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<br />. <br /> <br />~ <br /> <br />Promissory Note <br /> <br />Date: July 1, 2001 Date of Completion <br /> <br />1. FOR VALUE RECEIVED, the Owl Creek Supply and Irrigation Company ("BORROWER") <br />promises to pay the State of Colorado Water Conservation Board ("CWCB"), the principal <br />sum of Four Hundred Fifty Thousand Dollars ($450,000) plus interest at the rate of four <br />percent (4%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. <br />C150034 ("LOAN CONTRACT"). <br /> <br />2. Principal and interest shall be payable in equal installments of $26,023,54, with the first <br />payment due and payable one year from the date that the CWCB determines that the <br />project is substantially complete, arid annually thereafter until all principal, interest, and all <br />late charges, if any, have been paid in full. All principal, interest, and late charges, if any, <br />then remaining unpaid shall be due and payable within 30 years after the first payment. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to <br />1313 Sherman Street, Room 721 , Denver, Colorado 80203. <br /> <br />4, If the CWCB does not receive the annual payment within 15 calendar days of the due date, <br />the CWCB may impose a late charge in the amount of 5% ofthe annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty, Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br />, <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br />the prompt payment of all amounts that may become due hereunder. The security <br />interests, evidenced by a Security Agreement and a Deed of Trust or Assignment of <br />Certificate of Deposit, cover certain revenues and real property of the BORROWER. The <br />LOAN CONTRACT, Security Agreement, Deed of Trust and Assignment grant additional rights <br />to the CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8, If any annual payment is not paid when due or any default under the LOAN CONTRACT or the <br />Security Agreement or Deed of Trust or Assignment securing this Note occurs, the CWCB <br />may declare the entire outstanding principal balance cf the Note, all accrued interest, and <br />any outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall give <br />the BORROWER written notice of any alleged default and an opportunity to cure within thirty <br />(30) days of receipt of such notice before the BORROWER shall be considered in default for <br />purposes of this Promissory Note. <br /> <br />Appendix 2 to Loan Contract C150034 <br />