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<br />~.--;, <br />, ") <br /> <br />/''''''. <br />....,., <br />'~.... ... <br /> <br />PROMISSORJ( NOTE <br /> <br />Principal Amount: <br />Term: <br />Loan Contract: <br /> <br />$100,000 <br />30 Years <br />C153757 <br /> <br />I~terest Rate: <br />Loan Payment: <br />Date: <br /> <br />4,25% <br />$5,959,82 <br />Mtr~ /'7 <br /> <br />.1997 <br /> <br />1, FOR VALUE RECEIVED, The Decker Lateral Company ("BORROWER") promises to pay the State of Colorado <br />Water Conservation Board ("STATE"), the principal sum of $1 00,000.00 with annual payments of $5,959.82 based <br />on the interest rate of 4.25% per annum on the outstanding principal balance for a tenm of 30 years, or until paid in <br />full, pursuant to Loan Contract No. C153757 ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due one year from the date the STATE detenmines that the PROJECT described in the <br />LOAN CONTRACT has been substantially compieted, and annually thereafter until the entire prinCipal sum and any <br />accrued interest shall have been paid in full. <br /> <br />3. All payments received shall be applied first to accrued interest and then to the retirement of the principal. <br />Payments shall be made payabie to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. . <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied <br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone <br />the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become <br />due hereunder. The security interests, evidenced by a security agreement and by assignments, cover certain <br />revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement and assignments grant <br />additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT or <br />the security agreements and/or assignments securi~g this Note occurs, the STATE may declare the entire <br />outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice or <br />demand, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include <br />all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for <br />attend:lnce at.meetings of creditors' committees or other committees. <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: <br /> <br />By <br /> <br /> <br />(8 EAL) <br /> <br />Att~ <br />By ~ h!ft~ <br />Donn E. Engel. Secret <br /> <br />Appendix 2 to Loan Contract C153757 <br />