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<br />'-, <br /> <br />PROMISSORY NOTE <br /> <br />Principal Amount: $450,000.00 Interest Rate: 4% <br />Term: 25 Years Loan Payment: $28,805.38 <br />Loan Contract: No. C153639L Date: April 1, 1999 <br /> <br />1, FOR VAl.UE RECEIVED, The New Cache La Poudre Irrigation Company, ("BORROWER") promises to <br />pay the State of Colorado Water Conservation Eloard ("STATE"). the principal sum of $450,000.00 with <br />annual payments of $28,805.38 based on the interest rate of 4% per annum on the outstanding <br />principal balance for a term of 25 years. or until paid in full, pursuant to Loan Contract No. C153639L <br />("LOAN CONTRACT"), <br /> <br />2, The first payment shall be due and payable on June 1, 1995, 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 ony 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 CONTMCT 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 />which may become due hereunder. The security interests, evidenced by a security agreement and by a <br />deed of trust covers certain revenues and property of the BORROWER. The LOAN CONTRACT, security <br />agreement and deed of trust grant additional rights 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 paid promptly when due or any default under the LOAN <br />CONTRACT or the security agreements or deed of trust 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. The STATE shall give written notice to the Borrower of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice Defore the BORROWER shall be considered in default for <br />purposes of this Promissory Note. <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 the laws of the State of Colorado. <br /> <br />(S E A L I <br /> <br />BORROWER: The New Cache La Poudre Irrigation <br /> <br /> <br />:::;:;~--~ <br /> <br />Preside <br /> <br /> <br />By <br /> <br />Attachment A to Loan Contract No. C153639L Amendment 1 <br />