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PROMISSORY NOTE <br />Date: March 1, 2010 <br />Borrower: Trinchera Irrigation Company <br />Principal Amourrt: $606,000 <br />interest Rate: 2.75°�6 per annum <br />Ter►n of Repayment: 30 years <br />Loan Contract No.: C150303, dated Ma�ch 1, 2010 <br />Loan Payment: $29,926.96 <br />Payment Initiation Date*: �e ��-�m � t-r �. 2 v l/ <br />Maturity Date": .Se���,., b�.� /,� � 3-S� <br />, <br />` Payment Initiation Date and Maturity Date fiel� are filled in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED the BoRROVVER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amourrt plus Interest for the Term of Repaymerrt, pursuant to the LonN <br />Co�►cT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Paymer�ts, wi� the first payment due and <br />payable one year from Payment Infiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, 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 the annuat paymerrt within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any bme without premium or penalty. Any <br />partial prepaymerrt shall not postpone the due date of any subsequent payments or change the <br />amount of such paymerrts. <br />6. All payments rec:eived shall be applied first to late charges, if any, next to accxued irrterest and <br />then to reduce the prinapal amourrt. <br />7. This Note is issued pursuant to the LoAN Cor�rrw�cT between the CWCB a�d the BoRROwER. <br />The Loa� Corv�►cT creates security interests in favor of the CWCB to secure the p�ompt <br />payment of all amourrts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) ("Security Instruments") of <br />even date and amourrt and cover oertain revenues, real property, water rights and/or accounts <br />of the BoRROwER. The LoAN Co�CT and Security Instrumerrts grant 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 default under the LoAN CotvTw4cT or the <br />Security Instruments securing this Note occws, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150303 <br />Page 1 of 2 <br />