment: 30 years
<br />
<br />Loan Contract No. : C150083, dated August 1, 2002
<br />
<br />Loan Payment: $12,754.81
<br />
<br />, Date of Completion: IV f) v~,..., b.... I, ;l.. (Je> Z.
<br />
<br />Maturity Date: ,-'VUI._h_ I) 2. ~ ~ Z.
<br />
<br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board
<br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN
<br />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 of Completion, which is the date the CWCB determines that the
<br />project is substantially complete, and annually thereafter until all principal, interest, and late
<br />charges, if any, have been paid in full, with al\ 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 Conservation Board at 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203.
<br />
<br />4. The eWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB
<br />does not receive the annual payment within 15 calendar days of the due date.
<br />
<br />--So 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 the
<br />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 CWCB 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 evidenced
<br />by a Security Agreement(s), Deed(&) of Trust, and/or Assignment(s) of even date and amount
<br />and cover certain revenues, real property, water rights and/or accounts of the BORROWER. The
<br />LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment grant additional rights
<br />to the CWCB, including the right to accelerate the maturity of this Note in certain events.
<br />
<br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
<br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may
<br />declare the entire, outstanding principal balance of the Note, all accrued interest, and any
<br />outstanding late charges immediately due and payable, arid the indebtedness shall bear
<br />interest at the rate of 7% per annum from the date of default. The CWCB shall give the
<br />BORROWER written notice of arlY alleged default and an opportunity to cure within thirty (30)
<br />
<br />Borrower:
<br />Principal Amount:
<br />Interest Rate:
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<br />Appendix 2 to Loan Contract C150083
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