PROJ01977 ‎(2)‎

• Contract/PO #: C150011
• Contractor Name: Consolidated Mutual Water Company, The
• Contract Type: Loan
• Water District: 7
• County: Jefferson
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Contract Documents

Date:
Borrower:

Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No.:
Loan Payment:
Payment Initiation Date*:
Maturity Date*:

PROMISSORVNoTE
October 12, 2006
The Consolidated Mutual Water Company

$2,454,770.67

5.75% per annum

5 years
C150011, dated October 12, 2006

$578,795.98
/'),1 VI. I L Ir-

111 c;., r '- h.

I }201 I
I 'I 20lb

/

* Payment Initiation Date and Maturity Date fields are filled in after the project has
been substantially completed.

FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water
Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of
Repayment, pursuant to the LOAN CONTRACT and this promissory note.

1. This Promissory Note replaces and supersedes the Promissory Note dated
September 21,2001, in the principal amount of $4,333,000.000

2. Principal and interest shall be payable in equal Loan Payments, with the first
payment due and payable one year from Payment Initiation Date and annually
thereafter. All principal, interest, and late charges, if any, then remaining
unpaid shall be due and payable on or before the Maturity Date.

3. Payments shall be made to the Colorado V\/ater ConsE!rvation Board at 1313
Sherman Street, Room 721, Denver, Colorado 80203.

4. The CWCB may impose a late charge in the amount of 5% of the annual
payment if the CWCB does not receive the annual payment within 15 calendar
days of the due date.

5. This Note may be prepaid in whole or in part at any time without premium or
penalty. Any partial prepayment shall not postpone the due date of any
subsequent payments or change the amount of such payments.

6. All payments received shall be applied first to late charges, if any, next to
accrued interest and then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the CWeB and
the BORROWER. The LOAN CONTRACT creatEis security interests in favor of the
eWCB to secure the prompt payment of aH amounts that may become due
hereunder. Said security interests are evidenced by a Security Agreement and

Appendix B to Loan Contract C:150011 Amendment No.3