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� _� �'` CI I �`��`�� l �) �'_� Principal Amount: $200,000 Term: 30 Years Loan Contract: #C153770 1. Interest Rate: 3'/.% Loan Payment: $11,217.52 Date: N � , 1997 . �0€� 1l�cLU� �d.EC�111�U, the (" BORROWER ") promises to pay the State of Colorado Water Consenration Board (" the principal sum of $200,000 with annual payments of $11,217.52 based on the interest rate of 3 percent per the outstanding principal balance for a term of 30 years, or until paid in full, pursuant to Lo ntract 153770 ( "LOAN CONTRACT The first installment shall be d ne year fr the ate the STATE determines that the PROJECT described in the Loarv CoN7t�cT s been� sub ially completed, and annually thereafter until the entire principal sum and any accrue terest shall have been paid in full. All payments re ved s I be ap ' first to accrued interest and then to the retirement of the principal. Paym ts shall made payable to the Colorado Water Conservation Board and mailed to 1313 erman St t, Ro 721, Denver, Colorado 80203. No may be prepaid in whole or in part at any time without premium or penalty, with prepayments app rst to any accrued interest and then to reduce the principal amount. Any partial prepayment shall no ostpone the due date of any subsequent payments or change the amount of such payments. 2 � � 5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER The Lo,4tv Cotv��cT creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become due her�under. The security interests, evidenced by a Security Agreement, an Assignment of Certificate of Deposit, and an Assignment of Deposit Account as Security cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT Security Agreement, Assignment of . Certificate of Deposit and Assignment of Deposit Account as Security grant additional rights to the STATE including the right to accelerate the maturity of this Note in certain eve 5. � 7. E:� If any payment of principal or interest is not paid promptly when due any d ult under the LoAN COtvT�cT or the Security Agreement or Assignment securing this Note o rs, th STATE may declare the entire outstanding principal balance of the Note, and all ccrued int t-_ mediately due and payable, without notice or demand, and the indebtedness bear int�F at'tfie rate of 45% per annum from the date of default. '�'� �' � �, � �:: �. The BORROWER any guarantor, and any other p ho is �ioeV ay her`"��'�ecome primarily or �, secondarily liable for the payment of this Not r any ion th��of hereby agree that if this Note or interest thereon is not paid when due or s .i��=b�u t, then�� shall pay all reasonable costs of collection including reasonable atto y fees ;y the nt of an�'`�ankruptcy or similar proceedings, costs of colfection shall include all s and �orn e�' incurred in connection with such proceedings including the fees of counsel f�t�`i ance a'- etin of creditors' committees or other committees. Attest: By. ry-Treasurer and Irrigation Company Jones, President Appendix B to Loan Contract #C153770 by the laws of the State of Colorado.