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."°'' . <br />PROMISSORY NOTE <br />~~,, <br />Date: October 12, 2006 <br />Borrower: The Consolidated Mutual Water Company <br />Principal Amount: $9,110,487.53 <br />Interest Rate: 5.10% per annum <br />Term of Repayment: 5 years <br />Loan Contract No.: <br />Loan Payment: <br />Payment Initiation Date*: <br />Maturity Date*: <br />C150011, dated October 12, 2006 <br />$2,110,113.29 <br />~'~h~~h I, Lvil <br />~tii~~ l~ 1~1~ <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has <br />been substantially completed. <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 <br />of Repayment, pursuant to the LOAN N this promissory note. <br />2. This Promissory Note replaces an the Promissory Note .dated <br />April 26, 2000, in the principal amount of 0 <br />3. Principal and interest shall be i ayments, with the first <br />payment due and payable on ear from the Payment Initiation Date, and <br />annually thereafter. All principal, interest, and late charges, if any, then <br />remaining unpaid shall be due and payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annual payment within 15 calendar <br />days of the due date. <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or change the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to <br />accrued interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and <br />the BORROWER. The LOAN CONTRACT creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may become due <br />Appendix A to Loan Contract C150011 Amendment No. 3 <br />