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PROMISSORY NOTE <br /> Date: December 19, 2014 <br /> Borrower: Northern Water Hydropower Water Activity Enterprise, a <br /> government-owned business within the meaning of Article X, <br /> section 20(2)(d) of the Colorado Constitution, organized pursuant <br /> to C.R.S. § 37-45.1-101 et seq., and owned by the Northern <br /> Colorado Water Conservancy District <br /> Principal Amount: $5,135,183 <br /> Interest Rate: 2.0% per annum <br /> Term of Repayment: 30 years <br /> CMS No.: 72335 <br /> Loan Payment: $229,285.52 <br /> Payment Initiation Date*: c -ie ,— / Z 0/6 <br /> i <br /> Maturity Date*: <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been <br /> substantially completed. <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 <br /> to the LOAN CONTRACT and this PROMISSORY NOTE. <br /> 2. Principal and interest shall be payable in annual equal loan payments, as set forth in "Loan <br /> Payment" above, with the first payment due and payable one year from the Payment <br /> Initiation Date (the date the CWCB determines that the project is substantially complete), <br /> and annually thereafter. All principal, interest, and late charges, if any, then remaining <br /> unpaid shall be due and payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br /> Street, 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 <br /> payments 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 <br /> and then to reduce the principal amount. <br /> 7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB <br /> and the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB <br /> to secure the prompt payment of all amounts that may become due hereunder. Said <br /> Appendix 2 <br /> Page 1 of 3 <br />