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Date: Borrower: Principal Amount: Interest Rate: Term of Repayment: Loan Contract No.: Loan Payment: Payment Initiation Date: Maturity Date: PROMISSORY NOTE March 1, 2004 The Lama Ditch and Lateral Company 5233,756.86 2.75% per annum 30 years C150114, dated November 1, 2002, amended March 1, 2004 57,935.02 July 1, 2003 July 1, 2033 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this promissory note. 2. This Promissory Note replaces and supersedes the Promissory Note dated November 1,2002, in the principal amount of 5250,235. 3. 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), and annually thereafter. All principal, interest, and late charges, if any. then remaining unpaid shaH be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street: Room 721, Denver, Colorado 80203. 5. 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. 6. 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. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount: 8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to Appendix 1 to Loan Contract C150114 Amendment No, 1