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� <br />PROMISSORY NOTE <br />Date: May 9, 2011 <br />Borrower: <br />Principal Amount: <br />Bijou Irrigation District <br />$4,019,746.01 <br />Interest Rate: 2.25% per annum <br />Term of Repayment: 30 years <br />� <br />Loan Contract No.: C150259, dated March 7, 2008, and amended December 1, <br />2008 and May 9, 2011 <br />Loan Payment: $185,709.62 <br />Payment Initiation Date: March 1, 2011 <br />Maturity Date: March 1, 2041 <br />1. FoR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LoaN CoNTRacT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />December 1, 2008, in the principal amount of $4,454,100. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation, and annually thereafter. <br />All principal, interest, and late charges, if any, then remaining unpaid shall be due <br />and payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any subsequent <br />payments or change the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LoAN Co►vTRacT between tMe CWCB and the <br />BORROWER. The Loarv CoNTwacT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust <br />("Security Instruments") of even date and amount and cover certain revenues, real <br />property, water rights and/or accounts of the BoRROwER. The LoAN CoNTRacT and <br />Appendix A to Loan Contract C150259 Amendment No. 2 <br />Page 1 of 2 <br />