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<br />PROMISSORY NOTE <br /> <br />Date: February 1, 2003 Date of Completion <br /> <br />1. FOR VALUE RECEIVED, the Columbine Ranches Property Owners Association <br />("BORROWER"), a Colorado nonprofit corporation, promises to pay the State of <br />Colorado Water Conservation Board ("CWCB"), the principal sum of Three Hundred <br />Ninety Nine Thousand Dollars ($399,000) at an effective interest rate of four and nine- <br />tenths percent (4.9%) per annum (established from the principal amount of $305,250 <br />at an interest rate of four and three quarters percent (4.75%) per annum and the <br />principal amount of $93,750 at an interest rate of five and one-half percent (5.5%) per <br />annum, rounded down to the nearest tenth) and a repayment term of thirty (30) years, <br />pursuant to Loan Contract No. C150010 dated June 6, 2000 and amended February <br />1, 2003 ("LOAN CONTRACT"). <br /> <br />2. This Promissory Note replaces and supercedes the Promissory Note dated July 20, <br />2000, in the principal amount of $305,250. <br /> <br />3. Principal and interest shall be payable in equal installments of $25,660.40, with the <br />first payment due and payable one year from the date that the CWCB determines that <br />the project issubstantiaUy complete, and annually thereafter until all principal, interest, <br />and all late charges, if any, have been paid in full. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable 30 years thereafter. <br /> <br />4. Payments shall be made payable to the Colorado Water Conservation Board and <br />mailed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />5. If the CWCB does not receive the annual payment within 15 calendar days of the due <br />date, the CWCB may impose a late charge in the amount of 5% of the annual <br />payment. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest 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 />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. The <br />security interests, evidenced by Security Agreements, Deed(s) of Trust and <br />Assignments cover certain revenues and water rights of the BORROWER. The LOAN <br />CONTRACT, Security Agreements, and Deed(s)of Trust and Assignments grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this <br />Note in certain events. <br /> <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />the Security Agreements, Deed(s) of Trust and/or Assignments securing this Note <br />occurs, the CWCB may declare the entire outstanding principal balance of the Note, <br />all accrued interest, and any outstanding late charges immediately due and payable, <br />and the indebtedness shall bear interest at the rate of 7% per annum from the date of <br /> <br />Appendix 2 to Loan Contract C150010 Amendment No.1 <br />