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AMENDMENT NO.1 PROMISSORY NOTE <br />Date: March 22, 2013 <br />Borrower: Pagosa Area Water & Sanitation District, acting by and through <br />its Water Activity Enterprise <br />Principal Amount: $ 9,219,363.70 <br />Interest Rate: 3.50% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150261, dated September 18, 2008 and Amendment #1 <br />dated March 5, 2013 <br />Loan Payment: $ 501,269.08 <br />Payment Initiation Date *: October 1, 2012 <br />Maturity Date *: October 1, 2042 <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 <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 July 21, <br />2008, in the principal amount of $11,217,000. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable on October 1, 2013, and annually thereafter. All principal, interest, <br />and late charges, if any, then remaining unpaid shall be due and payable on or before <br />the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />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 penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />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 />Appendix A to Amendment No. 1 <br />Loan Contract C150261 <br />Page 1 of 2 <br />