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C� <br />PROMISSORY NOTE <br />Date: March 21, 2011 <br />Borrower: Trinchera Imgation Company <br />Principal Amount: $251,793 <br />Interest Rate: 2.75% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150316, dated March 21, 2011 <br />Loan Payment: $12,434.65 <br />Payment Initiation Date*: �r,�K � f � o` l <br />�� <br />Maturity Date"`: �. ,� .� /, Z O � / <br />• <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED, the BORROWE�t promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Irrterest for the Term of Repaymerrt, pursuarrt to the LoAN <br />Co�cT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Paymer�ts, with the first paym�nt 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, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before 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 late charge in the amount of 5% of the annual paymer�t if the CWCB <br />does not receive the 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 penafty. Any <br />partial prepayment shall not postpane the due date of any subsequ�nt payments or change the <br />amount of such paymerrts. <br />6. All payments received shall be a�lied first to late charges, if any, next to accxued interest and <br />then to reduce the prinapal amount. <br />7. This Note is issued pursuant to the LoAN Cor�rrRncT between the CWCB and the BoartowER. <br />The Lo,� Cot�ncT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreemerrt(s), Deed(s) of Trust, and/or Assignment(s) ("Security Instrumerrts°) of <br />even date and amount and cover certain revenues, real property, water rights ar�/or accounts <br />of the BoRROwER. The LoAN Conrrw�►cT and Security Instruments 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 defauit under the Lowv Cot�+C'r or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150316 <br />Page 1 of 2 <br />