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PROMISSORY NOTE <br /> Date: June 1, 2003 <br /> Borrower: Kern Reservoir and Ditch Company <br /> Principal Amount: $ 3,620,000 <br /> Interest Rate: 5.10% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No.: C150118, dated June 1, 2003 <br /> Loan Payment: $238,177.33 <br /> Payment Initiation Date*: Alc ✓e.rw 4.. 1 2 0 0 3 <br /> Maturity Date*: IVv✓er•••4s ei- 1 ) Z 0 3_3 <br /> * These two fields are filled in after the project has been substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br /> Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br /> the LOAN CONTRACT and this Promissory Note. <br /> 2. Principal and interest shall be payable i q L ayme ts, with the first payment due and <br /> payable one year from the date etermin th t the project is substantially <br /> complete (Payment Initiation Date), d ally th., ter. II principal, interest, and late <br /> charges, if any, have been paid in II, wit • s f�, pal, interest, and late charges, <br /> required to be paid on or before the Maturit,',Ie., <br /> 4 <br /> 3. Payments shall be made to the � a onservation Board at 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br /> CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br /> partial prepayment shall not postpone the due date of any subsequent payments or change <br /> the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br /> then to reduce the principal amount. <br /> 7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br /> The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br /> payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by a Security Agreement and Deed of Trust of even date and amount and cover <br /> certain revenues and real property of the BORROWER. The LOAN CONTRACT, Security <br /> Agreement and Deed of Trust grant additional rights to the CWCB, including the right to <br /> 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 or the <br /> Appendix 2 to Loan Contract C150118 <br />