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<br />PROMISSORY NOTE <br /> <br />Date: July 2, 2007 <br /> <br />Borrower: Lazy 0 Ranch Homeowners' Association <br /> <br />Principal Amount: $152,258 <br /> <br />Interest Rate: 4.25% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150236, dated July 2, 2007 <br /> <br />Loan Payment: $9,074.31 <br /> <br />Payment Initiation Date*: Sep -hH\.J:,~ I, %. DO? <br /> <br />Maturity Date*: 5 <,r-c.,...J, <<.._ I, ~ 0 3 7 <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. Principal and interest shall be payable in equal Loan Payments, with the first <br />paymeflt due and payable one year from Payment Initiation Date (the date the <br />CWeB determines that the project is substantially complete), and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall <br />be due and payable on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment <br />if the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any subsequent <br />payments or change the amount of such payments. <br /> <br />6. 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 />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement ("Security Instruments") of <br />even date and amount and cover certain revenues, real property, water rights and/or <br />accounts of the BORROWER. The LOAN CONTRACT and Security Instruments grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this <br />Note in certain events. Pursuant to the Loan Contract, Project Summary and Security <br /> <br />ApPENDIX 2 TO LOAN CONTRACT C 150236 <br />