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<br />Date � � , 1998 Date of Substantial Completion:L�•��fi��n �, ,��, ,+�%�
<br />1. �Qft 1l�FLU£ it�C�IVf.D, Rodney J. Preisser ("BORROWER") promises to pay the State of Colorado Water
<br />Conservation Board ("S�'n're"), the principal sum of $90,000 (Ninety Thousand Dollars) plus interest at the rate of four
<br />and one-tenth percent (4.1%) per annum for a term of 30 years, pursuant to Loan Contract No. C153824 ("LOAN
<br />CoNrw�cT').
<br />2. The first payment of five thousand two-hundred sixty-eight dollars and nine cents ($5,268.09) shall be due one year
<br />from the date that the State determines that the project is substantially complete, and annually thereafter until the
<br />entire principal sum, all accrued interest, and all late charges, if any, shall have been paid in full.
<br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203.
<br />4. If the STATE does not receive the annual payment within 15 qlendar days of the due date, 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 or penaity. Any partial prepayment shall not
<br />postpone the due date of any subsequent payments or change the amount of such payments.
<br />6. All payments received shall be applied first to the payment of late charges, if any, next to accrued interest and then to
<br />reduce the principal amount.
<br />7. This Note is issued pursuant to the Loiw Co�cT beiween the STA� and the BoRROweR. The LonN Conmv�cT
<br />creates security interests in favor of the Srn� to secure the prompt payment of all amounts that may become due
<br />hereunder. The security interest, evidenced by a Deed of Trust covers certain water rights of the BoRFtowER. The
<br />Loani CotvTt�cT and Deed of Trust grant additional rights to the STAre, including the right to accelerate the maturity of
<br />this Note in certain events.
<br />8. If any annual payment is not paid when due or any default under the Lo�w Cot��cT or the Deed of Trust securing
<br />this Note occurs, the SrA� may declare the entire outstanding principal balance of the Note, all accrued interest, and
<br />any outstanding late charges immediateiy due and payable, without notice or demand, and the indebtedness shall
<br />bear interest at the rate of 15% per annum from the date of defauit. The SrATe shall give the BoRROwER written notice
<br />of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the Bo�tov►►�R
<br />shall be consldered In default for purposes of thls Promissory Note.
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<br />10.
<br />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 thls Note or Interest thereon is not paid
<br />when due or suit is brought, then it shall pay all reasonable costs of collectlon, including reasonable attomey fees. In
<br />the event of any banlwptcy or similar proceedings, costs of collection shall include all costs and attomey fees incurred
<br />in connection with sy� � eedings, including the fees of counsel for attendance at meetings of creditors' committees
<br />or other �r�r�.ntteeS; �� �. ��r
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<br />This Noce�slna�4b �e,.�'�rried in all respects by the laws of the State of Colorado.
<br />y .��f. � �� f��.� BoRRO �gr.;.h�odney,j. Prei er �
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<br />St�►.e of Colorado . . ) /
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<br />Cuunty of � � � )
<br />The fore�oing Inshument was acknowledged before me this.�day of �,l�iG �ST, �� 98 _� • , by
<br />Rodney J. Preisser. Witness my hand and official seal. ;, -
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<br />My commission expires �. /��� _ ;.'�-r.� `��--`�t ota Public
<br />Appendix 1 to Loan Contract C153824
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