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<br />~--", <br />; <br /> <br />PROMISSOR)( NOTE <br /> <br />Principal Amount: <br />Term: <br />Loan Contract: <br /> <br />$29,515,28 <br />30 Vears <br />No. C153683 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />4% <br />$1,706.87 <br />April 1, 1999 <br /> <br />1. FOR VAl.UE. RECElVE.D, Military Park Reservoir Company, ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of $29,515.28 with annual payments <br />of $1.706.87 based on the interest rate of 4% per annum on the outstanding principal balance for a <br />term of 30 years. or until paid in full, pursuant to Loan Contract No. C153683 ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due and payable on December 13, 1996, and annually thereafter until the <br />entire principal sum 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 <br />principal. 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. 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 <br />shall 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 CONT~ACT 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 a <br />deed of trust covers certain revenues and proJ)erty of the BORROWER. The LOAN CONTRACT. security <br />agreement and deed of trust grant additional riflhts 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 pllid promptly when due or any default under the LOAN <br />CONTRACT or the security agreements or deed of trust securing this Note occurs, the STATE may declare <br />the entire outstanding principal balance of the Note. and all accrued interest, immediately due and <br />payable. The STATE shall give written notice to the Borrower of any alleged default and an opportunity to cure <br />within thirty (30) days of receipt of such notice pefore the BORROWER shail be considered in default for <br />purposes of this Promissory Note. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily <br />or secondariiy 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 <br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, <br />costs of collection shall include all costs and attorney fees incurred in connection with such <br />proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other <br />committees, <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado, <br /> <br />By <br /> <br /> <br />Attest: ~~ <br />B"'--rJA) 1J0m{) <br />Corporate Secretary <br /> <br />Attachment A to Loan Contract No. C153683 Amendment 1 <br />