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pRoNirssoRY NOTE <br /> Principal Amount:: $100,000 Interest Rate: 4.25% <br /> Term: 30 Years Loan Payme t: $ <br /> Loan Contract:: #C153/ Date: , 1997 <br /> 1. FOR VALUE RECEIVED,, he Decker Lateral Company ("BORROWER") promises to pay the State of Colorado <br /> Water Conservation Board("STATE"), the principal sum of$100,000.00 with annual payments of$5,959.82 based <br /> on the interest rate of 4.25% per annum on the outstanding principal balance for a term of 30 years, or until paid in <br /> full, pursuant to Loan Contract#C153_("LOAN CONTRACT"). m <br /> . 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'ma'de payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, <br /> Room 721, Denvari, Colorado 80203. <br /> 4. This Note t`nabe prepaid in whole or in part at any time without premium or penalty, with prepayments applied <br /> first to anaeccrued 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 paym_ents.i <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 aii amounts which may become <br /> due hereunder. The security interests, evidenced by a security agreement and by assignments, cover certain <br /> revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement and assignments 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 princi al e�I or interest is not paid promptly when due or� t oNTRACT or <br /> the security agreeme s and/or assignments securing this Note occurs, the STATE may declare the entire <br /> outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice or <br /> demand, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. <br /> 7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter be ome primarily or <br /> secondarily liable for the payment of this Note or any portion thereof hereby agree that if th' 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-6f 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: The Decker Lateral Company, <br /> a Colorado nonprofit corporation <br /> By <br /> Robert A.Wardlaw, President <br /> Attest: (Seal) <br /> By <br /> Donn E. Engel, Secretary <br /> Appendix 2 to Loan Contract C153X <br />