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A i~-~V r" , . ,\ ,"-""J (~) ',", Promissory Note Dated 7/;/ , 1998 Date of Substantial COmPletiOnJI1L1J/oY".j /3. Iggq 1. For Value Received, the Left Hand Ditch Company ("~ORROWER") promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of $5~0,000 plus interest at the rate of 4.375 percent per annum for a term of 30 years, pursuant to Loan Contract No. C 153804 ("LOAN CONTRACT'). 2. The first payment of $33,875.40 shall be due one yea~ from the date that the State determines that the project Is substantially complete, and annually thereafter until \he entire principal sum, all accrued interest, and all late charges, if any, shall have been paid in full. 3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Shennan Street, Room 721, Denver. Colorado 80203. 4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a late charge in the amount of 5% of the annual paymElnt. 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 cha~ges, if any, next to accrued interest and then to reduce the principai amount. . 7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that may become due hereunder. The security interests, evidenced by a Security Agreement and Deed of Trust cover certain revenues, accounts and real property of the BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust grant additional rights to the STATE, illcluding the right to accelerate the maturity of this Note in certain events. . 8. If any annual payment is not paid when due or any dElfault under the LOAN CONTRACT or the Security Agreement or Deed of Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, without notice or demand, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. The STATE shall give the BORROWER written noiice of af)y alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORR,owER shall be considered in default for purposes of this Promissory Note. 9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily liable for the payment of this Note or ally portion thereof hereby agree that if this Note or interest thereon is not paid when due or suit is brought, th~n it shall pay all reasonable costs of collection, including reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attomey fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 1 O. This Note shall be govemed in all respects by the laws of the State of Colorado. BORROWER: Left Hand Ditch Company, a Colorado nonprofit company By (J1,,;JLj) ff) ~ Richard Behrmann, President (SEAL) Appendix 2 to Loan Contract C153804