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PROMISSORY NOTE <br /> Date: May 9, 2011 <br /> Borrower: Stagestop Owners Association <br /> Principal Amount: $114,241.35 <br /> P4411) <br /> Interest Rate: 4.25% per annum <br /> Term of Repayment: 20 years <br /> Loan Contract No.: C150310, dated August 22, 20 <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 olorado Water <br /> Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br /> Repayment, pursuant to the LOAN CONTRACT and this promissory not . <br /> 2. This Promissory Note replaces and supersedes the Promissory Ndte 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 he first payment <br /> due and payable one year from Payment Initiation, and annual) thereafter. All <br /> principal, interest, and late charges, if any, then remaining unpaid hall 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 arinual 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 ereunder. Said <br /> security interests are evidenced by a Security Agreement and Deed f 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 />