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<br />PROMISSORY NOTE <br /> <br />Date: April 1, 2008 <br /> <br />Borrower: The Spring Dale Ditch Co. <br /> <br />Principal Amount: $45,325.19 <br /> <br />Interest Rate: 2.75% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150145, dated August 15, 2003 <br /> <br />Loan Payment: $2,238.36 <br /> <br />Payment Initiation Date*: October 1, 2007 <br /> <br />Maturity Date*: October 1. 2037 <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 August <br />15,2003, in the principal amount of $122,715. <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 I nitiation 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 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB 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 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 <br /> <br />Appendix A to Loan Contract C15145 <br />