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<br />PROMISSORY NOTE <br /> <br />Date: July 27, 2005 <br /> <br />Borrower: The Lake Henry Reservoir Company <br /> <br />Principal Amount: $147,701.10 <br /> <br />Interest Rate: 4.25% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150098, dated November 1, 2002, amended July 27, 2005 <br /> <br />Loan Payment: $8,802.73 <br /> <br />Payment Initiation Date*: IJ1 ~ I , ;;J...IJ IJ;- <br /> <br />Maturity Date': /J1 d ~I Ol. (J 3s-" <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br /> <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 LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated November <br />1, 2002, in the principal amount of $490,000 <br /> <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 Date, and annually 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 /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1580 Logan <br />St., Suite 750, Denver, Colorado 80203. <br /> <br />5. The CWCS 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 /> <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 /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCS and the <br /> <br />APPENDIX A to LOAN CONTACT NO. C150098 AMENDMENT NO.1 <br />Page 1 of 2 <br />