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<br /> Promissory Note
<br /> Date: December 1, 2000 Date of Completion 24�,u 5/ /5; 2ow/
<br /> 1. For Value Received, the Excelsior Irrigating Company ("BORROWER") promises to pay the State of
<br /> Colorado Water Conservation Board ("STATE"), the principal sum of$251,125 plus interest at the rate of 3.771
<br /> percent per annum for a term of 30 years, pursuant to Loan Contract No. C153797 dated February 11, 1998,
<br /> amended December 1, 2000 ("LOAN CONTRACT").
<br /> 2. This promissory note replaces a note dated January 28, 1998 in the loaOli• i ;.0 0 re note dated
<br /> January 28, 1998, was cancelled and voided pursuant to LOAN CONTRACT. t e - .--1eVifieil of Trust this
<br /> note attaches to is October 21, 2000. AND
<br /> 3. The first payment of$14,121.51 shall be due one year from the date that e r at the project is
<br /> substantially complete, and annually thereafter until the entire principal ��st, and all late
<br /> charges, if any, shall have been paid in full. pe
<br /> i(uJ--�BLO COUNTY4. Payments shall be made payable to the Colorado Water Conservation Boaa?J' d ,cnllaTEE1313 Sherman
<br /> Street, Room 721, Denver, Colorado 80203.
<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 pay - t....r. ange the amount of such payments.
<br /> 6. All payments received shall be applied first to 'j : t :n' hen to reduce the principal amount.
<br /> 7. This Note is issued pursuant to the LOAN T' 'c'- .. I een the STATE and the BORROWER. The LOAN
<br /> CONTRACT creates security interests in favor of the STATE t... t..r e prompt payment of all amounts that
<br /> may become due hereunder. The secur t s ;?V • ct d i . S urity Agreements, an Assignment,
<br /> and two deeds of trust, cover certai s, u . . bperty of the BORROWER and the
<br /> COSIGNER. The LOAN CONTRACT, Securi Ar e _, 'ss:• ment and deeds of trust grant additional rights to
<br /> the STATE, including the right to accelera e e 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, the Security Agreements,
<br /> Assignment or deeds of trust securing this Note occurs, the STATE may declare the entire outstanding principal
<br /> balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and
<br /> the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give
<br /> the BORROWER and COSIGNER 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 /> (1, 1174
<br /> Promissory Note. SrP Y
<br /> ,. 3-s-oy „-..__e.�,
<br /> 9. The BORROWER, the COSIGNER, any guarantor, and any other p -
<br /> � ot'r '}ho Is-nOiw '_ , • hereafter become
<br /> primarily or secondarily liable for the payment of this Note or any portion thereof,her-.y agree that if this Note or
<br /> interest thereon is not paid when due or if suit is brought, then it shall p6y.�61l easonable costs of collection,
<br /> n iu't g rIGJVI A hlv attorneyy fees. Iii he eJ.ent of any bankruptcy - III «,:_- ^ , costs
<br /> of oPic.tUJ
<br /> shall include all costs and attorney fees incurred in connection with su• prod:`{r}St t�cluding the fees of
<br /> counsel for attendance at meetings of creditors'committees or other`co I mltiees. 1'1V T
<br /> 10. This Note shall be governed in all respects by the laws of the State of Colorado.TRUS E
<br /> BORROWER: The Excelsior Irrigating Company, a
<br /> Colorado nonprofit corporation
<br /> (SEAL )
<br /> By
<br /> C. R. Evans, President
<br /> Attest:
<br /> By ( t_,4( (,0 I': _.,:)
<br /> Erin Evans, Corporate Secretary
<br /> Attachment 2 to Contract C153797 Amendment No. 1
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