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<br />PROMISSORY NOTE <br /> <br />Date Ju /0..\ e: i ,1999 Date of Completion mOt '/ /.' 2 P(J CJ <br /> <br />1. FOR VALUE RECEIVED, the ("BORROWER") promises to pay the State of Colorado Water ConseNation Board <br />("STATE"), the principal sum of Four Hundred Fifty Eight Thousand Dollars ($458,000.00) plus interest at the rate of <br />three and three-quarters percent (3.75%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. <br />C153810, as amended ("LOAN CONTRACT"). <br /> <br />2. The first payment of $25,688.13 shall be due one year from the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if <br />any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water ConseNation Board and mailed to 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a <br />late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall <br />not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the <br />principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of all amounts that may become due <br />hereunder. The security interests, evidenced by a Security Agreement and an Assignment of Certificate of Deposit, <br />cover certain revenues and accounts of the BORROWER. The LOAN CoNTRACT, Security Agreement and Assignment <br />grant additional rights to the STATE. 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 Security Agreement or <br />Assignment securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all <br />accrued interest, and any outstanding late charges immediately due and payable. and the indebtedness shall bear <br />interest at the rate of 15% per annum from the date of default. The STATE shall give the BORROWER written notice of <br />any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER <br />shall be considered in default for purposes of this Promissory Note. <br /> <br />9, The BORROWER. any guarantor. and any other person who is now or may hereafter become primarily or secondarily <br />liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid <br />when due or if suit is brought. then it shall pay all reasonable costs of collection, including reasonable attorney fees. In <br />the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred <br />in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees <br />or other committees. <br /> <br />1 O. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Wood Lake Mutual Water & <br />Irrigation Company, a Colorado nonprofit <br />( SEA L ) corporatio <br /> <br />By <br /> <br /> <br />By <br /> <br />I ' " <br />G(;~lUc - n~ I J [I <br />Vicki Mill, Secret ry- <br /> <br />Attest: <br /> <br />Exhibit 2 to Loan Contract C15381 0 Amendment NO.1 <br />