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PROMISSORY NOTE Date: September 13, 2011 Borrower: Beaver Park Water, Inc. Principal Amount: $280,000* Interest Rate: 3% per annum Term of Repayment: 40 years Loan Contract No.: C153355, dated September 1, 1981 and amended September 13, 2011 Loan Payment: $12,112.80 First Payment Date**: September 1, 1983 Maturity Date**: September 1, 2024 * The remaining principal balance as of 6/30/2011 is $132,382.78. ** The repayment schedule totals more than 40 years because of an interest-only payment in 1992. 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this promissory note. 2. This Promissory Note replaces and supersedes the Promissory Note provision A.9 of the Original Contract dated September 1, 1981, in the principal amount of$280,000. 3. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable on the First Payment Date, and annually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not receive the annual payment within 15 calendar days of the due date. 6. This Note may be prepaid 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. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. Appendix B to Loan Contract C153355