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PROMISSORY NOTE <br />Date: February 1, 2004 <br />Borrower: The Lower Platte and Beaver Canal Co. <br />Principal Amount: $ 313,605.00 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: 0150165, dated <br />Loan Payment: $14,983.31 <br />Payment Initiation Date*: ~,~-: ~ ~ . ~ D~ ,~_ <br />Maturity Date": ~y_~ . / 1. 2 D 3 ~ <br />Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />~ . FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br />CONTRACT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement and Deed of Trust ("Security Instruments"} of even date and amount <br />and cover certain revenues, real property, water rights and/or accounts of the BORROWER. The <br />LOAN CONTRACT and Security Instruments grant additional rights to the CWCB, including the <br />right to accelerate the maturity of this Note in certain events. <br />Appendix 2 to Loan Contract 0150165 <br />