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<br />Promissory Note
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<br />Date J U L '1 20 I 20c() Date of Substantial Completion
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<br />1. For Value Received, the Columbine Ranches Property Owner's Association ("BORROWER"), a Colorado non-
<br />profit corporation, promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum
<br />of Three Hundred and Five Thousand Two Hundred and Fifty Dollars ($305,250) plus interest at the rate of four
<br />and three-quarters percent (4.75%) per annum feir a term of thirty (30) years, pursuant to Loan Contract No.
<br />C150010 ("LOAN CONTRACT").
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<br />2. Principal and interest shall be payable in equal installments of Nineteen Thousand Two Hundred Ninety Four and
<br />69/100 Dollars ($19,294.69) each with the first payment due and payable one year from the date that the State
<br />determines that the project is substantially complete, and annually thereafter until all principal, interest and late
<br />charges, if any, have been fully paid. All principal, interest, and late charges, if any, then remaining unpaid shall
<br />be due and payable 30 years thereafter. '
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<br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203.
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<br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the STATE may
<br />impose a penalty charge in the amount of 5% of the annual payment.
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<br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment
<br />shall not postpone the due date of any subsequent payments or change the amount of such payments.
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<br />6, All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the
<br />principal amount.
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<br />7.' This Note is issued pursuant to the LOAN CiRAC e n STATE and the BORROWER. The LOAN
<br />CONTRACT creates security interests in favor of ~T TE to rompt payment of all amounts that may
<br />become due hereunder. The security inter , d~d by ty Agreements, Deed(s) of Trust and
<br />Assignments, cover certain revenues and water 'ght :~ ~ORROWER. The LOAN CONTRACT, Security
<br />Agreements, Deed(~)of T~st an? Assig.nments' gran d~rlg ts to the STATE, including the right to
<br />accelerate the maturity of thiS Note In certain events. ~ '
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<br />8. If any annual payment is not paid when due or any default under th . AN CONTRACT, Security Agreements
<br />Deed(s) of Trust and/or Assignments securing this Note occurs,the STATE may declare the entire outstanding
<br />principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and
<br />payable, as permitted by law, and the indebtedness shall bear interest at the rate of 7% per annum from the date
<br />of default. The STATE shall give written notice to the Borrower of any alleged default and an opportunity to cure
<br />within thirty (30) days of receipt of such notice before the BORROWER shall be' considered in default for
<br />purposes of this Promissory Note.
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<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 include
<br />all costs and attorney fees incurred in connection with such' proceedings, including the fees of counsel for
<br />attendance at meetings of creditors' committees or other committees.
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<br />10., Th_isNoteSI<1~,1I be governed in all respects by the laws of the State of Colorado.
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<br />>',/' 'r'/, BORROWER: Columbine Ranches Property Owner's
<br />,f f "J /", ,/, Association; a Colorado non-profit corporation
<br />
<br />
<br />~~f[:.~;;/t) ~~~~C~'~ident
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<br />
<br />By
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<br />Appendix B to Loan Contract C15001 0
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