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<br />Promissory Note <br /> <br />Date /4r7 /,7.- ,2000 Date of Completion "/r;114&U- y I, 20(} / <br /> <br />1. FOR VALUE RECEIVED, the Plumb and Dailey Dttch Company ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of Forty Two Thousand Dollars ($42,000) plus <br />interest at the rate of 3.75% per annum for a term of twenty (20) years, pursuant to Loan Contract No, C150048 <br />("LOAN CONTRACT"), <br /> <br />2. Principal and interest shall be payable in equal installments of $3,022,41, with the first payment due and <br />payable one year from the date that the State determines that the project is substantially complete, and annually <br />thereafter until all principal, interest, and all late charges, if any, have been paid in full. All principal, interest, and <br />late charges, if any, then remaining unpaid shall be due and payable 20 years thereafter. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman <br />Street, 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 <br />impose a late charge in the amount of 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 <br />shall not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce <br />the principal amount. <br /> <br />7, 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 that <br />may become due hereunder. The security interests, evidenced by a Security Agreement, an Assignment of <br />Deposit Account as Security and an Assignment of Certificate of Deposit, cover certain revenues and accounts <br />of the BORROWER. The LOAN CONTRACT, Security Agreement and Assignments grant additional rights to the <br />STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement <br />or Assignments securing this Note occurs, the STATE may declare the entire outstanding principal balance of <br />the Note, all accrued interest, and any outstanding late charges immediately due and payable, and the <br />indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of <br />such notice before the BORROWER 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 <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include <br />all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for <br />attendance at meetings of creditors' committees or other committees, <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: Plumb and Dailey Ditch Company, a <br />COloradpOnp;fit cor~oration <br /> <br />By tf&-I1{1/i&"~'?' <br />Les Williams, President <br /> <br />(S EA L) <br /> <br />Attest: <br />By lfl(foL~ ur /Lo <br />Mar,garet Hill, Corporate Secretary <br />, <br /> <br />Appendix 2 to Loan Contract C150048 <br />