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<br />:-\ <br /> <br />PROMffiSOR)( NOTE <br /> <br />Principal Amoun\:: <br />Term: <br />Loan Contract:: <br /> <br />$23,400 <br />10 Years <br />#C15378B <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />3.25% <br />$2778.31 <br />jJ'JltrnbPf.5 ,1997 <br /> <br />1. FOR VALUE RECfJ\lE:D, the The Greeley and Loveland Irrigation Company ("BORROWER") promises to pay <br />the State of Colorado Water Conservation Board ("STATE"), the principal sum of $23,400.00 with annual payments <br />of $2,778.31, based on the interest rate of 3.25% per annum on the outstanding principal balance for a term of 10 <br />years, or until paid in full, pursuant to Loan Contract #C153788. <br /> <br />2. The first payment shall be due one year from the date the STATE determines that the STUDY described in the LOAN <br />CONTRACT has been substantially completed, and annually thereafter until the entire principal sum and any <br />accrued interest shall have been paid in full. <br /> <br />3. All payments received shall be applied first to accrued interest and then to the retirement of the principal. <br />Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street. <br />Room 721, Denver, Colorado 80203. <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied <br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone <br />the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become <br />due hereunder. The security interests, evidenced by a security agreement and assignment, cover certain <br />revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement and assignment grant <br />additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT or <br />the security agreement or assignment securing this Note occurs, the STATE may declare the entire outstanding <br />principal balance of the Note, and all accrued interest, immediately due and payable, without notice or demand, <br />and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who 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 proceedings, costs of collection shall include <br />all costs and attorney fees incurred in connection with such proceedings, inciuding the fees of counsel for <br />attendance at meetings of creditors' committees or other committees. <br /> <br />B. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Greeley and Loveland Irrigation <br />Company, a Colorado nonprofit corporation <br /> <br />0,iUR.~~<j/ <br /> <br />David Bernhardt, President <br /> <br />Attes~ ' \ <br />By ~LL~ <br />Corporate Secretary <br /> <br />Appendix C to Loan Contract #C153788 <br />