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PROMISSORY NOTE <br /> Principal Amount: $50,000 Interest Rate: 3.5% <br /> Term: 20 Years Loan Payment: $3,518.05 <br /> Loan Contract: #C153787 Date: /i- / , 1997 <br /> 1. FOR VALUE RECEIVED, Smith Irrigation Ditch ("BORROWER") promises to pay the State of Colorado Water <br /> Conservation Board ("STATE"), the principal sum of$50,000.00 with annual payments of$3,518.05, based on the <br /> interest rate of 3.5% per annum on the outstanding principal balance for a term of 20 years, or until paid in full, <br /> pursuant to Loan Contract#C153787 ("LOAN CONTRACT"). <br /> 2. The first payment shall be due one year from the date the STATE determines that the PROJECT described in the <br /> LOAN CONTRACT has been substantially completed, and annually thereafter until the entire principal sum and any <br /> 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 principal. <br /> Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, <br /> 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 applied <br /> first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone <br /> 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 CONTRACT <br /> creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become <br /> due hereunder. The security interests, evidenced by a security agreement, a deed of trust and assignments, <br /> cover certain revenues, accounts and other property of the BORROWER. The LOAN CONTRACT, security agreement, <br /> deed of trust and assignments grant additional rights to the STATE, including the right to accelerate the maturity of <br /> this Note in certain events. <br /> 6. If any payment of principal or interest is not paid promptly wh z, • -, } a d- a : under the LOAN CONTRACT 0.- <br /> the security agreements, deed of trust or assignments securin•" is : '• o:` u . t STATE may declare the entire <br /> outstanding principal balance of the Note, and all accrued interest,imine. - -• and payable,without notice or <br /> demand, and the indebtedness shall bear interest at th 3r of�5°!_ er annum from the date of default. <br /> i+ <br /> 7. The BORROWER, any guarantor, and any successor 4o'F the OR-. h ' y h after become primarily or <br /> secondarily liable for the payment of this Note or any portion thereof if this Note or interest <br /> thereon is not paid when due or 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 /> 8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: Smith Irrigation Ditch, a Colorado <br /> nonprofit,cprporation <br /> Keith Pa key, President <br /> SEAL A--/"9 <br /> Attest: - <br /> By - <br /> Julie Davidson, Secretary <br /> Appendix 2 to Loan Contract C153787 <br />