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<br />! :1. <br />'. i..J <br />.' <br /> <br />PROMISSORY NOn: <br /> <br />Principal Amount: <br />Term: <br />Loan Contract: <br /> <br />$95,000 <br />30 Years <br />NO.C153790 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />3.75% <br />$5,328.32 <br />June 1,1999 <br /> <br />1. fOR VALUE RECEIVED, The Durkee Ditch Company, Inc. ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of $95,000.00 with annuai payments of <br />$5,328.32 based on the interest rate of 3.75% per annum on the outstanding principal balance for a term of 30 <br />years, or untii paid in full, pursuant to Loan Contract No. C153790, as amended ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due on March 9, 2000, 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 <br />Street, Room 721, Denver, Coiorado 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 <br />postpone 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 <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts which <br />may become due hereunder. The security interests, evidenced by a security agreement and by assignments, <br />cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement and <br />assignments grant additional rights to the STATE, including the right to accelerate the maturity of this Note in <br />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 <br />or the security agreements and/or assignments securing this Note occurs, the STATE may declare the entire <br />outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice <br />or demand, 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 />secondariiy 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 <br />include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel <br />for attendance at meetings of creditors' committees or other committees. <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Durkee Ditch Company, Inc., <br />a Colorado nonprofit corporation <br /> <br />(S EA L) <br /> <br />By ~cf /fl;~~ <br />Fred Burritt, President <br /> <br />Attest: <br /> <br />By ~ U?~~ <br />J Hulteen, Corporate Secretary <br />~ <br /> <br />Exhibit A to Loan Contract C153790 Amendment No.1 <br />