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.--..., PROMllSSOR)( NOTE Date: May 1, 1999 1. FOR VAl.UE REcEIVED, the Castle Pines North Metropolitan District, a Colorado special district, acting by and through the Castle Pines North Metropolitan District Water Activity Enterprise, ("BORROWER"), Dromises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of Two Hundred Fifty Five Thousand Eight Hundred and Three Dollars and Fifty-Two Cents ($255,803.52) plus interest at the rate of Five percent (5%) per annum for a term of Fifteen (15) years, pursuant to Loan Contract No. C153711, as amended ("LOAN CONTRACT"). 2. The first payment of $24,644.65 shall be due on December 1, 1997, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if any, shall have been paid in full. 3. Payments shall be made payable to th~ Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a late charge in the amount of 5% of the annual payment. ,~.-;r 5. This Note may be prepC!id in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal Clmount. 7. This Note is issued pursuant to the L\)AN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT creatEls security interests in favor of the STATE to secure the prompt payment of all amollnts that may become due hereunder. The security interests, evidenced by a Security Agreement and a Deed of Trust, cover certain revenues and real property of thE:! BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement or Deed of Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, without notice or demand, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. The STATE shall give the BO~ROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shall be considered in defaUlt for purposes of this Promissory Note. Attachment A to Loan Contract C153711 Amendment No.1 ." 'v.