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Promissory Note <br />Date: June 30, 1999 <br />For Value Received, the Wamsley Cattle Company, Inc. ( "BORROWER ") promises to pay the State of <br />Colorado Water Conservation Board ( "STATE "), the principal sum of Thirty Four Thousand and Thirty Six & <br />41/00 Dollars ($34,036.41) plus interest at the rate of three percent (3A %) per annum for a term of forty (40) <br />years, pursuant to Loan Contract No. C153667 ( "LOAN CONTRACT "). <br />1. The first payment of One Thou Hundred Seventy Two & 50/100 Dollars ($1,472.50) shall be <br />due on August 1, 1999, and n eafte ntil the entire principal sum, all accrued interest, and all <br />late charges, if any, sh aid i u <br />2. Payments shall be made aya orado Water Conservation Board and mailed to 1313 <br />Sherman Street, Room *1,n, do 80203. <br />3. If the STATE does not re annual payment within 15 calendar days of the due date, the State may <br />impose a late charge in nt of 5% of the annual payment. <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial <br />prepayment shall not postpone the due *orf subseque nt payments or change the amount of such <br />payments. <br />5. All payments received shall be applied c e any, next to accrued interest and then to <br />reduce the principal amount. <br />6. This Note is issued pursuant to the Lo Co etween the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in fa of STATE to secure the prompt payment of all amounts <br />that may become due hereunder. Th interests, evidenced by a Deed of Trust, cover certain <br />real property and water rights of the- OWER. The LOAN CONTRACT, and Deed of Trust grant <br />additional rights to the STATE, including th right to accelerate the maturity of this Note in certain events. <br />7. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Deed of <br />Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the <br />Note, all accrued interest, and any outstanding late charges immediately a and payable, and the <br />indebtedness shall bear interest at the rate of 15% per annum from the d efault. The STATE shall <br />give the BORROWER written notice of any alleged default and an op D cur ithin thirty (30) <br />days of receipt of such notice before the BORROWER shall be con efa fo r ses of this <br />Promissory Note. t <br />8. The BORROWER, any guarantor, and any other person who is now or m MWbecome primarily or <br />secondarily liable for the payment of this Note or any portion the r re gree that if this Note or <br />interest thereon is not paid when due or if suit is brought, th pay all reasonable costs of <br />collection, :nclu: ing reasonable attorney fees. In the event of an kruptcy or similar proceedings, <br />costs of collection shays include all costs and attorney fees incurred in connection with such proceedings, <br />including the fees of counsel for attendance at meetings of creditors' committees or other committees. <br />9. This Note shall br-,� govemed in all respects by the laws of the State of Colorado. <br />Bo ER: Wamsley C ttle C mpany, I c. <br />Z� <br />(SEAL) 7 �� <br />By <br />Attest: Donald W. Wamsley, Presid <br />B -�� <br />y <br />Corporate Secretary <br />