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<br />Date: <br /> <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No. : <br />Loan Payment: <br />Payment Initiation Date *: <br />Maturity Date*: <br /> <br />',1 <br /> <br />PROMISSORY NOTE <br /> <br />March 1, 2003 <br />G.M.S, Land and Cattle Company <br />$202,000 <br /> <br />2.75% per annum <br />30 years <br />C150132, dated March 1, 2003 <br /> <br />$9,975.65 <br />. O~t"b < '.... <br /> <br />/, Zo()3 <br />, . <br /> <br />~l'lz,b~r I) 2033 <br /> <br />. These two fields are filled in after the project has been substantially completed <br /> <br />1. FOR VALUE RECEIVED, the. BORROWER promises to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principal Amount piUS Interest for the Term of Repayment, pursuant to <br />the LOAN CONTRACT. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />and payable one year from the date the CWCB determines that the project is substantially <br />complete (Payment Initiation Date), and annually thereafter until all principal, interest, and <br />late charges, if any, have been paid in full, with all such principal, interest, and late charges, <br />required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <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 then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br />the prompt payment of all amounts that may become due hereunder. Said security interests <br />are evidenced by a Deed of Trust of even date and amount and cover certain real property, <br />of the BORROWER. The LOAN CONTRACT and Deed of Trust grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annuai payment is not paid when due or any default under the LOAN CONTRACT or the <br />Deed of Trust securing this Note occurs, the CWCS may declare the entire outstanding <br />principal balance of the Note, all accrued interest, and any outstanding late charges <br /> <br />Appendix 2 to Loan Contract C150132 <br />