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<br />,,;-\ <br />. , <br /> <br />PROMJlSSOR)( NOTE <br /> <br />Principal Amount:: <br />Term: <br />Loan Contract:: <br /> <br />$206,000 <br />30 Years <br />#C153774 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />3.75% <br />$ 11,554.05 <br />September ~, 1997 <br /> <br />1. fOR VALUE RECEIVED, the Pinon Mesa Ranches Community Association ("BORROWER") promises to pay <br />the State of Colorado Water Conservation Board ("STATE"), the principal sum of $206,000.00 with annual <br />payments of $11,554.05, based on the interest rate of 3.75% per annum on the outstanding principal balance for <br />a tenn of 30 years, or until paid in full, pursuant to Loan Contract #C153774 ("LOAN CONTRACT'). <br /> <br />2. The first payment shall be due one year from the date the STATE determines that the PROJECT described in the <br />LOAN CONTRACT has been substantially completed, and annually thereafter until the entire principal sum and any <br />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 applied <br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone <br />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 which <br />may become due hereunder. The security interests, evidenced by security agreements and assignments, cover <br />certain revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreements and assignments <br />grant additional rights to the STATE. including the right to accelerate the 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 CONTRACT or <br />the security agreements or assignments securing this Note occurs, the STATE may declare the entire outstanding <br />principal balance of the Note, and all accrued interest, immediately due and payable, without notice or demand, <br />and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include <br />all costs and attorney fees incurred in connection with such proceedings, inciuding the fees of counsel for <br />attendance at meetings of creditors' committees or other committees. <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />SEAL <br /> <br />BORROWER: PINON MESA RANCHES COMMUNITY <br />ASSOCIATION, a Colorado nonprofit corporation <br /> <br />By./~/?./-",_ar &~;~ <br />Charles A. Palmer, President <br /> <br />Attest: <br /> <br />By <br /> <br />(\G,,~ ~c~'-" <br /> <br />, Irene Palmer, Secretary <br /> <br />'1" l'. X~&-. <br /> <br />Appendix B to Loan Contract #C153774 <br />