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PROMISSORY NOTE <br />Date: March 30, 2007 <br />Borrower: Henry Bolen Ditch Company <br />Principal Amount: $43,322.34 <br />Interest Rate: 2.50% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150179, dated March 30, 2007 <br />Loan Payment: $2,069.84 <br />Payment Initiation Date: August 1, 2005 <br />Maturity Date: August 1, 2035 <br />1. FOR VALUE RECEIVED the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term <br />of Repayment, pursuant to the Loarv CoNTRacT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />October 20, 2004, in the principal amount of $520,150. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation, and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining <br />unpaid shail be due and payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annual payment within 15 calendar <br />days of the due date. <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or ehange the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to <br />accrued interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the Loarv CoNTRacT befinreen the CWCB and <br />the BoRROwER. The Loarv CorvT�cT creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may become due <br />hereunder. Said security interests are evidenced by a Security Agreement and <br />Deed of Trust ("Security Instruments") of even date and amount and cover <br />certain revenues, real property, water rights and/or accounts of the BoRROwER. <br />The LoaN CoNTRacT and Security Instruments grant additional rights to the <br />Appendix A to Loan Contract C150179 Amendment No. 1 <br />Page 1 of 2 <br />