C150143 Contract

• Contract/PO #: C150143
• Contractor Name: Willow Heights Irrigation Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: MC3
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE

Date: August 1, 2003
Borrower: Willow Heights Irrigation Company
Principal Amount: S 104,535
Interest Rate: 3.75% per annum
Term of Repayment: 30 years
Loan Contract No.: C150143. dated August 1, 2003

Loan Payment: $5,863.12
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Maturity Dale-;

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Payment Initiation Date*:

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
Board ("eWeS"), the Principal Amount plus Interest for the Term of Repayment. pursuant to
the LOAN CONTR.A.CT and this Promissory Note.
2. Principal and interest shalf be payable in equal Loan Payments, with the first payment due and
payable one year from the date the ewes determines that the project is substantially
complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late
charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date.
3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street.
Room 721, Denver, Colorado 80203.
4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the
CWCS does not receive the annual payment within 15 calendar days of the due date.
5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change
the amount of such payments.
6. All payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.
7. This Note is issued pursuant 10 the LOAN CONTRACT between the CWCS and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are
evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date
and amount and cover certain revenues, real property, water rights and/or accounts of the
BORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
grant additional rights to the CWCB, including the right to accelerate the maturity of this Note
in certain events.

Appendix 2 to Loan Contract C150143