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<br />) <br /> <br />---" <br /> <br />.. <br /> <br />Promissory Note <br /> <br />Date: September 21,2001 Date of Completion fiJo".t:L. I I )..1/02. <br /> <br />1. For value received, The Consolidated Mutual Water Company (BORROWER), a Colorado <br />nonprofit corporation, promises to pay the State of Colorado Water Conservation Board <br />(CWCB), the principal sum of Four Million Three Hundred Thirty Three Thousand Dollars <br />($4,333,000,00) plus interest thereon from the date of substantial completion at the rate of <br />5.5% per annum for a term of ten (10) years, pursuant to Loan Contract No. C150011, as <br />amended by Contract Amendment No.1 dated May 1,2001, and Contract Amendment No.2 <br />dated September 21, 2001 (LOAN CONTRACT). <br /> <br />2. Principal and interest shall be payable in equal installments of $574,849.44 each with the <br />first payment due and payable one year from the date that the CWCB determines that the <br />project is substantially complete, and annually thereafter until all principal, interest and late <br />charges, if any, have been fully paid. All principal, interest, and late charges, if any, then <br />remaining unpaid shali be due and payable 10 years thereafter, <br /> <br />3. 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. If the CWCB does not receive the annual payment within 15 calendar days of the due date, <br />o 0 e annua payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments: <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and ihen to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. The security interests, evidenced <br />by a Security Agreement dated September 21, 2001 and a Deed of Trust dated September <br />21, 2001, cover certain revenues, and real properly of the BORROWER. The LOAN CONTRACT, <br />Security Agreement and Deed of Trust grant additional rights to the CWCB, including the <br />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 <br />Security Agreements or Deeds of Trust securing this Note occurs, the CWCB may declare <br />the entire outstanding principal balance of the Note, all accrued interest, and any outstanding <br />late charges immediately due and payable, and the indebtedness shall bear interest at the <br />rate of 10% per annum from the date of default. The CWCS shall give the BORROWER <br />written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BORROWER shall be considered in default for purposes of <br />this Promissory Note. <br /> <br /> <br />Attachment B to Contract C150011 Amendment No.2 <br />