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PROMISSORY NOTE <br />Date: June 13, 2005 <br />Borrower: Beaver Reservoir Company <br />Principal Amount: $129,785 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150190, dated June 13, 2005 <br />Loan Payment: $6,200.82 <br />Payment Initiation Date*: <br />Maturity Date": <br />'' Payment Initiation Date <br />and Maturify Date fields ar Iled i <br />n after the <br />project has been <br />substanfially completed. <br />�. FOR VALUE RECENED, tll� BORROWER rom' to pay the Colorado Water Conservation Board <br />("CWCB'�, the Principal Am nt plus rest the Term of Repayment, pursuant to the LoaN <br />CoNTr�ncT and this promiss note. <br />2. Principal and interest s payable in equal Loan Payments, with the first payment due and <br />payable one year from Pa nt Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. Atl prinapal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br />3_ Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4_ The CWCB may impose a late charge in the amount of 5�0 of the annual payment if the CWCB <br />does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />arnount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This Note is issued pursuant to the LoaN CoNTw4cT between the CWCB and the BoRROwER. <br />The LoaN COnRw�CT aeates securiiy interests in favor of the CWCB to secure the prompt <br />payment of all amourrts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement(s) and Deed(s) of Trust ("Security Instruments") of even date and <br />amount and cover certain revenues, real property, water rights and/or accounts of the <br />BORROWER. Th2 LOAN CONTRACT and Security Instruments grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain events. <br />8. If any annual payment is not paid when due or any default under the LoaN ConrrRaCT or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150190 <br />Page 1 of 2 <br />