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PROMISSORY NOTE <br /> Principal Amount: $450,000.00 Interest Rate: 4% <br /> Term: 25 Years Loan Payment: $28,805.38 <br /> Loan Contract: No. C153639L Date: April 1, 1999 <br /> 1. FOR VALUE RECEIVED, The New Cache La Poudre Irrigation Company, ("BORROWER") promises to <br /> pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of $450,000.00 with <br /> annual payments of $28,805.38 based on the interest rate of 4% per annum on the outstanding <br /> principal balance for a term of 25 years, or until paid in full, pursuant to Loan Contract No. C153639L <br /> ("LOAN CONTRACT"). <br /> 2. The first payment shall be due and payable on June 1, 1995, and annually thereafter until the entire <br /> principal sum and any accrued interest shall have been paid in full. <br /> 3. All payments received shall be applied first to accrued interest and then to the retirement of the <br /> principal. Payments shall be made payable to the Colorado Water Conservation Board and mailed to <br /> 1313 Sherman Street, Room 721, Denver, Colorado 80203. <br /> 4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments <br /> applied first to any accrued interest and then to reduce the principal amount. Any partial prepayment <br /> shall not postpone the due date of any subsequent payments or change the amount of such payments. <br /> 5. 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 <br /> which may become due hereunder. The security interests, evidenced by a security agreement and by a <br /> deed of trust covers certain revenues and property of the BORROWER. The LOAN CONTRACT, security <br /> agreement and deed of trust grant additional rights to the STATE, including the right to accelerate the <br /> maturity of this Note-in certain events. <br /> 6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN <br /> CONTRACT or the security agreements or deed of trust securing this Note occurs, the STATE may declare <br /> the entire outstanding principal balance of the Note, and all accrued interest, immediately due and <br /> payable. The STATE shall give written notice to the Borrower of any alleged default and an opportunity to cure <br /> within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for <br /> purposes of this Promissory Note. <br /> 7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily <br /> 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 suit is brought, then it shall pay all reasonable costs of <br /> collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, <br /> costs of collection shall include all costs and attorney fees incurred in connection with such <br /> proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other <br /> committees. <br /> 8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: The New Cache La Poudre Irrigation <br /> Company <br /> ( SEAL ) <br /> E3'1,7-5- <br /> Preside <br /> Attest <br /> BY I_'...' CO <br /> Corporate Secretary <br /> Attachment A to Loan Contract No. C119 1 <br />