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:~ <br />~ ., : - ~~f <br />;~ <br />PROMISSORY NOTE <br />Date: January 1, 2009 <br />Borrower: Mancos Valley Beaver Ditch Company <br />Principal Amount: $250,490.91 <br />Interest Rate: 2.50% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150185, dated August 15, 2005, and amended <br />~ebruary 10, 2006 <br />Loan Payment: $11,967.86 <br />Payment Initiation Date: May 1, 2008 <br />Maturity Date: May 1, 2038 <br />1. FoR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the Loa,N CoNTRacT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated February <br />10, 2006, in the principal amount of $913,798. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation, and annualty 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 />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br />6. 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 payments <br />or change the amount of such payments. <br />7. All payments received shall be applied flrst to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LoAN CoNTr~acT befinreen the CWCB and the <br />BoRROwER. The LoAN CoNrRACT 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, real property, <br />water rights and/or accounts of the BoRROwER. The LoAN CoNTRacT and Security <br />Appendix A to Loan Contract C150185 Amendment No. 2 <br />Page 1 of 2 <br />