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<br />PROMISSORY' NOTE <br /> <br />Date \'2 - :3D -'1R ,1998 <br /> <br />Date of Substantial Completion <br /> <br />1. FOR VALUE RE.cEl'lrn, the Julesburg Irrigation District ("BORROWER") promises to pay the State of Colorado Water <br />Conservation Board ("STATE"), the principal sum of $510,469 plus interest at the rate of 3.75 percent per annum for a <br />term of thirty years, pursuant to Loan Contract No. C153827 ("LOAN CONTRACT"). <br /> <br />2. The first payment of $28,630.99 shall be due one year trom the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, <br />if any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado wgter Conservation Board and mailed to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a <br />late charge in the amount ot 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall <br />not postpone the due date ot any subsequent payments or change the amount ot such payments. <br /> <br />6. All payments received shall be applied first to late chilrges, if any, next to accrued interest and then to reduce the <br />principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to seclJre the prompt payment of all amounts that may become due <br />hereunder. The security interests, evidenced by a Se(:urity Agreement and a Deed of Trust, cover certain revenues <br />and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust grant additional <br />rights to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. It any annual payment is not paid when due or any (Jefault under the LOAN CONTRACT, Deed of Trust or Security <br />Agreemenl securing this Note occurs, the STATE may (Jeclare the entire outstanding principal balance of the Note, all <br />accrued interest, and any outstanding late charges in1mediately due and payable, and the indebtedness shall bear <br />interest at the rate of 15% per annum from the dale of default. The STATE shall give the BORROWER written notice of <br />any alleged default and an opportunity to cure within tllirty (30) days of receipt ot such notice before Ihe BORROWER <br />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 primarily or secondarily <br />liable tor the payment ot this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid <br />when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In <br />the event ot any bankruptcy or similar proceedings, costs ot collection shall include all costs and attorney fees <br />incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br />committees or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws otthe State of Colorado. <br />fhe Julesburg Irrigation District <br /> <br />By <br /> <br /> <br />(SEAL) <br /> <br />ATTEST: <br /> <br />BY~J J f?~/ <br />Lois Condy, Secre ry <br /> <br />Appendix 2 to Loan Contract C153827 <br />