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PROMISSORY NOTE <br />Date: December 15, 2003 <br />Borrower: The Grand Mesa Reservoir Company <br />Principal Amount: $181,800 <br />Interest Rate: 2.40% per annum <br />Term of Repayment: 20 years <br />Loan Contract No.: C150157, dated December 15, 2003 <br />Loan Payment: $11,552.04 <br />Payment Initiation Date*: <br />Maturity Date*: <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED, the BoRROwER promises to pay the Colorado Water Consenration Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LoAtv <br />CoNTRacT and this promissory 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 and annually thereafter. All principal, interest, <br />and late charges, if any, then remaining unpaid shall be due and payable on or before the <br />Maturity 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 CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />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 premiurn or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amount of such payments. <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 pursuant to the LoaN CoNTw4CT between the CWCB and the BoRROwER. <br />The LoaN CoNTwo,cT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement, and Deed of Trust ("Security Instruments") of even date and amount <br />and eover certain revenues, real property, water rights and/or accounts of the BoRROwER. The <br />LoaN Coâ–ºvrRacT and Security Instruments grant additional rights to the CWCB, including the <br />right to accelerate the maturity of this Note in certain events. <br />8. If any annual payment is not paid when due or any default under the LoAN CoNTRACT or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150157 <br />