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Promissory Note
<br /> Date /c,�, /,P__, , 2000 Date of Completion Jgrz L e••- �1 /i 2o€2 J
<br /> 1. FOR VALUE RECEIVED, the Plumb and Dailey Ditch Company ("BORROWER") promises to pay the State of
<br /> Colorado Water Conservation Board ("STATE"),the principal sum of Forty Two Thousand Dollars ($42,000) plus
<br /> interest at the rate of 3.75% per annum for a term of twenty(20) years, pursuant to Loan Contract No. C150048
<br /> ("LOAN CONTRACT").
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<br /> 2. Principal and interest shall be payable in equal installments of $3,022 ,. , ,«th fj '. ent due and
<br /> payable one year from the date that the State determines that the project is su• . " ' ; 1 • ;l -, and annually
<br /> thereafter until all principal, interest, and all late charges, if any, ha aid in full. ' • sal, interest, and
<br /> late charges, if any,then remaining unpaid shall be due and payab '�rs ;,- -r..., .,,
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<br /> 3. Payments shall •- made payable to the Colorado Water Conservation B• • , + • tr" 13 Sherman
<br /> Street, Room 721 Denver,l Colorado 80203. '
<br /> 4. If the STATE doe. not receive the annual payment within 15 calendar days of the due date, the State may
<br /> impose a late cha ge in the amount of 5%of the annual payment.
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<br /> 5. This Note may b: prepaid lin whole or in part at any time without premium or penalty. Any partial prepayment
<br /> shall not postpon: the due date of any subsequent payments or change the amount of such payments.
<br /> 6. All payments rec:ived shall be applied first to late charges, if any, next to accrued interest and then to reduce
<br /> the principal amo nt.
<br /> 7. This Note is iss ed pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN
<br /> CONTRACT create. security interests in favor of the STATE to secure the prompt payment of all amounts that
<br /> may become du: hereunder. The security interests, evidenced by a Security Agreement, an Assignment of
<br /> Deposit Account ..s Security and an Assignment of Certificate of Deposit, cover certain revenues and accounts
<br /> of the BORROWE-. The LOAN CONTRACT, Security Agreement and Assignments grant additional rights to the
<br /> STATE, includingt e right to accelerate the maturity of this Note in certain events.
<br /> 8. If any annual pa ent is net paid when due or any default under the LOAN CONTRACT or the Security Agreement
<br /> or Assignments s curing this Note occurs, the STATE may declare the entire outstanding principal balance of
<br /> the Note, all ac rued interest, and any outstanding late charges immediately due and payable, and the
<br /> indebtedness shaMl bear interest at the rate of 7% per annum from the date of default.The STATE shall give the
<br /> BORROWER written notice of any alleged default and an opportunity to cure within thirty(30) days of receipt of
<br /> such notice beforis the BORROWER shall be considered in default for purposes of this Promissory Note.
<br /> 9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or
<br /> secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest
<br /> thereon is not pai when due or if suit is brought, then it shall pay all reasonable costs of collection, including
<br /> reasonable attorney fees. In the event of any bankruptcy or similar proceedings,costs of collection shall include
<br /> all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for
<br /> attendance at meetings of creditors'committees or other committees.
<br /> 10. This Note shall 130 governed in all respects by the laws of the State of Colorado.
<br /> BORROWER: Plumb and Dailey Ditch Company, a
<br /> Colorado onprofit corporation
<br /> (SEAL)
<br /> Les Williams, President
<br /> Attest:
<br /> By // ......_,,,_ / h_ i / '
<br /> Ma7.aret Hill, Corporate Secretary
<br /> Appendix 2 to Loan Contract C150048
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