C150331 Substaintial Completion Letter

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PROMISSORY NOTE Dat-: April 10, 2012 Borr•w_r: North Delta Irrigation Company Principal A ou : $808,000 Interest 'at : 3.10% per annum Term of Repay e : 30 years Loan Contrac No : C150331, dated April 10, 2012 Loan Pay en : $41,758.21 Payment Initiation Bate d r.. l / 2 D/ Maturity Date : A % / / ) 20 y*' * Payment Initiation ID-le and Maturity Date fields are filled in after the project has been substantially completes. 1. FOR VALUE RECEIV D, he BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Pri cip.I Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this pro issory note. 2. Principal and inter=st -hall be payable in equal Loan Payments, with the first payment due and payable one year f om Payment Initiation Date (the date the CWCB determines that the project is substantially co p1- e), and annually thereafter. All principal, interest, and late charges, if any, then remainin• unsaid shall be due and payable on or before the Maturity Date. 3. Payments shall be mauae to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Co orado 80203. 4. The CWCB may impos- a late charge in the amount of 5% of the annual payment if the CWCB does not receive the a ual payment within 15 calendar days of the due date. 5. This Note may be pre paid in whole or in part at any time without premium or penalty. Any partial prepayment .ha not postpone the due date of any subsequent payments or change the amount of such pay e ts. 6. All payments receiv-d •hall be applied first to late charges, if any, next to accrued interest and then to reduce the •rin•pal amount. 7. This Note is issued pu -uant to the LOAN CONTRACT between the CWCB and the BORROWER. The LOAN CONTRAI T • eates security interests in favor of the CWCB to secure the prompt payment of all amo nts hat may become due hereunder. Said security interests are evidenced by a Security Agre=me t ("Security Instruments") of even date and amount and cover certain revenues, real proprrty, water rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security Instru en's grant additional rights to the CWCB, including the right to accelerate the maturity of this ote in certain events. 8. If any annual paym°nt s not paid when due or any default under the LOAN CONTRACT or the Security Instrument- se uring this Note occurs, the CWCB may declare the entire outstanding Ap •e dix 2 to Loan Contract C150331 Page 1 of 2