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<br />Date: <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No. : <br /> <br />PROMISSORY NOTE <br /> <br />November 1, 2002 <br />Brook Forest Water District <br /> <br />$114,530.79 <br />4.23% per annum <br />20 years <br />C153349, dated July 15, 1981, amended November 1, 2002 <br /> <br />Loan Payment: $8,603.20 <br /> <br />Payment Initiation Date*: July 1, 2003 <br /> <br />Maturity Date*: July 1, 2022 <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT, <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable on the Payment Initiation Date, and annually thereafter until all <br />principal and interest have been paid in full, with all such principal and interest <br />required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br /> <br />5. All payments received shall be applied first to accrued interest and then to reduce the <br />principal amount. <br /> <br />6. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Deed of Trust of even date and amount and <br />covers certain real property of the BORROWER. The LOAN CONTRACT and Deed of <br />Trust grant additional rights to the CWCB, including the right to accelerate the maturity <br />of this Note in certain events. <br /> <br />7, If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Deed of Trust securing this Note occurs, the CWCB may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding <br />late charges immediately due and payable, and the indebtedness shall bear interest at <br />the rate of 7% per annum from the date of default. The CWCB shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within <br /> <br />Appendix 1 to Amendment 1 to Loan Contract C153349 <br />