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<br />PROMISSORY NOTE
<br />
<br />Date: January 1, 2003
<br />Borrower: The Delta Canal Company
<br />
<br />Principal Amount:
<br />I nterest Rate:
<br />
<br />$ 75,000
<br />
<br />Term of Repayment:
<br />Loan Contract No, :
<br />
<br />2,75% per annum
<br />30 years
<br />
<br />C1501 08, dated January 1,2003
<br />Loan Payment: $3,703,83
<br />,/}i-{Q"d I. 7.003
<br />rl '
<br />Maturity Date': f/ ".J '" ~ / I 7. 0 13
<br />, These two fields are filled in after the project has been substantially completed,
<br />
<br />Payment Initiation Date':
<br />
<br />1, FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
<br />Board ("CWCS"), the Principal Amount plus Interest for the Term of Repayment, pursuant to '
<br />the LOAN CONTRACT,
<br />
<br />2, Principal and interest shall be payable in equal Loan Payments, with the first payment due and
<br />payable one year from the date the CWCS determines that the project is substantially
<br />complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late
<br />charges, if any, have been paid in full, with all such principal, interest, and late charges,
<br />required to be paid on or before the Maturity Date,
<br />
<br />3, Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203,
<br />
<br />4, The CWCB may impose a late 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 />
<br />5, This Note may be prepaid in whole or in part at any time without premium or penalty, Any
<br />partial prepayment shall not postpone the due date of any subsequent payments or change
<br />the amount of such payments,
<br />
<br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and
<br />then to reduce the principal amount.
<br />
<br />7. TIlis Nate is issueel-puFSlolaflt-te tfle~eAN-.cGNTRAGl'betweeA--the GWGB-and- tl'le B0RRGWER,
<br />The, LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
<br />payment of all amounts that may become due hereunder, Said security interests are
<br />,evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date
<br />and amount and cover certain revenues, real property, water rights and/or accounts of the
<br />BORROWER, The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
<br />grant additional rights to the CWCB, including the right to accelerate the maturity of this Note
<br />in certain events,
<br />
<br />Appendix 2 to Loan Contract C1501 08
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