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<br />Promissory Note
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<br />Date W '?) ,~+ I?'" , 2000 Date of Completion
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<br />1, FOR VALUE RECEIVED, the Jackson Lake Reservoir and Irrigation Company ("BORROWER") promises to
<br />pay the State of 8010rado Water Conservation Board C:ST~LE"), the principal sum of Three Hundred Thirty
<br />Six Thousand Six Hundred Dollars ($336,600) plu~irferest at),re rate of four percent (4%) per annum for a
<br />repayment term of thirty (30) years, pursuant to Loan;Contrac;tlo. C150043 ("LOAN CONTRACT").
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<br />2. Principai and interest shall be payable'i~:.eqUal insta;~.!'lnt!l'.& $19,465.~1, ":"'th the fi~t payment due and
<br />payable one year from the date that the 'State dete~ that the project IS substantially complete, and
<br />annually thereafter uQ.tiI'''aIl~rincipal, int~test, and all late charges, if any, have been paid in full, All
<br />principal, interest, arid late cHarges, if aDy\>ihen remaining unpaid shall be due and payable 30 years
<br />thereafter,,'\ }
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<br />3. ~~e;iJ shall be ~~~ble to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />St~k ~tm 721, Denver, Colorado 80203. .
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<br />4, If the ~'lIairE 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. .
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<br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial
<br />prepayment shall not postpone the due date of any subsequent payments or change the amount of such
<br />payments.
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<br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to
<br />reduce the principal amount.
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<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 and a Deed of
<br />Trust, an Assignment of Certificate of Deposit, and an Assignment of Deposit Account as Security cover
<br />certain revenues, accounts and real property of the BORROWER. The LOAN CONTRACT, Security Agreement
<br />and Deed of Trust and Assignments grant additional rights to the STATE, including the right to accelerate
<br />the maturity of this Note in certain events.
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<br />8, If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security
<br />Agreement or Deed of Trust or Assignments securing this Note occurs, the STATE may declare the entire
<br />outstanding principal balance of the Note, all accrued interest, and any outstanding late charges
<br />immediately due and payable, and the Indebtedness shall bear interest at the rate of 7% per annum from
<br />the date of default. The STATE shall give the BORROWER written notice of any alleged default and an
<br />opportunity to cure within thirty (30) days of receipt of such notice before the B ER shall be
<br />conSidered in default for purposes of this Promissory Note,
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<br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter
<br />secondarily liable for the Payment of this Note or any portion thereof eby agree
<br />interest thereon is not paid when due or if suit is brought, then it shall p reasonable s of collection,
<br />including reasonable attomey fees, In the event of any bankruptcy 0 imilar proCeedings, costs of
<br />collection shall include all costs and attomey fees incurred in connection wi uch proceedings, including
<br />the fees of counsel for attendance at meetings of credito ' ees or oth mmittees.
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<br />10. This Note shall be govemed in all respects by the laws f Colorado.
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<br />BOR ER: ~ackson Lake Reservoir and Irrigation
<br />Comp ~5010radj nonpr~
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<br />BYZ~W~'Y~
<br />Edward E. Fritzie resident
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<br />(S EAL)
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<br />"1
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<br />Attest:
<br />By
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<br />e Secretary
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<br />Appendix 2 to Loan Contract C150043
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