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Promissory Note <br /> Dated 7/5/ , 1998 Date of Substantial Completion tJtwlarj 13JQ99 <br /> 1. For Value Received, the Left Hand Ditch Company ("BORROWER") promises to pay the State of Colorado Water <br /> Conservation Board ("STATE"),the principal sum of$560,000 plus interest at the rate of 4.375 percent per annum <br /> for a term of 30 years, pursuant to Loan Contract No.C153804("LOAN CONTRACT"). <br /> 2. The first payment of$33,875.40 shall be due one year from the date that the State determines that the project is <br /> substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late <br /> charges, if any, shall have been paid in full. <br /> 3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman <br /> Street, Room 721, Denver, Colorado 80203. <br /> 4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose <br /> a late charge in the amount of 5%of the annual payment. <br /> 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment <br /> shall not postpone the due date of any subsequent payments or change the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the <br /> principal amount. <br /> 7. 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 that may <br /> become due hereunder. The security interests, evidenced by a Security Agreement and Deed of Trust cover <br /> certain revenues, accounts and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and <br /> Deed of Trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in <br /> certain events. <br /> 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement <br /> or Deed of Trust securing this Note occurs,the STATE may declare the entire outstanding principal balance of the <br /> Note, all accrued interest, and any outstanding latee* im ediately due and payable, without notice or <br /> demand, and the indebtedness shall bear interest at t of . o annum from the date of default. The <br /> STATE shall give the BORROWER written notice of a Ilgg d a an opportunity to cure within thirty <br /> (30) days of receipt of such notice before the BORROWER sha idered in default for purposes of this <br /> Promissory Note. 1.` N <br /> r.11 <br /> jr <br /> 9. The BORROWER, any guarantor, and any oresonlei) <br /> or y hereafter become primarily or <br /> secondarily liable for the payment of this Note or any portion Litee that 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 attomey 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 /> 10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> BORROWER: Left Hand Ditch Company, a Colorado <br /> nonprofit company <br /> (SEAL) �A ,_ <br /> By (1,4-n.1 ,2 <br /> Richard Behrmann, President <br /> Attest: / 2 7 <br /> By / <br /> hn M. Schiagel, Corporate Secretary <br /> Appendix 2 to Loan Contract C153804 <br />