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<br />,I <br /> <br />Promjssory Note <br /> <br />Date: November 1, 2001 <br /> <br />1. FOR VALUE RECEIVED, the San Luis Valley Irrigation District ("BORROWER") promises to pay the <br />State of Colorado Water Conservation Board ("CWCB"), the principal sum of Four Hundred Fifty <br />One Thousand Eight Hundred Ninety Four & 79/100 Dollars ($451,894.79) plus interest at the rate <br />of Five percent (5%) per annum for a term of Twenty Five (25) years, pursuant to Loan Contract <br />No. C153386 dated June 1, 1982, as amended on November 1,2001 ("LOAN CONTRACT"). <br /> <br />2. This Promissory Note replaces and supersedes the repayment terms of Paragraph A.12 of LOAN <br />CONTRACT. <br /> <br />3. Principal and interest shall be payable in equal installments of $32,063.05, with the first payment <br />due and payable on August 1, 2001, and annually thereafter until all principai and interest have <br />been paid in full. All principal and interest then remaining unpaid shall be due and payable 25 <br />years thereafter. . <br /> <br />4. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial <br />prepayment shall not postpone the due date of anysubsequent payments or change the amount of <br />such payments. <br /> <br />6. All payments received shall be applied first to accrued interest and then to reduce the principal <br />amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The <br />LOAN CONTRACT grants additional rights to the CWCB, including the right to accelerate the maturity <br />of this Note in certain events. <br /> <br />.8.- .If-an'r'-annual.paymenlis.noLpaid_when.due..or.any_defaulLuDdectbe..LQ.A.N_CONIBACJ,Jh~WCB <br />may declare the entire outstanding principal balance of the Note and all accrued interest <br />immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. The CWCB shall give the BORROWER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before <br />the BORROWER shall be considered in default for purposes of this Promissory Note. . <br /> <br />9. The BORROWER, any guarantor, and any other person who Is now or may hereafter become <br />primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that <br />if this Note or interest thereon is not paid when due or if suit is brought, then it shall pay all <br />reasonable costs of collection, including reasonable attorney fees. In the event of any bankruptcy <br />or similar proceedings, costs of collection shall include all costs and attorney fees incurred in <br />connection with such proceedings, incluping the fees of counsel for attendance at meetings of <br />creditors' committees or other committees. . <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BOR ER: S Luis Valley Irrigation District <br /> <br />By <br /> <br /> <br />. Graham, President <br /> <br />(S EAL) <br /> <br />Attest: '! <br /> <br />By ~ rf? /~-d/ <br /> <br />Secretary <br /> <br />Appendix 1 to Contract C153386 Amendment No.2 <br />