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<br />j~~.. <br /> <br />t <br /> <br />PROMISSORY NOTE <br /> <br />i~;; <br />l <br /> <br />Date: <br /> <br />August 1, 2002 <br />John Peroulis and Sons, a Colorado general partnership <br />$ 250,000.00 <br /> <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br /> <br />effective rate of 3,0% per annum based on 3.5% per annum on <br />$100,000 and 2.75% per annum of $150,000 and CWCB practice to <br />round a blended interest rate down to the nearest tenth of a percent <br /> <br />Term of Repayment: 30 years <br /> <br />i'"/.. <br /> <br />Loan Contract No. : C150083, dated August 1, 2002 <br /> <br />Loan Payment: $12,754.81 <br /> <br />Date of Completion: /1/" 1Ie.1IO't J..... I, ;l. i>D Z <br /> <br />Maturity Date: -.lJ/u.._J._ I J 2. ~.?J Z. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br />CONTRACT. <br /> <br />2, Principal and intere!lt shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the Date of Completion, which is the date the CWCB determines that the <br />project is substantially complete, and annually thereafter until all principal, interest, and late <br />charges, if any, have been paid in full, with all such principal, interest, and late charges, <br />required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />does not receive the annual payment within 15 calendar days of the due date. <br /> <br />-0, This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amount of such payments. <br /> <br />6, All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date and amount <br />and cover certain revenues, real property, water rights and/or accounts of the BORROWER. The <br />LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment grant additional rights <br />to the CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may <br />declare the entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable, and the indebtedness shall bear <br />interest at the rate of 7% per annum from the date of default. The CWCB shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) <br /> <br />1': <br /> <br /> <br /> <br />Appendix 2 to Loan Contract C150083. <br />