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PROMISSORY NOTE <br />Date: April 23, 2013 <br />Borrower: Ordway Feedyard, LLC <br />Principal Amount: $ 2,525,000 <br />Interest Rate: 1.75% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150349 <br />Loan Payment: $ 108,902.63 <br />Payment Initiation Date *: <br />Maturity Date *: <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed. <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ( "CWCB "), <br />the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this <br />PROMISSORY NOTE. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable one <br />year from Payment Initiation Date (the date the CWCB determines that the project is substantially complete), <br />and annually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due <br />and payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, <br />Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not <br />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 penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the amount of <br />such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce <br />the principal amount. <br />7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt payment of all <br />amounts that may become due hereunder. Said security interests are evidenced by a Security Agreement(s), <br />Deed(s) of Trust, and /or Assignment(s) ( "Security Instruments ") of even date and amount and cover certain <br />revenues, real property, water rights and /or accounts of the BORROWER. The LOAN CONTRACT and Security <br />Instruments grant additional rights to the CWCB, including the right to accelerate the maturity of this <br />PROMISSORY NOTE in certain events. <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security <br />Instruments securing this PROMISSORY NOTE occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150349 <br />Page 1 of 2 <br />