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PROMISSORY NOTE <br />Date: February 19, 2013 <br />Borrower: Well Augmentation Subdistrict of the Central Colorado <br />Water Conservancy District <br />Principal Amount: $3,030,000 <br />Interest Rate: 1.75% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150337 <br />Loan Payment: $130,683.16 <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 to <br />the LOAN CONTRACT and this PROMISSORY NOTE. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the <br />project is substantially complete), and annually thereafter. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br />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 <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br />5. This PROMISSORY 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 payments <br />or change the amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This PROMISSORY 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 secure <br />the prompt payment of all amounts that may become due hereunder. Said security interests <br />Appendix 2 to Loan Contract C150337 <br />Page 1 of 2 <br />