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PROMISSORY NOTE <br /> Date: AUGG S r /9 ,2015 <br /> Borrower: Plum Valley Heights Subdistrict of the Roxborough Water and <br /> Sanitation District <br /> Principal Amount: $2,248,260.00 <br /> Interest Rate: 3.05% per annum <br /> Term of Repayment: 30 years <br /> Contract Number: CT2015-176 <br /> Loan Payment: $115,447.15 <br /> Payment Initiation Date*: p ru u:- r> �/7 <br /> Maturity Date*: .6 I rueJ;- 'J ii 2017' <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially <br /> completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br /> ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br /> CONTRACT and this PROMISSORY NOTE. <br /> 2. Principal and interest shall be payable in annual equal loan payments, as set forth in "Loan Payment" <br /> above, with the first payment due and payable one year from the Payment Initiation Date (the date the <br /> CWCB determines that the project is substantially complete), and annually thereafter. All principal, <br /> interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the <br /> Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room <br /> 718, 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 <br /> 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 penalty. Any <br /> partial prepayment shall not postpone the due date of any subsequent payments or change the amount <br /> of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to <br /> reduce the principal amount. <br /> 7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and the <br /> BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br /> payment of all amounts that may become due hereunder. Said security interests are evidenced by a <br /> SECURITY AGREEMENT("SECURITY INSTRUMENT") of even date and amount herewith and cover certain <br /> ad valorem property taxes of the BORROWER. The LOAN CONTRACT and SECURITY INSTRUMENT grant <br /> additional rights to the CWCB. <br /> Appendix 2 <br /> Page 1 of 2 <br />