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� PROMISSORY NOTE Payment Initiation Date*: .� �c 4, s� /. � ao6 Matu rity Date*: ,� �� g�.� 5� �� 2�� * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed. Loan Payment: $16,826.29 � 2. Date: Borrower: Principal Amount: Interest Rate: u March 15, 2006 Summit Reservoir and Irrigation Company $300,000 3.75% per annum Terrn of Repayment: 30 years Loan Contract No.: C153770, dated August 14, 1997, amended May 1, 2002, and amended March 15, 2006 FOR VALUE RECEIVED, th@ BORROWER pl'Ot711SeS t0 pay th2 Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the Loatv CoNTr�acT and this promissory note. This Promissory Note replaces and supersedes the Promissory Note dated May 1, 2002, in the principal amount of $300,000. 3. This Promissory Note corrects a typographical error in the Promissory Note dated May 1, 2002, wherein the Note stated that the principal amount due was "Six Hundred Thousand Dollars ($300,000)." 4. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable one year from Payment Initiation Date the date the CWCB determines that the project is substantially complete, but no later than December 31, 2006, 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. 5. Payments shall be made to the Colorado Water Conservation Board at 1580 Logan Street, Suite 750, Denver, Colorado 80203. 6. 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. 7. This Note may be prepaid in whole or in part at any time without premium or Appendix A to Loan Contract C153770 Amendment No. 2 Page 1 of 2