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<br />--"\ <br />I <br />PROMlSSOQ.1t' NOTE <br /> <br />Principal Amount: <br />Term: <br />Loan Contract: <br /> <br />$41,011.94 <br />30 Years <br />No. C153785 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />3.75% <br />$2.300.26 <br /> <br />1. FOR VAl.UE RECEIVED. Chipperfield Lane Ditch, Inc. ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of $41 ;011.94 with annual payments <br />of $2,300.26 based on the interest rate of 3.75% per annum on the outstanding principal balance for a <br />term of 30 years. or until paid in full, pursuant to Loan Contract No. C153785 (".LOAN CONTRACT"): <br /> <br />2. The first payment shall be due and payable on ~une 1, 1999, and annually thereafter until the entire <br />. principal sum and any accrued interest shall have been paid in full. . <br /> <br />3. All payments received shall be applied first to accrued interest and then to the retirement .of the <br />principal. Payments shall be made payable to the Colorado Water Conservation Board and mailed to <br />1313 Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments <br />applied first to any accrued interest and then to reduce the principal amount. Any partial prepayment <br />shall not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRt\CT between the STATE and the BORROWER. The LOAN <br />CDNTRACT creates security interests in favor of t!)e STATE to secure the prompt payment of all amounts <br />which may become due hereunder. The security interests. evidenced by. a security agreement and by <br />assignments. cover certain revenues and aCCOUnts of the BORROWER. The LOAN CONTRACT. security <br />agreement and assignments grant additional rig!)ts to the STATE, including the right to accelerate the <br />maturity of this Note in certain' events. <br /> <br />6. If any payment of principal or interest is not p"id promptly when due or any default under the LOAN <br />CONTRACT or the security agreements or assignments securing this Note occurs, the STATE may declare <br />the entire outstanding principal balance of the Note. and all accrued interest, immediately due and <br />payable, without notice or demand. and the inClebtedness shall bear interest at the rate of 15% per <br />annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any succesSOr of the BORROWER who may hereafter become primarily <br />or 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 suit is brought, then it shall pay all reasonable costs of <br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, <br />costs of collection shall include all costs and attorney fees incurred in connection with such <br />proceedings. including the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />8. This Note shall be governed in all respects by th~ laws of the State of Colorado. <br /> <br />Attest: <br /> <br /> <br /> <br /> <br />h.. Inc" a <br /> <br />.<:u \ <br />.-':. > ~ / <br /> <br />Bv .-1-" <br />homas Russeli, Corporate Secretary <br /> <br />Attachment A to loan Contract No. C153785 Amendment 1 <br />