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It Promissory Note Date: November 2, 2002 Date of Completion 1. FOR VALUE RECEIVED, The Glenwood Irrigation Company ("BORROWER") promises to pay the State of Colorado Water Conservation Board ("STATE"), the princi <'Sum.of Three Hundred Eighty Six Thousand Oollars ($386,000) plus interest at the rate of four per (4%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C1501 06, dated November 2, 002 ("L. N CONTRACT"). 2. Principal and interest shall be payable in eq installments f ,322.42, with the first payment due and payable one year from the date that the State de mines that project is substantially complete, and annually thereafter until all principal, i d all late c ges, if any, have been paid in full. All principal, interest, and late charges, if any, then raining u aid shall e and payable 30 years thereafter. rado Water Conservation Board and mailed to 1313 Sherman Street, 3. 4. s not receive the annual payment within 15 calendar days of the due date, the State may rge in the amount of 5% of the annual payment. 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 charges, if any, next to accrued interest and then to reduce the principal 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 Agreementand a Deed of Trust, dated November 2, 2002, 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, including the right to accelerate the maturity of this Note in certain events. 8. If any annual payment is not paid when due or any default 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, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER 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 herea!l.llJ;Jlecome primarily or secondarily liable for the payment of this Note or any portion thereof hereby agre at if this Note or interest thereon is not paid when due or if suit is brought, then it shall pay all reascnabl s of cilMrction, including reasonable attorney fees. In the event of any bankruptcy or similar proc dings, cos f colle,'ion shall include all costs and attorney fees incurred in connecti.on with such proc gs, inciudin e ilbs of counsel for attendance at meetings of creditors' committees or other committees, 10. This Note shall be governed in all respects by the law (SEAL) -'1 R: The Glenwood Irrigation Company, a nonprofit corporation By Attest: By @ 1ft; Raymo F. Thom pson, Corporate S retary Appendix 2 to Loan Contract C1501 06