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-.:-=..) r- :.:3 , .- Promissory Note Date: August 1,2001 Date of Completion...,." f11 t1..~ / " 2. t? () 2- 1, FOR VALUE RECEIVED, the Jackson Lake Rese/Voir and irrigation Company ("BORROWER") promises to pay the State of Colorado Water Conse/Vatlon Board ("CWCB"), the principal, sum of One Million Doilars ($1,000,000) plus interest at the rate of four percent (4%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C150063 ("LOAN CONTRACT"). 2.. Principal and interest shail be payable in' equal instailments of $57,830.10, with the first payment due and payable one year from the date that the CWCB determines that the project is substantiaily complete, and annuaily thereafter until ail principal, interest, and ail late charges, if any. have been paid in fuil. Ail principal, interest, and late charges, if any, then remaining unpaid shail be due and payable 30 years thereafter. 3. Payments shail be made payable to the Colorado Water Conse/Vatlon Board and mailed to 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. If the CWCB does not receive the annual payment within 15 calendar days of the due date, the CWCB may Impose a late charge 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. Ail payments received shail be applied first to iate charges, if any, next to accrued interest arid- then to reduce the prinCipal amount. 7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt payment of ail amounts that may become due hereunder. The security interests, evidenced by a Security Agreement, a Deed of Trust, and an Assignment of Deposit Account as Security cover certain revenues. accounts and real prop'erty of the BORROWER. The LOAN CONTRACT" Security Agreement and Deed of Trust and Assignment 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 or Assignment securing this Note occurs, the CWCB may declare the entire outstanding principal balance of the Note, ail accrued interest. and any outstanding late charges immediately due and payable, and the indebtedness shail bear interest at the rate of 7% per annum from the date of defauit. The CWCB shail 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 hereafter become primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid when due or if suit is brought, then it shail pay ail reasonable costs of coilection, Including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of coilection shail include ail costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 10. This Note shail be governed in ail respects by the laws of the State of Colorado. BORROWER: Jackson Lake Rese/Voir and Irrigation Company, a Colorado nonprofit corporation By ~~~i:~ (SEAL) Attest: ~L~,~ Steve Bolinger, Se etary By Appendix 2 to Loan Contract C150063