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PROMISSORY NOTE <br />Date: February 15, 2007 <br />Borrower. East Mancos Highline Ditch Company <br />Principal Amount: $904,000 <br />Interest Rate: 2.50% per annum <br />Term of R�payment: 30 years <br />Loan Contract No.: C150207, dated Febnaary 15, 2007 <br />Loan Payment: $43,190.99 <br />Payment Initiation Date*: <br />Maturity Date*: <br />* Payment {nitiation Da and M rity e fields filled in after the project has been <br />substantially compl d. <br />1. FOR VALUE RECEIV he BoRROwER promises to pay the Colorado Water Conservation <br />Board ("CWCB"), t Principal Amount plus Interest for the Term of Repayment, <br />pursuant to the LoAN CoNTRacT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation Date (the date the CWCB <br />determines that the project is substantially complete), and annually thereafter. All <br />principal, interest, and late charges, if any, then remaining unpaid shall be due and <br />payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a{ate charge in the amount of 5% of the annual payment if the <br />CWCB 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. <br />Any partial prepayment shall not postpone the due date of any subsequent payrnents or <br />change the amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accn�ed <br />interest and then to reduce the principal amount. <br />7. This Note is issued pursuant to the LoaN CotvrRacr befinreen the CWCB and the <br />BoRROwER. The Loatv CoNTr�acT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust ("Security <br />Instruments") of even date and amount and cover certain revenues and real property, <br />water rights and/or accounts of the BORROWER. The LOAN CONTRACT atld SeCU�ty <br />Appendix 2 to Loan Contract C150207 <br />Page 1 of 2 <br />