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PROMISSORY NOTE <br />Date: November 1, 2002 <br />Borrower: John Eric Niblack DBA Four Seasons Trout Farm <br />Principal Amount: $ 85,500 <br />Interest Rate: 2.25% per annum <br />Term of Repayment: 10 years <br />Loan Contract No.: C150110, dated November 1, 2002 <br />Loan Payment: $9,643.35 F <br />Payment Initiation Date *: <br />Maturity Date *: Z o/ 3 <br />a <br />* These two fields are filled in after the project has been substantially complete <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Wat.Sonservation Board <br />( "CWCB "), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br />CONTRACT. <br />2 <br />Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the CWCB determines that the project is substantially complete <br />(Payment Initiation Date), and annually thereafter until all principal, interest, and late charges, if <br />any, have been paid in full, with all such principal, interest, and late charges, required to be paid <br />on or before the Maturity Date. <br />3. Payments shall be made to the Colorado <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in t <br />does not receive the annual payment withi <br />5. <br />This Note may be prepaid in whole or it <br />partial prepayment shall not postpone the <br />amount of such payments. <br />at 1313 Sherman Street, <br />wal payment if the CWCB <br />ae date. <br />xemium or penalty. Any <br />it payments or change the <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 CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT 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 deed of trust of even date and amount and cover certain revenues, real property, water <br />rights and /or accounts of the BORROWER. The LOAN CONTRACT and Deed of Trust grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this Note in <br />certain events. <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Appendix 2 to Loan Contract C150110 <br />