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<br />, <br /> <br />Promissory Note <br /> <br />Date 1;2/ 3/ ! ' 1999 Date of Substantial Completion <br /> <br />1. For Value Received, The Ryan Gulch Reservoir Company ("BORROWER") promises to pay the State of Colorado <br />Water Conservation Board ("STATE"), the principal sum of Three Hundred Seventeen Thousand Five Hundred Dollars <br />($317,500) plus interest at the rate of four and one-quarter percent (4%%) per annum for a term of thirty (30) years, <br />pur~ant to Loan Contract No, C150023 ("LOAN CONTRACT"). <br /> <br />2. The first payment of $18,922.44 shall be due one year from the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if <br />any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and m . d to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. -~",. <br />'\ <br />4. If the STATE does not receive the annual payment within 15 calendar~s of the d date the State may impose a <br />late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium' enalty. Any partial prepayment shall not <br />postpone the due date of any subsequent payments or ang e amount such payments. <br /> <br />6. All payments received shall be applied first to late ch ges, if ny, next to accrued interest and then to reduce the <br />principal amount. . "1 <br />c.('! . . . <br />7. This Note is issued pursuant to the C~ C?NTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the ~E to secure the prompt payment of all amounts that may become due <br />hereunder. The security interests, evidencea by a Security Agreement and a Deed of Trust cover certain revenues <br />and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust and Assignment of <br />Deposit Account as Security grant additional rights to the STATE, including the right to accelerate the maturity of this <br />Note in certain events. <br /> <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, the Security Agreement, Deed <br />of Trust or Assignment of Deposit Account as Security securing this Note occurs, the STATE may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and <br />payable, without notice or demand, and the indebtedness shall bear interest at the rate of 7% per annum from the date <br />of default. The STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of <br />this Promissory Note. <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily <br />liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid <br />when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In <br />the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred <br />in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees <br />or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: Th <br /> <br />By <br /> <br /> <br />pany <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br /> <br />te Secretary <br /> <br />Appendix 2 to Loan Contract C150023 <br />