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) PROMlSSOR)' NOTE Date II/:z.,~ ,1998 Date of Substantial Completion AiJul./6T 8i. fqqq . 1. FOR VALUE RECEI1lED, the ("BORROWER") promises, to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of $500,000 pius interest at the rate of 4,03 percent per annum for a term of 20 years, pursuant to Loan Contract No, C153833 ("LOAN CONTRACT"), 2. The first payment of $36,888.68 shall be due one year from the date that the State determines that the project is substantially complete, 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 date. 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 oharges, if 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 interest~. evidenced by a Security Agreement and a Deed of Trust cover cerlain revenues, accounts, real property ar1d water rights of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust and Assignment of Deposit Account as Security 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 (lefault under the LOAN CONTRACT, the Security Agreement. Deed of Trust or Assignment of Deposit Account as Security securing this Note occurs. the STATE may declare the entire outstanding principal balance of the Nole, all accrued interest, and any outstanding late charges immediately due and payable, without notice or den1and, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. The STAlE 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 Promii>Sory Note, 9. The BORROWER, any guarantor, and any other pElrson who is now or may hereafter become primarily or secondarily liable for the payment of this Note or allY portion thereof hereby agree that if this Note or interest thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including reasonable attomey fees, In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connElction with such proceedings. including the fees of counsel for attendance at meetings of creditors' committees pr other committees. 10. This Note shall be governed in all respects by the laWS of the State of Colorado, BORR heNorth Poudr igation Company, a C rado no profit corpor (SEAL) Att~ ~~i-fr By Avl../ , , Sharon Seaworth, Corporate Secretary Appendix 2 to Loan Contract C153833