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Promissory Note Date March 1,2001 Date of Completion /J? t] '1' / , 2. C/O / /' . 1. FOR VALUE RECEIVED, the Jackson Lake Reservoir and Irrigation Company ("BORROWER") promises to pay the State of Colorado Water Conservation Board ("CWCB"), the principai sum of Three Hundred Eighty Nine Thousand Seven Hundred Doilars ($389,700) pius interest at the rate of four percent (4%) per annum for a -repayment term of thirty (30) years, pursuant to Loan Contract No. C150043 ("LOAN CONTRACT"). 2. This promissory note replaces the note in the amount of $336,600 dated August 18, 2000. 3. Principal and interest shail be payable in equal instailments of $22,536.39, with the first payment due and payable one year from the date that the CWCB determines that the project is substantiaily complete, and annuaily thereafter until ail principal, interest, and ail late charges, if any, have been paid in fuil. Ail principal, interest, and late charges, if any, then remaining unpaid shail be due and payable 30 years thereafter. 4. Payments shail be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room 721, Denver, Coiorado 80203. 5. If the CWCB does not receive the annual payment within 15 calendar days of the due date, the CWCB may impose a late charge in the amount of 5% of the annual payment. 6. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shail not postpone the due date of any subsequent payments or change the amount of such payments. 7. Ail payments received shail 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 secure the prompt payment of ail amounts that may become due hereunder. The security interests, evidenced by an Amended Security Agreement and an Amended Deed of Trust, dated March 1, 2001, and an Assignment of Certificate of Deposit cover certain revenues, accounts and real property of the BORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust and Assignment grant additional rights to the CWCB, inciuding the right to accelerate the maturity of this Note in certain events. 9. If any annual payment is not paid when due or any defauit under the LOAN CONTRACT or the Security Agreement or Deed of Trust or Assignment securing this Note occurs, the CWCB may declare the entire outstanding principal balance of the Note, ail 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 CWCB silail give the BORROWER written notice of any aileged default and an opportunity to cure within thUy (30) days of receipt of such notice before the BORROWER shail be considered in default for purposes of this Promissory Note. 10. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily 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 shail pay ail reasonable costs of cOilection, including reasonabie attorney fees. In the event of any bankruptcy or similar proceedings, costs of coilection shail inciude ail costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 11. This Note shail be governed in ail respects by the laws of the State of Coiorado. BORROWER: Jackson Lake Reservoir and Company, a Colorado nonprofit corporation By ~~~/~~ Edward E. Fritzler, esident Irrigation (S EAL) Attest: By rate Secretary Attachment 2 to Contract C150043 Amendment No.1