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.. RELEASED By Promissory Note OCT 2 ~ 2005 Date J U L 'I Z 0, 2ocf) . Date of Substantial Comple on PUBLIC T 1. For Value Received, the Columbine Ranches Property Owner's Association ("BORROWER , U n- profit corporation, promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of Three Hundred and Five Thousand Two Hundred and Fifty Dollars ($305,250) plus interest at the rate of four and three-quarters percent (4.75%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. 2. ~~~~i~:~ ~~~~:~rJ{~lL llDstallments of Nineteen Thousand Two Hundred Ninety Four and 69/100 Dollars (U~94.69) each with the fi ayment due and payable one year from the date that the State determines that the proj~~ ~bftiQOO!ly complete, and annually thereafter until all principal, interest and late charges, if any, have be~lI1-Pdi~principal, interest, and late charges, if any, then remaining unpaid shall be due and payable 30 years thereafter. . 3. Payments shall bema~ie Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room 721, _'1V~~ 4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the STATE may impose a penalty ch~rge in the amount of 5% of the annual payment. 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 iRAC en' STATE and the BORROWER. The LOAN CONTRACT creates security interests in favor of ~T TE to rompt payment of all amounts that may become due hereunder. The security inte , d:~ by ty Agreements, Deed(s) of Trust and Assignments, cover certain revenues and water 9h~~~ORROWER. The LOAN CONTRACT, Security Agreements, Deed(s) of Trust and Assignments' grant ad~rZ9 ts to the STATE, including the right to accelerate the maturity of this Note in certain events. ~ 8. If any annual payment is not paid when due or any default under th . AN CONTRACT, Security Agreements Deed(s) of Trust and/or Assignments securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, as permitted by law, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give written notice to the Borrower of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of this Promissory Note. 9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is riot paid when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In tile event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. . 10. This Note shall be governed in all respects by the laws of the State of Colorado. BORROWER: Columbine Ranches Property Owner's Association, a Colorado non-profit corporation BL~~I.J) () ((" 4=> ~heco, President h;iy/~_ ,'. ~ , . " , By Appendix B to Loan Contract C15001 0