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PROMISSORY NOTE <br /> Date: July 18, 2016 <br /> Borrower: City of Grand Junction, acting by and through its Water Activity <br /> Enterprise <br /> Principal Amount: $1,010,000 <br /> Interest Rate: 2.65% per annum <br /> Term of Repayment: 20 years <br /> Loan Contract Number: CT2017-916 <br /> Annual Loan Payment: $65,710.15 <br /> Payment Initiation Date*: <br /> (to be filled in at Substantial Completion of Project) <br /> Maturity Date*: <br /> (to be filled in at Substantial Completion of Project) <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 "Annual Loan <br /> Payment" above, with the first payment due and payable one year from the Payment Initiation Date <br /> (the date the CWCB determines that the project is substantially complete), and annually thereafter. <br /> All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on <br /> 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 CWCB <br /> 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 penalty. <br /> Any partial prepayment shall not postpone the due date of any subsequent payments or change the <br /> amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then <br /> to 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 <br /> prompt payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by the SECURITY AGREEMENT("SECURITY INSTRUMENT") of even date and amount herewith <br /> and cover certain revenues of the BORROWER. The LOAN CONTRACT and SECURITY INSTRUMENTS <br /> grant additional rights to the CWCB. <br /> Appendix 3 <br /> Page 1 of 2 <br />