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u PROMISSORY NOTE Date: June 1, 2003 � Borrower: Kern Reservoir and Ditch Company Principal Amount: $ 3,620,000 Interest Rate: 5.10% per annum Term of Repayment: 30 years Loan Contract No.: C150118, dated June 1, 2003 Loan Payment: $238,177.33 Payment Initiation Date*: luo ✓c.r•^. �.. l� 2 0 0 3 Maturity Date*: llln var.�.6 �. /. 2 0 33 * These finro fields are filled in after the project has been substantially completed. 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the Loarv CoNTw4Cr and this Promissory Note. 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable one year from the date the CWCB determines that the project is substantially complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late charges, if any, have been paid in full, with all such principal, interest, and late charges, required to be paid on or before the Maturity Date. 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not receive the annual payment within 15 calendar days of the due date. 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. 7. This Note is issued pursuant to the LoaN CoNTRacT befinreen the CWCB and the BoRROwER. The LoAN CotvTRacT creates security interests in favor of the CWCB to secure the prompt payment of all amounts that may become due hereunder. Said security interests are evidenced by a Security Agreement and Deed of Trust of even date and amount and cover certain revenues and real property of the BORROWER. The LOAN CONTRACT Security Agreement and Deed of Trust grant additional rights to the CWCB, including the right to accelerate the maturity of this Note in certain events. 8. If any annual payment is not paid when due or any default under the LoAN CorvTt�aCT or the Appendix 2 to Loan Contract C150118