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<br />) <br />PROMllSSOR1( NOTE <br /> <br />Principal Amount:: <br />Term: <br />Loan Contract:: <br /> <br />$65,000 <br />10 Years <br />#C153756 <br /> <br />Interest Rate: 3Xo% <br />Loan Payment: $7,717.53 <br />Date: August ----L5:..., 1997 <br /> <br />1. FOR VALUE RECIillfED, the Lower Arkansas Water Management Association ("BORROWER") promises to pay <br />the State of Colorado Water Conservation Board ("STATe"), the principal sum of $65,000.00 with annual payments <br />of $7,717.52 based on an interest rate of 3Xo% per annum on the outstanding principal baiance for a term of 10 <br />years, or until paid in full, pursuant to Loan Contract #C153756 ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due one year from the date the STATE accepts the feasibility study described in the <br />Loan Contract as completed, and annually thereafter until the entire principal sum and any accrued interest shall <br />have been paid in full. <br /> <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 /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penaity, 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 /> <br />5. This Note is issued pursuanUo 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 which may become <br />due hereunder. The security interests, evidenced by security agreements, deed of trust, stock assignment, and <br />assignment of deposit account, cover certain revenues and accounts of the BORROWER and grant additional rights <br />to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <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, deed of trust, stock assignment, or assignment of deposit account securing this Note <br />occurs, the STATE may declare the entire outstanding principal balance of the Note, and all accrued interest, <br />immediately due and payable, without notice or demand, and the indebtedness shall bear interest at the rate of <br />3Xo% per annum from the date of default. <br /> <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 /> <br />8.' This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />By <br /> <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />Appendix Cto Loan Contract #C153756 <br />