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~ "<, Promissory Note Date ce J f JA::f /7, 2000 Date of Completion fI141-i!- j. a 0, ;Z p (/ / 1. For Value Received, The Model Land & Irrigation Company ("BORROWER"), a Colorado corporation, promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of $335,000 pius interest at the rate of 3.75 percent per annum for a term of thirty years, pursuant to Loan Contract No. C150012 ("LOAN CONTRACT"). 2. The first payment of $18,789.35 shall be due one year from the date that the State determines that the project is substantially compiete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if any, shall have been paid in full. 3. Payments shall be made payabie to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. If the STATE does not receive the annual payment within 15 calendar days of the due cate, the State may impose a late charge in the amount of 5% of the annual payment. 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 6. All payments received shall be applied first to late charges, ~ any, next to accrued interest and then to reduce the principal amount. 7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that may become due hereunder. The security interests, evidenced by a Security Agreement, an Assignment of Deposit Account as Security, and a Deed of Trust cover certain revenues and real property of the BORROWER. The LOAN CONTRACT, Security Agreement, Assignment, and Deed of Trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. 8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement, Assignment, or Deed of Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for purposes of this Promissory Note. 9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primariiy or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid when due or if suit is. brought, then it shall pay all reasonable costs of collection, inciuding reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall inciude all costs and attomey fees Incurred in connection with such proceedings, including the fees of counsei for attendance at meetings of creditors' committees or other committees. 10. This Note shall be governed in all respects by the laws of the State of Colorado. BORR WER: The Mode Compa a Co 0 By Irrigation on (SEAL) .,Jeooy-Terfertiller, Corpor e f}l1t1)e >>)'} B Appendix B to Loan Contract C150012 &v~~~~ (.~?~~~ ~e,e, if-; VS ~"c '" 'EO "0'\.\." .