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<br />.;-\ <br /> <br />. PROMISSOR)( NOTE <br /> <br />Principal Amoun\:: <br />Tenn: <br />Loan Contract:: <br /> <br />$25,000 <br />10 Years <br />#C153800 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />4% <br />$3,082.27.a <br />October ~, 1997 <br /> <br />1. FOR VAI.UE RECEIVED, the Arkansas Groundwater Users Association ("BORROWER'') promises to pay <br />the State of Colorado Water Conservation Board ("STATE"), the principal sum of $25,000.00 with annual <br />payments of $3,082.27, based on the interest rate of 4% per annum on the outstanding principal balance <br />for a tenn of 10 years, or until paid in full, pursuant to Loan Contract #C153800 ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due one year from the date the STATE detennines that the PROJECT described in <br />the LOAN CONTRACT has been substantially completed, and annually thereafter until the entire principal sum <br />and any 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 Shennan <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments <br />applied first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall <br />not 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 <br />which may become due hereunder. The security interests, evidenced by a security agreement and by <br />assignments, cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT, security <br />agreement and assignments grant additional rights to the STATE, including the right to accelerate the <br />maturity of this Note in certain events. <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN <br />CONTRACT or the security agreement or assignments securing this Note occurs, the STATE may declare the <br />entire outstanding principal balance of the Note, and all accrued interest, immediately due and payable, <br />without notice or demand, and the indebtedness shall bear interest at the rate of 15% per annum from the <br />date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily <br />or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or <br />interest thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, <br />including reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of <br />collection shall include all costs and attomey fees incurred in connection with such proceedings, including <br />the fees of counsel for attendance at meetings of creditors' committees or other committees. <br /> <br />8. This Note shall be govemed in all respects by the laws of the State of Colorado. <br /> <br />SEAL <br /> <br />BORROWER: ArKansas Groundwater Users <br />Association, a Colorado nonprofit corporation <br /> <br />C.[~ <br /> <br />C.R. Evans, President <br /> <br />By <br /> <br />Attest: <br /> <br />By tJhL d (J.d;, <br />Co orate Secretary <br /> <br />APPENDIX C TO LOAN CONTRACT C153800 <br />