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i!)ROM1SSORY NOTIR . <br /> Date 4, 11tv.,: ! 1 , 1998 Date of Substantial Completion:` , i)I, ,,,1 >, , / , /( <br /> 1. FOR VALUE RECEIVED, Rodney J. Preisser ("BORROWER") promises to pay the State of Colorado Water <br /> Conservat on Board ("STATE"), the principal sum of$90,000 (Ninety Thousand Dollars) plus interest at the rate of four <br /> and one tenth p rcent (4.1%) pert, annum for a term of 30 years, pursuant to Loan Contract No. C153824 ("LOAN <br /> CONTRACT"). <br /> 2. The first payment of five thoutan two-hundred sixty-eight dollars and nine cents ($5,268.09) shall be due one year <br /> from the date that the State Bete mines that the project is substantially complete, and annually thereafter until the <br /> entire principal aim, all accrued in rest, and all late charges, if any, shall have been paid in full. <br /> I <br /> 3. Payments shall be made payabl to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, <br /> Room 721, Denver, Colorado 802 3. <br /> 4. If the Si 4 E doe not receiv the annual payment within 15 calendar days of the due date, the State may impose a <br /> late charge in th amount of Vo o"the annual payment. <br /> 5. This Note may b prepaid'in whole or in part at any time without premium or penalty. Any partial prepayment shall not <br /> postpone the dun date of any sublequent payments or change the amount of such payments. <br /> 6. All payments received shall applied first to the payment of late charges, if any, next to accrued interest and then to <br /> reduce tie principal amount. <br /> 7. This No'e is issied pursuan tote LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br /> creates security nterests in favor of the STATE to secure the prompt payment of all amounts that may become due <br /> hereunder. The security Intqi est, evidenced by a Deed of Trust covers certain water rights of the BORROWER. The <br /> LOAN CONTRACT and Deed of Trust grant additional rights to the STATE, including the right to accelerate the maturity of <br /> this Note'n certain events. <br /> 8. If any annual pament is not paid when due or any default under the LOAN CONTRACT or the Deed of Trust securing <br /> this Note occurs the STATE r ay declare the entire outstanding principal balance of the Note, all accrued interest, and <br /> any outstanding late charge immediately due and payable, without notice or demand, and the indebtedness shall <br /> bear interest at t e rate of 1 Vo per annum from the date of default. The STATE shall give the BORROWER written notice <br /> of any alleged d fault and a opportuni e within thirty(30)days of receipt of such notice before the BORROWER <br /> shall be considered in defaul f p f Promissory Note. <br /> 9. The BORROWER, any guaran • a iev other pers. who is now or may hereafter become primarily or secondarily <br /> liable fo- the payment of this ot: or an p•-•,, t -o hereby agree that if this Note or interest thereon is not paid <br /> when due or suit is brought, t41-. it , .r .: I -'+ a costs of collection, including reasonable attorney fees. In <br /> the event of any bankru. a it • . ,-'is , costs of collection shall include all costs and attorney fees incurred <br /> in connection wi h such p` ' .'`.",•s luding the fees of counsel for attendance at meetings of creditors'committees <br /> or other committees. ' <br /> I <br /> 10. This Node shall be governed n all respects by the laws of the State of Colorado. <br /> BORROWER: Rodney J. Preis er <br /> State of Colorado ) <br /> � ) SS <br /> County of / ■-'.,..:` - ) <br /> The foregoinc instrument was acknowledged before me thisday of &"C� cam'2;// /998 8 , by <br /> Rodney J. Freisser. Witness My!hand land official seal. <br /> My commission expires ; -1' i 4/ ' c Notary Public <br /> 7endix 1 to Loan Contract C153824 <br />