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<br /> Promissory Note
<br /> Date: December 1, 2000 Date of Completion /41.--,/e., 5T /5j 2vv1
<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 loan amount of$230,000. The note dated
<br /> January 28, 1998, was cancelled and voided pursuant to LOAN CONTRACT. The date of the Deed of Trust this
<br /> note attaches to is October 21, 2000.
<br /> 3. The first payment of$14,121.51 shall be due one year from the date that the State determines that the project is
<br /> substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late
<br /> charges, if any, shall have been paid in full.
<br /> 4. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 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 payments or change the amount of such payments.
<br /> 6. All payments received shall be applied first to accrued interest and then to reduce 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 interests in favor of the STATE to secure the prompt payment of all amounts that
<br /> may become due hereunder. The security interests, evidenced by two Security Agreements, an Assignment,
<br /> and two deeds of trust, cover certain revenues, accounts and other property of the BORROWER and the
<br /> COSIGNER. The LOAN CONTRACT, Security Agreements, Assignment and deeds of trust grant additional rights to
<br /> the STATE, including the 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, the Security Agreements,
<br /> Assignment or deeds of trust securing this Note occurs, thele Tina-Ade ar tithe entire outstanding principal
<br /> balance of the Note, all accrued interest, and any outstandi t ag e amt ediately due and payable, and
<br /> the indebtedness shall bear interest at the rate of 7 o per a mcfro' ttib d6teVof 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 Bo all , r,l id r d in default for purposes of this
<br /> ( ) Y p
<br /> Promissory Note. i;,_`
<br /> 9. The BORROWER, the COSIGNER, any guarantor, an• -v`oth '
<br /> 'er personwho is now or may hereafter become
<br /> primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or
<br /> interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection,
<br /> including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection
<br /> shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of j
<br /> counsel for 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: The Excelsior Irrigating Company, a
<br /> Colorado nonprofit corporation
<br /> (SEAL)
<br /> By �9dTs �..----
<br /> C. R. Evans, President
<br /> Attest:
<br /> C`
<br /> By Uu<t Ut(„L.i.,?c
<br /> Erin Evans, Corporate Secretary
<br /> Attachment 2 to Contract C153797 Amendment No. 1
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