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PROMISSORY NOTE <br />Date: May 9, 2011 <br />Borrower: Stagestop Owners Association <br />Principal Amount: $114,241.35 <br />Interest Rate: 4.25% per annum <br />Term of Repayment: 20 years <br />Loan Contract No.: C150310, dated August 22, 2010 <br />Loan Payment: $8,593.22 <br />Payment Initiation Date: April 1, 2011 <br />Maturity Date: April 1, 2031 <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ( "CWCB "), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated August <br />22, 2010, in the principal amount of $192,708. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation, and annually thereafter. All <br />principal, interest, and late charges, if any, then remaining unpaid shall be due and <br />payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust ( "Security <br />Instruments ") of even date and amount and cover certain revenues, real property, <br />water rights and /or accounts of the BORROWER. The LOAN CONTRACT and Security <br />Instruments grant additional rights to the CWCB, including the right to accelerate the <br />Appendix A to Loan Contract C150310 Amendment No. 1 <br />Page 1 of 2 <br />