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0 0 <br />PROMISSORY NOTE <br />Date: March 8, 2012 <br />Borrower: Town of Georgetown, acting by and through its Water and <br />Sewer Activity Enterprise <br />Principal Amount: $2,976,975 <br />Interest Rate: 4.50% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150321, dated March 8, 2012 <br />Loan Payment: $182,761.09 <br />Payment Initiation Date *: <br />Maturity Date *: <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 BORROWER promises to pay the Colorado Water Conservation <br />Board ( "CWCB "), the Principal Amount plus Interest for the Term of Repayment, pursuant <br />to the LOAN CONTRACT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due <br />and payable one year from Payment Initiation Date (the date the CWCB determines that <br />the project is substantially complete), and annually thereafter. All principal, interest, and <br />late charges, if any, then remaining unpaid shall be due and payable on or before the <br />Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, 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 <br />CWCB 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 penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest <br />and then to reduce the principal amount. <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said security <br />interests are evidenced by a Security Agreement and /or Assignment(s) ( "Security <br />Appendix 2 to Loan Contract C150321 <br />Page 1 of 2 <br />