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PROMISSORY NOTE <br /> DATE: June 2, 2016 <br /> BORROWER: Dixon Canon Ditch and Reservoir Company, <br /> a Colorado nonprofit corporation <br /> TOTAL LOAN AMOUNT: $280,881.00 <br /> INTEREST RATE: 2.55%per annum <br /> TERM OF REPAYMENT: 3o years <br /> LOAN CONTRACT NUMBER: CT2017-914 <br /> ANNUAL LOAN PAYMENT: $13,509.46 <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 completed. <br /> 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 /> 1. Principal and interest shall be payable in annual equal payments as set forth in "Loan Payment" <br /> above, with the first payment due and payable one year from the Payment Initiation Date (the <br /> 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 /> 2. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room <br /> 718, Denver, Colorado 80203. <br /> 3. 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 /> 4. 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 or <br /> change the amount of such payments. <br /> 5. 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 /> 6. 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: SECURITY AGREEMENT and DEED OF TRUST ("SECURITY INSTRUMENTS") of even date <br /> and amount herewith and cover certain revenues, real property (or property), and accounts <br /> Appendix 3 <br /> Page 1 of 2 <br />