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PROMISSORY NOTE <br /> Date: January 25, 2014 <br /> Borrower: Wadley Farms, Filing No. 3 Homeowner's Association, a <br /> Colorado nonprofit corporation <br /> Principal Amount: $727,200 <br /> Interest Rate: 3.0% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No.: C150379 <br /> Loan Payment: $ 37,101.21 per annum <br /> Payment Initiation Date*: -Iu et.e 1) ,Z /y <br /> Maturity Date*: nitc k / , a yV <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, <br /> pursuant to the LOAN CONTRACT between BORROWER and CWCB and this PROMISSORY <br /> NOTE. <br /> 2. Principal and interest shall be payable in equal LOAN PAYMENTS, with the first payment <br /> due and payable one year from Payment Initiation Date and annually thereafter. All <br /> principal, interest, and late charges, if any, then remaining unpaid shall be due and <br /> payable on or before the 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 PROMISSORY NOTE may be prepaid in whole or in part at any time without premium <br /> or penalty. Any partial prepayment shall not postpone the due date of any subsequent <br /> payments or change the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued <br /> interest and then to reduce the principal amount. <br /> 7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB <br /> and the BORROWER. The LOAN CONTRACT creates security interests in favor of the <br /> CWCB to secure the prompt payment of all amounts that may become due hereunder. <br /> Said security interests are evidenced by a SECURITY AGREEMENT, DEED OF TRUST AND <br /> STOCK ASSIGNMENT ("SECURITY INSTRUMENTS") of even date and amount and cover <br /> certain revenues, real property, water rights and/or accounts of the BORROWER. The <br /> Appendix 2 to Loan Contract C150379 <br /> Page 1 of 2 <br />