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<br />PROMISSORY NOTE <br /> <br />Date: February 1, 2003 <br />Borrcwer: Brook Forest Water District <br />Principal Amcunt: $94,313.66 <br />Interest Rate: 4.35% per annum <br /> <br />21 years <br /> <br />C153379, dated April 1, 1982, amended on November 15, <br />1982, December 6, 1983, and February 1, 2003 <br /> <br />Loan Payment: $6,942.06 <br /> <br />Payment Initiation Date: April 1 , 2003 <br /> <br />Maturity Date: April 1 , 2023 <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Ccloradc Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT. <br /> <br />2, Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable en the Payment Initiation Date, and annually thereafter until all <br />principal and interest have been paid in full, with all such principal and interest <br />required to be paid on cr befcre the Maturity Date. <br /> <br />3. Payments shall be made tc the Cclcradc Water Ccnservaticn Beard at 1313 Sherman <br />Street, Room 721, Denver, Cclcrado 80203. <br /> <br />4, This Ncte may be prepaid in whcle cr in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date cf any subsequent payments <br />or change the amount cf such payments. <br /> <br />5. All payments received shall be applied first tc accrued interest and then to reduce the <br />principal amcunt. <br /> <br />6, This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER, The LOAN CONTRACT creates security interests in favcr of the CWCB tc <br />secure the prompt payment cf all amounts that may become due hereunder. Said <br />security interests are evidenced by a Deed of Trust of even date and amcunt and <br />covers certain real prcperty of the BORROWER, The LOAN CONTRACT and Deed of <br />Trust grant additional rights to the CWCB, including the right tc accelerate the maturity <br />cf this Ncte in certain events, <br /> <br />Term of Repayment: <br />Loan Contract Nc, : <br /> <br />7. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Deed cf Trust securing this Note occurs, the CWCB may declare the entire <br />outstanding principal balance of the Note, all accrued interest, and any outstanding <br />late charges immediately due and payable, and the indebtedness shall bear interest at <br />the rate of 7% per annum from the date of default. The CWCB shall give the <br /> <br />Attachment 1 to Amendment 3 to Loan Contract C153379 <br />