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Promissory Note
<br /> Date Jfe-m be r 5 , 2000 Date of Completion PA 2, -©
<br /> 1. FOR VALUE RECEIVED, the Riverside Reservoir and Land Company ("BORROWER") promise to pay the State
<br /> of Colorado Water Conservation Board ("STATE"), the principal sum of Four Hundred Five housand Dollars
<br /> ($405,000) plus interest at the rate of four percent (4%) per annum for a term of thirty (30) *ars, pursuant to
<br /> Loan Contract No. C150044 ("LOAN CONTRACT").
<br /> 2. Principal and interest shall be payable in equal installments of $23,421.19, with the first payment due and
<br /> payable one year from the date that the State determines that the project is substantially complete, and annually
<br /> thereafter until all principal, interest, and all late charges, if any, have been paid in full. All prin ipal, interest,and
<br /> late charges, if any,then remaining unpaid shall be due and payable 30 years thereafter.
<br /> 3. Payments shall be made payable to the Colorado Water Conservation Board and mailed tO 1313 Sherman
<br /> Street, Room 721, Denver, Colorado 80203.
<br /> 4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may
<br /> impose a 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 penalty. Any partial prepayment
<br /> shall not 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 late charges, if any, next to accrued interest and then to reduce
<br /> the principal amount.
<br /> 7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN
<br /> CONTRACT creates security interest, • ,v• • TATE to secure the prompt payment ofl all amounts that
<br /> may become due hereunder. Th 1 ii ' i .r t videnced by a Security Agreement, a Deed of Trust, an
<br /> Assignment of Certificate of De• it ; ' ignment of Deposit Account as Security, cover certain
<br /> revenues, accounts and real prop ' o the BORRO he LOAN CONTRACT, Security Agreement, Deed of
<br /> Trust and Assignments grant additio I • e TA including the right to accelerate the maturity of this
<br /> Note in certain events.
<br /> 8. If any annual payment is not p d r any default under the LOAN CONTRACT or the S urity Agreement
<br /> or Deed of Trust or Assignments securing this Note occurs, the STATE may declare the ntire outstanding
<br /> principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and
<br /> payable, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The
<br /> STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty
<br /> (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of this
<br /> Promissory Note.
<br /> 9. The BORROWER, any guarantor, and any other person who is now or may hereafter bec me primarily or
<br /> secondarily liable for the payment of this Note or any portion thereof hereby agree that if thi Note or interest
<br /> thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of co lection, including
<br /> reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of colle tion shall include
<br /> all costs and attorney fees incurred in connection with such proceedings, including the fes of counsel for
<br /> attendance at meetings of creditors'committees or other committees.
<br /> 10. This Note shall be governed in all respects by the laws of the State of Colorado.
<br /> BORROWER: Riverside Reservoir and Land Company, a
<br /> Co - -•• •onpro • corporation
<br /> (SEAL) X.-7fstvg,
<br /> Paul M , President
<br /> Attest: /
<br /> By 1 0,9 0 4 7... ,
<br /> Don Snider, Corporate Secretary
<br /> Appendix 2 to Loan Contract C150044
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