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Deed of Trust rased Date • • <br /> T:4 1,to certify at the request <br /> 0,1 the facer the-note secured <br /> --` .:-41 within*ad of trust, PROMISSORY NOTE <br /> this day released <br /> „.,.,,> e�: of tru . <br /> a�ate: May 2, 2006 <br /> Pub Tr ert� 1UPO Jane Abbott <br /> %mod <br /> alPrincipal Amount: $49,440 <br /> Interest Rate: 2.0% per annum <br /> Term of Repayment: 10 years ArjP°4111 <br /> Loan Contract No.: C150220, dated May 2, 2006 <br /> Loan Payment: $5,503.98 <br /> Payment Initiation Date*: F-b, ,r y / , Z 4 4' 7' <br /> Maturity Date*: Eea,,,„ / .. c/j <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been <br /> substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br /> ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br /> CONTRACT and this promissory note. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br /> payable one year from Payment Initiation Date (the date the CWCB determines that the project <br /> is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br /> any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br /> does not receive the annual payment within 15 calendar days of the due date. <br /> 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br /> partial prepayment shall not postpone the due date of any subsequent payments or change the <br /> amount of such payments. <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 Security Agreement and Deed of Trust ("Security Instruments") of even date and amount <br /> and cover certain revenues, real property, water rights and/or accounts of the BORROWER. The <br /> LOAN CONTRACT and Security Instruments grant additional rights to the CWCB, including the <br /> right to accelerate the maturity of this Note in certain events. <br /> 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br /> Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br /> principal balance of the Note, all accrued interest, and any outstanding late charges <br /> Appendix 2 to Loan Contract C150220 <br /> Page 1 of 2 <br />