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PROMISSORY NOTE Date: Borrower: Principal Amount: Interest Rate: Term of Repayment: Loan Contract No.: Loan Payment: February 3, 2009 Carpenter and Mitchell Ditch Company, Inc. $172,332.71 2.50% per annum 30 years C150201, dated August 18, 2005 and amended February 3, 2009 $8,233.65 Payment Initiation Date*: November 1, 2007 Maturity Date*: November 1, 2037 * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed. 1. FoR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LoaN CotvT~cT and this promissory note. 2. This Promissory Note replaces and supersedes the Promissory Note dated August 18, 2005, in the principal amount of $607,200. 3. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable one year from Payment Initiation Date, and annually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not receive the annual payment within 15 calendar days of the due date. 6. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. 8. This Note is issued pursuant to the Loatv CorvTRacT between the CWCB and the BoRROwER. The LoArv CoNTFZacT creates security interests in favor of the CWCB to Appendix A to Loan Contract C150201