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r, , . Promissory Note Date / / (.,R t:> l!l. elate of Substantial Completion / / - () / - Ct? 1. For Value Received, the Leroux Creek WatE;r Users' Association, ("BORROWER") promises to pay the State of Colorado Water Conservation Board ("STATE"). the principal sum of $1,450.000 plus interest at the rate of 3.75 percent per annum for a term of 30 years. pursuant to Loan Contract No. C150008. as amended ("LOAN CONTRACT"). 2. The first payment of $81,327.06 shail be due O~e year from the date that the State determines that the project is substantiaily complete. and annuaily th~reafter until the entire principal sum. a[1 accrued interest, and ail late charges. if any. shail have been paid in fu[1. J. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 13~ 3 :3herman 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 ahnua[ payment. 5. This Note may be prepaid in whole or in part at any time without premium or penaity. Any partial prepayment shail not postpone the due date of <lny subsequent payments or change the amount of such payments. 6. Ail payments received shail be applied first to l"ate charges, if any, next to accrued interest and then to reduce the principal amount. 7. This Note is issued pursuani to the LOAN CONTftACT between the STATE and the BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of ail amounts that may become due hereunder. The security interests, evidenced by a Security Agreement and a Deed of Trust cover certain revenues, accounts, real PI'operty and water rights of the BORROWER. The LOAN CONTRACT, SE;curity Agreement and Deed of TrLlst and Assignment of Deposit Account as Security grant additional rights to the STATE. including the right tG accelerate the maturity of this NotE; in certain events. 8. If any annual payment is not paid when due or any default 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 prin<;ipal balance of the Note, ail accrued interest, and any outstanding late charges immediately due and P'lyab[e, and the indebtedness shail bear interest at the rate of 7% per annum from the date of default. ThE, STATE shail give the BORROWER written notice of any aileged default and an opportunity to cure witt,in thirty (30) days of receipt of such notice before the BORROWER shail be considered in default for purposes of this Promissory Note. 9. The BORROWER, any guarantor. and any other !:lerson who is now or may hereafter become primarily or secondarily liable for the payment of this Note or ~ny portion thereof hereby agree that if this Note or interest thereon is not paid when due or suit is brought, t~en it shail pay ail reasonable costs of col[ection. including reasonable attomey fees. In the event of any bankruptcy or similar proceedings. costs of coilection shall include al[ costs and attorney fees incurred in connection with such proceedings. including the fees of counsel for attendance at meetings of creditors' Committees or other committees. 10. This Note shail be governed in a[1 respects by the; laws of the State of Colorado. BORROWER: Leroux Creek Water Users' Associatio By (S EAL) Attest: By Sus~ P. Alvey. Corporate Sec ry Attachment 2 to Loan Contract C150008 Amendment No.1 ~