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s ~~~~~~ .p~~ 1. ~~~~ Principal Amount: $230,000 Inter ate: 3.75% per annum Term 30 Years Loan Payment: $12,900.15 Loan Contract: # Date: ~~aN ~,g ,1998 1. ~~ 1t~LU~ ~C , th `= xcelsior Irrigating Company ("BORROWER") and C.R. Evans ("COSIGNER") promise to the Sta f Cofor o Water Conservation Board ("STATE"), the principal sum of $230,000.00 with annual pay ents of $1 , based on the interest rate of 3.75% per annum on the outstanding principal bal for term of 30 years, or until paid in full, pursuant to Loan Contract #C153797 ("LOAN CONTRACT"). 2. The firs al loan payment shall be due one year from the date the STaTE determines that the PRO.IECT described i he LoaN CoNTw~,cr has been substantially completed, and annually thereafter until the entire principal sum and any accrued interest shall have been paid in full. 3. All payments received shall be applied first to accrued interest and then to the retirement of the principal. Payments shall be made payable to the Colorado Water Conservation Board and maifed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. This Note may be prepaid in whole or in pa~t at any time without premium or penalty, with prepayments applied first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 5. This Note is issued pursuant to the LoAN CoNT~cT between the STATE and the BORROWER. The LOAN CoNTRaCr creates security interests in favor of the STATe to secure the prompt payment of all amounts which may become due hereunder. The security interests, evidenced by security agreements, assignments, and deeds of trust, cover certain revenues, accounts and real property of the BoRROwER and certain shares of stock owned by the COSIGNER. The LOAN CONTRACT, security agreements, assignments and deeds of trust grant additional rights to the STaTE, including the right to accelerate the maturity of this Note in certain events. 6. If any payment of principal or interest is not paid promptly when due or any default under the LoAtv CocvTt~acT or the security agreements, assignments or deeds of trust securing this Note occurs, the STa,Te may declare the entire outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice or demand, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. 7. Th2 BORROWER, any guarantor, and any successor of the BoRROwER who may hereafter become primarily or secondarily liable for the payment of this Note or any po~tion thereof hereby agree that if this Note or interest thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 8. This Not_e shall be governed in all respects by the laws of the State of Calorado. BoRROwER: The Excelsior Irrigating Company, a Colorado mutual ditch company .s..~.~~- (5EAL) By ~Y \~~/~ ~~ ~~ "~3:R. Evans, President ,RTfEfiT: ~;~ , ~ . ~ ~°'~ ~,.~~~ _, ~Y~ ~~ ~rr~-Eaafls~SeeFeta -- ----- -------------------____--._ COSIGNER: C.R. Evans ~ n ~ ~ (.~. ~ ~ .:, Appendix 2 to Loan Contract C153797