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<br />Principal Amount: $100,000 Interest Rate: 3'/.%
<br />Term: 30 Years Loan Payment: $5,608.76
<br />` Coarr Contract: #C153748 Date: March 24, 1997
<br />1. ~O€i 1l~LlJ~ ~C~IY£D, the Excelsior Irrigating Company ("BORROWER") and C. R. Evans ("COSIGNER")promise
<br />to pay the State of Colorado Water Conservation Board ("STa,rE"), the principal sum of $100,000 with annual
<br />payments of $5,608.76 based on the interest rate of 33/4% per annum on the outstanding principal balance for a
<br />term of 30 years, or until paid in full, pursuant to Loan Contract #C153748 ("LOAN CONTRACT").
<br />2. The first installment shall be due one year from the date the SraTE determines that the PRO~ECT described in the
<br />LoaN CoNTRac'r has been substantially completed, and annually thereafter until the entire principal sum and any
<br />accrued interest shall have been paid in full.
<br />3. All payments received shall be applied first to accrued interest and then to the retirement of the principal.
<br />Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203.
<br />4. This Note may be prepaid in whole or in part at any fime without premium or penalty, with prepayments applied
<br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone
<br />the due date of any subsequent payments or change the amount of such payments.
<br />5. This Note is issued pursuant to the LoA-v CotvTwaCT between the STATE and the BORROWER. ThG' LOAN
<br />CorvTFtaCT creates security interests in favor of the STaTe to secure the prompt payment of all amounts which
<br />may become due hereunder. The security interests, evidenced by the following documents:
<br />a. Security Agreement dated March 24, 1997, S@CUI'111g BORROWER alld COSIGNER'S revenues from lease of
<br />water;
<br />b. Security Agreement dated March 24, 1997, securing BORROWER's pledge of revenues;
<br />c. Security Agreement dated March 24, 1997, securing COSIGNER's 2,883 shares of stock,
<br />d. Deed of Trust dated March 24, 1997, securing COSIGNER's 2,883 shares of stock;
<br />e. Deed of Trust dated March 24, 1997, securing the BoRROwER's diversion structure;
<br />f. Assignment of Contract Proceeds dated March 24, 1997, SeCUfll19 BORROWER 2fld COSIGNER's revenues
<br />from lease of water;
<br />cover certain revenues and real property of the BoRROweR and certain shares of stock of the Cosi~NErt The
<br />LOAN CONTRACT, Security Agreements, Deeds of Trust, and Assignment grant additional rights to the STAre,
<br />including the right to accelerate the maturity of this Note in certain events.
<br />6. If any payment of principal or interest is not paid promptly when due or any default under the LoaN Co-vTw~cT or
<br />the security agreements or deeds of trust, or assignment securing this Note occurs, the S'ra,Te may declare the
<br />entire outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without
<br />notice or demand, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default.
<br />7. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or
<br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest
<br />thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including
<br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include
<br />a!I costs and attomey fees incurred in connection with such proceedings, including the fees of counsel for
<br />attendance at meetings of creditors' committees or other committees.
<br />~i. This Note shall be governed in all respects by the laws of the State of Colorado.
<br />BORROWER: THE EXCELSIOR IRRIGATING COMPANY
<br />Attest:
<br />By:
<br />Erin Evans, Secretary
<br />By L'• ~ ~~
<br />C. R. Evans, President
<br />COSIGNER: C. R. EVANS
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<br />Appendix B to Loan Contract #C153748
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