PROJ02226

• Contract/PO #: C150116
• Contractor Name: B.F. & M.E. Porter, LLLP
• Contract Type: Loan
• Water District: 45
• County: Garfield
• Bill Number: SPL
• Loan Projects - Doc Type: Project Completion Letter

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PROMISSORY NOTE

Date: November 1, 2002
Borrower: Bill Porter
Principal Amount: $1.000,000
Interest Rate: 2.5% per annum
20 years

Term of Repayment:
Loan Contract No. :

C150116, dated November 1, 2002
Loan Payment: $64,147.13
Payment,lnitiation Date*: JaPt ..ilrV I J 4 ~ 0 y
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. Maturity Date*: .J ~""~Drr ).. 2... a 2....y.

* 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 CWCB 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 the CWeB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the eWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are evidenced
by a Security Agreement, and/or Deed of Trust of even date and amount and cover certain
revenues, and/or real property of the BORROWER. The LOAN CONTRACT, Security Agreement,
and/or 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 Security

Appendix 2 to Loan Contract C150116