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'.' ., Promissory Note Date March 1, 2001 1. FOR VALUE RECEIVED, the Julesburg Irrigation District ("BORROWER") promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of Three Hundred Seventy Two Thousand Nine Hundred Fifty and 79/100 Dollars ($372,950.79) plus interest at the rate of three and one-half percent (3:5%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C153604, as amended ("LOAN CONTRACT"). 2. This promissory note replaces the promissory note provisions of paragraph A.13 contained in Loan Contract and Promissory Note No. C153604. The promissory note provisions were for a principal loan amount of $386,750, at 5% per annum for a repayment term of 40 years. 3. Principal and interest shall be payable in equal installments of $20,277.83, with the first payment due and payable on July 1, 2001, and annually thereafter until all principal, interest, and late charges, if any, have been paid in full, with all such principal, interest, and late charges, required to be paid within 30 years. 4. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. 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. 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. 8. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that may become due hereunder. The security interests, evidenced by an amended Security Agreement and an amended Deed of Trust, both of even date and amount, cover certain revenues and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. 9. 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 STA7E may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per annum lrom the date of default. The STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such nofice before the BORROWER shall be considered in default for purposes of this Promissory Note. 1 O. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 11. This Note shall be governed in all respects by the laws of the State of Colorado. BORROWER: Julesburg Irriga 'on District By '"- (S EA L) Q,no/10 (\ctJD1J~'lj)) Pamela C~, Corporate Secretary Exhibit A to Contract C153604, Amendment No.2