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PROMISSORY NOTE <br />Date: September 16, 2014 <br />BORROWER: Sterling Irrigation Company, a Colorado nonprofit corporation <br />Principal Amount: $101,000 <br />Interest Rate: <br />Term of Repayment: <br />Contract Mgmt System Number: <br />Loan Payment: <br />Payment Initiation Date*: <br />Maturity Date*: <br />1.50% per annum <br />10 years <br />73184 <br />$10,951.85 <br />Al c.1z /; Z <br />4— <br />* Payment Initiation Date and Maturity Date fields are filled in <br />substantially completed. <br />after the project has been <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 annual equal payments as set forth in "Loan <br />Payment" above, with the first payment due and payable one year from the Payment Initiation <br />Date (the date the CWCB determines that the project is substantially complete), and annually <br />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, <br />Room 718, 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 <br />the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said security <br />interests are evidenced by a SECURITY AGREEMENT(S), and DEED(S) OF TRUST ("SECURITY <br />INSTRUMENTS") of even date and amount herewith and cover certain revenues, real property, <br />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 <br />maturity of this PROMISSORY NOTE in certain events. <br />Appendix 2 <br />Page 1 of 2 <br />