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PROMISSORY NOTE <br /> Principal Amount: $100,000 Interest Rate: 4.25% <br /> Term: 30 Years Loan Payment: $5,959.82 <br /> Loan Contract: C153757 Date: Aa ' l7' , 1997 <br /> 1. FOR VALUE RECEIVED, The 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 No. C153757("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 sectrF h lko� payment of all amounts which may become <br /> due hereunder. The security interests, evidenced b i a`�i�'4f y e 1' nq by assignments, cover certain <br /> revenues and accounts of the BORROWER. The LOAN CONTRACT, seeur ' Feement 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 principal or interest is not paid promptly when due or any default under the LOAN CONTRACT or <br /> the security agreements 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 become primarily or <br /> secondarily liable for the payment of this Note or any portion thereof hereby agree 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 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: The Decker Lateral Company, a Colorado <br /> n pro tco p•rati•n <br /> (SEAL) /// <br /> By / % <br /> Curt L. Johnston,Vice-President <br /> Attest: Ai <br /> By _ <br /> Donn E. Engel, Secret- <br /> Appendix 2 to Loan Contract C153757 <br />