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<br />Date: <br /> <br />Borrower: <br /> <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract: <br /> <br />Loan Payment: <br />Payment Initiation Date: <br />Maturity Date: <br /> <br />PROMISSORY NOTE <br /> <br />December 28, 2006 <br /> <br />THE DOLORES WATER CONSERVANCY DISTRICT, ACTING <br />BY AND THROUGH THE DOLORES WATER CONSERVANCY <br />DISTRICT WATER ACTIVITY ENTERPRISE <br /> <br />$2,526,174 <br /> <br />3.5% per annum <br /> <br />30 years <br /> <br />C150058A, dated December 10, 2002, and amended <br />on September 1, 2005 and December 28, 2006 <br /> <br />$137,351.44 <br /> <br />December 1, 2005 <br /> <br />December 1, 2035 <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 <br />of Repayment, pursuant to the LOAN CONTRACT and its amendments and this <br />promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />December 1 0, 2002 ("Original Note"), in the principal amount of $5,461,200. <br />The Original Note is void upon the execution of this Note. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation Date, and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining <br />unpaid shall be due and payable on or before the Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annual payment within 15 calendar <br />days of the due date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. A ny partial prepayment shall n ot postpone t he d ue date 0 f a ny <br />subsequent payments or change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to <br />accrued interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT and its First and Second <br /> <br />Appendix A to Loan Contract C150058A Amendment No.2 <br />Page , of 2 <br /> <br />