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9 <br />Date: <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br />Loan Payment: <br />Payment Initiation Date*: <br />Maturity Date*: <br />PROMISSORY NOTE <br />October 12, 2006 <br />The Consolidated Mutual Water Company <br />$2,454,770.67 <br />5.75% per annum <br />5 years <br />C150011, dated October 12, 2006 <br />$578,795.98 <br />M~rL~-. (, 20 i 1 <br />~~tCh ~ ~ ZJ~~y <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has <br />been substantially completed. <br />FoR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal A ount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CoNT is promissory note. <br />1. This Promissory Note replaces rsed a Promissory Note dated <br />September 21, 2001, in the princi al a 4~i ,000.000 <br />2. Principal and interest shall b I al Loan Payments, with the first <br />payment due and payable on , r rom Payment Initiation Date and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining <br />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 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />4. 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 />5. 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 />6. 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 />7. 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 />hereunder. Said security interests are evidenced by a Security Agreement and <br />Appendix B to Loan Contract C150011 Amendment No. 3 <br />