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PROMISSORY N�TE Date: December 13, 2010 Borrower: Penrose Water District, acting by and through its Water Activity Enterprise Principal Amount: $8,844,570 Irrterest Rate: 3.25% per annum Term of Repayment: 30 years Loan Corrtract No.: C150237, dated December 13, 2010 Loan Payment: $465,947.13 Paymerrt Initiation Date': Maturity Date*: * Payment I nitiation Date and Maturity Date fields are filled in after the project has been substarrtialy completed. FOR VALUE RECEIVED, th6 BORROWER �0�1'tiSeS t0 p3y th@ COlO�dO Wat@� COf1SeNati011 Board ("CVVCB'�, the Principal Amourtt plus Irrterest for the Term of Repayment, pursuant to the Lowv CoNrRncT and this promissory note. 2. Principal and irrterest shall be payable in equal Loan Payments, with the first paymeM due and payable one ye� from Payment Initiation Date (the date the CWCB determines that the project is substantially complete), and armually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or befare the Maturity Date. 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not receive the annual payment within 15 calendar days of the due date. 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent paymerrts or change the amount of such payments. 6. All payments rec.�eived shall be applied first to late charges, if any, next to accrued interest and then to reduoe the principal amourrt. 7. This Note is issued pursuant to the Lowv Con►TRacr between the CWCB and the BoRROwER. The Lofw CoN�RacT creates security interests in favor of the CW�CB to secure the prompt payment of all amourrts that may become due hereunder. Said security interests are evidenced by a Security Agreemerrt ("Security Instruments'� of even date and amaurt and Appendix 2 to Loan Contract C150237 Page 1 of 2