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<br />Date: <br /> <br />Borrower: <br /> <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br />Loan Payment: <br />Payment Initiation Date: <br />Maturity Date: <br /> <br />PROMISSORY NOTE <br /> <br />December 12, 2007 <br />St. Vrain Sanitation District Water Activity Enterprise <br />$1,907,386.83 <br />5.00% per annum <br />27 years <br />C150036, as amended December 12,2007 <br />$130,258.99 <br />August 1, 2007 <br />August 1 , 2034 <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant <br />to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note dated September 9, <br />2003, in the principal amount of $2,002,400. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />and payable one year from Payment Initiation Date, and annually thereafter. All principal, <br />interest, and late charges, if any, then remaining unpaid shall be due and payable on or <br />before the Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />6. 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 <br />the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. . <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br />the prompt payment of all amounts that may become due hereunder. Said security <br />interests are evidenced by a Security Agreement ("Security Instruments") of even date and <br /> <br /> <br />Appendix 8 to Loan Contract C150036 Amendment No.2 <br />