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� <br />PROMISSORY NOTE <br />Date: June 21, 2005 <br />� <br />Borrower: Well Augmentation Subdistri�t of the Central Colorado Water <br />Conservancy District <br />Principal Amount: $20,200,000 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150194, dated June 21, 2005 <br />Loan Payment: $965,108.34 <br />Payment Initiation Date": <br />Maturity Date*: _,.,...� <br />'` Payment Initiation Date and Maturity Date fi�-��ed after the roj has been <br />substantially completed. ,,,,,,,�/�'� <br />1. FOR VAL.UE RECENED, t oR vvER pr ises t pay the olorado Water Conservation <br />Board ("CWCB"), the Princi ount plus for the Term of Repayment, pursuant to <br />the Lo�w CoNTFtncT and this p issory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, "rf <br />any, then remaining unpaid shall be due and payable on or before the MatuMy Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CW'CB may impose a late charge in the amount of 5% of the annual payment if the <br />C1MC6 does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such paymeM�s. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This Note is issued pursuarrt to the Lo�w CoNTRacT between �e CWCB and the BoRROV+�R. <br />The Lo�w CoN�acT creates secx�rity iriterests in favor of the C1MCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) ("Security <br />Appendix 2 to Loan Contract C150194 <br />Page 1 of 2 <br />