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<br />Date
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<br />1/3
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<br />PROMJLSSORY NOTE
<br />
<br />, 1999 Date of Substantial Completion
<br />
<br />1.
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<br />FOR VALUE RECEIVED, the Leroux Creek Water Users' Association, ("BORROWER") promises to pay the'
<br />State of Colorado Water Conservation Board ("STATE"), the principal sum of $300.00Q.Jl.lu~.,interest at the rate
<br />of 4.00 percent per annum for a term o~ears, purs~. nIt to L~~c.-ont(act No. 'CJ53854 ("LOAN
<br />CONTRACT"). \ !\-:\ I . \, I',' \., \
<br />
<br />The first payment of $17,349.03 shall be due op'e ~bm t~e dat~ that thf Sltate ~et~rmin~s . at the project
<br />is substantially complete, and annually thereaftl'r until the entlrecpri,ncipal s:(T1,,~ acp. d i.. est, and all late
<br />charges, If any, shall have been paid In full. 1-L Ji. ~ <""
<br />
<br />Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203.
<br />
<br />If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may
<br />impose a late charge in the amount of 5% of the annual payment.
<br />
<br />This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment
<br />shall not postpone the due date of any subsequent payments or change the amount of such payments.
<br />
<br />All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce
<br />the principal amount.
<br />
<br />This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN
<br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that
<br />may become due hereunder. The security interests, evidenced by a Security Agreement and a Deed of Trust
<br />cover certain revenues, accounts, real property and water rights of the BORROWER. The LOAN CONTRACT,
<br />Security Agreement and Deed of Trust and Assignment of Deposit Account as Security grant additional rights'
<br />to the STATE, including the right to accelerate the maturity of this Note in certain events.
<br />
<br />If any annual payment is not paid when due or any default under the LOAN CONTRACT, the Security
<br />Agreement, Deed of Trust or Assignment of Deposit Account as Security securing this Note occurs, the STATE
<br />may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late
<br />charges immediately due and payable, without notice or demand, and the indebtedness shall bear interest at
<br />the rate of 15% per annum from the date of default. The STATE shall give the BORROWER written notice of any
<br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the
<br />BORROWER shall be considered in default for purposes of this Promissory Note.
<br />
<br />The BORROWER, any guarantor, and any other person who is now or 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 PlQceedings, costs of collection shall
<br />,'indude,all costs and attorney fees incurred in connection witl;..suchProceecfugs.,including the fees of counsel
<br />for attendance at meetings of creditors' committee,.s or other cOIT!mittees:, ' "
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<br />2.
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<br />3.
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<br />4.
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<br />5.
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<br />6.
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<br />7.
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<br />8.
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<br />9.
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<br />10.
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<br />ThiS Note shall be governed In, allC8SQ,ects by the law~ of the ~tat,~ of ~ol~radoi j
<br />, , \ '.if F
<br />BORRO'(VER,. Lerp"ux,.,~~ Water Users' ASSOCiation.
<br />',_a Colora' i'fit corpo tl
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<br />Corporate Secre!~
<br />
<br />Appendix 2 to Loan Contract C153854
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