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<br />:'....... <br /> <br />PROMISSORY' NOTE. <br /> <br />Date 1Yl~ 2 tt ,1998 <br /> <br />1. fOR VALUE: RE.CEIVf:D, the Consolidated Extension Canal Company ("BORROWER") promises to pay the State <br />of Colorado Water Conservation Board ("STATE"), the principal sum of Two Hundred Twenty Nine Thousand Four <br />Hundred Thirty Dollars and Ninety Cents ($229,430.90) plus interest at the rate of Three and Three-Quarters <br />percent (3.75%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C153747 ("LOAN <br />CONTRACT"). <br /> <br />2. The first payment of $12,868.23 shall be due on March 10, 1998, and annually thereafter until the entire principal <br />sum, all accrued interest, and all late charges, if any, shall have been paid in full. <br /> <br />3. 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. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a <br />late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall <br />not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the <br />principal amount. <br /> <br />7. 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 that may become due <br />hereunder. The security interests, evidenced by a Security Agreement and an Assignment of Certificate of <br />Deposit, cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT, Security Agreement and <br />Assignment grant additional rights to the STATE, including the right to accelerate the maturity of this Note in certain <br />events . <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement or <br />Assignment securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, <br />all accrued interest, and any outstanding late charges immediateiy due and payabie, without notice or demand, and <br />the indebtedness shall bear interest at the rate of 15% per annum from the date of default. The STATE shall give <br />the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt <br />of such notice before the BORROWER shall be considered in default for purposes of this Promissory Note. <br /> <br />9. 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 attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attomey fees incurred in connection with such proceedings, including the fees of counsel for attendance <br />at meetings of creditors' committees or other committees. <br /> <br />10. This Note shall be govemed in all respects by the laws of the State of Colorado. <br />BORROWER: Consolidated Extension Canal Company <br /> <br />(SEAL) <br /> <br />By <br /> <br /> <br />Attes~ <br />By ~o~~ <br /> <br />Attachment Ato Loan Contract C153747 Amendment No.1 <br />