PROJC01746 ‎(2)‎

• Contract/PO #: C150110
• Contractor Name: Four Seasons Trout Farm
• Contract Type: Loan
• Water District: 40
• County: Delta
• Loan Projects - Doc Type: Project Completion Letter

Date:

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

PROMISSORY NOTE

November 1, 2002
John Eric Niblack DBA Four Seasons Trout Farm

$ 85,500

2.25% per annum
10 years
C150110, dated November 1, 2002
$9,643.35
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* These two fields are filled in after the project has been substantially completed.

1. 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.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the date the CWeB determines that the project is substantially complete
(Payment Initiation Date), and annually thereafter until all principal, interest, and late charges, if
any, have been paid in full, with all such principal, interest, and late charges, required to be paid
on or before the Maturity Date.

3. Payments shall be made to the Colorado Water Conservation 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 theCWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are evidenced
by a deed of trust of even date and amount and cover certain revenues, real property, water
rights and/or accounts of the BORROWER. The LOAN CONTRACT and Deed of Trust grant
additional rights to the CWCB, including the right to accelerate the maturity of this Note in
certain events.

8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the

Appendix 2 to Loan Contract C15011 0