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l' . • <br /> q1IN <br /> PROMISSORY NOTE <br /> Date: September 13, 2011 <br /> Borrower: Beaver Park Water, Inc. <br /> .)', Principal Amount: $280,000* <br /> Interest Rate: 3% per annum <br /> Term of Repayment: 40 years <br /> Loan Contract No.: C153355, dated September 1, 1981 and amended <br /> September 13, 2011 <br /> Loan Payment: $12,112.80 VII- D <br /> QiFirst Payment Date**: September 1, 1983 <br /> Maturity Date**: September 1, 2024 FuLL <br /> 4 <br /> .,, * The remaining principal balance as of 6/30/2011 is $132,382.78. <br /> ►1 ** The repayment schedule totals more than 40 years because of an interest-only <br /> payment in 1992. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br /> Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br /> \'4 <br /> Repayment, pursuant to the LOAN CONTRACT and this promissory note. <br /> \A 2. This Promissory Note replaces and supersedes the Promissory Note provision A.9 of <br /> the Original Contract dated September 1, 1981, in the principal amount of $280,000. <br /> 3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br /> Tdue and payable on the First Payment Date, and annually thereafter. All principal, <br /> interest, and late charges, if any, then remaining unpaid shall be due and payable on <br /> or before the Maturity Date. <br /> 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br /> Street, Room 721, Denver, Colorado 80203. <br /> Q,�� 5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br /> 1` the CWCB does not receive the annual payment within 15 calendar days of the due <br /> V date. <br /> \• 6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br /> Any partial prepayment shall not postpone the due date of any subsequent payments <br /> or change the amount of such payments. <br /> 7. All payments received shall be applied first to late charges, if any, next to accrued <br /> interest and then to reduce the principal amount. <br />\--) <br /> Appendix B to Loan Contract C153355 <br />