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<br />
<br />Promissory Note
<br />
<br />Date: June 30, 1999
<br />
<br />For Value Received, the Wamsley Cattle Company, lnc, ("BORROWER") promises to pay the State of
<br />Colorado Water Conservation Board ("STATE"), the principal sum of Thirty Four Thousand and Thirty Six &
<br />41/00 Dollars ($34,036.41) plus interest at the rate of three percent (3^%) per annum for a term of forty (40)
<br />years, pursuant to Loan Contract No, C153667 ("LOAN CONTRACT"),
<br />
<br />1, The first payment of One Thousand Four Hundred Seventy Two & 50/100 Dollars ($1,472.50) shall be
<br />due on August 1, 1999, and annually thereafter until the entire principal sum, all accrued interest, and all
<br />late charges, if any, shall have been paid in full.
<br />
<br />2, Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313
<br />Sherman Street, Room 721, Denver, Colorado 80203,
<br />
<br />3, If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may
<br />impose a late charge in the amount of 5% of the annual payment.
<br />
<br />4, This Note may be prepaid in whole or in part at any time without premium or penalty, Any partial
<br />prepayment shall not postpone the due date of any subsequent payments or change the amount of such
<br />payments.
<br />
<br />5, All payments received shall be applied first to late charges, if any, next to accrued interest and then to
<br />reduce the principal amount.
<br />
<br />6, This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN
<br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts
<br />that may become due hereunder. The security interests, evidenced by a Deed of Trust, cover certain
<br />real property and water rights of the BORROWER, The LOAN CONTRACT, and Deed of Trust grant
<br />additional rights to the STATE, including the right to accelerate the maturity 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 or the Deed of
<br />Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the
<br />Note, all accrued interest, and any outstanding late charges immediately due and payable, and the
<br />indebtedness shall bear interest at the rate of 15% per annum from the date of default. The STATE shall
<br />give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30)
<br />days of receipt of such notice before the BORROWER shall be considered in default for purposes of this
<br />Promissory Note.
<br />
<br />8, The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or
<br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or
<br />interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of
<br />collec~il'n, :ncludi~g reasonable attorney fees. In the event of any bankruptcy or similar proceedings,
<br />costs of collectio;1 shaH include all costs and attorney fees incurred in connection with such proceedings.
<br />including the fees of counsel for attendance at meetings of creditors' committees or other committees,
<br />
<br />g, This Note shall be governed in all respects by the laws of the State of Colorado.
<br />
<br />BO
<br />
<br />
<br />R: wamslex. Clttle C~mpany, I
<br />
<br />, 7 )/>, )11ff
<br />
<br />Donald W. Wamsley, Presid
<br />
<br />
<br />(S EAL)
<br />
<br />By
<br />
<br />::e:i'~tJt"pV~J
<br />
<br />Cerporate Secretary
<br />
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