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‘,.) <br /> V <br /> ‘lt PROMISSORY NOTE <br /> Principal Amount: $975,000 Interest Rate: 3 34% <br /> Term: 30Years Loan Payment: $53,012.05 <br /> Loan Contract: #C153742 Date: Apr'' ( _1._ , 1997 <br /> i. 1. FOR VALUE RECEIVED, the ("BORROWER") promises to pay the State of Colorado Water Conservation Board <br /> ("STATE"), the principal sum of$975,000 with annual payments of$53,012.05 based on the interest rate of 3 1/2% <br /> per annum on the outstanding principal balance for a term of 30 years, or until paid in full, pursuant to Loan <br /> 1Contract#C15342, as amended ("LOAN CONTRACT"). <br /> s\ 2. The first installment 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 /> ti 4. This Note may be prepaid in whole or in part at any time without premium or penalty,with prepayments applied first <br /> t\ to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone the <br /> % due date of any subsequent payments or change the amount of such payments. <br /> 1 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 hich may become <br /> 4 <br /> due hereunder. The security interests, evidenced by an Amended Security Agreement dated r . qid an <br /> Amended Deed of Trust dated Api ( i1 igg7 , cover certain revenues and accounts (or real property or water <br /> rights) of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust (or Assignment) grant <br /> additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> 6. If any payment of principal or interest is not paid promptly when due or any It d th L AN CONTRACT Or <br /> the Security Agreement or Deed of Trust securing this Note occurs, the STAT ; I re outstanding <br /> principal balance of the Note, and all accrued interest, immediately due an y,. a or demand, <br /> tand the indebtedness shall bear interest at the rate of 15% per annum from the date of de ault. <br /> •7. The BORROWER, any guarantor, and any other person who is ay r o .mt .rimarily or <br /> secondarily liable for the payment of this Note or any portion thered re y a t ' t;. i..' • interest <br /> thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of co lection, including <br /> 'N reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all <br /> , costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance <br /> at meetings of creditors'committees or other committees. <br /> t 8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROW&ft: Be <br /> • <br /> verPdrk Water, <br /> , Inc. <br /> r�By � <br /> T <br /> Fred Green President <br /> 4 Attest: / dif J <br /> .,� ,dc., %' A✓ _ <br /> . <br /> Exhibit 4 to Contract #C153742 Amendment #1 <br />