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PROMISSORY NOTE <br />Date: August 12, 2008 <br />Borrower: Granby Ditch and Reservoir Company <br />Principal Amount: $254,520 <br />lnterest Rate: 2.35% per annum <br />Term of Repayment: 30 years <br />Loan Corrtract No.: C150266, dated <br />Loan Payment: <br />Paymerrt Initiation Date*: <br />Maturity Date*: —_�� <br />* Paymerrt In ion ate and aturit� Date fiei are fiiled in after the project has been <br />substantially comp e . <br />'I . FOR VALUE RECEI o, the BoRROwER promises to pay the Colorado Water Conservation Board <br />("CWCB'�, the Principal Amount plus Interest for the Term of Repayment, pursuant to the Loatv <br />CoNTRacT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Paymerrt Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, irrterest, and late charges, if <br />arry, then remaining unpaid shall be due and payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />does not receive fhe annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penatty. Any <br />partial prepayment shall not posfpone the due date of any subsequent payments or change the <br />amount of such payments. <br />6. All paymerrts received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amourrt. <br />7. This Note is issued pursuant to the LoaN CoNTRACT between the CWCB and the BoRROwER. <br />The LoaN CoNTRa,cT creates security interests in favor of the CWCB to secure the prompt <br />paymerrt of alf amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement ("Security Instruments") of even date and amount and cover certain <br />revenues, real property, water rights and/or accourrts of the BoRROwER. The LoAN CoNTRACT <br />and Security Instruments grant additional rights to the CWCB, including the right to accelerate <br />the maturity of this Note in certain events. <br />8. If any annual payment is not paid when due or any default under the Loa►v CoNTRACT or the <br />Security tnstrumerrts securing this Note occurs, the CWCB may declare the errtire outstanding <br />Appendix 2 to Loan Contract C150266 <br />Page 1 of 2 <br />$11,918.46 <br />