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APPENDIX 13-2,AMENDMENT NO.2 TO LOAN CONTRACT CT2o16-16g6(CI50261) <br /> AMENDMENT TO THE PROMISSORY NOTE <br /> Date: `Jun e /4 ,2016 <br /> Borrower: Pagosa Area Water&Sanitation District, <br /> Acting By and Through its Water Activity Enterprise <br /> Principal Amount: $4,290,930.32 <br /> Interest Rate: 1.75%per annum <br /> Term of Repayment: 20 years <br /> Loan Contract No.: CT2o16-1696(Ci5o261) <br /> Loan Payment: $256,130.89 <br /> First Payment Due Date: October 1,2015 <br /> Maturity Date: October 1,2034 <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. This PROMISSORY NOTE shall replace and supersede the ORIGINAL PROMISSORY NOTE, in the <br /> amount of 11,217,000.00 dated July 21, 2008, attached as APPENDIX 2 to the ORIGINAL CONTRACT <br /> and the AMENDED PROMISSORY NOTE, in the amount of $9,219,363.70, dated March 22, 2013, <br /> APPENDIX A to AMENDMENT 1. <br /> 3. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br /> payable on the First Payment Due Date, and annually thereafter. All principal, interest, and late <br /> charges, if any,then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 718, Denver, Colorado 80203. <br /> 5. 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 /> 6. This 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 <br /> amount of such payments. <br /> 7. 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 /> 8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br /> Appendix B-2 to Amendment No. 2 <br /> Page 1 of 2 <br />