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Promissory Note
<br />Date: December 1, 2000 Date of Completion ~~c~c~ s~ ~s,, 2d~1
<br />1. For Value Received, the Excelsior Irrigating Company ("BORROWER") promises to pay the State of
<br />Colorado Water Conservation Board ("STATE"), the principal sum of $251,125 plus interest at the rate of 3.771
<br />percent per annum for a term of 30 years, pursuant to Loan Contract No. C153797 dated February 11, 1998,
<br />amended December 1, 2000 ("LOAN CONTRACT").
<br />2. This promissory note replaces a note dated January 28, 1998 in the loan amount of $230,000. The note dated
<br />January 28, 1998, was cancelled and voided pursuant to Lo,4rv CorvT~CT. The date of the Deed of Trust this
<br />note attaches to is October 21, 2000.
<br />3. The first payment of $14,121.51 shall be due one year from the date that the State determines that the project is
<br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late
<br />charges, if any, shall have been paid in full.
<br />4. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203.
<br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment
<br />shall not postpone the due date of any subsequent payments or change the amount of such payments.
<br />6. All payments received shall be applied first to accrued interest and then to reduce the principal amount.
<br />7. This Note is issued pursuant to the Loatv CorvTRa,cT between the STarE and the BORROWER. Th@ LOAN
<br />CoNTRa,cT creates security interests in favor of the STarE to secure the prompt payment of all amounts that
<br />may become due hereunder. The security interests, evidenced by finro Security Agreements, an Assignment,
<br />and two deeds of trust, cover certain revenues, accounts and other property of the BORROWER and the
<br />COSIGNER. Th@ LOAN CONTRACT, Security Agreements, Assignment and deeds of trust grant additional rights to
<br />th2 STATE, including the right to accelerate the maturity of this Note in certain events.
<br />8. If any annual payment is not paid when due or any default under the Loarv CorvTw4cT, the Security Agreements,
<br />Assignment or deeds of trust securing this Note occurs, the STATE may declare the entire outstanding principal
<br />balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and
<br />the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STaTE shall give
<br />the BoRROwER and Cosi~rvER written notice of any alleged default and an opportunity to cure within thirty
<br />(30) days of receipt of such notice before the BoRROwER shall be considered in default for purposes of this
<br />Promissory Note.
<br />9. Th2 BORROWER, th2 COSIGNER, any guarantor, and any other person who is now or may hereafter become
<br />primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or
<br />interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection,
<br />including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection
<br />shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of
<br />counsel for attendance at meetings of creditors' committees or other committees.
<br />10. This Note shall be governed in all respects by the laws of the State of Colorado.
<br />BORROWER: The Excelsior Irrigating Company, a
<br />Colorado nonprofit corporation
<br />(SEAL)
<br />B ~~ ~ ~( ~ ~c~~~
<br />y r~
<br />C. R. Evans, President
<br />Attest:
<br />By ~u~ ~'X
<br />Erin Evans, Corporate Secretary
<br />Attachment 2 to Contract C153797 Amendment No. 1
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