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<br />,~" <br /> <br />~;:"... <br /> <br />, Promissory Note <br /> <br />Date / / 6R l:) e. Date of Substantial Completion / / - I) J - t}~ <br /> <br />1. For Value Received, the Leroux Creek Water Users' 'Association, ("BORROWER") promises to pay the <br />State of Colorado Water Conservation Board ("STATE"), the principal sum of $1,450,000 plus interest at the <br />rate of 3.75 percent per annum for a term of 30 years, pursuant to Loan Contract No. C150008, as amended <br />("LOAN CONTRACT'). . <br /> <br />2. The first payment of $81,327.06 shall be due one year from the date that the State determines that the <br />project is substantially complete, and annually thereafter until the entire principal sum, all accrued interest, <br />and all late charges, if any, shall have been paid in full. <br /> <br />:.3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 13~3 3herman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive tI1e annual payment within 15 calendar days of the due date, the State may <br />impose a late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount of such <br />payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to <br />reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that <br />may become due hereunder. The security interests, evidenced by a Security Agreement and a Deed of <br />Trust cover certain revenues, accounts, real property and water rights of the BORROWER. The LOAN <br />CONTRACT, Security Agreement and Deed of Trust and Assignment of Deposit Account as Security grant <br />additional rights to the STATE, 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, the Security <br />Agreement, Deed of Trust or Assignment of Deposit Account as Security securing this Note occurs, the <br />STATE may declare the entire outstanding principal balance of the Note, all accrued interest~ and any <br />outstanding late charges immediately due and payable, and the indebtedness shall bear interest at the rate - <br />of 7% per annum from the date of default. The STATE shall give the BORROWER written notice of any J~ <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the <br />BORROWER shall be considered in default for purposes of this Promissory Note. <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall <br />include all costs and attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Leroux Creek Water Users' <br />Associatio <br /> <br />By <br /> <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br />By / <br />~. <br />Susan P. Alvey, Corporate Sec ry <br /> <br /> <br />Attachment 2 to Loan Contract C150008 Amendment No.1 <br />