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Promissory Note <br />Date ! 3/ '1999 Date of Substantial Completion <br />1. For Value Received, The Ryan Gulch Reservoir Company ( "BORROWER ") promises to pay the State of Colorado <br />Water Conservation Board ( "STATE "), the principal sum of Three Hundred Seventeen Thousand Five Hundred Dollars <br />($317,500) plus interest at the rate of four and one - quarter percent (4'/. %) per annum for a term of thirty (30) years, <br />pursuant to Loan Contract No. C150023 ( "LOAN CONTRACT"). <br />2. The first payment of $18,922.44 shall be due one year from the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if <br />any, shall have been paid in full. <br />3. Payments shall be made payable to the Colorado Water Conservation Board and m ' to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. Vd 4. If t he STATE does not receive the annual payment within 15 calendar d s of the the State may impose a <br />late charge in the amount of 5% of the annual payment. <br />5. This Note may be prepaid in whole or in part at any time without premium enalty. Any partial prepayment shall not <br />postpone the due date of any subsequent payments or ang a amount such payments. <br />6. All payments received shall be applied first to late ch Uges, n y, next to accrued interest and then to reduce the <br />principal amount. <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of therE to secure the prompt payment of all amounts that may become due <br />hereunder. The security interests, evidenced by a Security Agreement and a Deed of Trust cover certain revenues <br />and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust and Assignment of <br />Deposit Account as Security grant additional rights to the STATE, including the right to accelerate the maturity of this <br />Note in certain events. <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, the Security Agreement, Deed <br />of Trust or Assignment of Deposit Account as Security securing this Note occurs, the STATE may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and <br />payable, without notice or demand, and the indebtedness shall bear interest at the rate of 7% per annum from the date <br />of default. The STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of <br />this Promissory Note. <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily <br />liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid <br />when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In <br />the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred <br />in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees <br />or other committees. <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />(SEAL) <br />Attest: <br />By <br />James Myers, Corp to Secretary <br />BORROWER: Th yan oir pany <br />By <br />G even Fancher, President <br />Appendix 2 to Loan Contract <br />C 15002 .�, <br />ln�aV0Ostee <br />