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lllAll CllIITRACT Windsor Reservoir and Canal Co. Emergency Loan ----------------------------------- ($300,000.00), said repayment shall include the principal sum with interest at the rate of four and one quarter percent (4.25%) per annum, and shall be made in constant annual installments of Seventeen Thousand, Eight Hundred, and Seventy-nine Dollars and Forty-Seven Cents ($17,879.47) each, for thirty (30) years, as shown in Exhibit B, attached hereto and incorporated by reference herein, which first installment shall be . due and payable on the first day of the month, one year after the month that the State determines that the project has been substantially completed, and yearly thereafter until the entire principal sum and any accrued interest shall have been paid. Said installment payments shall be made payable to the Colorado Water Conservation Board, payable at the offices of said Board in Denver, Colorado. 6d. (No Prepayment Penalty): Prepay the loan in full at any time, at the Borrower's option, for which there shall be no prepayment penalty. 6e. (Make Advanced Principal Payments without Penalty): Have the right to prepay any part of the principal at any time without penalty. In the event of any prepayment, this Contract shall not be treated as in default with respect to payment so long as the unpaid balance of principal and interest is less than it would have been had the periodic payments been made as Stated above. 6f. (Not Sell or Convey any Collateral until the Loan is Repaid): Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the project or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the Promissory Note of the contract remain unpaid, without the prior written concurrence of the State. 7. (DEED OF TRUST PROVISIONS): 7a. (Security for the Loan): As secUrity for the loan to be made to it by the State, executed a deed of trust as shown in Exhibit C. The security provided shall be an undivided one hundred percent (100%) interest in the following: All portions of the Poudre Valley Canal which lie within section 13, T 8 N, R 70 W, Sixth Principal Meridian, and all appurtenant structures thereto. Th. (Upon Default by the Borrower, the State has these Options): Upon default in the payments herein set forth to be made by the Borrower, or default in the performance of any covenant or agreement contained herein, the State, at its option, may: (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Borrower, incur and pay reasonable expenses for repair, maintenance, and operation of the project herein described and such expenses Page 2 of 13 Pages