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PROMISSORY NOTE <br />Date: March 1, 2010 <br />Borrower. Trinchera Imgation Company <br />Principal Amourrt: $606,000 <br />Interest Rate: 2.7596 per annum <br />Term of RepaymeM: 30 years <br />Loan Contract No.: C 150303, dated March 1, 2010 <br />Loan Payment: $29,926.96 <br />Payment Initiation Date*: � T,f.�,,.� �`,.- ,. Z G// <br />Maturity Date*: S'� �-,,... b,�,- /� G 3 S' <br />, <br />' Paymern Initiation Date and Maturity Date fields are filled in after the project has been <br />substarrtially compieted. <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br />("CWCB'7, the Prinapal Amount plus Interest for the Term of Repayment, pursuant to the Loiw <br />CoNr�►cT and this promissory note. <br />2. Prinapal and irrterest shall be payable in equal Loan Payments, with the first payrr�ent due and <br />payable one year from Payment Infiation Date (the date the CWCB determines that the project <br />is substantially oomplete), and annually thereafter. All principal, irrterest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or befo�+e the Maturity Date. <br />3. Paymerrts 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 tate charge i� the amourrt of 5% of the annual paymerrt if the CWCB <br />does not receive the annual paymer�t 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 penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amourrt of such paymerrts. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This Note is issued pursuant to the LoAN Cor�rr�►CT between the CWCB and the BoRROwER. <br />The LonN Conrr�ncT c�eates security inter�ests in favor of the CWCB to secure the prompt <br />payment of all amourrts that may become due hereunde�. Said security interests are evidenced <br />by a Security Agreerr�ent(s), Deed(s) of Trust, and/or AssignmeM(s) ("Security InstrumeMs") of <br />even date and amou►rt and cover certain revenues, real property, water rights andlor accounts <br />of the BoRROwER. The Lonr� Co�cT and Security Inshuments graM additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain events. <br />8. If any annual payment is not paid when due or any defauR under the LonN CoN�cr or the <br />Security Instn�ments securing this Note oc:curs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150303 <br />Page 1 of 2 <br />