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PROMISSORY NOTE <br />Date: February 10, 20~ <br />Borrower: Mancos Valley Beaver Ditch Company <br />Principal Amount: $913,798 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150185, dated August 15, 2005 <br />Loan Payment: $43,659.11 <br />Payment Initiation Date*: ~ <br />Maturity Date": <br />" Payment Initiation Date and Maturity Date fields a filled in a e project has <br />been Substantially completed. <br />1. FOR VALUE RECENED, ~~RROWER romises to y the Colorado Wa~er <br />Consenration Board ("CVNCB'~, the c Amount plus tnterest for the Term <br />of Repayment, pursuant to the Loar~ oNr T and this promissory note. <br />2. This Promissory Note rep ces and es the Promissory Note dated <br />August 15, 2005, in the prin 'pal amount of $417,130. <br />3. Principal and interest s payable in equal Loan Payments, with the first <br />payment due and payable o year from Payment Initiation Date (the datie the <br />CWCB determines that the project is substantially compiete), and annually <br />thereafter. AA principal, interest, and late charges, if any, then remaining <br />unpaid shall be due and payabfe on or before the Maturity Date. <br />4. Payments shal! be made to the Colorado Water Conservation Board a# 1580 <br />Logan Street, Suite 750, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annuat payment within 15 calendar <br />days of the due date. <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penaliy. Any partial prepayment shatl not postpone the due date of any <br />subsequer~t paymen~ or change the amount of such payments. <br />7. All payments received shall be appli~ first to late diarges, if any, next to <br />acxrued interest and then to reduce the principal amount. <br />Appendix 6 <br />Loan Contract C750185 Amendment No.1 <br />Page 1 of 2 <br />